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Financing Your Way Through Health-professional School

Financing Your Way Through Health-professional School. Information seminar Health Professions Advising Program Trinity College, Hartford, CT. Financing Your Medical School Education. Class of 2007 Indebtedness. Expected Income Makes Debt Manageable.

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Financing Your Way Through Health-professional School

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  1. Financing Your Way Through Health-professional School Information seminar Health Professions Advising Program Trinity College, Hartford, CT

  2. Financing Your Medical School Education Class of 2007 Indebtedness

  3. Expected Income Makes Debt Manageable

  4. …but the time between graduation from medical school and full salary realization is a “Long and Winding Road” Medical Resident (3-7 years) Medical Student Practicing Physician ($$$$$...) ($$$$...) $43,266 ($$$...) $175,000

  5. Preparation MCAT Review materials $60 Software/CD Roms $100 Classroom Review $1800 Home Study Review $500 Private Tutoring $2500 MCAT Registration $200 Applying AMCAS Fee $160/$30 School Apps $100 per Transcripts $25 per Interviews Wardrobe $300 Travel varies Lodging $300 per Transportation $100 Costs of Applying To Medical School • After you are in • Moving Expenses • Apartment Deposit • Utilities • Advance Tuition Payments • Payments on School Loans What can you do NOW? SAVE, Get used to living on a reduced budget, Be strategic in preparation and application plans, pay off credit cards and other dept, and….

  6. Get as much information as you can about financial aid… FIRST for Medical Education www.aamc.org/first (MD)2 – Phase I Strategies for Making a Successful Financial Transition to Medical School (Monetary Decisions for Medical Doctors)

  7. Step 1 - Know Who to Turn to for Help • Premedical Advisors • College Financial Aid Officers • Medical School Admissions Officers • Medical School Financial Aid Officers • Faculty Members • Physicians • Financial Professionals

  8. Step 2(a) - Prepare for Medical School Costs • Understand the Philosophy of Financial Aid • Discuss Financial Options with your Family • Manage Educational Debt Acquired Prior to Medical School • Start Living on a Budget Now

  9. Step 2(b) - Prepare for Medical School Costs • Critical Issues for the Non-Traditional Applicant • Choose a Postbaccalaureate Premedical Program Carefully • Prepare for Lifestyle Changes: Making the Work-to-School Transition

  10. Step 3 - Understand the Effects of Credit and Debt • What is Credit? • How is it Used? • How is Your Credit History Maintained? • What are Credit Criteria? • How Can You Use Credit Wisely?

  11. Step 4 - Understand the Associated Costs of Medical School • Medical School Application Expenses • The Costs of Education • The Cost of Living at Your Medical School

  12. Step 5 - Know the Types of Medical School Financial Aid Available • Types of Financial Aid • Outside Sources • Service Obligation Programs • Alternative Approaches to Financing a Medical Education

  13. Step 6 - Understand the Financial Aid Application Process • Complete the Correct Application Forms • Pay Attention to Deadlines and Timelines • Apply for Aid at Multiple Schools • Know the Difference Between Direct Lending and FFELP

  14. VISIT THE WEB SITE www.aamc.org/md2

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