Office of Financial Aid Duke University School of Medicine

1. FinancialAid for the Physician Assistant Program Office of Financial Aid Duke University School of Medicine

2. Topics of the day • Duke’s Financial Aid Package • Types of Financial Aid • How to apply for Financial Aid

3. ESTIMATED Cost of Attendance for 2014-2015 (subject to change and Board of Trustees approval) • Tuition & Fees $44238 • Living Expenses $ 23184 • $1,932 / monthly • $863 – rent • $507– board • $379– miscellaneous • $183 - transportation • Books $2,927 • Loan fees $1, 610 • 1st year total COA $ 71,959

4. Duke Financial Aid Package • Federal Direct Student Loans Unsubsidized Stafford Loan GradPLUS Loan

5. Federal Direct Student Loans cont’d • Unsubsidized Stafford Loan • 5.41% fixed interest rate for loans disbursed July 1, 2013 – June 30, 2014. Interest accrues while in school. Interest rates for loans to be disbursed after July 1, 2014 not yet available as tied to 10 year Treasury Note. • interest rate cannot exceed 9.50% • 1.072% loan origination fee (after 10/01/13) Maximum award per academic year - $20,500.00

6. Federal Direct Student Loans cont’d • Grad PLUS Loan • 6.41% fixed interest rate for loans disbursed July 1, 2013 – June 30, 2014. Interest accrues while in school. Interest rates for loans to be disbursed after July 1, 2014 not yet available as tied to 10 year Treasury Note. • interest rate cannot exceed 10.50% • 4.288% loan origination fee (after 10/01/13) Maximum award per academic year – up to total cost of attendance (remainder of budget)

7. Scholarships • National Health Service Corps • Pays tuition and required fees directly to school • Pays monthly living stipend directly to student $1,289.00 for 2013-2014 academic year • Service commitment is required • minimum of 2 years / full-time

8. Scholarships • Duke Physician Assistant Program Scholarship • Recipients selected by Physician Assistant Program Scholarship Committee • Award notification directly to student and Office of Financial Aid by program • Scholarship funding replaces loan funding in financial aid package

9. State Loan Program • Forgivable Education Loan for Service (available to NC residents only) • Administered through College Foundation of North Carolina, separate application by student • Maximum award of $10,000.00 per academic year • Funding dependent on appropriation from NC Legislature • Service commitment in NC is required – 1 year of service for each year of loan

10. Other loans • Perkins Loan • Federal loan – offered as funding is available • Alternative Loans • Private loans – variable interest rates, stringent credit check, typically not available for federal loan consolidation or federal loan forgiveness programs

11. Other funding sources • Veterans Benefits – Yellow Ribbon Program • Armed Forces Scholarship • Civic Organizations • Health Care Organizations • School affiliations • Professional Organizations • Home state affiliations • www.StudentAid.ed.gov

12. Applying for Financial Aid • Complete the 2014-2015 FAFSA Free Application for Federal Student Aid, www.fafsa.ed.gov 002920 Duke University / School of Medicine

13. Your FAFSA • Step Two • Tax Return Filed? • Must have one of the following status in order to calculate EFC and determine eligibility • COMPLETED • NOT FILING • Please do not submit a FAFSA with a “WILL FILE” status as it is not valid for processing of aid awards • IRS data retrieval tool

14. To – Do List • Send in your forms no later than April 15, 2014 • Check your credit report! • Students who borrow Grad PLUS loan will undergo a credit check by Direct Lending • Must not have adverse credit history or a co-endorser may be required • www.annualcreditreport.com

15. Adverse Credit per the Department of Education • Bankruptcy (Chapters 7, 11 or 12 within past 5 years) • Voluntary surrender within past 5 years • Repossession within past 5 years • Foreclosure proceedings started • Foreclosure within past 5 years • Deed in lieu of foreclosure • Accounts currently 90 day or more delinquent • Unpaid collection accounts • Charge offs / write offs • Wage garnishment within past 5 years • Defaulted loan that has been claim paid • Lease or contract terminated by default • County/State/Federal tax lien within past 5 years

16. Financial Aid Timeline • June 2014- access to on-line acceptance of aid open to matriculated students (should be done early June) • July 2014- loan entrance counseling and Master Promissory Note completion deadline (early July) • August 2014- financial aid disburses to student account 10 days prior to classes beginning • August 2014- refunds issued to students for living expenses (first week of classes)

17. Applying for loans • All federal educations loans offered through Direct Lending • www.studentloans.gov • Apply for loans • E-sign Master Promissory Notes • Complete Mandatory Entrance Counseling • Stafford/Grad Plus

18. Applying for loans –cont’d • Perkins Loan • E-sign Master Promissory Note • Complete Mandatory Entrance Counseling Perkins Loan, if offered, will be serviced by ECSI. Noted MPN and entrance counseling will be completed online via the ECSI website. You will be contacted via email regarding access to this information by the Duke Student Loan Office.

19. Federal Loan Facts • Stafford Unsubsidized Loan • 5.41% fixed interest rate (for 2013-2014) • 6 month grace period • Repayment lengths based on payment plan selected • GradPLUS Loan • 6.41% fixed interest rate (for 2013-2014) • No grace period. 1st payment due 60 days after final disbursement • May request deferment for up to 6 months

20. Loan facts cont’d • Fulfill service commitment for any loan and/or scholarship provided • Select repayment plan suitable for you • www.studentloans.gov • Keep track of your federal education loan debt • www.nslds.ed.gov • Keep lender informed of any changes to your name, address, telephone numbers or Social Security number

21. Perkins Loan Facts 5% interest – May be cancelled in full after 5 years of qualifying service as follows: • • 15% of the original principal loan amount—plus the interest that accrued during the year—for each of the first and second years; • • 20% of the original principal loan amount—plus the interest that accrued during the year—for each of the third and fourth years; and • • 30% of the original principal loan amount—plus any interest that accrued during the year—for the fifth year. • A “year of service” consists of 12 consecutive months of service

22. Details to consider • Arrive with at least 1 month of living expense on hand. 2 months is even better. • Cost of Attendance may not be increased to cover expenses for spouse and/or dependents. • Disbursement of loans will not take place until 1st day of classes…..see above! • Arrive with reliable transportation. Loans may not be used to purchase a vehicle. • Pay down consumer / credit card debt. High debt may impact ability to obtain GradPLUS loan funding. Consumer debt is not considered part of the cost of attendance.

23. Office of Financial Aid staff Lori Crooks – Director of Financial Aid Karen Woodlief, Associate Director Mitsi Norton – Staff Specialist Steven Wilson – Student Services Officer

24. Contact Information • Office of Financial Aid Suite 0368, 3rd Floor Seeley G Mudd Building Box 3067 DUMC Durham NC 27710 ph: 919-684-6649 fx: 919-684-0251 finaid@dm.duke.edu http://medschool.duke.edu/education/financial-aid-office

25. Questions?