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Is a Stanford Medical Education Affordable? Yes !

Is a Stanford Medical Education Affordable? Yes !. Stanford Medical School offers very comprehensive , creative and unique need based and non need based financial aid package to make a Stanford education affordable to a broad range of students and to keep borrowing level as low as possible. .

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Is a Stanford Medical Education Affordable? Yes !

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  1. Is a Stanford Medical EducationAffordable? Yes! • Stanford Medical School offers very comprehensive, creative and unique need based and non need based financial aid package to make a Stanford education affordable to a broad range of students and to keep borrowing level as low as possible.

  2. Agenda • How much does it cost? • How will you pay for it? • What types of financial aid are available? • How does Stanford determines financial aid? • Are there any other aid options? • How do I apply? • What is the average debt at Stanford?

  3. How Much Does It Cost?

  4. How will you pay for it? • Personal resources • Personal resources and Financial Aid • Financial Aid • Need-based • Non Need-based (No “Merit Based” Financial Aid Program at Stanford)

  5. How Much it costs How much you & your parents can afford determined based: • Tuition • Room & Board • Living Expenses • Transportation • Misc. • Your and spouse’s income & Assets (if married) • Your parents’ Income and Assets • Sibling in college Need-based Financial Aid is determined… Minus

  6. How Much You & Your Parents Can Afford Depends On: • Citizenship • Student age (30+)* • Parents’ income • Parents’ household size • Parents’ & student assets • Age of the older parent • Sibling(s) in college *Parental information no longer required for students who are 30 years old by the first day of school.

  7. Do I Qualify? • As a rough rule of thumb, the contribution from parents' income that the formula produces will range from a low of 5% to a high of 25% of all taxable and nontaxable income used in the analysis. For high income families, the percentage may go above 20%.

  8. Do I Qualify for a Grant ?Depends on parents’ income, assets…

  9. Basic Stanford Grant Maximum $10,000 (per quarter) No repayment required Middle Income Assistance Program Parent must match the amount awarded Demonstrate need but receive less than $15,000 Basic Grant Maximum $5,000 (per quarter) No repayment required 2009-10 Need-based Financial AidStanford Grant

  10. 2009-10 Need-based Financial AidSubsidized Loans • Perkins Loan $6,000 • 0% in school and 5% in repayment • Subsidized Stafford Loan $8,500 • 0% in school and 6.8% in repayment • Stanford University Loan $2,000 per quarter • 0% to 5% in school and in repayment

  11. 2009-10 Non-need-based Financial Aid • Unsubsidized Stafford Loan • Maximum $32,000 (three quarters) and $38,667 (four quarters) • 6.8% in school and in repayment • Interest accrues while in school • Grad PLUS • Up to cost of education • 8.5% in school and in repayment • Interest accrues while in school

  12. Medical Scholars Grant Research based $12,000 financial support Up to 18 units of academic credit http://medscholars.stanford.edu Teaching and Research Assistantships Employment based Award of tuition rebate and stipend (salary) Other Resources

  13. Outside Scholarships • The Armed Forces Health Professions Scholarships • National Health Service Corps Scholarships • Other Outside Scholarships; HHMI, Duke, Soros, Sarnoff, Sweitzer, Fulbright, etc. • Outside scholarships will offset loans, not student’s or parents’ contribution • Stanford grant & outside scholarships may not exceed demonstrated need • The combination of all resources will not exceed the cost of attendance for a specific year

  14. Reduced Tuition(TMR) • Students are required to pay 13 quarters full tuition. Additional quarters are charged with reduced tuition known as TMR. • Currently, students who complete 13 quarters pay $2,251 instead of $15,006

  15. Required Applications 2009-10 FAFSA www.fafsa.ed.gov School Code G24552 2009-10 Need Access www.needaccess.org will be mailed 2009-10 Supplemental Application Submit signed and dated copies of your and your parents’ 2008 Federal Tax Returns Supporting Document

  16. Financial Aid Timeline • Apply for Aid (January-Early May) • Receive Award Letter (March- August) • Comply with Information Requests (June -Sept.) • Verification and Aid Coordination (June-Sept.) • Financial Aid Disbursed (Early September) • Re-apply for Aid (January-April Next year)

  17. Before You BeginGather Records You Will Need • W-2 forms and other records of income earned in 2009 • 2009 federal income tax returns • Records of 2009 untaxed income • Current bank statements • Business and farm records • Current records of stocks, bonds, and other investments

  18. Mean Graduate Debt 2002-2007

  19. The Indebtedness Figure Is Low As a Result Of: • Generous need-based Stanford grant • Part-time teaching and research assistantship earnings • Middle income assistance program • Outside scholarship support

  20. Contact us • If You Have Any Questions or Need Assistance, Please Let Us Know. We Look Forward to Working With You. Tiffany Barone Abera Metaferia Martha Trujillo Financial Aid Financial aid Financial Aid Assistant Counselor Director 650 723 6958 650 724 3181 650 723 6954 tbarone@stanford.eduabera.metaferia@stanford.edu mtrujill@stanford.edu For additional information visit our web site: http://med.stanford.edu/md/financial_aid/application.html

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