Charles E. Schmidt College of Medicine Medical Student Financial Aid

1. Charles E. Schmidt College of Medicine Medical Student Financial Aid

2. WhoWe Are • Ellen M. Gomes • Director of Medical Student Financial Aid • gomese@health.fau.edu, 561-297-2591 • Room 228C • Mark A. Vigorito • Assistant Director of Medical Student Financial Aid • mvigorito@health.fau.edu, 561-297-4964 • Room 228D

3. What we do • Our mission is to assist students in finding the financial resources necessary to fund a medical school education. This includes scholarships, grants and loans. • We work with Student Affairs to ensure access to resources/information regardless of individual academic schedules such as: • students who wish to pursue additional degrees • students who take a year of leave for research

4. Topics Of Discussion • Important Requirements • Financial Aid Website • Cost of Attendance • Tuition and Fee Charges • Disbursements • Budgeting • Debt Management Program • Miscellaneous • 10 Good Financial Habits • Q&A

5. Important Requirements • Every student with student loan funding will be required to schedule an appointment with the Office of Medical Student Financial Aid. We will discuss cost of attendance, budgeting, and other financial matters prior to the second disbursement of funds in January. • Prior to the meeting, you must complete: • A Budget Worksheet • The AAMC’s MED Loans Organizer • We will review your budgets to ensure you have a sound financial plan for the year and look at the resources available to you from the AAMC.

6. Important Requirements • Students must report any financial assistance provided by a source outside the University. This includes outside scholarships, grants and payments made on your behalf by others. Use the “Statement of Outside Resources” to report these resources. These resources may result in a change to your financial aid award, as your total aid cannot exceed your total budget. • Do not apply for a Short Term Advance through your My FAU account. That program is for students on the regular University Calendar. Emergency Short Term Advances (STA’s) are available through the College of Medicine Financial Aid Office.

7. Important Requirements • Notify the Office of Student Affairs, and the Office of Medical Student Financial Aid, immediately, if you want to: • Take a Leave of Absence • You will complete a request form, after which we will review your options and any financial aid implications. • Withdraw after starting classes • You may need to repay part of your financial aid if you withdraw before completing at least 60% of the enrollment period. • Drop without incurring charges • You will have to return any financial aid funds that were disbursed to you. • The last day to drop without charges: August 17, 2018

8. Financial Aid Website • Cost of Attendance for each year • Helpful Resources • NSLDS – National Student Loan Data System • Financial Literacy Information and Credit Report Information • Student Borrowers Rights and Responsibilities • Important Dates - Payment and Aid Disbursement • Forms to Download • Contact Information

9. First Year Cost of Attendance2018-2019 In State Off Campus Budget Out of State Off Campus Budget Tuition $62,532 Fees (inc. loan fees of $348) $ 5,714 Books and Supplies $ 2,085 Room and Board $ 10,516 Transportation $ 3,351 Personal Expenses $ 9,043 Total $96,806 ----------------------------------------- On Campus $96,009 With Parents $85,399 • Tuition $28,111 • Fees (inc. loan fees of $348) $ 3,993 • Books and Supplies $ 2,085 • Room and Board $ 10,516 • Transportation $ 3,351 • Personal Expenses $ 9,043 • Total $60,664 ---------------------------------------- • On Campus $59,867 • With Parents $49,257

10. 2018-2019 Charges Florida Resident Non-Resident August 2018 Charges - $34,043.74 Fee Due Date – 8/20/18 January 2019 Charges - $33,847.90 Fee Due Date – 1/21/19 • August 2018 • Charges - $15,972.72 • Fee Due Date – 8/20/18 • January 2019 • Charges - $15,776.87 • Fee Due Date – 1/21/19

11. Estimated Charges and Loan Disbursements FL Resident Non-Resident Direct Loan Amount $21,133 Minus Tuition and Fees - $34,044 Remaining Balance <$12,911> • Direct Loan Amount $21,133 • Tuition and Fees - $15,973 • Disbursement = $ 5,160 (for living expenses) These figures are based on Fall 2018 Tuition, Fees and maximum Direct Loan amounts. Loan amounts could change if you receive other aid/resources and/or you accept a lesser amount of loan funding. The Graduate PLUS Loan may be used to fund any remaining balance due, as well as living expenses, up to maximum eligibility.

12. Budgeting Fall Disbursement Spring Disbursement January 15, 2019 Follow your budget carefully, as your funds must last until August of 2019 5-Month Budget (Jan – May) Fall disbursement for year 2 will be on the 2nd day of classes (estimated 8/6/19) • August 7, 2018 • Follow your budget so your funding lasts until your Spring Disbursement • 5-Month Budget (August – December)

13. Debt Management Program First Year Medical Students: Fall Semester: Required to complete budget worksheet and MEDLoans Organizer and Calculator (MLOC), provide copy of budget worksheet at mandatory one-on-one meeting before Spring disbursement. Attend Mandatory Money Matters Lunch Sessions Spring Semester: Attend Mandatory Money Matters Lunch Sessions Second And Third Year Medical Students Fall Semester: Attend Mandatory Money Matters Lunch Session Spring Semester: Attend Mandatory Money Matters Lunch Session Fourth Year Medical Students Spring Semester: Attend Mandatory Exit Counseling and Transition to Residency Program

14. Miscellaneous • Scholarship Thank-You Cards • Must be received before your funds can disburse. If you received a scholarship and were not asked to write one now, you may be asked later. • General COM Scholarships • These scholarships are shown on your a financial aid award screen. You will also see them on your student account when they are applied toward your charges. • Aid Disbursement • Starts today for loans and most scholarships. Other aid will follow, as the funds are received.

15. More Miscellaneous • Bright Futures and Florida Prepaid • Please let us know if you have either. These funds will be posted to your account once the funds are received. • Military HPSP Funding • Please let us know if you have funding or are in the process of applying for funding for this year. • Accept or Decline your Aid Offers • If you do not accept your loans they will never disburse. If you do not want loans, please decline them.

16. Best Practices • Eliminate or Reduce Outstanding Debt • Do Not Use Credit Unless It Is An Emergency • Develop a Budget to Track Costs and Spending • Only Borrow What Is Needed • Monitor Credit History & Credit Reports

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