Financial Basics for Entering Medical Students

1. Financial Basics for Entering Medical Students Marti Trujillo | Director of Financial Aid Stanford University School of Medicine

2. The Financial Aid Team Abera Metaferia Financial Aid Advisor (650) 724-3181 abera.metaferia@stanford.edu Lawson Roberts Financial Aid Analyst (650) 723-6958 lawsonr@stanford.edu Martha (Marti) C. Trujillo, MPA Director of Financial Aid (650) 723-6954 mtrujill@stanford.edu md_financial_aid@stanford.edu http://med.stanford.edu/md/financial_aid

3. Financial basics • Understanding your university bill • Managing your money • Reviewing payment options • Additional Resources

4. Medical career tuition Tuition residency requirement 12 Full Tuition Quarters Tuition tiers Full Tuition – $19,399 Reduced Tuition Rate – $3,878 Assessed when conducting 100% research OR after 12 Full Tuition Quarters have been paid Graduation quarter – $150

5. Tuition and enrollment • Maximum units allowed: • 39 Units – Autumn quarter of first AND second year • 26 Units – All other quarters • Units above these limits are assessed additional tuition “surcharge” of $1,293 per unit

6. University billing process • Quarterly charges may include: • Tuition • on-campus housing or subsidized off campus housing • health insurance (Cardinal Care) • Campus Health Service Fee • Grad Student Activities Fee • Monthly charges may include: • Card Plan charges • Cable TV • Any loans and/or support for tuition will be applied to your student account, if paid in full the balance is refunded to you. • A refund doesn’t always mean your account is paid in full. • Grant “Permissions” to ensure loan funds are applied to all charges • Sign up for Direct Deposit!

7. University disbursement and billing schedule • Bills are sent out ~20th of each month and due on the 15th of the following month (except autumn quarter) • Charges not paid by the due date are subject to a late payment fee of 1% (assessed monthly until paid)

8. Sample bill Additional $1,293 assessed for 1 unit above 39 maximum

9. Paying your bill Payment can be made by you or authorized payer. Payment methods include: • eCheck via Stanford ePay • Wire Transfer • Check via mail • In Person at Tresidder Union • Stanford University does not accept credit card payments against student bill

10. Paying your bill The following payments may also reduce your bill: • Grants and Loans • Teaching and Research Assistantships • MedScholars Fellowship • Outside Awards and Scholarships

11. Mind Over Money • The Mind Over Money program is a collaborative effort led by Student Financial Services and 19 other offices with the mission to equip students with the knowledge to make informed financial decisions during Stanford and in their careers beyond the Farm.  • Financial Literacy Workshops • Budgeting • Saving • Credit and loans • Much more! • Online Resources • sfs.stanford.edu/mind-over-money

12. AAMC’s Financial Information, Resources, Services, and Tools (FIRST) • Review strategies for managing your financial aid and daily finances while you’re in school • Help in making best financial decisions during and after medical school. • Additional FIRST resources including videos, fact sheets, and articles can be found on the Financial Aid page at: https://students-residents.aamc.org/attending-medical-school/medical-school-survival-tips/finances-medical-school/

13. PDF available at http://med.stanford.edu/md/financial_aid

14. Financial Aid Entrance Counseling Session Wednesday, September 12, 2018 5:00 - 6:30 PM TBD ? (Dinner provided)

15. Questions?