Financial Aid for Medical

Students Warren Alpert Medical School

August 2012

Contact Information Office of Financial Aid

• Linda Gillette, Director of Financial Aid • Marlana Gallagher, Financial Aid Counselor • Rachael Arestad , Financial Aid Coordinator

Room 123, Med Ed Building, 1st floor

• Telephone: 401-863-1142 • Email: md_finaid@brown.edu • Website: http://med.brown.edu/financialaid/ • Fax: 401-863-5113

More Contact Information Loan Office: 863- 3296 Loan Representatives: Diane Carlin (Loan Processor) Margaret Laston (Loan Counselor) Jean Blair Baxi (Administrative Aid)

Bursar’s Office: 863-2484 Account Representatives: Debra Souza (A-E) Sandra Souza (F-K) Norah Cicione (L-P) Julie Leach (Q-Wa) Janet Garcia(We-Z)

Communicating with You

• Most communication is done via email by our office and most other student service offices

• We will use your Brown email account when we do send you communication

• Make sure to check it regularly so that you do not miss important notices

Budgeting Tools http://med.brown.edu/financialaid/award/

• Budget Guide

• Charges vs. Resources Worksheet

• Budget Worksheet

All tools are available on the financial aid website

GSBB Mailing List • GSBB is a list for (loosely speaking) “bulletin board” like

announcements. This includes sale items, apartment listings, roommate searches, posts by people looking for tennis partners or rides to the airport, questions about the community, opinions about local services (mechanics, dentists)

• Follow this link for instructions on subscription to the list: http://students.brown.edu/GSC/static/mailing-

lists#subscribe

Examples from the Mailing List

• I'm selling a twin bed in very good condition including its boxspring and

corresponding metal frame. Price $50 obo. Email me if you're interested.

• Posting for my landlord: Studio and 1 bedroom apartments available at the heart of Wayland Square, updated kitchen and bathroom, coins operated washers and dryers in the basement. Starting rent $650.00/month including heat and hot water.

• Outstanding 2 bed condo with amazing city views from 2nd floor porch. excellent location in the heart of college hill. total recent renovation, new maple cabinets with granite counter tops, stainless steel appliances, new gas heat, new electrical service, new windows, new woodwork, gas fireplace, washer -dryer in unit, jacuzzi tub, beautiful hardwood floors, one car parking, nice yard with gardens. Walk to Brown, RISD and downcity, Thayer st and wholefoods market. Near RI, Mariam and W&I hospitals.

Compare Brown Housing Costs

• Brown Housing = $11,880 for the year

($5,940 per semester)

• Our budget allows for $7,600 for the year

• Brown Parking charges = $595 (Med Ed Bldg.)

Cost of Attendance

• Includes billed charges: tuition, health insurance, student activity fee, health service fee ($51,137, $26,999-fall & $24,138-spring)

• Estimated expenses for living (rent, food, utilities) is $1,664 per month

• Associated MD specific expenses (books, testing fees, equipment, i-pad)

Changes to Cost of Attendance

• Medical and/or dental expenses

• One-time computer purchase

(up to $2,000)

• Child-care expenses, if applicable

AMS Loans Interest Rates

• Medical Loan • Ellwood Loan • Plitt Loan • LDS Loan • Perkins Loan

• 7% • 7% • 5% • 5% • 5%

AMS Loans are awarded based on financial need.

Loan Details

• View the details of all loan programs that could be offered in your aid package on-line at:

• http://brown.edu/academics/medical/financial-aid/fa-sources-and-types/student-loans

Do I have to Apply Each Year?

• YES!

• That means completing the new FAFSA and Need Access (if applicable) for 2013-14 with updated information

• Complete the Need Access Form only if you were eligible for institutional aid this year and/or there have been major changes in your or your family’s circumstances

Renewal FAFSA

• Again, if you only received Federal loans in 2012-2013, chances are you only need to complete and submit the following:

• 2013-2014 FAFSA (available after Jan 1, 2013) • Copy of your 2012 federal student tax return • Copy of your 2012 W-2 form(s)

Estimated Income, 2013

• Important Note about income changes:

• If you worked full-time in any part of 2012, make sure to let us know what your income will be for 2013, when you may not be working at all as a medical student.

Deadline Date!

• The deadline for receipt of all forms will be April 1, 2013.

• Try to work with parents to ensure timely receipt of all docs required, including tax returns.

Will my aid package be the same?

Your need for aid should remain stable as long as…

• the number in your family attending college

remains the same • Your and/or your family’s income is not greatly

increased • Your and/or your family’s assets remain the

same

Fellow Status?

• Often AMS students will take time between 2nd and 3rd years to complete a project or do MD degree related work

• Make sure to apply for the fellow status, starting with a discussion and approval with your Academy Director

• Follow-up with OFA to learn about the effect your plans have on your financial aid

• Students on fellow status are considered full-time, but aid is not offered during periods of fellow-status

Aid Disbursement Dates

• Spring semester, 2013

• Second Year: Fall semester, 2013

• Spring semester,

2014

• January 3, 2013

• August 20, 2013

• January 2, 2014

Financial Reminders…

• Don’t purchase books and supplies with a credit card, but charge Bookstore charges to your Student Account

• Each and every time that you are due a refund, you

must request a refund via our online request form: http://brown.edu/Administration/Financial_Services/Bursar/eRefunds.

• If you have not done so already, please link with Brown to receive the refund in your US checking or saving’s account at payment.brown.edu.

Perkins & Brown University Loans http://www.borrower.ecsi.net

Perkins & Brown University Loans http://www.borrower.ecsi.net

Perkins & Brown University Loans http://www.borrower.ecsi.net

Debt Profiles

• All the cumulative debt information formatted into a Debt Profile to keep track of your repayment information

• Each year, you will be sent a debt-profile sheet that summarizes your educational borrowing

• Extensive Exit program sponsored in 4th year

NSLDS: Review of Federal Loan Borrowing

NSLDS: Review of Federal Loan Borrowing

AAMC Tools

First for Medical Education: 3 programs • Medloans Organizer and Calculator • Money Management for Medical Students • Financial Literacy, 101

All can be accessed through the AAMC site:

https://www.aamc.org/services/first/

Repayment Options During Residency

Determines the payment

amount &

interest cost

$2,130/mo

$1,280/mo

$1,050/mo

$ 630/mo

$ 400/mo

Outside Scholarships

• Reduce least favorable loans in the aid package (PLUS & Stafford)

• OFA will send periodic notes about scholarship opportunities available to you

• Refer to the external scholarship page on our site: http://brown.edu/academics/medical/financial-aid/components/scholarships

• Consider using our office as a resource for outside scholarship searches

Health Professions Scholarship Luncheon

• The Office of Financial Aid invites you to attend the HPSP informational luncheon on: • Tuesday, September 18, 2012 • Warren Alpert Medical School Building • 11:30am – 1:00pm • Join representatives from the Air Force, Army, and Navy as they discuss the application

process and options available in the military scholarship programs. Come meet our current HPSP scholarship recipients.

Interested students are welcome to visit all representatives for more information about their individual programs. • • U.S. Army, (Seminar room 344- 3rd floor) • U.S. Navy (Seminar room 345- 3rd floor) • U.S. Air Force (Seminar room 346- 3rd floor) • • To RSVP email md_finaid@brown.edu, or call Med School Office of Financial Aid at • (401) 863-1142.

12-13 Workshop Offerings • Budgeting Workshops • Creating a Budget & Spending

Plan • Budgeting for Graduate Students • Spending Plan for Medical

Students • • Credit Workshops • Credit, Credit Scores, & Credit

Cards • • Managing Finances Workshops • Life After Med School • Life After Brown

• Loan Repayment Workshops • Loan Repayment Overview • Loan Repayment Details • Loan Repayment Details for

Medical Students • • Scholarship Workshops • Successful Scholarship Searches • • Tax Workshops • Tax Workshop for International

Students • Tax Workshop for U.S. Citizens

12-13 Workshop Offerings November 13, 2012: • Developing a Spending Plan for Medical Students

December 12, 2012: • Life After Med School

January 13, 2013: • Loan Repayment Overview for Medical Students

Helpful Aid Websites

• http://med.brown.edu/financialaid/: AMS

financial aid website • http://brown.edu/Administration/Financial_

Services/Loan/: Brown Loan Office • www.nslds.ed.gov/: National Student Loan

Database System • http://www.finaid.org/calculators/: useful

loan calculator tool

Reading Suggestions?

• Get A Financial Life, by Beth Kobliner

• Personal Finance for the New Physician, by Daniel R. Lefebvre

• The Money Book for the Young, Fabulous and Broke, by Suze Orman

• The Wall Street Journal Guide to Understanding Personal Finance, by Kenneth and Virginia Morris