the educational investment, ecu school of dental medicine
TRANSCRIPT
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The Educational Investment
Hillary Harrell, MBAStudent Financial Support Manager
ECU School of Dental Medicine
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Responsible borrowing leads to responsible repayment.
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The Good News…
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The Good News…Dental school graduates have an excellent
repayment history
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The Good News…Dental school graduates have an excellent
repayment history
You can fund entire dental education with student loans
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The Good News…Dental school graduates have an excellent
repayment history
You can fund entire dental education with student loans
Multiple repayment options- be as aggressive as you want
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The Good News…Dental school graduates have an excellent
repayment history
You can fund entire dental education with student loans
Multiple repayment options- be as aggressive as you want
Easier than ever to track loans
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Educational Debt Statistics
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Educational Debt Statistics
National Avg: Dental School Only: _________
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Educational Debt Statistics
National Avg: Dental School Only: $203,987
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Educational Debt Statistics
National Avg: Dental School Only: $203,987
ECU SoDM Average: _________
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Educational Debt Statistics
National Avg: Dental School Only: $203,987
ECU SoDM Average: $123,900
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Cost of AttendanceThe total estimated cost of an education, including
tuition, fees, and living expenses.
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Cost of Attendance
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Cost of AttendanceAll sources of funding (grants, scholarships,
loans, etc.) may not exceed cost of attendance.
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Cost of AttendanceAll sources of funding (grants, scholarships,
loans, etc.) may not exceed cost of attendance.
Set annually by Financial Aid Office with input from SoDM.
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2015-2016 Cost of Attendance D1 D2 D3 D4
Tuition and Fees
$29,638 $29,638 $29,638 $19,759
Room and Board
$17,565 $17,565 $17,565 $11,710
Books and Supplies
$8,134 $4,974 $7,219 $3,236
Personal $2,985 $2,985 $2,985 $1,990
Transportation $2,757 $2,757 $4,080 $4,485
Medical Insurance
$1,820 $1,820 $1,820 $1,820
Loan Fees $808 $808 $808 $654
Total $63,707 $60,547 $64,115 $43,654
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Cost of Attendance D1
Tuition and Fees $29,638
Room and Board $17,565
Books and Supplies $8,134
Personal $2,985
Transportation $2,757
Medical Insurance $1,820
Loan Fees $808
Total $63,707
D1FELS: $14,00
0
Grant: $5,000
Scholarship: $10,000
Total Outside Funding: $29,000
Student Loans: ($63,707- $29,000)
$34,707
Total $63,707
=
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2015-2016 Cost of Attendance D1
Tuition and Fees $29,638
Room and Board $17,565
Books and Supplies
$8,134
Personal $2,985
Transportation $2,757
Medical Insurance $1,820
Loan Fees $808
Total $63,707
Includes “Technology Loan”
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Technology Loan
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Technology Loan3 terms= 3 refund disbursements
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Technology Loan3 terms= 3 refund disbursements
Separate loan for Technology $960 allowance for loupe purchase$2,795 for Apple bundle
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Funding Sources?
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Funding Sources?
Direct Unsubsidized Stafford Loans
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Funding Sources?
Direct Unsubsidized Stafford Loans
Private Loans
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Funding Sources?
Direct Unsubsidized Stafford Loans
Private Loans
FELS
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Direct Unsubsidized Stafford Loan
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Direct Unsubsidized Stafford Loan
Subsidized versus Unsubsidized?
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Direct Unsubsidized Stafford Loan
Subsidized versus Unsubsidized?
Maximum borrowing per year is $47,167
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Direct Unsubsidized Stafford Loan
Subsidized versus Unsubsidized?
Maximum borrowing per year is $47,167
Aggregate borrowing limit is $224,000
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Direct Unsubsidized Stafford Loan
Subsidized versus Unsubsidized?
Maximum borrowing per year is $47,167
Aggregate borrowing limit is $224,000
Fixed interest rate, set annually in July
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Direct Unsubsidized Stafford Loan
Subsidized versus Unsubsidized?
Maximum borrowing per year is $47,167
Aggregate borrowing limit is $224,000
Fixed interest rate, set annually in July
Grace period after graduation
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Private Loan
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Private LoanUnsubsidized
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Private LoanUnsubsidized
Rates, terms, and fees all vary by lender
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Private LoanUnsubsidized
Rates, terms, and fees all vary by lender
Not eligible for federal consolidation
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Private LoanUnsubsidized
Rates, terms, and fees all vary by lender
Not eligible for federal consolidation
Higher interest rate
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FELS
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FELSForgivable Education Loans for Service
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FELSForgivable Education Loans for Service
Forgivable as long as you practice in NC
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FELSForgivable Education Loans for Service
Forgivable as long as you practice in NC
$14,000 per year/ $56,000 aggregate
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NSLDS
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NSLDSNational Student Loan Data System
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NSLDSNational Student Loan Data System
Includes: All federal student loans Amount, disbursement date, servicer, status
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NSLDSNational Student Loan Data System
Includes: All federal student loans Amount, disbursement date, servicer, status
Does NOT Include: Interest accrued Private loans FELS
www.NSLDS.ed.gov
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Interest?Interest begins to accrue when loans are
disbursed
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Interest?Interest begins to accrue when loans are
disbursed
$47,167 at 5.84% accrues:______ per day______ per month ______ per year
Important to be a smart borrower!
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Interest?Interest begins to accrue when loans are
disbursed
$47,167 at 5.84% accrues:$7.65 per day______ per month ______ per year
Important to be a smart borrower!
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Interest?Interest begins to accrue when loans are
disbursed
$47,167 at 5.84% accrues:$7.65 per day$230 per month ______ per year
Important to be a smart borrower!
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Interest?Interest begins to accrue when loans are
disbursed
$47,167 at 5.84% accrues:$7.65 per day$230 per month $2,755 per year
Important to be a smart borrower!
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Important RemindersLoans are a serious obligation and repayment
must be considered from beginning.
There are serious consequences of default.
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Helpful Tips
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Helpful Tips Know the status of your credit
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Helpful Tips Know the status of your credit
Now isn't the time for large purchases
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Helpful Tips Know the status of your credit
Now isn't the time for large purchases
Control what you can control: Direct: tuition and fees, books and supplies Indirect: housing, food, utilities, transportation,
personal
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Helpful Tips Know the status of your credit
Now isn't the time for large purchases
Control what you can control: Direct: tuition and fees, books and supplies Indirect: housing, food, utilities, transportation,
personal
Be smart. Never borrow more than you need.
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Helpful Tips Know the status of your credit
Now isn't the time for large purchases
Control what you can control: Direct: tuition and fees, books and supplies Indirect: housing, food, utilities, transportation,
personal
Be smart. Never borrow more than you need.
Set a budget and stick with it. Don’t overspend and rely on credit.
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Helpful Tips Know the status of your credit
Now isn't the time for large purchases
Control what you can control: Direct: tuition and fees, books and supplies Indirect: housing, food, utilities, transportation, personal
If borrowing for undergrad, be smart. Never borrow more than you need.
Set a budget and stick with it. Don’t overspend and rely on credit.
Pay things off now, as you are able, to make dental school finances more manageable
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Questions?