Transcript Document

Agenda
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Medical school expenses
Budgeting and tips
Community resources
Scholarships
Financial aid process
Student loans
Loan repayment
Loan forgiveness
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Going for the Gold (a.k.a. White Coat)
This is probably one of the biggest financial investments of your life.
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Get your finances in order
Examine your household budget and KNOW your education costs
WAIT if you need to! Be financially and mentally ready!
Know your career goals and work toward that end
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Medical School Expenses
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Tuition, room & board, transportation
Laptop
Licensing exams; COMLEX
Insurance: health, auto, renter’s
Immunizations, TB test, influenza
Criminal background checks
Urine drug screening
Additional books
Business casual clothing
Moving expenses at end of second year
Travel for rotations
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Current PNWU Cost of Attendance
 OMS1, 10-month budget = $72,926
 OMS2, 10-month budget = $73,902
– Extra costs for background check, national boards
 OMS3, 11-month budget = $79,562
– Extra costs for national boards, travel, and extra month of living expenses
 OMS4, 11-month budget = $80,552
– Extra costs for travel, COMLEX test in Philadelphia
 Cost of attendance does not cover summer living expenses, moving expenses to
Yakima or away for rotations, or residency interview expenses in final year
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Budgeting
 Cover essentials - plan for optionals and the unexpected
 Make a list of your spending habits
– Look at past bank and credit card statements
– Be honest with yourself, include everything
– Use general categories: housing/utilities, transportation, household,
health/beauty, communication, entertainment, gifts
 Add up each category in your overall budget
 Now compare that to your income
– Identify areas to cut back and determine amount to save
 Create a medical school budget and stick to it
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PNWU Budget/Cost of Attendance
 Budget allows for tuition and living expenses
 Pays tuition in full
 Living expenses
No children
One or more children
10 months = $2217.60
10 months = $2935.40
12 months = $1848.00
12 months = $2556.17
 Average residency = $52,000 annually
 Minus 25% (taxes, etc.) = $3250 per month
 Your expenses while at PNWU shouldn’t exceed what you
will make as resident
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Tips
 Reduce/eliminate debt before coming to school!
—Car payment, credit cards, mortgage, etc.
 Consolidate debt if you can’t eliminate it
 Check receipts & statements for errors
 Use a thermos/water bottle
 Bike, walk, carpool
 PLAN AHEAD: Cook ahead and freeze
 Pack your lunch, snacks, and dinner
 Don’t carry your credit/debit card all the time
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Community Resources
 Find out what is available in the Yakima area
– Food banks
– Energy assistance
– Housing
– Check with your church
– Talk with other PNWU students
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Salvation Army
Attached is a screen shot of the Salvation Army site and services offered:
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People for People
Community resources for Yakima County, compiled by People for People:
Check out their comprehensive list of resources at (http://www.pfp.org) or
follow this link
http://mobile.4people.org/countydocs/yakima.pdf
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Yakima Valley OIC
Attached is a screen shot of the OIC site and services offered:
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Budgeting Software
 Free Personal Finance Software
– Mint (www.mint.com)
– GnuCash (www.gnucash.org)
– Power Wallet (www.powerwallet.com)
– Budget Planner (www.freeplanner.com)
 Helps you track spending and planning
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Scholarships
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Check out scholarships on PNWU website
Register yourself at www.thewashboard.org
If you are eligible, apply for Tribal scholarships
Investigate military scholarships
Investigate National Health Service Corps (NHSC)
Research scholarships on your own, but remember NEVER pay for a
search!
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Financial Aid
 The only federal loans at PNWU are unsubsidized federal student loans
(Direct Loans)
 Complete your federal income tax return
 Complete your FAFSA
 Notify Financial Aid Office of any source of funds not listed on PNWU award
notice, such as scholarships (including military, Tribal, NHSC), AmeriCorps
benefits, etc.
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Preparing to Borrow
If you will be using federal student loans this year:
 File your FAFSA
 Complete loan entrance counseling online at www.studentloans.gov
 Complete your Master Promissory Note (MPN) online at
www.studentloans.gov
 Review your credit report for errors or items you may need to clear
up. You can get your free credit report at www.freecreditreport.com
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Student Loans
Decide amount of student loans to access
Sign and return award notice to Financial Aid Office
Complete promissory notes and entrance counseling if necessary
Notify Financial Aid Office of any unexpected financial changes or alarming
student loan notices
 READ everything, keep everything, stay organized
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Loan Repayment
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No longer enrolled half-time
6-month grace period unless already used
Start repayment or use forbearance
Make payments or use forbearance while applying for certain payment
reduction plans
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Conventional Loan Repayment
 Standard – fastest and most cost-effective repayment plan; 10 years
 Graduated – monthly payments start low, increase every 2 years; 10
years
 Extended – “fixed” or “graduated” monthly payments; up to 25 years
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Income-Driven Loan Repayment
 Income-Based Repayment (IBR) – based on your annual adjusted gross
income (individually or with your spouse, as applicable), your family size,
and your state of residence; payment recalculated annually
 Income-Contingent Repayment (ICR) – Direct Loan only; based on your
annual adjusted gross income (and spouse's income, if you're married),
your family size, and the total amount of your eligible loan debt; payment
recalculated annually
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Income-Driven Loan Repayment
 Pay As You Earn (PAYE) – Direct Loans only
– usually provides lowest monthly payment but has the most stringent
eligibility criteria
– differs from other income-driven repayment plans in that loan
forgiveness is granted after 20 years of qualifying payments instead of
25
– calculated based on 10% of your income
– payment is recalculated annually
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Loan Repayment Assistance
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Alleviate obligation to repay all or a portion of eligible loans
Forgiven amounts may be considered taxable income!
Eligibility criteria must be met to qualify
Public Service Loan Forgiveness (PSLF)
– Employed full-time in a “qualifying public service job” which includes
501(c)(3) nonprofit organizations
– Forgives remaining balance after 10 years of eligible payments
and qualifying service; forgiven amount NOT considered taxable by
the IRS
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Loan Repayment Assistance
 Indian Health Service (IHS) Loan Repayment Program (LRP)
– Employed full-time for IHS, Tribal, or Urban health programs
– Must agree to work for two continuous years in full-time clinical
practice at that facility or in approved Indian health program
 Military service
 Employer
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Loan Repayment Assistance
NHSC – National Health Service Corps Loan Repayment Program
 NHSC Loan Repayment Program is open to licensed primary care
medical, dental, and mental and behavioral health providers who are
employed or seeking employment at approved sites.
 Students to Service Loan Repayment Program is open to allopathic and
osteopathic medical students in their fourth year at an accredited medical
school.
 State Loan Repayment Program is open to primary care providers deemed
eligible in participating states. Providers apply to the individual state
program, not to the NHSC.
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Proceed with Caution
DO NOT BORROW WITH THE ASSUMPTION YOUR LOAN WILL BE
FORGIVEN THROUGH PSLF!
Q: Can you be certain that the PSLF Program will
have made your 120 qualifying payments?
exist by
the time you
A: The U.S. Department of Education cannot make any
guarantees
regarding the future availability of PSLF. The PSLF Program was created by
Congress, and Congress could
change or end the PSLF Program.
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Review
Plan ahead, budget
Find ways to save/cut expenses
Be reasonable about housing costs and personal expenses
Complete FAFSA every January
Look for scholarships
Research loan forgiveness and loan reduction
– Know what’s out there
– Have a repayment strategy
 DO NOT BORROW AS IF YOUR LOAN WILL BE FORGIVEN!
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Thank You
Please contact me with ANY questions!
Laura Pendleton
509.249.7746
[email protected]
[email protected]