Transcript Welcome Class of 2010 - University of Virginia School of

Welcome
Class of 2016
Financial Aid Entrance Counseling
and Orientation
Financial Aid Overview
Approximately 81% of UVA medical students receive some kind of
financial aid.
To receive aid, you must apply each year. Our priority deadline for
returning students is May 1st.
To apply for federal loans, you must submit the FAFSA
(www.fafsa.ed.gov) and the UVA School of Medicine application (in
SIS).
For school aid, you must include parent information on the FAFSA, and
we also need your and your parents’ previous year tax returns (unless
you have been told otherwise).
Read over all of your paperwork and disclosures – the master
promissory note, award letters, any statements that you receive – and
keep them in safe place.
Preliminary Award Letter

Each year, you will
receive a preliminary
award letter email
that shows how much
aid you are eligible
for from all sources.

Read carefully - this
letter will also have
links and instructions
for accepting the
various types of
loans.
Requesting Loans
Use the budgeting spreadsheet on our website to
determine how much you need to borrow.
Request loans by July 1st to ensure that they appear
on your fall tuition bill.
Aim low – if you don’t have it, you won’t spend it. If
you borrowed too much, you can reduce your loans.
You can always request more loan money later if
needed, up to your maximum – just contact your
counselor. Make final loan requests by March 1st
each year.
Requesting Loans
Loans must be
accepted online
through SIS.
Official Award Letter
In July, after you have
accepted your loans,
you will receive an
official award letter
showing all of your
aid and an estimated
summary of your
student account.
At the bottom of your
award letter is a brief
summary of your
med school
borrowing and
repayment
information.
Tuition Bills
UVA does not mail
paper tuition bills.
You will receive an
email from Student
Accounts every year
in July and December
notifying you that your
bill is available online
through QuikPay.
You can access
QuikPay through the
link in the email, or
through SIS.
Tuition payments can
be made online or by
check. Mail checks
with the printable
statement.
To set up your parents
to receive email
notifications and pay
bills online, click on
“Authorize Payers.”
Getting Your Money
All financial aid is applied towards payment of tuition & fees in equal
portions for fall and spring. If your financial aid is more than the cost of
tuition & fees, then the overage is refunded to you to help with living
expenses.
You will receive your refund in a lump sum at the beginning of each
semester. Remember to set aside money that you will need for nonmonthly expenses like boards, travel, and health insurance.
Although you will receive equal amounts in fall and spring, your
semesters may not be of equal length, so budget carefully! Your fall
refund will be in late August, your spring refund will be in late January.
August – January = 5 months
January – next August = 7 months
This means you should have money left over from fall to help with
spring!
Getting Your Money
ALL students should sign up for direct deposit online:
http://www.virginia.edu/studentaccounts/direct_deposit.html
If you do not sign up for direct deposit, the University will mail a check
to your local mailing address. This may take up to 2 weeks longer than
direct deposit. Make sure your address in SIS is correct
(www.virginia.edu/sis).
Federal Loans
The University of Virginia, like all schools now, is a Direct
Lending School.
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You will receive your loan money directly from the
government, not through a bank.
You will be assigned a servicer who will service your
federal loans (send statements, take payments, answer
questions, etc). Check your mail.
You must sign a master promissory note (MPN) and
complete entrance counseling

The master promissory note is your agreement to repay your
loans, even if you do not finish school or cannot find
employment. You alone are responsible for these loans.
Federal Loans
If you are receiving federal
loans for the first time this
year, you MUST complete
the Master Promissory
Note and the online
entrance counseling
at studentloans.gov.
If you have not done this,
DO IT TODAY.
Federal Loans
The entrance counseling will give you basic information about your federal loans.
Some important highlights:
• Unsubsidized loans have a fixed interest rate of 6.8%. This may be reduced by
.25% during repayment if you use auto-pay.
• Unsubsidized loans have a 1% fee, deducted prior to disbursement. This means
the school will receive 1% less than the loan amount you request.
• Interest begins accruing immediately on each disbursement of your unsubsidized
loans, but does not capitalize until the end of your grace period.
• Your award letter will tell you your maximums for each loan type every year. Your
total cumulative sub/unsub maximum, including undergrad, is $224,000.
• Graduate PLUS loans – last resort, available if your total aid does not meet COA:
• Fixed interest rate of 7.9%, accrues immediately
• 4% in fees
• No lifetime maximum, limited only by Cost of Attendance
Federal Loans
More highlights:
• The standard repayment term is 10 years, but students with over $30,000 in debt
may take up to 25 years to pay the loan back. The longer you take, the more
overall interest you will pay.
• Forbearance options: Medical residents may use the residency forbearance to
delay entering repayment. During forbearance, interest accrues on all loans but no
payments are due. Interest will capitalize at the end of each forbearance period
(12 months).
• There are no prepayment penalties. Ever.
• If you die or become permanently disabled, your loans are forgiven.
Institutional Loans
If you are eligible for a need-based School of Medicine loan, you will be
notified on your preliminary award letter.
These institutional loans:
 Have no fees, and have no interest while you are in school or
during your 6-month grace period
 Have a fixed 5% interest rate thereafter
 Have a 10-year repayment term
 Forbearance allows you to pay INTEREST ONLY during
residency.
Required paperwork: you must return the self-certification form and do
a promissory note online through Campus Partners each year. No
online entrance counseling required.
Costs and Borrowing
2012/2013 Cost of Attendance Budgets
Virginian
Non-Virginian
Tuition & fees
43,378
53,482
Living Expenses
16,900
16,900
Books/supplies
613
613
Instruments
600
600
2,407
2,407
$63,898
$74,002
Health Insurance
TOTAL
The maximum that you can receive in any kind of financial aid, according to federal
regulations, is the official Cost of Attendance.
Only borrow what you really need. Start planning for how to keep your debt
down. Take how much you’re borrowing this year and use that to project your
borrowing over the next four years. Then, you can take your total debt and
estimate your monthly payment at www.finaid.org.
The approximate average debt of our 2012 medical school graduates who
borrowed was about $122,700 (including debt from undergrad).
Keeping Your Debt Down
Estimated Four-Year Cost of Attendance*
Virginians
$276,135
Non-Virginians
$319,573
*For Class of 2016, assuming a 4% increase in total Cost of Attendance each year for 4 years.
A Virginian who borrowed this entire cost of attendance for four years, and did
not prepay any interest, would owe $325,973 and have a standard monthly
payment of about:
$3,818
A non-Virginian who borrowed this entire cost of attendance for four years, and
did not prepay any interest, would owe $377,904 and have a standard monthly
payment of about:
$4,446
Keeping Your Debt Down
Owed at
Graduation
Monthly
Payment
Total Interest
Total
Repayment
Virginian
(Borrow $276,135,
repay over 10 Years)
$ 325,973
$3818
$182,087
$458,222
Virginian
(Borrow $276,135,
repay over 25 Years)
$ 325,973
$2346
$427,686
$703,821
Non-Virginian
(Borrow $319,573,
repay over 10 Years)
$ 377,904
$4446
$213,928
$533,501
Non-Virginian
(Borrow $319,573,
repay over 25 Years)
$ 377,904
$2744
$503,461
$823,034
Although your salary as a physician will be relatively high, large student
loan debt can be a burden. Even earning $200,000 a year, you may find it
very difficult to make a $4000+/month student loan payment. And your
student loan debt can affect your ability to get other credit!
In addition, you do not want to have to take your loan debt into account
when choosing a specialty. You should choose a specialty based on your
interests and your abilities, rather than the salary that you need to pay back
your loans.
So: Borrow ONLY what you really NEED. The cost of attendance budget
represents the maximum that you should need to get through school. You
should find that with careful budgeting you are able to get by on less. Work
with your parents, your family, your roommates, your spouse, and your
friends to make sure that you are not going into unnecessary debt.
Live cheaply now, so that you don’t have to
when you are a doctor!
Your Financial Aid Office
Dennis Snyder
Margaret Baxton
Nancy Zimmer
Tonya Shifflett
(Last names A-H)
(Last names I-R)
(Last names S-Z)
Program Support
[email protected]
[email protected]
[email protected]
[email protected]
Claude Moore Medical Education building, Room 1140
(434) 924-0033
8 AM – 5 PM, Monday – Friday
No appointment necessary – feel free to drop by and see your
counselor any time.
Things our office can help with
(in addition to financial aid, of course!):
• Candy
• Budgeting
• Financial emergencies
• Finding outside scholarships
– check our website
• Debt management
• Financial Education:
Money Talks
Budgeting
Credit
early October
mid-November
Living within the cost of attendance
 Basic budgeting skills
 Budgeting to limit borrowing needs
 Helpful hints and tips
Credit scoring
 How to build and maintain good credit
 How to prevent identity theft
 Checking your credit report
Home Financing
Financial Planning
mid-March
mid-March
Adjustable vs. fixed rate mortgages
 Renting vs. Buying
 How your credit affects home buying
 Debt ratios, escrow, closing costs
Basic financial planning skills
 Saving for retirement while paying debt
 Choosing a financial planner
 The effects of student loan debt
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Remember:
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Go to studentloans.gov and complete the entrance
counseling and Master Promissory Note.

Only borrow what you really need. $200/month now
could cost you $20,000 later!
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We’re here to help. If you have any questions about how
much to borrow, budgeting, student loans, repayment, or
any other financial concern, please feel free to come in
and see your counselor.

We will be at the activities fair next Friday – please feel
free to stop by and meet your counselor.