Transcript Financing Health Professional School

Financing Your Way Through
Health-professional School
Information seminar
Health Professions Advising Program
Trinity College, Hartford, CT
Financing Your Medical School
Education
Tuition/Fees/COA
Public
Private
2007-2008
(In-State)
Tuition/Fees
$22,068
$39,530
Cost of Attendance
$40,586
$57,486
Public Schools
Private Schools
Class of 2007 Indebtedness
All Schools
Mean
$139,517
$129,810
$156,804
Median
$140,000
$132,000
$166,913
Expected Income Makes Debt
Manageable
PHYSICIAN INCOMES BY SPECIALTY
Specialty
Average Salary
Family Practice
$178,859
Pediatrics
$188,496
Internal Medicine
$191,525
Emergency Medicine
$258,088
OB/GYN
$296,699
Surgery
$330,215
Anesthesiology
$371,913
Dermatology
$390,274
Orthopedic Surgery
$475,781
…but the time between
graduation from medical school
and full salary realization is a
“Long and Winding Road”
Medical
Student
Medical
Resident
Practicing
Physician
(3-7 years)
($$$$$...)
($$$$...) $43,266
($$$...) $175,000
Costs of Applying To Medical
School
Preparation
Applying
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MCAT Review materials $60
Software/CD Roms
$100
Classroom Review
$1800
Home Study Review
$500
Private Tutoring
$2500
MCAT Registration
$200
AMCAS Fee $160/$30
School Apps $100 per
Transcripts
$25 per
Interviews
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Wardrobe
$300
Travel
varies
Lodging
$300 per
Transportation $100
After you are in
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Moving Expenses
Apartment Deposit
Utilities
Advance Tuition
Payments
Payments on School
Loans
What can you do NOW?
SAVE, Get used to living on a reduced budget, Be strategic in preparation and
application plans, pay off credit cards and other dept, and….
Get as much information
as you can about
financial aid…
FIRST for Medical Education
www.aamc.org/first
(MD)2 – Phase I
Strategies for Making a
Successful Financial Transition
to Medical School
(Monetary Decisions for Medical Doctors)
Step 1 - Know Who to Turn to for Help
•Premedical Advisors
•College Financial Aid Officers
•Medical School Admissions Officers
•Medical School Financial Aid Officers
•Faculty Members
•Physicians
•Financial Professionals
Step 2(a) - Prepare for Medical School Costs
•Understand the Philosophy of Financial Aid
•Discuss Financial Options with your Family
•Manage Educational Debt Acquired Prior to
Medical School
•Start Living on a Budget Now
Step 2(b) - Prepare for Medical School Costs
Critical Issues for the Non-Traditional Applicant
• Choose a Postbaccalaureate Premedical
Program Carefully
• Prepare for Lifestyle Changes: Making the
Work-to-School Transition
Step 3 - Understand the Effects of Credit
and Debt
•What is Credit?
•How is it Used?
•How is Your Credit History Maintained?
•What are Credit Criteria?
•How Can You Use Credit Wisely?
Step 4 - Understand the Associated Costs of
Medical School
•Medical School Application Expenses
•The Costs of Education
•The Cost of Living at Your Medical School
Step 5 - Know the Types of Medical School
Financial Aid Available
Types of Financial Aid
•Outside Sources
•Service Obligation Programs
•Alternative Approaches to Financing
a Medical Education
Step 6 - Understand the Financial Aid
Application Process
•Complete the Correct Application Forms
•Pay Attention to Deadlines and Timelines
•Apply for Aid at Multiple Schools
•Know the Difference Between Direct
Lending and FFELP
VISIT THE WEB SITE
www.aamc.org/md2