How do I pay for Medical School?

• Work closely with the financial aid office of the medical school(s) you are interested in attending.
• Even if you have not yet been accepted, begin to fill out the national financial aid form (FAFSA) by February 15th of your application year. You can also take care of this electronically at http://www.fafsa.ed.gov.
• Check with every school to which you are applying, to request and/or find out about financial deadlines, their title IV codes, their in-house financial aid application instructions, and about institutional scholarships.
• Pay off your consumer debt and check your credit rating, see credit rating section below. Be careful how you use your credit cards. Consumer credit is not an investment; it is a means of improving your standard of living on a temporary basis.
• Don’t live the lifestyle of a doctor until you’ve completed your training—get in the habit of being thrifty! If you live like a doctor while in school, you may have to live like a student when you are a doctor.
• Educate yourself about the different loans available: Stafford, Perkins, primary care, alternative, and institutional loans. What are the differences between subsidized and unsubsidized loans? What are the interest rates of the various loans you can choose from and are they adjustable? What is the grace period and can they be deferred? Do they allow for forbearance?
• Ask the financial-aid offices to use projected income. You will not be working during medical school so make sure they are taking your no income status into account when they are looking at your need. (This will also apply if a spouse is moving and quitting his/her job).
• Keep the financial aid office and your lenders up to date on any address changes during the application process. This is best done in writing.
• Explore scholarship opportunities through private organizations, foundations, and associations as well as the federal government loan programs.
• Discuss the cost of medical school with your family and determine the extent to which they plan to assist you financially.
• Provide your parent’s information so you are considered for all sources of aid. (This will not affect your legibility for Federal Aid.) If there will be a reduction in parental income let the financial aid office know.
• Respond promptly to additional information requests. If you speak with counselors at the various offices keep notes on the name of the person you spoke with, the date and time you called, and the answers to the questions you asked. Make sure you have an answering machine or message service so that the financial aid office can get a hold of you.
• Keep copies and start a financial aid file. Keep copies of you and your parent’s tax returns, your financial aid applications, award letters, and loan documents.
• Keep a cumulative record of your educational loans. This type of record keeping enables you to estimate your projected debt level and monthly payments.
• Confirm all of your telephone conversations with your lenders in writing via a follow-up letter. Always a sound business practice.
• If you are a non-state resident in a public school, find out how you can establish residency.

Scholarships and Funding Sources

1. Pennies from Heaven Scholarship Guide (excerpted from the UCLA website)
   Scholarship Database, the Student and Resident Financial Services Office at the David Geffen School of Medicine at UCLA published the first edition of Pennies from Heaven for its students. In it, we attempted to provide a comprehensive list of non-UCLA scholarship and loan sources to which our students might apply. As new funds surfaced and old ones vanished, we tried to keep abreast of the changes by publishing several editions (1988, 1990, 1992, 1994, 1997, and 1999).
   http://www.medstudent.ucla.edu/fao/pennies

2. The National Health Service Corps. (Excerpted from the NHSC website)
   The National Health Service Corps (NHSC) is committed to improving the health of the Nation's underserved:
   • Uniting communities in need with caring health professionals
   • Supporting communities' efforts to build better systems of care
   The NHSC provides comprehensive team-based health care that bridges geographic, financial, cultural, and language barriers. We will not stop until all Americans, everywhere; have access to quality health care, especially for health issues that have the highest racial, ethnic, and socioeconomic disparities in treatment success. HIV/AIDS, mental health, dental care, cardiovascular disease, cancer, diabetes, childhood and adult immunizations, and infant mortality are this organizations concerns.

NHSC Scholarship Application Information Bulletin
http://nhsc.bhpr.hrsa.gov/applications/scholar_04
This Applicant Information Bulletin explains in detail the NHSC Scholarship program, including eligibility requirements, funding preferences, application process, benefits and service requirements. Learn more about the NHSC Scholarship Program by reading the Applicant Information Bulletin. Please note that this is not an application. Applications for the NHSC Scholarship Program can be obtained by calling 1-800-221-9393.

NHSC Loan Repayment Application Information Bulletin
http://nhsc.bhpr.hrsa.gov/applications/lrp_05
This Applicant Information Bulletin explains in detail the FY 2005 NHSC LRP, including eligibility requirements, funding preferences, application process, benefits and service requirements. Learn more about the NHSC Loan Repayment Program by reading the Applicant Information Bulletin. Please note that this is not an application. Applications for the NHSC LRP can be obtained by calling 1-800-221-9393.

3. Armed Forces Health Profession Scholarship Program

Amount: Full tuition, fees, and monthly stipend. Stipends are subject to taxation. Required books and microscope rental fee are reimbursed. All three branches offer scholarships. Restriction: Candidates must be no more than 35 years old at graduation for the Army and Air Force; the Navy extends this age limit to age 40. Prior military time may waive this restriction - contact your recruiter.

Repayment: One year's active service as a commissioned officer for each year of scholarship support is required. (4 year, 3 year, 2-year scholarships available). The minimum obligation is three years. The Army and Navy offer a two-year scholarship with a payback of a three-year obligation. Applications: Contact the nearest Army, Navy, or Air Force recruiting office. Our FAO offers these phone numbers for your assistance. Each branch maintains separate deadlines. Start the application process early.

Military Representatives:

	Navy	Army	Air Force
Contact	Andrea M. DeSanto	David A. Glen	Abbey Carey
Title	Lieutenant	Captain	Technical Sergeant
Phone	(800) 252-1586 ext. 291	(626) 535-9711	(562) 435-0019
E-mail	desantoa@cnrc.navy.mil	David.Glen@usarec.army.mil	abbey.carey@rs.af.mil
Web Site	www.elnavy.com	www.goarmy.com	www.airforce.com

Financial Planning Tools

Monetary Decisions for Medical Doctors (excerpted from the AAMC website)

(MD)2 : Monetary Decisions for Medical Doctors is a comprehensive, three-part program developed by the AAMC to assist premedical and medical students in their planning for the financial aspects of their medical education. Divided into three sections—The Premedical School Years, The Medical School Years, and Residency and Early Practice Years—(MD)2 provides practical and comprehensive information specifically tailored to students throughout their medical education. This online resource contains information about making a successful transition to medical school, credit and consumer debt, types of financial aid, the financial aid application process, and relevant reference materials. Go to http://www.aamc.org/students/financing/md2/start.htm

Credit Rating

Look into your credit rating and your parents’ credit rating as soon as possible. It might affect your loan applications to medical school.

Ordering a copy of your Credit Report:

Requests should include the following:
• First, middle and last name (include Jr., Sr., II, III)
• Current address and previous addresses for the past 5 years
• Social Security Number
• Date of Birth
• Phone Number
• Signature
• Fee (if applicable