Here at the University of Colorado School of Medicine, financial aid for the first year only covers until classes end at the beginning of June. Students are not typically enrolled in course credits during the Summer between the first and second years of medical school. This gap of financial aid coverage is problematic for many medical students who otherwise would not be able to cover costs of living.
This year, though, a new mentored scholarly activity (MSA) Summer elective course has allowed the school to plug the gap of financial aid coverage. Everyone has to complete a MSA project as a graduation requirement, and some students choose to do the bulk of the work during this "last free Summer" between the first and second years. Such students now have the option of signing up for this MSA Summer elective. Since these credits count toward a graduation requirement, students enrolled in this course are eligible for financial aid.
This makes my life much easier.
Showing posts with label Finances. Show all posts
Showing posts with label Finances. Show all posts
Wednesday, June 9, 2010
Saturday, June 6, 2009
Financial Aid 2009-2010 Award Offer
I finally got my financial aid package, and man what a relief it was to know that my school is paid for. The package consists of a mix of Federal Subsidized Stafford, Unsubsidized Stafford, and Direct Grad PLUS (.PDF) loans.
None of these three loans require repayment while I am a student. Stafford loans subsidized by the government have a fixed interest rate at only 5.7% and do not start accruing interest until after graduation. Unsubsidized Stafford loans do not have this delayed interest accrual benefit, and their fixed interest rate is higher at 6.8%. Both Stafford loans have a 6 month grace period after graduation and before repayment starts. Direct Grad PLUS loans have the highest interest at 7.9%, also fixed, accrue interest immediately like the Unsubsidized Stafford loan, and its repayment grace period is only 2 months.
After my initial relief at knowing that the loans came through wore off, and after I took some time to crunch the numbers, the sheer magnitude of debt that I will be facing broadsided me. But my medical education is essentially a high stakes long-term investment in my future. I think it's important to keep that perspective, focus on my education, and not allow myself to get bogged down or stressed out by the numbers.
None of these three loans require repayment while I am a student. Stafford loans subsidized by the government have a fixed interest rate at only 5.7% and do not start accruing interest until after graduation. Unsubsidized Stafford loans do not have this delayed interest accrual benefit, and their fixed interest rate is higher at 6.8%. Both Stafford loans have a 6 month grace period after graduation and before repayment starts. Direct Grad PLUS loans have the highest interest at 7.9%, also fixed, accrue interest immediately like the Unsubsidized Stafford loan, and its repayment grace period is only 2 months.
After my initial relief at knowing that the loans came through wore off, and after I took some time to crunch the numbers, the sheer magnitude of debt that I will be facing broadsided me. But my medical education is essentially a high stakes long-term investment in my future. I think it's important to keep that perspective, focus on my education, and not allow myself to get bogged down or stressed out by the numbers.
Friday, March 6, 2009
University application for financial aid
Each medical school has their own university-specific application for institutional aid. Today I turned in Colorado's University Application for Financial Aid. This application is for institutional grants and scholarships to supplement FAFSA support. The form was very short, just a few pages, plus a copy of the first two pages of my 2008-2009 tax return. I also submitted a form saying, in effect, that my 2009-2010 income will be less than my 2008-2009 income. For incoming medical students who had a job prior to matriculation (like myself), this is necessarily the case.
Friday, February 27, 2009
Filing the FAFSA
If I end up going to Colorado, I will be paying about $50,000 for tuition and fees for the 2009-2010 academic year, plus around $20,000 for living expenses. Multiply that by 4 years and I'm looking at a minimum potential debt of $270,000 by the time I finish medical school. Needless to say, I won't be paying for my medical education with cash upfront.
Almost all medical students have to apply for financial aid of some sort or another, and I can be fairly confident in saying that all medical students who do need financial aid apply through the Free Application for Federal Student Aide application (http://www.fafsa.ed.gov).
Filing the FAFSA seems a lot scarier than it actually is. The FAFSA is completed and submitted entirely online. Apparently, there are professional "preparers" who help you prepare your FAFSA for a fee. I am lucky to have had help from my father, who is good with finances. They say on the FAFSA website that it should take under an hour to fill out the application (if you have all the necessary information at hand); I did indeed finish my FAFSA application in less than an hour, and I feel very relieved that it's out of the way.
Almost all medical students have to apply for financial aid of some sort or another, and I can be fairly confident in saying that all medical students who do need financial aid apply through the Free Application for Federal Student Aide application (http://www.fafsa.ed.gov).
Filing the FAFSA seems a lot scarier than it actually is. The FAFSA is completed and submitted entirely online. Apparently, there are professional "preparers" who help you prepare your FAFSA for a fee. I am lucky to have had help from my father, who is good with finances. They say on the FAFSA website that it should take under an hour to fill out the application (if you have all the necessary information at hand); I did indeed finish my FAFSA application in less than an hour, and I feel very relieved that it's out of the way.
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