Charles E Schmidt College of Medicine Medical Student

Charles E. Schmidt College of Medicine Medical Student Financial Aid

Who We Are ¢ ¢ Ellen M. Gomes l Director of Medical Student Financial Aid l gomese@health. fau. edu, 561 -297 -2591 l Room 228 C Mark A. Vigorito l Assistant Director of Medical Student Financial Aid l mvigorito@health. fau. edu, 561 -297 -4964 l Room 228 D

Financing Your Medical School Education ¢ What is Financial Aid? ¢ Categories, Types, and Sources of Financial Aid ¢ Free Application for Federal Student Aid (FAFSA) ¢ Cost of Attendance (COA) ¢ Sample Budget ¢ Expected Family Contribution (EFC) ¢ Financial Need & Special Circumstances ¢ Debt & Credit Management

What is Financial Aid? ¢ ¢ Financial aid is any available funding that pays for part or all of your education costs. It can come from any of the following: l Savings l Financial support from family l College scholarships and grants l Federal and State Financial Aid Programs l Your own scholarship searches

Categories & Types of Aid ¢ ¢ Categories of Aid l Need Based l Non-Need Based Types of Aid l Gift Aid – Grant and Scholarships • Does not need to be repaid • Is awarded based on merit, skill or a unique characteristic l Self-Help Aid - Student Loans • Has to be repaid

How Do I Apply For Financial Aid? ¢ Complete the Free Application for Federal Student Aid (FAFSA) at https: //fafsa. ed. gov. l ¢ ¢ Our School Code is 001481 Go to https: //studentloans. gov to complete the Direct Loan Master Promissory Note (MPN) and Entrance Counseling Complete the Graduate PLUS Loan Application, MPN & PLUS counseling if you need to borrow additional funding* *If you do not qualify for credit-based Graduate PLUS Loans, you must either have an eligible endorser or other plans/resources to meet your costs. • Note – If you are in default on a Federal Student Loan or owe a repayment of a Federal Grant, you will not be eligible for Federal Financial Aid.

Cost of Attendance (COA) ¢ ¢ Direct Costs l Costs for which students are billed. e. g. tuition, fees and student housing. Indirect Costs: l Other costs for which students are not billed. e. g. books & supplies, rent, utilities, gas, food, etc.

2018 -2019 First Year Cost of Attendance at the Charles E. Schmidt College of Medicine

Expected Family Contribution (EFC) ¢ ¢ A student’s EFC is a calculated number that informs a school of the amount the student is expected to contribute to his or her education costs. It is determined by the financial data provided on the student’s FAFSA. l Despite being considered Independent for Federal aid purposes, graduate students must provide their parent’s financial information to apply for College of Medicine (COM) Scholarships.

Financial Need ¢ ¢ Financial Need is the difference between the student’s Cost of Attendance (COA) and EFC l COA-EFC= Financial Need can be funded with Grants, Scholarships and other assistance intended to fund Financial Need. l Non-need based aid (such as student loans) may also fund all or part of a student’s Financial Need.

What if I need more than Need-Based Aid? ¢ ¢ ¢ Students can be funded up to their Cost of Attendance with non-need based aid. Students with little or no need based aid may apply for nonneed based aid to meet their expenses. Non-need based aid include the following: l Federal Unsubsidized loans. l Graduate PLUS loans. l Private/Alternative loans.

Sample Budgets and Aid Direct Cost Florida Residents ¢ *COM Scholarships may not exceed Tuition and Fee Charges Non-Residents ¢ *NHSC, *HPSP awards, etc. will replace any COM tuition scholarship offer

S Sample Budgets and Aid Indirect Cost Florida Residents ¢ *COM Scholarships may not exceed Tuition and Fee Charges Non-Residents ¢ NHSC, HPSP awards, etc. will replace any COM tuition scholarship offer

Special Circumstances ¢ ¢ If you experience special circumstances that result in additional costs not recognized in budget, tell your Financial Aid Administrator. This includes but is not limited to: l l l Unusual medical expenses not covered by insurance Child care Unusual dependent care expenses

Debt & Credit Management ¢ ¢ ¢ Eliminate or Reduce Outstanding Debt Do Not Use Credit Unless It Is An Emergency Develop a Budget to Track Costs and Spending Only Borrow What Is Needed Monitor Credit History & Credit Reports

Charles E. Schmidt COM Scholarship Opportunities ¢ ¢ ¢ The Scholarship application for the 2019 -2020 academic year will be available on our webpage toward the end of this calendar year. From the COM webpage, click on Students, then M. D. Financial Aid to access our webpages. Eligibility criteria and instructions regarding the application process are on page two of the application. The scholarship committee carefully reviews each application to learn more about students and their goals as a physician, as part of the selection process.

Thank you and let us know how we can help you! Do you have any questions?