Financing Your Way Through Healthprofessional School

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Financing Your Way Through Health-professional
School

• Information seminar
• Health Professions Advising Program
• Trinity College, Hartford, CT

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Financing Your Medical School Education
Class of 2007 Indebtedness
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Expected Income Makes Debt Manageable
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but the time between graduation from medical
school and full salary realization is a Long and
Winding Road
Medical Resident (3-7 years)
Medical Student
Practicing Physician
(...) (...)
43,266 (...) 175,000
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Costs of Applying To Medical School

• Preparation
• MCAT Review materials 60
• Software/CD Roms 100
• Classroom Review 1800
• Home Study Review 500
• Private Tutoring 2500
• MCAT Registration 200

• Applying
• AMCAS Fee 160/30
• School Apps 100 per
• Transcripts 25 per
• Interviews
• Wardrobe 300
• Travel varies
• Lodging 300 per
• Transportation 100

• After you are in
• 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.
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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)
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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

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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

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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

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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?

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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

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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

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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

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VISIT THE WEB SITE
www.aamc.org/md2