The Office of Student Finance

Presented by:

Ryan Purdon
Student Finance Analyst
New Jersey Office
rpurdon@aucmed.edu
(732)-509-4707

Financial aid improvements

Whats new
DMI loan
Financial aid during Clinical Sciences
Understanding the cost of attendance
Understanding your enrollment status
Additional loan options
Budgeting and debt management

Financial Aid Improvements

 Direct deposit of credit balances (Returning soon!)

Ability to submit tuition payments online

Electronic Check- NO FEE

International Wire Payments- www.peertransfer.com

On-campus financial aid assistance

Additional Student Finance Advisor in NJ
Availability of one-on-one Financial Aid counseling
Emergency short-term loans
DMI loans
Availability of Board Review and Residency & Relocation loans
1st and 5th semester counseling and presentation
Financial literacy advising
Open to new products, ideas, and suggestions

Whats new?
Student Loan Certainty Act of 2013
As of July 1st, 2014, interest rates on Unsubsidized Stafford and
Graduate PLUS loans increased to 6.21% and 7.21% respectively
Previous rates fixed at 5.41% for Unsubsidized Stafford and 6.41% for Grad
PLUS

Interest rates tied to governments cost of borrowing and will be set

on July 1 of each year for all new loans
Fixed interest rate applies for the life of the loan
Rates subject to change annually for all newly originated loans

On-Campus Financial Aid Assistance

Ren-Dwina Browne
Financial Aid Advocate in St. Maarten
Assists students with Financial Aid inquiries
Receives required documentation on campus
Serves as liaison between students, administrative
offices and loan servicers
Conveys important regulatory information to students
Monitors leaves of absence and withdrawals
Conducts financial literacy presentations
Conducts exit interviews

Emergency Loans
Funds available to students prior to becoming eligible
to receive a credit balance
Extreme emergency Situation out of the students
control that demands the immediate need for funds to
assist the student through the emergency
Extreme emergencies include personal injury and
catastrophic damage to property, and are determined
on a case-by-case basis.
Up to $2,000 per request
Funds must be repaid as soon as student receives
their next semesters credit balance

DeVry Medical International Institutional Loan

New loan program designed to address financial challenges students may
experience after exhausting all other funding sources such as federal,
provincial and private loans for students

Students may be eligible to apply for a DeVry Medical International

Institutional Loan to cover tuition and fees and possibly partial living
expenses if they have extenuating financial circumstances
Approval based on academic criteria
Students may be eligible during semesters 6-9.5
Maximum loan amount is $75,000

2014-2015 Cost of Attendance

Cost of attendance for Clinical Science semesters
$37,363 Semester 6-9 (US)
$36,552 Semester 6-9 (UK)
$16,375 Semester 9.5
All Federal Student Aid recipients must have a current FAFSA
on file to receive an award notification
Award notifications will be issued after you pass USMLE Step
1 and schedule your initial rotations
Exit counseling must be completed prior to funds being
disbursed

 Cost of Attendance includes tuition, fees, housing, transportation,

and other expenses
Cost of Attendance for aid year 2014-2015 is $37,363 per semester
for US-based students and $36,552 per semester for UK-based
students
$10,250 Unsubsidized Stafford Loan
$27,113 Graduate PLUS Loan (US)
$26,302 Graduate PLUS Loan (UK)
Cost of Attendance can be increased for specific educational
expenses as permitted by Department of Education regulations
Child care
Computer purchases
Uncovered medical bills (exclusions may apply)

Financial Aid Available

Direct Unsubsidized Stafford Loans
Interest WILL accrue while the student is in school and during
the 6 month grace period.
Current Loan Origination Fee (charged by Dept. of Ed.) - 1.073%

6.21%

Direct Graduate PLUS Loan

Interest WILL accrue while the student is in school and during
the 6-month deferment period. Payment is deferred while in school.
Based on last 5 years credit history, no adverse credit items
Current Loan Origination Fee (charged by Dept. of Ed.) - 4.292%

7.21%

Financial Aid During Clinical Sciences

Free Application for

Federal Student Aid
(FAFSA)

Award Letter and

Instructions sent to
student once
eligible/accepted

Advisors Review
selected student files

AUC Credits Funds

10 Days Prior to
Semester Start

Student Completes
Required Steps and
MPNs with
Department of
Education

Credit balance for

living expenses
processed for
student

Tuition and Fees

Deducted

FINANCIAL AID TIMELINE

 Semesters follow the same trimester schedule as Medical

Science
Semesters consist of 16 weeks
To receive loan disbursements on time, you must have at least 8
rotation weeks scheduled during the semester, with no gaps
between rotations of 5 weeks or longer. Failure to meet these
requirements will result in a delay in your loan disbursement.
Loans will disburse 7-10 days prior to the start date of your first
rotation of the semester
Credit balances typically processed 5-10 business days after disbursement
Direct deposit will expedite receipt of your credit balance

Any gaps in enrollment will require you to complete Exit Counseling

Enrollment Status between 5th and 6th

Semesters and your Loans

After completion of 5th semester, your enrollment status will change

to Leave of Absence (subject to LOA request completion)
Your loans will enter repayment, and your 6-month grace period will
commence
If you have already used your grace period on undergraduate loans,
contact your lender to request a forbearance
Once you return to 6th semester, loans will go back into deferment
If you begin rotations within one semester, your grace period will be
restored
If you do not return within one semester, you will exhaust your grace
period and must contact your lender to request a forbearance

 Loans available for Canadian Students

Several options are available:
Canadians may be eligible for loans through the
Canadian government
Canadian bank line-of-credit
DMI Institutional Loan (only during Clinical Sciences)

Additional Loans
Board Review/
Residency &
Relocation

Sallie Mae Global Health Residency and Relocation

Loan
Wells Fargo MedCAP-Xtra Loan
Private loans disbursed directly to the student
Heavily Credit-Based (students may need co-signers)
Students eligible in semesters 3-9.5
Provides funds for costs associated with Step 1
preparation, clinical exams, residency interviews, travel,
living expenses

Sallie Mae Global Health Loan

Students in 2nd through 4th year of study are eligible

Provides funds for costs associated with Step One preparation, clinical exams and
living expenses up to $20,000
Private loan disbursed directly to the student
Aggregate Loan Cap of $350,000- must apply for this loan while total loan debt is
under $350,000 or not eligible for this loan
https://www.salliemae.com/student-loans/global-residency-loan/

Wells Fargo MedCapXtra Loan

Provides funds for reimbursement for board review, clinical exams and living
expenses up to $12,500 (Option A)
Private loan disbursed directly to student
Aggregate Loan Cap of $250,000- must apply for this loan while total loan debt is
under $250,000 or not eligible for this loan
https://www.wellsfargo.com/student/graduate/med_xtra/

Financial Literacy
Budgeting
Debt Management
Understanding NSLDS
Credit Reports
Resources available to manage
student loan debt

Budgeting

Budgeting
Live like a college student today, live like a doctor tomorrow
Dont automatically borrow the full amount of loans offered to you

Budget your spending money for the entire semester

Return unused portion of credit balance within 120 days of
disbursement to help reduce your overall debt

Interest on the returned portion will be reversed as long as loan

servicer receives returned funds within the 120 day window
Evaluate needs vs. wants

Debt Management

Debt Management
Do not borrow more than you need! Utilize the budget
calculator at:
http://www.finaid.org/calculators/studentbudget.phtml

Build a strong credit rating by managing your debt wisely,

repaying your loans, and understanding your credit score
Seek professional advice
Graduate Leverage Advisors (www.gladvisor.com)
Information on Income Repayment Plans and average student
indebtedness post-graduation

Understand your outstanding federal loans by logging on to

www.nslds.ed.gov

Understanding NSLDS
National Student Loan Data System
http://www.nslds.ed.gov
The U.S. Department of Education's central database for Federal
Student Aid
Does not include private loan information
The Department of Education uses many servicers- ACS, PHEAA,
Great Lakes, Nelnet, and Sallie Mae
Your servicer is whom to contact regarding postponing payments
and repayment of the loan
You may have one or more servicers

Credit Reports

Credit Reports
It is important to check your credit report regularly
students are often a target of identity theft
Obtain your annual, free credit report at
www.annualcreditreport.com

Keep your important papers, Social Security Number

and PIN numbers in a safe place

Q.

Can my cost of
attendance be
increased for other
educational
related expenses?

Q.

Can my cost of
attendance be
increased for other
educational
related expenses?

YES
Federal guidelines permit
schools to use professional
judgment on a case by case
basis to adjust a students cost
of attendance in special
circumstances:

Examples may include:

Child Care Costs
Emergency Medical Expenses
Step 2 Exam Fee
Extreme Circumstances

A.

Q.
When will I receive
my credit balance
funds?

Q.
When will I receive
my credit balance
funds?

If all promissory notes are

completed and the Graduate
PLUS loan is approved, loans
will disburse to the school 7-10
days prior to the start of the
semester

Your credit balance will be issued

5-10 days after funds are
disbursed to the school

A.

Q.

What do I do if I
need money
before my funds
are disbursed to
the school?

Q.

What do I do if I
need money
before my funds
are disbursed to
the school?

Students in need of additional

funds prior to being eligible for
disbursement, may apply for
emergency loans

Emergency loans are available to

students in need of funds before
they are eligible for a
disbursement. Maximum amount is
$2,000

A.

Q.

Will I receive a
credit balance for
living expenses if I
have a gap in my
schedule?

Q.
Will I receive a
refund check if I
have a gap in my
schedule?

In order to receive a refund

check, you must have 8
consecutive weeks scheduled
without any gaps of 5 or more
weeks

Only if your gap is less than 5

weeks during the first 8 rotation
weeks of your semester.

A.

Q.
What do I need to
do with my loans
after I complete 5th
semester?

Q.
What do I need to
do with my loans
after I complete 5th
semester?

You need to contact your loan

servicer directly regarding
repayment and grace periods
for your loans.

Keep an eye on your loans and

close attention to any letters you
receive regarding your loans.
Contact your servicer for loan
details.

A.

Financial Aid Facts and Figures

The 3 year default rate for AUC is 1.8%. National average is 14.7%.
The median federal loan debt for the 2013 AUC graduates is
$292,598 (AUC debt only, not including undergraduate debt)
Average student can repay over $500,000 over the life of the loans
Reducing your loan $1,000 per semester will decrease this debt
over $38,000
Income-Based Repayment Plans will help you manage your debt
and choose the payment plan that best fits your budget

Things to Remember
Complete your 2014-2015 FAFSA

Keep an eye on your loans

Budget yourself
Review your credit report
Always call us if you have questions
We are here to help you!

Office of Student Finance

Phone: (732)-509-4703 or (732)-509-4858 Fax: (732) 509-4852
485 Route 1 South, Building B, 4th Floor
Iselin, NJ 08830

Jennifer Dennis, University Director of Student Services

Teresa Pupo, Director of Student Finance
Ryan Purdon, Systems Analyst
Natasha Johnson, Student Finance Advisor
Sheraz Qureshi, Student Finance Advisor
Ren-Dwina Browne, Financial Aid Advocate (SXM)
Email Financial Aid questions to:
FinAid@aucmed.edu