VCU School of Medicine M3 Orientation Financial Aid
VCU School of MedicineGraduate and Certificate Programs
Financial Aid PresentationPemra E. CetinAssistant Dean of Student
Affairs & Financial Aid August 18, 2015
Know your playersSOM Financial Aid OfficeLocated at MMEC Room
4-306Open from 8:00 am to 5:00 pm
Ms. Bonnie ForeFinancial Aid [email protected]
Mr. Harris KingProgram [email protected]
Getting readyFinancial Aid Application:FAFSA 2015-2016
www.fafsa.ed.govVCU School Code 003735After your financial aid is
awarded:Graduate Plus Loan Application (if you need additional
funds)First time borrowers must fill out the Entrance Interview
Counseling and MPN online (separate MPNs for Unsubsidized Stafford
and Graduate Plus Loan)Follow the instructions on the Financial Aid
Checklist
VCU SOM Financial Aid ChecklistElectronically sign the Master
Promissory Note https://www.StudentLoans.govComplete the Federal
Direct Loan Entrance Counseling
https://studentloans.gov/myDirectLoan/index.action Complete and
submit an Authorization to use Federal Title IV Funds Complete a
Federal Graduate Plus Loan request if you need additional funds
Sign up for Direct DepositElectronic Consent to participate in
electronic transactions (no form needed, completed online through
eservices)All forms can be found at the Main Financial Aid website
http://finaid.vcu.edu/resources/forms.html
Your IdentityYour EID is generally your email address.Your V# is
your assigned identification number, please memorize it.VCU
eservices allows you to view your student information online.
Graduate Program Cost of Attendance
Certificate Program Cost of Attendance
Student LoansMaximum amount of Federal Direct Unsubsidized
Stafford Loan for Fall/Spring$ 20,500Maximum amount of Federal
Graduate Plus LoanGraduate Students: $ 12,538 (in state), $ 24,386
(out of state)CERT Students: $ 32,186 (in state), $ 32,811 (out of
state)
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Types of Aid
Scholarships/StipendsFederal Student LoansFederal Direct
Unsubsidized Stafford Loan Federal Direct Graduate Plus LoanPrivate
Student Loans
Federal Government is your Lender on the Federal Student
Loans.
The Cost of Borrowingfixed rate loans for the life of the loan
Interest 1415 (7/1/14-7/1/15)Interest 1516
(7/1/15-7/1/16)Origination Fee 1415 (10/1/14-10/1/15)Origination
Fee 1516(10/1/15-10/1/16)Direct Unsubsidized
Loan6.21%5.84%1.073%1.068%Direct Graduate Plus
Loan7.21%6.84%4.292%4.272%Unsubsidized vs. Graduate PlusDirect
Unsubsidized Loan$ 20,500 per academic year.No credit check.Fixed
interest rate 5.84%.In school deferred.6 months grace period.Direct
Graduate Plus LoanDifference between COA and other aid. Requires
credit check.Fixed interest rate 6.84%.In school deferred.6 month
post enrollment options.More about federal student loans The
interest rates on the Stafford and the Graduate Plus Loan change
every year July 1st. The rate is determined by the Congress.
Interest will capitalize at repayment.Capitalization is the
addition of unpaid interest to the principal balance of a loan.
When the interest is not paid as it accrues during periods of
in-school status, the grace period, deferment, or forbearance, your
lender may capitalize the interest. There is no prepayment penalty
on your federal loans. Loan ServicerA loan servicer is a company
that handles the billing and other services on your federal student
loans.You do not select your loan servicer. It is assigned by the
U.S Department of Education. FedLoan Servicing (PHEAA), Great
Lakes, Nelnet, Navient, etc. NSLDSNational Student Loan Data
SystemFederal Loan History: Stafford, Grad PLUS, Consolidation,
Perkins Loanswww.NSLDS.ed.govDirect Loans will be
indicatedInformation on Servicers
Things to ConsiderDebt levels and the COA have been
increasingThere will most likely be more policy changes throughout
your educationChallenge is to graduate with the least amount of
debt and reduce the impact of debt Be aware of your loan portfolio
and keep track of your loans
Students who have prior student loan debtIn School deferment:
SOM will verify your enrollment through the National Clearinghouse
process however, make sure all your loan payments are current until
you confirm that you have in school deferment again. Loan
portfolio: FFELP vs. Direct Loans, Perkins, Private, etc.
Preparation for Loan RepaymentDefermentForbearanceIBR Income
Based Repayment PlanPAYE Pay as you Earn
When in doubtSOM Financial Aid Office MMEC 4th Floor, Room
4-3068:00 am to 5:00 pm
THANK YOU.GOOD LUCK!
