Comprehensive Guide to Medical Student Financial Aid

MSIV Orientation
Financial Aid
Items Covered By Financial Aid
 
Tuition & Fees
Books & Supplies (including lab equipment)
Housing and food (rent, utilities, phone, groceries)
Transportation (insurance, maintenance, gasoline)
Health Insurance
Personal and miscellaneous (medical, dental, clothing, cleaning, etc.)
Travel and living expenses for away rotations (4th year only)
Transportation costs for residency/job interviews (4th year only - additional
documentation required)
USMLE clinical skills exam
Computer (budget adjustment form and proof of expense required; may only be
submitted once during degree plan)
Items NOT Covered by Financial Aid
 
Automobile payments
Consumer debt (credit cards, loan payments)
USMLE review courses
Spouse’s expenses (such as medical expenses or insurance)
 
 
 
Financial Aid Budgets
 
Total for 4 years = $195,782                                  Total for FMAT 3 years = $150,022
4
th
 Year - Important Items:
 
Step 2/Clinical Skills tests (COA)
Includes cost of test and travel to test site (in MSIII financial aid budget).
Cannot include the costs of retake
ERAS – Electronic Residency Application
Complete the budget increase
Interview & Travel
Away Rotations costs (COA) (might be limited due to Pandemic)
Residency & Relocation
Financial Planning & Debt Awareness (end of year AAMC)
NSLDS access for federal loans, set it up
Typical Financial Aid Award Packages
 
 
Federal loan interest rates before June 30, 2020
Unsubsidized Loan: 6.08%
 
Grad Plus Loan: 7.08%
 
Federal loan interest rates after July 1, 2020
Unsubsidized Loan: 4.30%
 
Grad Plus Loan: 5.30%
 
Alternative Loan: Variable rates between lenders
(please note, grad plus and alternative loans require credit approval)
Financial Planning Resource
 
The AAMC website is an excellent resource for many of your medical
school needs; both academic and financial.  Some of the financial aid
resources include, loan repayment calculators, budgeting and debt
management.
 
Their website is: 
https://students-residents.aamc.org/financial-aid/
 
Federal Loan Information
 
You can locate loan
servicer information and
current federal loan
totals on the Federal
Student Aid website.
https://studentaid.gov/h/
manage-loans
You will need your FSA
ID and password to
access the information.
 
Residency
Student Business Services
 
Please contact Student Business Services (SBS) at (806) 743-7867 or at 
SBS@ttuhsc.edu
 for
questions regarding:
 
Tuition and fee information, tuition payment options, and payment plans
How refunds are processed or how to set up direct deposit information
How to submit 3rd party payment information
Office of Financial Aid
Student Services Suite 2C400
 
TTUHSC Office of Financial Aid
3601 4
th
 Street MS8310
Lubbock, TX  79430-8310
(806) 743.3025 
phone  
(806) 743.2304 
fax
 
 
financial.aid@ttuhsc.edu
Mia.C.Myers@ttuhsc.edu
 
www.ttuhsc.edu/financial-aid
 
Office hours:
Monday-Friday 8am-5pm
No appointment needed to see an advisor
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This detailed guide covers items covered and not covered by financial aid, typical financial aid award packages, budgets for each year of study, important fourth-year considerations, and federal loan interest rates. It provides a breakdown of expenses such as tuition, fees, housing, transportation, and more, helping medical students plan their finances effectively throughout their education.


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  1. MSIV Orientation Financial Aid

  2. Items Covered By Financial Aid Tuition & Fees Books & Supplies (including lab equipment) Housing and food (rent, utilities, phone, groceries) Transportation (insurance, maintenance, gasoline) Health Insurance Personal and miscellaneous (medical, dental, clothing, cleaning, etc.) Travel and living expenses for away rotations (4th year only) Transportation costs for residency/job interviews (4th year only - additional documentation required) USMLE clinical skills exam Computer (budget adjustment form and proof of expense required; may only be submitted once during degree plan)

  3. Items NOT Covered by Financial Aid Automobile payments Consumer debt (credit cards, loan payments) USMLE review courses Spouse s expenses (such as medical expenses or insurance)

  4. First Year 10 mo Second Year 9 mo Third Year 12 mo Fourth Year 11 mo 2nd Year Fast Track 12 mo Tuition and fees Away Rotations (MSIV only) Bks/supp'ls Housing/food Transportation Personal/Misc. Step 2/Clinical Skills Loan Fees Estimated Total Budget n/a $ 18,808 $ 18,808 $ 18,808 $ 18,808 3,000 1,734 15,642 5,500 6,600 18,808 - - - 0 1,734 14,220 5,000 6,000 1,734 12,798 4,500 5,400 610 520 44,370 1,734 17,064 6,000 7,200 2,000 520 53,326 1,734 17,064 6,000 7,200 610 520 51,936 - 520 520 46,282 51,804 $ Total for 4 years = $195,782 Total for FMAT 3 years = $150,022 Financial Aid Budgets

  5. 4th Year - Important Items: Step 2/Clinical Skills tests (COA) Includes cost of test and travel to test site (in MSIII financial aid budget). Cannot include the costs of retake ERAS Electronic Residency Application Complete the budget increase Interview & Travel Away Rotations costs (COA) (might be limited due to Pandemic) Residency & Relocation Financial Planning & Debt Awareness (end of year AAMC) NSLDS access for federal loans, set it up

  6. Typical Financial Aid Award Packages Annual Amount Loan Type MSI MSII MSIII MSIV Unsubsidized Loan $40,500 $40,500 $47,167 $44,944 Grad Plus Loan/ Alternative Loan $5,782 $3,870 $6,159 $6,860 Total $46,282 $44,370 $53,326 $51,804 Federal loan interest rates before June 30, 2020 Unsubsidized Loan: 6.08% Federal loan interest rates after July 1, 2020 Unsubsidized Loan: 4.30% Alternative Loan: Variable rates between lenders (please note, grad plus and alternative loans require credit approval) Grad Plus Loan: 7.08% Grad Plus Loan: 5.30%

  7. Financial Planning Resource The AAMC website is an excellent resource for many of your medical school needs; both academic and financial. Some of the financial aid resources include, loan repayment calculators, budgeting and debt management. Their website is: https://students-residents.aamc.org/financial-aid/

  8. You can locate loan servicer information and current federal loan totals on the Federal Student Aid website. https://studentaid.gov/h/ manage-loans You will need your FSA ID and password to access the information. Federal Loan Information

  9. Mandatory Medical Residency Forbearance Loan Servicers are required (upon your request) to provide you with this forbearance for your federal student loans (excluding Perkins loans) Postpones loan payments in annual increments You must request the Medical Residency Forbearance each year Capitalization of interest may occur at end of residency Timely request of forbearance (30 days before each annual request) allows a continuous forbearance (without a gap between years) and will allow you to postpone capitalization until the end of your residency. Remember, subsidized, unsubsidized and grad plus loans will be accruing interest. For a student with approximately $180,000 of loans, the amount of monthly interest is approximately $1,100 Residency

  10. Student Business Services Please contact Student Business Services (SBS) at (806) 743-7867 or at SBS@ttuhsc.edu for questions regarding: Tuition and fee information, tuition payment options, and payment plans How refunds are processed or how to set up direct deposit information How to submit 3rd party payment information

  11. Office of Financial Aid Student Services Suite 2C400 TTUHSC Office of Financial Aid 3601 4th Street MS8310 Lubbock, TX 79430-8310 (806) 743.3025 phone (806) 743.2304 fax financial.aid@ttuhsc.edu Mia.C.Myers@ttuhsc.edu www.ttuhsc.edu/financial-aid Office hours: Monday-Friday 8am-5pm No appointment needed to see an advisor

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