I am going to begin sending you all information that I think you will find useful now or in the near future. The information below is really for those who are already accepted or applying this year but all students should begin thinking about these issues--the sooner the better! Hope this type of information you find useful! Ms. Wood-Hill For those of you who are accepted already or applying this year, how to pay for medical school needs to be thought about carefully. Below are some things you can begin doing now in preparation for your future goals! Below are considerations for when you enter. REMEMBER: There are many, many costs associated with the application process itself! AMCAS fees will cost you close to $1000.00 for 10 or more schools. Each school has secondary applications that will cost $50-100. per school and then you have to factor in travel and hotel fees.So planning ahead for these expenses will help you as well in your efforts to acheive your goals! DEFINE GOALS ? What do you want to do? Own home, car, kids in private schools, retirement lifestyle ? What is the philosophy of the financial aid office of each school you wish to attend? Will they pay for child-care/sibling/parent/spouse? Will they give additional funds for travel home? COLLECT DATA AND ASCERTAIN YOUR COSTS ? What is it going to cost in tuition, living expenses, books, supplies, travel, etc. IDENTIFY INCOME SOURCES ? Parents/Relatives ? Savings ? Work-study ? Loans/Scholarships ? Service obligated scholarships ANALYZE CASH FLOW ? Fixed expenses ? rent, tuition, gas, electricity ? Variable expenses ?food, clothing, entertainment OUTLINE OPTIONS ? Compare financial aid packages ? weigh loan rates and maximum amounts you can borrow ? Look at repayment terms/grace periods ? Deferment options ? Pay off consumer debt before you begin school! DESIGN BUDGET ? Stick to it!!! CONTROL YOUR FINANCIAL ACTIONS ? Limit credit card debt!!! ? Get rid of extraneous expenses on cell phone ? Sell car or don?t buy one ? Get a roommate ? Call home collect ? Don?t eat out a lot ? Do your own nails/hair ? Ask for clothes for gifts at X-Mas, birthday, etc. ? Copy someone else?s CDs ? Live with your old computer until it dies ? Find receptions with free food ESTABLISH AND MAINTAIN RECORDS ? Set-up filing system ? Maintain copies of all correspondence from your financial aid office ? Keep lenders appraised of your address ? Find a financial planner and begin looking at future expenses vs. future earnings. FINANCIAL AID WEBSITES www.aamc.org www.finaid.org www.salliemae.com www.fastweb.com www.ed.gov/offices/OSFAP/DirectLoan www.nmf-online.org www.amsny.org www.hsf.net www.highered/kiap/scholarships/rhc.htm ORGANIZATIONS WITH INFORMATION ON FUNDING SOURCES American Indian College Fund College Connection College Fund/UNCF College Link Fastaid Free Scholarship Search Information Service Dept. of Higher Education in your state