Financial Aid Information

Stony Brook University

School of Medicine

Office of Student Affairs

Financial Aid Information

Welcome to the Stony Brook University Financial Aid information page!    The information provided below is comprehensive, and should provide you with a good understanding of all aspects of financing your medical education.  You will likely have questions, so please don’t hesitate to contact the Student Affairs Office at 631-444-2341.  If you prefer e-mail,   Diane Piscitelli can be reached at Diane.Piscitelli@sbumed.org. Mary Jean Allen can be reached at Mary.Allen@sbumed.org.

It is the responsibility of the Student Affairs Office to insure that concerns over finances do not impact your ability to succeed in medical school and to give you a foundation for long term financial success.   Responsibility for financing your education rests primarily with the you, the student and your family.  Federal, State and Institutional financial aid programs are meant to supplement student and family resources. 

It is your responsibility to become and educated and responsible borrower; and to maintain a lifestyle consistent with being a student.  This will help ensure a strong financial future.    Working together, we can each achieve these goals.

We look forward to working with you.

First Year Cost of Attendance 2012-13*

*Subject to Change
2012-13 Fee Schedules have not yet been approved by the SUNY Board of Trustees.  This information will be updated upon approval.

APPLICATION PROCESS

• FAFSA  If applying for federal student loans only – only complete the Student Information section.  If applying for institutional need based awards (tuition waiver, scholarships), must complete the Student Information section AND the Parent Information section.  No deadline for submission of the FAFSA.  Federal School Code:  002838-00
• Institutional Application – download Application
• Credit Policy Statement – download Credit Policy Statement
• Federal Direct Master Promissory Note for Stafford and Grad PLUS https://studentloans.gov

Important Websites:

Stony Brook University Main Page:

http://www.stonybrook.edu/

Stony Brook University School of Medicine:

http://www.stonybrookmedicalcenter.org

SOLAR System – your online system for all financial transactions.  Access SOLAR to view/accept/decline your financial aid awards; pay your bill; view your account. 

http://www.stonybrook.edu/it/solar.shtml

Online FAFSA

www.fafsa.ed.gov

Federal Direct Master Promissory Note (MPN) – to complete MPN 

https://dlenote.ed.gov/empn/index.jsp

Federal Direct MPN – to review or retrieve MPN 

https://studentloans.gov

FIRST For Medical Education –  A resource of the AAMC.  Excellent source of info on education financing, student loan terms and conditions, repayment options:

http://www.aamc.org/services/first/

FINAID.org – a comprehensive guide to all aspects of state, federal and private financial aid programs.  Includes resources for private loans and scholarships:

www.finaid.org

Student Health Services:

http://studentaffairs.stonybrook.edu/shs/index.shtml

Parking and Transportation Services:

http://www.stonybrook.edu/parking/

Financial Aid Programs

Loans

Federal Direct Unsubsidized Stafford Loan

 $32,000 annual maximum; fixed interest rate of 6.8% through 6/30/2012; no interest subsidy – interest accrues but does not capitalize while you are in school; interest capitalizes once after completion.  Aggregate maximum of Subsidized and Unsubsidized Stafford loans = $224,000 (includes pre-medical debt).

Federal Direct Grad PLUS

Annual maximum is cost of attendance less other aid; fixed interest rate of 7.9%; no interest subsidy; interest capitalizes once at repayment (end of in-school period); requires credit check; co-signer option.

Private Educational Loans

Annual maximum is cost of attendance less other aid; variable interest rate adjusted monthly or quarterly, no cap; no interest subsidy; capitalization policy varies by lender; tight credit requirements; some lenders offer co-signer option; can be used for some expenses not allowable under federal loan regulations.

INSTITUTIONAL FINANCIAL AID PROGRAMS

Turner Fellowship

The W. Burghardt Turner Fellowship is a Graduate Fellowship Program for eligible underrepresented students whose immediate academic plans include obtaining graduate or professional degrees in a variety of disciplines including the biological sciences, physical sciences, social sciences, medicine, humanities, engineering, and the arts.   For additional information:

http://www.grad.sunysb.edu/turner/index.shtml

Disadvantaged Student Tuition Waiver Program

This grant is funded by the State University of New York, campus-based aid program and it provides up to a full waiver of tuition for students who qualify according to the current year EOP economic eligibility criteria and the Federal methodology of needs analysis. This is a need-based tuition waiver program available to New York State residents enrolled as full-time students in a State University first graduate or professional degree program. Medical and dental students have first priority for this award.  Applicants must complete the “Parent Information” section of the FAFSA for the year in which they are applying. 

Admissions Fellowships and School of Medicine Alumni Scholarships                 

These awards are need based and may supplement the Disadvantaged Student Tuition Waiver award.  Applicants must complete the “Parent Information” section of the FAFSA for the year in which they are applying.  Awards are renewable provided the recipient remain in good academic standing.  The Alumni Scholarship program is funded by contributions from School of Medicine graduates.

Dr. Martin R. Liebowitz Scholarship for Primary Care and Internal Medicine

This award is given to a fourth year medical student pursuing a career in Primary Care/Internal Medicine who would like to train at Stony Brook.   The award based on merit and financial need.  Preference is given to an economically disadvantaged student.

Dr. Amy S. Chu-Wong Scholarship Fund

This award shall support a female medical student with children, who is also of Chinese descent.  The award is based on financial need and academic achievement.

Dr. Marvin Kushner Scholarship

This need and merit based award will be given to a female medical student who is a member of an underrepresented minority group.  The award is made during the third year and is renewable for the fourth year.  The award is $5000 for each year.

SOM Academic Merit Scholarships

These scholarships are available to members of the second, third and fourth year classes.  Students who exhibit a high level of academic achievement during the preceding academic year are eligible for consideration.  Students are notified of the award during the fall semester and awards are payable during the fall and spring semesters.

SERVICE SCHOLARSHIP AND LOAN FORGIVENESS PROGRAMS

The NYS Regents Physician Loan Forgiveness Award Program

http://www.highered.nysed.gov/kiap/scholarships/rplfap.htm

The purpose of the Regents Physician Loan Forgiveness Award Program is to increase the number of physicians practicing in areas of New York State designated by the New York State Board of Regents as having a shortage of physicians. Emphasis is placed on primary care. Pending the appropriation of State funds during the yearly session of the New York State legislature, at least 80 awards up to $10,000 per year for two years are offered. Award amount is based on undergraduate and medical school student loan amounts, loan interest expense, and income. Applications and information are available from the Office of K-16 Initiatives and Access Programs, Scholarships and Grants Administration Unit by February of the competition year.

The Regents Health Care Scholarship For Medicine And Dentistry

http://www.highered.nysed.gov/kiap/scholarships/rhc.htm

The purpose of the Regents Health Care Scholarship Program is to increase the number of minority and disadvantaged individuals in the medical and dental professions. Applicants must be beginning or already enrolled in an approved medical or dental school in New York State. Pending the appropriation of state funds during the yearly session of the New York State Legislature, up to 100 scholarships (80 in medicine and 20 in dentistry) can be awarded in the amount of $10,000 per year for medical or dental school expenses. Applications and information are available from the Office of K-16 Initiatives and Access Programs, Scholarships and Grants Administration Unit in January of the competition year.

Northern New York Medical Foundation

The Northern New York Medical Foundation will provide funds for third and fourth year medical students from Essex, Clinton, Franklin and St. Lawrence counties, who will make a commitment to return to those counties.  Priority will be given to those going into primary care.  Awards will range from $10,000 to full tuition, depending on the number of qualified students and the vitality of the Foundation. 

National Health Service Corps Scholarship

http://nhsc.hrsa.gov/scholarship/

National Health Service Corps scholars are committed to serve one year for each year of support (minimum of two years service) at an approved site in a high-need Health Professional Shortage Area soon after they graduate, serve a primary care residency (family medicine, general pediatrics, general internal medicine, obstetrics/gynecology or psychiatry for physicians and general or pediatric for dentists) and are licensed.

Scholars compete for employment at the approved service sites of their choice from a listing of job vacancies in their discipline and specialty. The NHSC helps scholars select a compatible service site and pays for travel to and from interviews.

National Health Service Corps Loan Repayment Program

http://nhsc.hrsa.gov/loanrepayment/ 

The National Health Service Corps Loan Repayment Program provides $50,000 (or the outstanding balance of qualifying student loans if it is less than $50,000), tax free, to primary care medical, dental and mental health clinicians in exchange for two years of service at an approved site in a Health Professional Shortage Area. Upon completion of the service commitment, clinicians may be eligible to apply for additional support for extended service.

Indian Health Service Corps Loan Forgiveness Program

http://www.loanrepayment.ihs.gov/documents/IHS_LRP_Application_Handbook.pdf

Army Health Care

http://www.goarmy.com/amedd/

Navy Health Care

http://www.med.navy.mil/sites/navmedmpte/accessions/Pages/HealthProfessionsScholarshipProgram_Prospective.aspx 

DEBT MANAGEMENT STRATEGIES

The overwhelming majority of medical students finance their medical education primarily, if not solely, through federal and private educational loan programs.  Even students who are eligible for need based grant or scholarship programs will likely have to supplement these awards with student loans.

Nationally, the average debt of medical students who graduated in 2009 ranged from $148,000 (Public Medical Schools) to $170,000 (Private Medical Schools).  87% of the national class of 2009 has educational debt, and 58% of those have educational debt in excess of $150,000. 

The rising level of medical school tuition and fees is a topic of national debate.  Obviously students have little control over these fixed costs of their medical education.  However, the non-fixed costs of medical education, also known as living expenses, are well within the students’ control and very simple to keep in check.  Some clichés to keep in mind:

• The easy way now will become the hard way later.  The hard way now will result in the easy way later!
• You should live like a student now, or you could live like a student for the rest of your life.

Keep in mind and evaluate the difference between a “want” and a “need.”  You may have to begin to say “NO” to things like……

Living alone

Starbucks

Sushi

Wedding Invitations

Pets

Long distance vacations

CREDIT CARDS

…………and start to say “YES” to…..

Cooking

Making your own coffee

Using the gym on campus

Biking or walking whenever possible

Carpooling

Paying with CASH

The Ultimate Cost of a Cup of Coffee

Ed Entitlement buys coffee and a muffin 4 days a week at the cafeteria = $5/day

Francine Frugal convinces her parents to buy her a coffee maker and travel mug.  She purchases coffee for $6/month and eats breakfast at home or makes it “to go.”

Ed spends $48/month for 4 years of medical school = $2700.  Add interest costs over time, for an additional $3081.  Grand total - $5781

Francine spends $6/month for 4 years of medical school = $216.  Add interest costs of $247.  Grand total = $463

Cash Management

Your student expense budget allows you $2000/month for living expenses.  Your Fall disbursement should be available for your expenses through January.  Your Spring disbursement should be available through June

• Cash management skills are a must!
• Monthly expenses (rent, utilities, food, gas) should be in a checking account. 
• Non-monthly expenses (car insurance, books, car maintenance) should be in savings and moved to checking as needed
• Account, analyze and adjust your expenses if you are having difficulty maintaining your budget.

Credit Cards

A means for buying something you don’t need; at a price you can’t afford; with money you don’t have.  Stay away from the credit cards!  Use a charge card like American Express or a debit card.

Adding $200 per month to a credit card and only paying the monthly minimum will result in $15,000 of credit card debt over 4 years.

Strategies for Managing Your Loans

• Know how much you’ve borrowed
• Know your loan servicer
• Know the relative costs of your loans
• Know your repayment options, including:

                  Grace Period

                  Income Based Repayment Period                 

                  Forbearance options

                  Public Service Loan Forgiveness

                  Standard Repayment

                  Income Sensitive Repayment

                  Graduated Repayment

Extended Repayment

• Keep a calendar and good records