FINANCING MEDICAL SCHOOL

FINANCING

MEDICAL SCHOOL

Office of Financial Aid

66 College St

7021 Remsen, Room 302

Hanover, NH 03755-3833

E-mail: [email protected]

geiselmed.dartmouth.edu/admin/fin_aid/

Telephone/Fax: (603) 646-5564

June 2024

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FINANCING MEDICAL SCHOOL

Table of Contents

Financing Your Medical Education ......................................................................... 3

Financial Aid

Policy ...........................................................................................................................3

Deter

ining Financi

l Need for Institutional

Aid...............................................................................3

Specific Information Regarding Award

Packages............................................................................4

Geisel School of Medicin e Financial Aid Awards

………………………………………………………………………..4

Outside Awards ....................................................................................................................................... 4

State Aid & Additional

Resour ces……………………………………………….………………………………………………..5

Scholarship Programs .........................................................................................................................5

Additional Loan Financing .............................................................................................................6

Married Students ..................................................................................................................................7

International Students .....................................................................................................................7

MD/ Ph D Pr ogr am ......................................................................................................7

Student Expense Budget .............................................................................................7

Financial Aid Consumer Information .......................................................................9

Student Loan Terms ............................................................................................... 10

Credit Information for Geisel School Loans ........................................................... 12

How to Obtain a Copy of Your Credit Report ........................................................ 13

Financial Aid Application Checklist ....................................................................... 14

Geisel School of Medicine at Dartmouth Financial Aid Office

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FINANCING YOUR MEDICAL EDUCATION AT

DARTMOUTH GEISEL SCHOOL OF MEDICINE

If you plan to apply for financial aid for the 2024-2025 academic year, the necessary application and

instructions are also located on our website and may be completed after October 1st.

Required materials include:

o Geisel School of Medicine application at

http://geiselmed.dartmouth.edu/admin/fin_aid/apply.shtml,

o FAFSA application at www.fafsa.ed.gov, code 002573

o the CSS PROFILE https://student.collegeboard.org/profile code 2314

FINANCIAL AID POLICY

The Geisel School of Medicine Financial Aid Office is ready to assist you in whatever way we can.

So if, after reading the following information and application instructions, you have questions or

concerns regarding policy, procedure, or programs, we encourage you to contact us for clarification.

Please see the booklet cover for addresses and phone/fax numbers.

The Geisel School of Medicine recognizes that medical education is becoming more costly each year

and we are doing everything possible to keep cost increases to a minimum, to increase available

financial aid and to provide assistance to as many students as possible who have demonstrated need.

However, the available resources require that each aid recipient assume what is referred to as a “base

loan”. A base loan is best described as the minimum loan amount the student is required to borrow

before receiving additional aid. All financial aid recipients will be expected to borrow a base loan.

Please apply as soon as possible after October 1 and before April 1 for financial aid. Geisel

School of Medicine begins to make decisions about financial aid in mid-March.

Although all graduate level students are considered independent, the Geisel School of Medicine, as

do most U.S. medical schools, requires parental income statements from all applicants. This

requirement will not be waived regardless of age, marital status or family status if students wish to

be considered for institutional need-based loans and scholarships. Financial aid is awarded, within

the limit of Geisel School of Medicine's resources, to those students who would be unable to enroll

without such aid.

DETERMINING FINANCIAL NEED FOR INSTITUTIONAL AID

Financial need is defined as the difference between Geisel School of Medicine’s educational costs

and the resources that are available from the student/spouse and his/her family to meet these

expenses. Geisel School of Medicine encourages financial aid applicants to complete the Free

Application for Federal Student Aid (FAFSA), the CSS Profile Form, and the Geisel School of

Medicine application to be considered for institutional need-based aid. Based upon the information

provided by the FAFSA, CSS Profile Form, and Geisel School of Medicine application and

including, but not limited to, supporting documentation such as student and parent income tax returns

and verification, the Financial Aid Office can inform you of your eligibility for need-based loans,

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$ 3,000 Geisel Medical School Loan, 5.0 % (fixed)

$39,700 Unsubsidized Direct Loan, 8.08 % (fixed)

$42,700 Total Base Loan (a calculated minimum loan before other aid is awarded)

Additional information about the loans that make up the base loan, as well as other types of aid is

included in the Financial Aid Consumer Information section of this booklet. Justifiable need

beyond the base loan is met, as much as possible, with institutional, private, and state scholarship

funds.

II. Outside Awards

No one should be discouraged about being able to attend medical school because of costs;they

need to actively seek financing by applying for outside loans and scholarships, which can be used

to reduce indebtedness and/or replace institutional aid. Outside loans and scholarships are

available through a variety of sources and we encourage you to search out those resources.

and, if your need is great enough, the amount of scholarship you can expect to receive from Geisel

School of Medicine.

SPECIFIC INFORMATION REGARDING FINANCIAL AID AWARD PACKAGES

I. Geisel School of Medicine Financial Aid Awards

Approximately 80% percent of all Geisel School of Medicine students receive aid through the

Financial Aid Office. A financial aid award is based on the Geisel School of Medicine student

expense budget and a student’s financial need as determined by the FAFSA, CSS Profile Form

analysis, Geisel School of Medicine Application, and supporting documentation, such as tax

returns. Financial aid packages consist of loans and, where financial need exists, Geisel School

of Medicine scholarship.

The first portion of financial need is met with a calculation utilizing what we refer to as a "base

loan" (minimum required loan amount), which is typically composed of various loans with

different interest rates and terms. The possible combinations of a base loan may include: Geisel

School Loan or Dartmouth Education Association Loan. The remainder of the base loan is met

with an Unsubsidized Federal Direct Loan. When students and applicants receive their award

letter, they will receive information from our Office about the loan application process and

signing of promissory notes.

During the 2024-2025 academic year, we anticipate the base loan will be $42,700. A standard

base loan is awarded to students with demonstrated need. If the financial need of the student is

less than that of the base loan, he/she will receive only a partial base loan. If the student’s

financial need exceeds the base loan, Geisel School of Medicine scholarship is awarded.

A sample base loan:

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A. State Aid and Additional Resources

We encourage you to apply to the State Medical Society in the state in which you reside

to see what options are available, as well as to contact local lending institutions to see

if they have trust funds or educational funds for which medical students may apply.

Your employer or your family members' employers are sometimes good sources for

inquiring about scholarships, grants, or low-interest or no-interest loan funds for

medical school. Organizations, to which you or family members belong, including your

church, are possible resources for you. Make it known locally that you will be attending

medical school and see what your friends and neighbors know about financing options.

Searching various scholarship, grant, and loan options on the Web can be time-

consuming; however, we encourage you to take the time to browse to see what is

available. There is a listing of scholarships, as well as a listing of state medical

agencies, with contact information which offers a place to begin at:

geiselmed.dartmouth.edu/admin/fin_aid/

When a student receives a loan or scholarship from an outside source, an equivalent

deduction is made from the loan portion of the Geisel School of Medicine aid package.

B. Scholarship Programs

The following scholarships provide substantial financial support in return for a service

commitment. Once such an award is accepted, all Geisel School of Medicine

scholarship and loans to the student are rescinded. A Stafford loan may be obtained

only for the difference between the award and the school budget, less the recipient's

expected resources.

1. National Health Service Corps Scholarship (NHSC)

2. Armed Forces Health Professions Scholarship Programs (HPSP) Federal

military scholarships include tuition, living expenses, books, and increased pay for

45 days of active duty (required) each year in exchange for a commitment to serve

as a military physician; this is a year-for-year scholarship with a three-year

minimum. For more information contact:

Air Force: Army

TSgt Lorna L. Allen, USAF Manchester Health Care Recruiting

AF Health Professions Recruiter 75 Gilcrest Road, Suite 304

50 Burlington Mall Road, Suite G18-A Londonderry, NH 03053

Burlington, MA 01803 Office: (603) 434-0670

Office: (781) 270-4134, ext. 6 Cell: (877) 877-637-7520

stephanie.sat

[email protected]f.mil

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Navy:

Navy Recruiting District, New England

495 Summer Street

Boston, MA 02210

(800) 792-9099

3. Indian Health Service Program

This scholarship program offers scholarship grants through the U.S. Department

of Health and Human Services - Indian Health Service (IHS). The IHS grants

consist of a monthly stipend, money for books, supplies, travel, and tuition.

If you are interested in applying for an IHS grant, contact: your area

scholarship coordinator at this link: www.ihs.gov/scholarship/

areascholarshipcoordinators/

4. Geisel, Office of Diversity, Inclusion, and Community Engagement

If you are an applicant who would like to be considered for non-institutional

underrepresented student funding, you may wish to visit the DICE Office. This

Office can advise you to see if you might qualify to apply for specific outside

grants, scholarships, or loan programs and then point you in the direction to access

them.

C. Additional Loan Financing

Listed below are additional financing options when family resources are not readily

available to meet the expected family contribution. Please note that the terms are subject

to change at any time. In some situations, a financial consultant may be helpful in

planning strategies for financing the expense of a medical education.

1. Direct Unsubsidized Federal Loan

The Direct Unsubsidized Federal Loan is available to United States Citizens and

Permanent Residents who have applied for financial aid to Geisel School of

Medicine and it is currently the best option for additional financing, other than

family or personal assistance. For our first and second year students, the maximum

Unsubsidized Direct loan is $42,700 per year, and the interest rate is currently

fixed at 8.08% for the 2024-25 academic year. Payments on this loan may be

deferred while the student is enrolled in school, but interest will accrue,and the

standard repayment period is 10 years.

2. Graduate PLUS Loans

U.S. Citizens and Permanent Residents may be eligible for a Federal Grad PLUS

loan which is credit based and has a 9.08% fixed interest rate for loans

borrowed during the 2024-25 year. Payments may be deferred while in school,

but interest will accrue on this loan.

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The standard repayment period is 10 years. Cost of Attendance minus aid is

the maximum amount which can be borrowed. Students with poor credit history

will most likely be required by the lender to have a co-signer who has resided and

worked in the United States for at least two years.

III. Married Students

The financial aid packages of married students are arranged in such a way that the net

earnings of the spouse may help to reduce the loan obligation of the student. The spouse's

income, less taxes and child care allowance, where applicable, is considered a resource in

determining the overall size of the loan portion of the financial aid package.

IV. International Students

Regarding funding for students who are not permanent residents of the United States, Geisel

School of Medicine will consider only its limited institutional need-based resources and the

private loans from outside sources for which students may apply. We suggest you search the

web for alternative loan options and a site you might begin with is: www.iefa.org

V. MD/PhD Program

For financial aid and other information regarding this joint program, please contact: Alex

Thorngren, MD/PhD Program (603) 653-9958.

GEISEL SCHOOL OF MEDICINE AT

DARTMOUTH STUDENT EXPENSE

BUDGET 2024-2025

Phase 1-Y1 Phase 1-Y2 Year 3 Year 4

(10 mos.) (10 mos.) (12 mos.) (12 mos.)

Direct Costs (Billed to all students)

$70,118 $70,118 $70,118 $70,118

125 125 125 125

224 336 224 224

110 0 0 0

1,750 1,750 1,750 1,750

Tuition

Student Activity Fee

Health Access Fee

Document Fee

Student Services Fee

Disability Insurance 55 55 55 55

Indirect Costs

11,600 11,600 13,920 13,920

3,250 3,250 3,900 4,200

1,500 800 1,100 700

0 700 700 0

750 750 1,500 1,500

Housing

Food

Books, Course Materials, Supplies, and Equipment

National Board/USMLE Exam

Local/Elective/USMLE/On Doc. Travel

Miscellaneous 3,330 3,030 4,280 4,680

4,371 4,371 4,371 4,371

Additional Expenses

Health Insurance

Total Cost of Attendance

$97,183 $96,885 $102,043 $101,643

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PLEASE NOTE: Dartmouth will, on a case-by-case basis, make adjustments to the student budget when appropriate

in certain circumstances with required documentation. If a student incurs additional educational expenses, which

exceed the amount allocated in the budget, he/she should discuss this with the Financial Aid Officer.

Summer Earning Expectation: Students entering the Year 1 class are expected to contribute $5,000 of income (in

addition to relocation expenses) earned during the summer preceding Year 1. Please note the Year 1 budget is 10

months and students should plan to bring their summer earnings for educational costs at Geisel when they matriculate

in August. Students entering Year 2, 3, and 4 are expected to contribute $1,000.

Year 1 & 2 Students: The rent figure of $11,600 includes utilities based upon a 10-month budget, September through

June.

Travel Home: Travel allowance will be made for one round trip home at standard air fares, assuming use of

supersaver fares when possible. Please note that federal regulations do not permit us to include travel expenses for

spouses.

Books: Budget figures reflect average book purchases in each class. Students whose necessary book purchases go

beyond this level may seek a budget adjustment through the Financial Aid Office and borrow additional DELF/Direct

Unsub within reasonable limits.

Computer: Students who need additional funds for a computer should discuss the expense with their Financial Aid

Officer. Each request will be handled on a case-by-case basis.

Sources to Consider and Utility Plans: When searching for housing, students should consider the source of heat.

Electricity bills will increase substantially during the Winter months when you heat with electricity, whereas oil and

gas prices remain more constant throughout the year. Students making arrangements for delivery from local oil, gas,

electric companies are urged to request a budget plan in order to spread heating costs over the number of months in

the academic year. Failure to do so may cause financial difficulty during the winter term. Some companies will allow

customers to pre-purchase fuel for the entire year during the Summer months when it is least expensive.

Clinical Clerkships, Electives, USMLE, On Doctoring and Local Transportation: Supplementary DELF/Direct

loans will be approved for students who live at a distance from the Medical School and find this assistance necessary

and/or for students who incur travel expenses in excess of the amount already included in the travel budget for

reaching clinical clerkships and electives. The amount approved will be based on mileage at a rate of 62.5 cents per

mile.

Child Care: Students with children may incur additional expenses beyond the limits of the student budget. As a

starting point for discussion purposes, $3,000 per child per semester may be added to the budget. Because of the

variability of expenses in this area, dictated both by age of the child and the type of day care available and/or preferred

by the parent, students are encouraged to speak with the Financial Aid Director.

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GEISEL SCHOOL OF MEDICINE AT DARTMOUTH

FINANCIAL AID CONSUMER INFORMATION

I. The Geisel School of Medicine Financial Aid Year corresponds to the fiscal year and the

billing calendar (i.e. July 1 through June 30). First year students are on a 10-month budget,

second year students are awarded on a 9 month budget, while third and fourth year students are

on a 12-month budget.

II. Scholarships are credited to student accounts in equal installments to correspond with tuition

billing.

III. Loans are credited as follows:

A. Dartmouth campus-based loans, including DEA and Geisel loans are credited to student

accounts 3 business days after promissory notes are signed.

B. Federal Direct Unsubsidized Student Loans are disbursed electronically directly to student

accounts and are disbursed over the number of terms in the academic year.

C. DELF loans are credited to student accounts on specified disbursement dates after the

promissory notes are signed on-line. One application must be completed for the entire amount

of the DELF loan during each academic year.

IV. Forms:

A. After your initial application for financial aid, the forms listed below are required before we

are able to disburse aid to you.

B. Master Promissory Note (MPN) for Federal Direct Unsub Loan: This application is

completed on-line and signed electronically by the borrower at www.studentaid.gov. At

this same website, you must also complete the Unsub Loan Entrance Interview.

C. Verification Form: Some students are randomly selected for verification from the Federal

government. If you have been selected, this form will be emailed to you. This form must

be completed and returned to the Financial Aid Office.

D. Master Promissory Note (MPN) for GradPLUS Loan: If applicable, this application is

completed on-line and signed electronically by the borrower at www.studentaid.gov. At

this same website, you must also complete the GradPLUS Loan Entrance Interview and

GradPLUS Application.

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STUDENT LOAN TERMS 2024-2025*

Loan Type Interest Rates

FEDERAL Loan rates are fixed

Fee Maximum Repayment

1.06% $42,700/yr. Payments can be deferred

DIRECT each July 1. Current during period of enrollment;

however, student is responsible

UNSUBSIDIZED rates for 24/25 are:

LOAN 8.08%

for interest which accrues

throughout life of the loan.

NOTES:

1. Deferment forms are required on an annual basis during all in-school and post-graduate deferment

periods. Failure to process the required deferment forms on time will automatically enter you into

repayment. You may potentially forfeit your deferment privilege and you may be responsible for

any additional costs of collection and attorney's fees.

2. The above loans have a 10-year repayment period.

3. No prepayment penalty.

4. Loans are automatically paid in the event of the borrower's death or total and permanent disability.

5. Defaulted loans are reported to a national credit reporting agency and may prevent a borrower from

receiving additional credit.

6. Lifetime maximum of $65,500 subsidized. Total lifetime maximum subsidized and unsubsidized

combined $224,000.

Loan Type Interest Rates Fee Maximum Repayment

FEDERAL 4.23% up to budget Payments can be deferred

DIRECT after other during period of enrollment;

Grad PLUS aid, if or as however, student is responsible

LOAN

For loans disbursed

on or after 7/1/24and

before 7/1/25, the interest

rate is fixed at 9.08%. needed. for interest which accrues

throughout life of the loan.

NOTES:

1. Please refer to Notes 1 through 5 under Federal Direct Unsubsidized Loan above.

Geisel School of Medicine at 5.0 % fixed n/a $4,000/yr. 3 mo grace, 2 yr deferment for

Dartmouth Loan internship/residency(see individual

(Braley or Odlin) loan notes for specifics).

DEA 5.0 % fixed n/a $5,000/yr. 9month grace, 2-year deferment

Dartmouth Education for internship/residency.

Association Loan

NOTES

1. Interest subsidized until repayment begins.

2. No prepayment penalty.

3. Maximum 10-year repayment period.

4. Cancellation upon death or total and permanent disability of borrower.

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Loan Type Interest Rates Fee Maximum Repayment

n/a $60,000/yr.

**9% variable for

23-24

(effective 7/1/23)

DELF

Dartmouth

Educational Loan

Foundation Loan

(formerly DELC)

**Begins 9months after student

ceases to be

on at least a half-time basis or this

loan may be deferred for up to 4

years due to internship/residency

followed by the 9 month grace

period.

NOTES:

** 1. Interest is set by a vote of DELF’s members with past practice being to set the rate

annually effective 7/1.

***2. Interest accrues immediately and compounds monthly during medical school.

3. Cumulative maximum of $240,000.

4. Annual maximum of $60,000.

5. No prepayment penalty.

6. Maximum of 15 years to repay loan based upon loan balance.

7. Cancellation upon death or total and permanent disability of borrower.

Geisel School of Medicine at Dartmouth/DEA /DELF LOANS

These are institutional loans and are serviced by Dartmouth College using ECSI servicing company. The

lender address to which correspondence and payments are to be sent is as follows:

Dartmouth College, Student Financial Services, 6132 McNutt Hall, Room 103, Hanover, NH 03755

(603) 646-3230.

*TERMS AND CONDITIONS OF THE LOAN PROGRAMS ARE SUBJECT TO CHANGE AT

ANY TIME DUE TO BOTH FEDERAL AND INSTITUTIONAL REGULATIONS.

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CREDIT INFORMATION

GEISEL SCHOOL OF MEDICINE AT DARTMOUTH LOANS

PLEASE READ CAREFULLY

Approximately 75% percent of the student body at Geisel School of Medicine borrow loans in order

to help meet their educational expenses. Graduates of the Geisel School of Medicine Class of 2024

incurred an average of $231,000 in total educational indebtedness.

*Please Note:

The vast majority of our students who borrow, do so from a combination of the following loan

programs:

• Federal Direct Unsubsidized Loan

• Federal Graduate PLUS

Loan

• Geisel School of Medicine Loans

• Dartmouth Educational Loan Foundation Loan (DELF)

These loan funds actually come from the Federal government, Geisel School of Medicine and

Dartmouth Educational

Loan Foundation. Students submit applications for these loans

electronically; we determine student eligibility for these loans based on established guidelines and

certify the loan electronically for approval.

Dartmouth Educational Loan Foundation approves or denies loan applications based in part on

credit. Some credit listings which may cause a lender to deny a loan are: evidence of slow payment

history, over-extension of credit card debt, evidence of bankruptcy, current default on an educational

or other type of loan, profit/loss write-offs, or lack of any credit history.

Please note the following:

1. We urge you to request a copy of your credit history/rating prior to entering Geisel School of

Medicine (see instructions below). You will find out if there are any credit difficulties which

might prevent your access

to educational loans and will allow you the opportunity to correct any

inaccurate information. Should you discover any difficulties with your credit history, please

resolve the problem as soon as possible with your creditors and have them update your

credit report.

2. It is the responsibility of the student, not that of Geisel School of Medicine, to find replacement

funding for education loans for which you have been denied.

3. Students are not allowed to receive financial aid in excess of the cost of attendance budget. You

will need to live within your budget while in medical school; therefore, it is imperative that you

reduce or eliminate any consumer debt you have prior to entering medical school. Consumer

debt cannot be considered part of the student’s financial aid budget.

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HOW TO OBTAIN A COPY OF YOUR CREDIT REPORT

The Fair Credit Reporting Act (FCRA) allows consumers to get one free comprehensive

disclosure of all of the information in their credit file from each of the three major credit bureaus

once every 12 months through a central source. You may access more information about this

program at www.annualcreditreport.com

You may also obtain a copy of your credit report from the three credit bureau websites below. You

are entitled to one free report from each for the calendar year.

TRANS UNION EQUIFAX EXPERIAN

Trans Union Corporation Credit Information Services Experian National Consumer

Consumer Disclosure Center PO Box 740241 Assistance Center

PO Box 1000 Atlanta, GA 30374 PO Box 2002

Chester, PA 19022 (800) 685-1111 Allen, TX 75013

(800) 888-4213 www.equifax.com

(888) 397-3742

www.transunion.com www.experian.com

Important Web Resources

http://g

eiselmed.dartmouth.edu/admin/fin_aid/

(Geisel School of Medicine Financial Aid Website)

Click on the Outside Sources Excel Spreadsheet for a List of Outside Scholarships

FFinancial Aid Application Checklist for 2024-2025

If you plan to apply for financial aid for the 2024-2025 year, the necessary application information is

listed below and can also be found at our website:

http://geiselmed.dartmouth.edu/admin/fin_aid/policy.shtml

The Financial Aid Office requests that you complete the forms and submit them as soon as possible

after October 1, 2023, and before AApril 1, 2024.

ϭ͘  Geisel School of Medicine Financial Aid Application

• Completed each year by all students applying for financial aid.

• Available on our web site: http://geiselmed.dartmouth.edu/admin/fin_aid/apply.shtml.

• Automatically submitted to the Geisel School of Medicine Financial Aid Office.

Ϯ͘  FAFSA (Free Application for Federal Student Aid)

Completed each year by students applying for federal aid (ŝƌĞĐƚ>ŽĂŶƐ).

Application is available online on the FAFSA website:

https://studentaid.gov/h/apply-for-aid/fafsa

x School code 002573, Dartmouth College, Hanover, NH.

You may complete a Renewal FAFSA online if you completed a FAFSA for the 2023-2024 year.

First time applicants will receive a Personal Identification Number (P.I.N.) from the U.S.

Department of Education. Please keep this P.I.N. accessible for next year’s application.

ϯ͘  CSS PROFILE form and IDOC Portal access

x Completed by students who are applying for institutional need-based aid for the first time.

x Application can be completed at https://student.collegeboard.org/css-financial-aid-profile

You will want to select Geisel School of Medicine at Dartmouth (CSS Code: 2314)

ϰ͘ 

Copy of student’s physically signed 2022 Federal Tax Return (

including

all schedules and W-2

wage statements) via College Board IDOC Portal

• Submitted ǀŝĂƚŚĞŽůůĞŐĞŽĂƌĚ/KƉŽƌƚĂů by all students applying foraid. If you did not

file, ǇŽƵŵĂǇƐƵďŵŝƚƚŚĞŶŽŶͲĨŝůĞƌƐƚĂƚĞŵĞŶƚĂǀĂŝůĂďůĞǀŝĂ/K.

5. 

Copy of parent’s physically signed 2 022 Federal Tax Return (

including

all schedules and W-2

wage statements) via College Board IDOC Portal

• Submitted ǀŝĂƚŚĞŽůůĞŐĞŽĂƌĚ/KƉŽƌƚĂů by students applying forinstitutional aid

(Scholarship, Geisel School Loan/DELC loans).

6.  Direct Loan Application (to be completed electronically once you choose a school)

x Both the Entrance Interview and Master Promissory Note can be found at