College and Pre-Med Finances
What is the most common type of financial aid that does not need to be repaid?
What is a grant or scholarship?
What type of loan is most commonly used to finance medical and dental school?
What are federal Direct Unsubsidized Loans and Grad PLUS Loans?
What is the difference between subsidized and unsubsidized federal loans?
What is subsidized loans do not accrue interest while in school, but unsubsidized loans do?
What is considered a good credit score range?
What is 670-739?
True or False: Private medical schools always cost more than public medical schools.
What is False? Some public out-of-state schools may have higher tuition.
What government form must students fill out to apply for federal financial aid?
What is the FAFSA (Free Application for Federal Student Aid)?
What is the average student loan debt for medical school graduates in the U.S.?
What is around $200,000?
What is the grace period for federal student loans after graduation?
What is six months?
How does carrying a high credit card balance impact your credit score?
What is it increases your credit utilization ratio, which can lower your score?
What is one organization that offers scholarships to medical or dental students?
What is the American Medical Association (AMA) or American Dental Association (ADA)?
What is one strategy students can use to minimize undergraduate student loan debt?
What is attending an in-state public school, applying for scholarships, or working part-time?
Name one loan forgiveness program available to healthcare professionals.
What is Public Service Loan Forgiveness (PSLF) or the National Health Service Corps Loan Repayment Program?
True or False: Refinancing federal student loans can make you ineligible for loan forgiveness programs.
What is True?
What type of retirement account is tax-free upon withdrawal in retirement?
What is a Roth IRA?
What is a stipend, and how can it help students financially?
What is a fixed, regular payment provided for training or education, often helping cover living expenses?
True or False: You can negotiate your financial aid package with your school
What is True?
What is an income-driven repayment (IDR) plan?
What is a federal repayment plan that bases monthly payments on income and family size?
What does a high debt-to-income ratio mean for a medical professional?
What is it indicates that a large portion of income is going toward loan repayment, which can affect financial stability?
Name one way medical students can start building credit responsibly.
What is getting a student credit card and paying the balance in full each month?
What is a fellowship, and how does it differ from a scholarship?
What is a funding program for advanced training or research, usually requiring work or study in a specific field?
What is the maximum amount a dependent undergraduate student can borrow in federal Direct Loans in their first year?
What is $5,500?
What is the name of the military program that pays for medical or dental school in exchange for service?
What is the Health Professions Scholarship Program (HPSP)?
What is one advantage of making payments on student loans while still in school?
What is reducing overall interest accrual and lowering the total repayment amount?
What percentage of income should ideally go towards savings and investments?
What is at least 20%?
What is an Income Share Agreement (ISA), and how does it work?
What is a financial arrangement where students receive education funding in exchange for a fixed percentage of future earnings for a set period?