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Office of Student Financial Aid

Financial Aid Information 2013-2014

School Code: 004948

Welcome to Texas A&M University Baylor College of Dentistry

The goal of the Office of Student Financial Aid is to help you through the process of receiving financial assistance to pay for your education with a minimum of stress. We want your focus to be on your education, not how you will pay for everything while you are in school. However, since financing an education is one of the most valuable investments you will ever make, it is important that you use wisdom and plan carefully.

WHAT IS FINANCIAL AID?

FINANCIAL AID is defined as assistance to pay for your educational and living expenses while you are in school. Any assistance is considered “financial aid” regardless of the source. This means that loans, as well as grants and scholarships, are considered financial aid.

WHEN DO I APPLY?

Fill out the Free Application for Federal Student Aid--FAFSA online (www.fafsa.ed.gov ) as soon as you complete your tax return in January or February. Our school code for the FAFSA is 004948, and will be listed as Texas A&M Health Science Center with a Bryan/College Station address.For the 14/15 academic year, please also include Texas A&M University’s school code 003632 to prevent any possible delays in funding due to the merger. After you have been accepted, additional instructions will be sent to you through your HSC email address. It is important for you to submit all required forms as soon as possible in order to be considered for the best possible funding including need-based scholarships, TPEG, and the Health Professions Loan (for DDS students only).

HOW MUCH CAN I HAVE?

Every year, we must develop a standard “budget” for each classification (year in school). This “budget” (also called Cost of Attendance or Cost of Education) includes tuition, fees, books, instruments, health insurance, and average living expenses for a student (cannot include living expenses for a student’s family). This is the maximum funding available for each academic year.

There is another concept that is basic to the process of determining eligibility for financial aid—the concept of “Need”. When you apply for financial aid using the FAFSA, you include your income (and your spouse’s and/or parents’, if applicable) for the prior year. If it has been more than two weeks since your tax return was transmitted electronically to the IRS, you may be able to utilize the new “IRS Data Retrieval Tool” within the FAFSA to pull your information directly from the IRS into the FAFSA.The Department of Education takes this information and uses a standard formula to determine what they call “expected family contribution” (EFC). This number represents the amount their formula anticipates that the family (student and spouse) can contribute toward school expenses and living expenses for the academic year. This figure is subtracted from the Cost of Education to determine “Need”: Cost of Education minus Expected Family Contribution equals Need. The combined total of all “Need-based” funds cannot exceed the “Need” figure.

DO I HAVE TO GIVE MY PARENT’S INFORMATION?

If you are in the Dental Hygiene program and you do not meet the criteria of independent status determined by the Federal government, you will be required to provide parental information. If you are in the DDS or Grad programs, you are automatically independent and do not need to provide parental information. However, the Health Professions Student Loan program (available to DDS students only) requires that you provide parental income and asset information to determine your eligibility. Therefore, if you are a DDS student and you want to be considered for the Health Professions Loan, you will need to provide parental income and asset information on the FAFSA. Your parents will also be able to use the IRS Data Retrieval Tool to import their data into the FAFSA if it has been a couple of weeks since they electronically submitted their tax return.

WHAT TYPES OF AID ARE AVAILABLE?

GRANTS AND SCHOLARSHIPS: The very best type of financial aid is that which does not have to be repaid. This includes both grants and scholarships.

  • Federal Pell Grant: This is a federally funded grant for low income undergraduates with demonstrated financial need. Grant amounts range from $582 to $5645 per year. This grant is available only to Dental Hygiene students who do not have a Bachelor’s Degree.
  • Texas Public Education Grant (TPEG): The Texas Public Education Grant is a need-based grant for Texas residents. Our allocation for this fund fluctuates from year to year. Grants are awarded to students with all requirements satisfied on a first-come, first-served basis.
  • Scholarships: We encourage you to do scholarship searches on the Internet. Some websites to check are: www.fastweb.com, www.aie.org, www.studentaid.ed.gov. When we are advised of a scholarship opportunity, information will be posted on our bulletin boards or emails will be sent to eligible students. Most, but not all, scholarships are based on both GPA and need.

LOANS: The most common type of aid used at TAMBCD is loans. There are several different kinds of loans available:

  • Health Professions Student Loan (HPSL) for Dental Students Only: The Health Professions Loan is a need-based, school-managed program whose funds are provided by the Federal government. The law requires that we use parental income and asset information to determine eligibility for this loan only. This means that you must complete the parental portion of the FAFSA. The amount of the award depends largely upon the amount of money available and the number of eligible students in each award year. There are no fees deducted and no interest accrues during enrollment in a health professions program or during the 12-month grace period after the last day of attendance. Interest is a 5% fixed rate and begins to accrue after the 12-month grace period.
  • Federal Stafford Subsidized Loan: BEGINNING JULY 1, 2012: DENTAL AND GRADUATE STUDENTS WILL NO LONGER BE ELIGIBLE FOR THIS LOAN. This loan is “need-based” and is obtained through the Department of Education. It is subsidized by the federal government (hence, the name), meaning that they pay the interest while you are in school, in grace, or in an approved deferment. There is a 6-month grace period after your last day of attendance. The current interest rate is 6.8%. The deferment privileges and forbearance options are explained in the “Rights and Responsibilities” and “Disclosure” forms. The annual loan limit is $5500. Fees are now 1.051% and be deducted from each disbursement..
  • Federal Stafford Unsubsidized Loan: This loan is a non-need based loan on which the federal government NEVER pays the interest. It is available to all independent students (and to dependent undergraduates under special circumstances). The interest on this loan begins to accrue from the date of disbursement and is capitalized (added to the principal) if it is not paid by the time the loan enters repayment at the end of the 6-month grace period. The interest rate is 6.8%. The annual limit for DH is $7000. The annual limit for Grad programs is $20,500 and for DDS will be up to a maximum of $47,167 depending on the length of the program. Fees are 1.051% and are deducted from each disbursement.
  • Alternative Loans: There are a variety of alternative loans available that are not based on need. Some of these loans are Federal, some are State of Texas, and some are private (see lenders’ web sites). All are based on credit and many require a credit-worthy cosigner. Each loan has its own provisions, but most have variable interest rates, charge various fees, and do not have interest rate caps. These loans are recommended only after all other sources have been utilized. Students must have a good credit history to qualify.

HOW MUCH WILL IT COST ME TO GO TO SCHOOL?

Below is a chart that will give the approximate costs for Dental and Dental Hygiene Students.

DDS TEXAS RESIDENT

DDS OUT OF STATE

CLASS

ESTIMATED SCHOOL EXPENSES

ESTIMATED LIVING EXPENSES

TOTAL ESTIMATED BUDGET

ESTIMATED SCHOOL EXPENSES

ESTIMATED LIVING EXPENSES

TOTAL ESTIMATED BUDGET

1ST YEAR

$25,305

$22,705

$48,010

$36,105

$22,705

$58,810

2ND YEAR

$24,104

$22,705

$46,809

$34,904

$22,705

$57,609

3RD YEAR

$23,492

$27,245

$50,737

$34,292

$27,245

$61,537

4TH YEAR

$25,433

$27,245

$52,678

$36,233

$27,245

$63,478

TOTAL

$98,334

$99,900

$198,234

$141,534

$99,900

$241,434

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DENTAL HYGIENE TEXAS RESIDENT

DENTAL HYGIENE OUT OF STATE

CLASS

ESTIMATED SCHOOL EXPENSES

ESTIMATED LIVING EXPENSES

TOTAL ESTIMATED BUDGET

ESTIMATED SCHOOL EXPENSES

ESTIMATED LIVING EXPENSES

TOTAL ESTIMATED BUDGET

1ST YEAR

$10,102

$22,705

$32,807

$21,685

$22,705

$44,390

2ND YEAR

$10,657

$27,245

$37,902

$22,416

$27,245

$49,661

TOTAL

$20,759

$49,950

$70,709

$44,101

$49,950

$94,051

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ADDITIONAL QUESTIONS & ANSWERS

WHEN WILL I GET THE MONEY?

Most funds have to be multiply disbursed, which means that the money will come in two or more equal disbursements (for instance, half in fall and half in spring).Most of the loan funds have fees deducted from them so that the amount awarded (the amount listed on your award screen) is greater than the amount of cash you receive.

Student Aid funds arrive shortly before classes begin each billing period and are credited to your school account to pay your charges. For Dental students the billing period is one-half of the academic year which we label “fall” and “spring” but take place at the beginning of the academic year and at the mid-point. For Dental Hygiene and Grad students the billing period is the semester. If you have signed up for Direct Deposit with Student Business Services, any credit balance will be transferred electronically to your personal bank account. If you do not sign up for direct deposit a check will be prepared for you, and Student Business Services will contact you concerning the address to mail the check which will take several additional days.

DO I HAVE TO BORROW ALL THAT IS AVAILABLE TO ME?

No, you should only borrow the amount you personally require to cover your expenses. Remember that everything you borrow, you must pay back! It can be quite a shock when you begin to realize what your monthly payments will be, so plan for this. Limit yourself to only what you must have.Contact us if you have questions. Please note that DDS average debt at graduation is approximately $138,600, with the median around $166,500.Dental Hygiene average debt is approximately $27,400 with the median around $25,000. The most current default rate for the entire HSC is 1.1%.

DO MY STUDENT LOANS AFFECT MY CREDIT?

Some loans require a credit check in order to determine eligibility for the loan. It would be wise for you to obtain a copy of your credit report before you begin school so that you have time to clear up any discrepancies or correct any errors.

Student loans will be listed on your credit report. Once you enter repayment, if you pay the amount requested and make your payments on time, your credit will be protected. If you are not able to make the payments as required, contact the loan servicer to see if you are eligible for a deferment or forbearance. These options are available on all federal and state loans. However, private loans may or may not have such options. It is important that you maintain contact with your servicers/lenders while in school and after you graduate.

We hope that this information is beneficial to you. We will do everything within our power to assist you. Please feel free to contact us.

Kay Egbert, Director, ph. 214-828-8181 kegbert@tamhsc.edu

Liz Lester, Assistant Director, ph. 214-828-8236 llester@tamhsc.edu

For more information, please see the TAMHSC Student Financial Aid website.

Last edited by: aupton 02/13/2014

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