As a medical student and a future doctor, loans are going to be a big part of your life. Whether this is the first time that you have borrowed student loans or if you have loans from your undergraduate or graduate years, it is important that you know as much as possible about how to manage your loan package. To accomplish this, you have to build up awareness about the end result of borrowing student loans – the repayment years. As a result of completing the Eye-Opener exercise, you will be provided with the monthly repayment amount of all of your student loans.
 

 
 
  
 Before you get started here are some helpful tips…
 To estimate expected borrowing during medical school review our Student Educational Budgets (This link will open a new browser window. If you have pop-up blocker, hold down the 'ctrl' key then click on this link. To return to the Eye Opener, just close the budget window).
  
 

When projecting your medical school borrowing, estimate how much you will need to borrow to meet your tuition, fees and living expenses. Note: Anticipate at least a 5% increase in tuition and fees annually. Also, note the maximum annual amount of Federal Stafford loan money that you can borrow for each year is:

Year 1 

$42,722 = Federal Stafford Unsubsidized Loan (interest accrues while in school)

Year 2

          $40,500 = Federal Stafford Unsubsidized Loan (interest accrues while in school)

Year 3 and 4

$47,167 = Federal Stafford Federal Unsubsidized Loan (interest accrues while in school)

  
   loans may be needed to make up any difference between Federal Stafford loans and your estimated projections. Important: You will not be able to borrow student financial aid in excess of the educational budget posted for the current year.
   

Instructions to Complete the Eye Opener

  
 Step One: Estimate future loan balances:
 
  • Fill out the Amount To Borrow section with the amount you plan to borrow throughout your medical education.
  • Calculate combined balances, totals and interest by clicking on the button "Click to Calculate".
  Step Two:  Print and Submit
 
  • Fill in your PID number, the year you will graduate from OU-HCOM and current status.
  • Print a copy of the Eye Opener for your records.
  • Click on 'Continue' to proceed to the next step.
  • Fill out your name and email address on the subsequent page and submit.

*All fields are required, Enter '0' where applicable*
 
Undergraduate Loans:
If you have student loans prior to medical school, determine the principal amounts. Review your records or access the National Student Loan Database System (NSLDS) at http://www.nslds.ed.gov/ (This link will open a new browser window, if you have pop-up blocker, hold down the 'ctrl' key then click on this link) and request a PIN to determine the amounts of your previous student loans.
 
Select the range that includes your Undergraduate Loans:
 
Medical School Loan Estimates:          (Please enter numbers only, no commas)
Year One                 Projected Amount to
                Borrow (Principal)		 Principal + Interest accrued while in School (New Loan Balance)
Federal Unsubsidized Stafford
(@ % interest)		  $  $
Grad Plus
(@ % interest)		  $  $
Year Two

                Projected Amount to
                Borrow (Principal)

 Principal + Interest accrued while in School (New Loan Balance)
Federal Unsubsidized Stafford
(@ % interest)		  $  $
Grad Plus
(@ % interest)		  $  $
Year Three

                Projected Amount to
                Borrow (Principal)

 Principal + Interest accrued while in School (New Loan Balance)
Federal Unsubsidized Stafford
(@ % interest)		  $  $
Grad Plus
(@ % interest)		  $  $
Year Four

                Projected Amount to
                Borrow (Principal)

 Principal + Interest accrued while in School (New Loan Balance)
Federal Unsubsidized Stafford
(@ % interest)		  $  $
Grad Plus
(@ % interest)		  $  $

To calculate Combined Balances, Totals and Interest :

(Remember: if you change any of the above amounts after calculating the totals, you must recalculate)
 

Here are some numbers for you to remember:

  • Total Principal Amount Borrowed (P):       $

  • Interest Accrued while in School (I):          $

  • Combined Total of New Balances (P + I):  $
Over a Loan Term of years (since your graduation) at the Interest Rate of % you will pay:
  • Total Interest:                                     $
  • Total Cumulative Repayment of:          $
  • Your Monthly Loan Payments will be:  $

    NOTE:  These results assume that loans are not capitalizing the interest while in school.  If the student is capitalizing interest, the cumulative payments and total interest charges will be higher than shown here.

  • Salary Requirements:
       
Demographics    

PID (# from student ID):                   When will you graduate from OU-HCOM:

I am getting ready to start Year 1
     

      Print a copy for you before you click on Continue.
 

 
  Ohio University
Heritage College of Osteopathic Medicine
014 Grosvenor Hall, Athens, Ohio 45701
Tel: 740-593-2156
Last updated: 12/06/2012