OHSU’s Registrar and Financial Aid Office publishes “Student Financial Aid Explained” annually, which you can find here. This is a very valuable and comprehensive guide that explains financial aid at OHSU and acquaints you with the terms and conditions of assistance, specifically covering OHSU financial aid application procedures, the awarding process, types of financial aid, federal and institutional policies, and student rights & responsibilities.

As you navigate the world of financial aid, here are some tips:

• Explore ALL options for financing your education, especially scholarships. It’s no secret that scholarships take work – but they’re worth the effort! Getting a $1,000 scholarship today seems small, but it could save you hundreds of dollars in accrued loan interest.
• Avoid borrowing more than you need. If you do accept the full award up to your cost of attendance, you always have the option to return unused funds. If you return funds in the same term they are disbursed, you may be able to avoid the loan origination fee and interest charges on the returned amount of the loan by having the Financial Aid Office return them for you. Email finaid@ohsu.edu to inquire or initiate the process.
• Keep track of your federal student loans. You can manage all of your federal student loans on the StudentAid.gov website. Although this is not identical to the information on your loan servicer site, you will be able to see all of your federal student loans (from all programs and schools) including each individual loan type, interest rate, loan status, loan servicer information, and loan balance.
• Consider paying interest while you’re in school OR during your grace period. Paying the interest on your federal student loans before they enter repayment will prevent capitalization – or having your loan balance grow because unpaid interest is added to the principal balance of the loan.

An alternative loan is a loan that is borrowed through a bank or corporate lender, which is meant to bridge the gap between awarded student aid and your cost of attendance, covering part or all of your unmet need. For graduate students, if you have eligibility you will be given information on both federal Direct Graduate PLUS loans and alternative loans.

Alternative loans require a separate application and the lender will conduct a credit check to determine if you qualify. Interest rates, fees, repayment plans and terms vary from lender to lender so before you complete an alternative loan application, you should clearly understand the terms and conditions of the loan which can be found by reviewing the application and/or promissory note.

This U.S. Department of Education chart shows the main differences between federal and alternative (private) student loans. It is important to note that alternative student loans do not have the same repayment and cancellation options that are available for federal student loans.

OHSU does not suggest or recommend specific lenders for alternative loans. If you have eligibility to apply for an alternative loan, your award letter will have more information on what to consider or questions to ask potential lenders when choosing an alternative loan.

As you continue your education and borrow federal student loans to help cover your investment, it’s important to understand your repayment options. This becomes increasingly important during your last year of school when you consider employment and/or residency options. Questions you may be asking yourself include:

• How much do I owe?
• When do I have to start making payments?
• What will my monthly payment(s) be?
• How does interest work?
• Where do I send payments?
• Are there forgiveness options or repayment programs to help offset the cost?
• Will I be eligible for Public Service Loan Forgiveness (PSLF) during my residency?
• How do I apply for income-driven repayment plans/forgiveness/repayment assistance?

Here are a few resources to get you started.

Federal Direct Loan Grace Period (for Stafford and PLUS Loans)

For most federal student loan types, after you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period before you must begin making payments. If you have Graduate PLUS loans, they will enter a 6-month post-enrollment deferment. This grace period allows you time to get settled into a new job/career or residency and choose a repayment plan with a monthly payment amount that works for you. There are a few specific circumstances that may impact your grace period which you can review here.

StudentAid.gov Direct Loan Repayment Simulator (for Stafford and PLUS Loans)

The StudentAid.gov Loan Repayment Simulator determines what repayment plans you qualify for based on your current federal student loan debt amount and income (or expected income), and provides examples of monthly payment amounts for each plan. All student loan borrowers are automatically placed in the Standard Repayment plan so it's important to explore your options and choose a plan that best works with your financial situation and goals.  Depending on the type of repayment plan you choose, total amount repaid (principal and interest) and the term or length of repayment will vary.

Federal Direct Loan Repayment Plans (for Stafford and PLUS Loans)

There are several different federal student loan repayment plans that may align with your financial goals. Whether it’s paying off your educational debt as quickly as possible or considering a plan based on income, there is a repayment plan that will work for you. Since you will automatically be placed in the Standard Repayment Plan once your grace period expires, it’s important to contact your loan servicer to request a different plan and fill out any additional paperwork (if required).

Federal Direct Loan Deferment and Forbearance (for Stafford and PLUS Loans)

Federal Direct loan deferment and forbearance options exist to offer a temporary suspension of federal student loan payments. Because of the impact of interest accruing during a deferment and/or forbearance, as well as the impact on loan forgiveness, it might be better to consider a different repayment plan such as an income-driven repayment plan. 

AAMC MedLoans Organizer and Calculator (MLOC) for MD Students

The AAMC MedLoans Organizer and Calculator (MLOC) is an educational debt management resource designed specifically for medical school students and residents. With this tool, you can keep all your student loans in one electronic file, calculate the impact of additional borrowing on repayment, and choose a repayment strategy based on your debt, circumstances, and financial goals.

ADEA/AAMC Dental Loan Organizer and Calculator (DLOC) for School of Dentistry Students

The Association of American Medical Colleges/American Dental Education Association Dental Loan Organizer and Calculator (DLOC) is an educational debt management resource designed specifically for dental school students and graduates. With this tool, you can keep all your student loans in one electronic file, calculate the impact of additional borrowing on repayment, and choose a repayment strategy based on your debt, circumstances, and financial goals.

Generally, consolidating federal student loans is used to ensure all of your federal student loans are with one loan servicer or to put older FFEL loans into the Direct Loan program, making them eligible for expanded repayment and loan forgiveness options. Federal loan consolidation does adjust the interest rates of your loan by using a weighted average formula. There are several pros and cons of loan consolidation but the answer depends on personal circumstances.

As an alternative, it may be tempting to refinance your federal student loans into a private loan, especially if it offers a lower interest rate. As alluring as this may be, it would mean losing certain borrower rights that are not typically the same with a private loan. These include:

• Access to different forbearance and deferment options that provide temporary payment relief based on individual circumstances.
• Access to different repayment plans and terms (monthly payment amounts and length of repayment), specifically income-driven repayment plans.
• Access to various forms of loan forgiveness or cancellation, most notably Public Service Loan Forgiveness, total and permanent disability discharge, and discharge due to death.

You can learn more about this topic in this article from the Consumer Financial Protection Bureau titled “Should I consolidate or refinance my student loans?”

At this time, there are several federal student loan forgiveness and repayment assistance programs available to OHSU alumni. Below is a list of current offerings.

Public Service Loan Forgiveness (PSLF and TEPSLF)

The Public Service Loan Forgiveness (PSLF) and Temporary Expanded Public Service Loan Forgiveness (TEPSLF) program forgives the remaining balance on your Direct Loans after making 120 qualifying monthly payments while working full-time for a qualified employer. There is a Public Service Loan Forgiveness Help Tool to help determine eligibility.

*If you are a resident or fellow, you may be eligible for this program if you’re in an income-driven repayment plan (PAYE or REPAYE) and you are employed full-time by a qualifying employer. Here is an AAMC resource with more information.

Perkins Loan Cancellation

If you are working full-time in an eligible profession, you may qualify for Perkins loan deferment and cancellation during employment. You may have all or part of your Perkins loan (including interest) cancelled for engaging in teaching, public service, service in the Peace Corp or ACTION, or service in the military.

Your Perkins Loan Postponement and Cancellation Request Form must be completed and submitted annually in order to certify employment and eligibility. Here are instructions for completing the form. For more information, please contact Nikki Davis at davisn@ohsu.edu.

National Health Service Corps (NHSC) Loan Repayment Programs

The National Health Service Corps has several loan repayment programs with varying eligibility disciplines, service sites, award amounts, and service commitments. This is a great chart that compares the three different programs: NHSC Loan Repayment Program, NHSC Substance Use Disorder (SUD) Workforce Loan Repayment Program, and NHSC Rural Community Loan Repayment Program.

NHSC Students to Service Loan Repayment Program (NHSC S2S LRP)

The NHSC S2S LRP currently provides loan repayment awards to students pursuing a degree in allopathic medicine, osteopathic medicine, physician assistant studies, nursing, or dentistry. In exchange for loan repayment, individuals agree to provide primary health services in Health Professional Shortage Areas (HPSAs) of greatest need.

Indian Health Service (IHS) Loan Repayment Program

The IHS Loan Repayment Program (LRP) helps dedicated health professionals chart a course for a long-lasting and successful health care career. Currently, the LRP funds IHS clinicians to repay their eligible health profession education loans in exchange for a service commitment to practice in health facilities serving American Indian and Alaska Native communities.

National Institute on Minority Health and Health Disparities (NIMHD)

The congressionally mandated NIMHD Loan Repayment Program (LRP) currently offers loan repayment awards to health professionals with doctoral degrees (e.g., M.D., D.D.S., Ph.D., Dr.P.H.). Awardees must conduct health disparities or clinical research in non-federal research settings for at least two years.

U.S. Public Health Services (USPHS) Commissioned Corps

The U.S. Public Health Services Commissioned Corps is one of the nation’s uniformed services – a branch committed to the service of health. Currently, total compensation and eligibility varies depending on factors such as education and training, professional experience and geographic location of assignment.

Health Professions Loan Repayment Program (HPLRP)

The Health Professions Loan Repayment Program (HPLRP) currently provides an incentive through the payment of professional educational loans to new accessions to enter the U.S. Navy or the U.S. Army, or to current active-duty medical personnel to extend their active-duty commitment.

HRSA Faculty Loan Repayment Program

The HRSA Faculty Loan Repayment Program supports health professions educators who are from disadvantaged backgrounds and serve a vital role in preparing the next generation of healthcare professionals. The financial assistance offered through the Faculty Loan Repayment Program decreases the economic barriers associated with pursuing a career as a health professions educator.

Oregon State Loan Repayment Program (SLRP)

Oregon currently has various loan repayment or forgiveness opportunities for students and graduates of programs in medicine, nursing, dentistry, and pharmacy. Many programs currently offer incentives to professionals that practice (or intend to practice) in rural or urban underserved communities. For more information, please contact the Oregon Office of Rural Health at 503-494-4450.

Other State Forgiveness/Repayment Programs

If you choose to practice outside the state of Oregon, there are several other similar programs in each state. Here is a list of state loan repayment program contacts.

In certain situations, you can have your federal student loans discharged or cancelled. This is why it’s incredibly important to carefully consider refinancing them with a private student loan because you may lose eligibility for these options. The following are circumstances that may qualify for loan discharge.

Total and Permanent Disability: If you become totally and permanently disabled, you may qualify for a discharge of your federal student loans.

Death: Federal student loans will be discharged due to death of the borrower or of the student on whose behalf a Parent PLUS loan was taken out.

Bankruptcy: In some rare cases, federal student loans may be discharged after declaring bankruptcy, however, this is not an automatic process.

For more information on federal student loan discharge and cancellation, please visit StudentAid.gov.

• Budget Basics
• Financial Planning
• Financial Trouble
• Managing Credit
• Saving and Investing
• Understanding Insurance

As an alternative to the Student Health Insurance Plan, you may be eligible for the Oregon Health Plan (OHP). OHP provides health care coverage for Oregonians from all walks of life. This includes working families, children, pregnant women, single adults and seniors. You can learn more and apply for OHP here.

*If you qualify for OHP, you will need to submit a medical plan waiver since you will not be using the Student Health Insurance Plan. You can find more information here.

SNAP offers food benefits to eligible, low-income individuals and families. You can apply for the benefits on this site. OHSU’s Student Health & Wellness (SHW) Center also offers assistance with the SNAP application. For more information, please visit the SHW SNAP site.

The OHSU Food Resource Center (FRC) provides free grocery staples, fresh produce, and hygiene items to all OHSU students in the Portland area. Each student may request or shop for 15 grocery items per week. Please visit the OHSU Food Resource Center’s website for more information.

Comcast’s Internet Essentials offers low-cost, high-speed internet for as low as $10/month wherever service is available. You may be eligible if you:

• Qualify for programs like Federal Pell Grant, SNAP, or housing assistance.
• Live in an area where Comcast Internet service is available.
• Have not had Comcast Internet in the last 90 days.

For more information on the program and eligibility requirements, visit the Comcast Internet Essentials site.

Learn more about cost-efficient ways to travel to and from campus.

With the Income-Qualified Bill Discount program, you can get a monthly discount of up to 25% off your energy use. Find out if you qualify and apply.

The Affordable Connectivity Program is an FCC benefit program that helps ensure that households can afford the broadband they need for work, school, healthcare and more. Find out more here.

The City of Portland has applications for financial assistance with your sewer, stormwater, or water bill, and information on crisis vouchers and water leak repair assistance.

To set up your account, you will:

1. Visit https://aamcfinancialwellness.com/index.cfm.
2. Under “Need to Register?”, select your school (if you are a medical student) or role (if you are a non-medical student, resident, pre-med, staff, etc.). If you are a non-medical student, your role will be “Other”.
3. Complete the registration form.

Budgeting is key to achieving your financial goals. While you are in school, a budget will help keep you accountable to living within your means of available funds. A budget can help prevent the utilization of emergency loans or credit cards to pay for things you cannot afford. After you leave school, your income will change as you start your new career, and developing a budget will assist you in making financial decisions about your loan repayment options and/or savings arrangements. A budget tracks your spending and helps create your monthly cash flow.

Components of a Budget

A basic budget consists of three major categories: income, fixed expenses, and variable expenses.

Income is any money you receive on a regular basis. This can include financial aid (loans, scholarships, grants, etc.), investment income, gifts, wages/salary.

Fixed Expenses stay the same each month. This can include rent/mortgage, car payments, phone, insurance, personal loans, educational loans, savings.

Variable Expenses fluctuate from month to month. This can include groceries and dining out, clothes, personal care, cable/streaming services, credit card payments, utilities, etc.

As you work on developing a budget it is very important to be honest. Look at past bank or credit card statements to see the money coming in and going out. What do you spend your money on? Do you see a trend in categories where you could reduce spending? What is your bottom line – is there discretionary income or is there a deficit?

Budget Worksheets

As you begin developing a budget, you’ll want to decide what method is best for you. There are several budget templates available, including apps that link directly to your financial accounts. If you choose an app, be sure it works for you by syncing to your financial accounts and most importantly, make sure it is transparent about security, such as offering multi-factor authentication to verify your identity. If you prefer keeping files on your computer, here are a few to choose from.

OHSU’s Budget Worksheet:  Developed by OHSU, this monthly budget worksheet is an interactive Excel file that you can save to your computer. What differentiates this budget from others is it allows you to project your budget for the month and track actual expenses. This will compare your variable expense projections against actual variable expenses. It was designed this way to show any spending leaks you may have or areas where you’re spending more than you planned.

AAMC Student Budget Worksheet: Developed by AAMC, this monthly budget worksheet is an interactive PDF that you can save to your computer.

AAMC Resident Budget Worksheet: Also developed by AAMC, this monthly budget worksheet takes into account the transition from student to resident.

Personal credit is what you build showing trustworthiness and your ability to make on-time payments and pay off credit obligations over time. Personal credit is considered for several things, including: rent, utilities, credit cards, cell phones, car and home loans, etc. Often times interest rates (for both credit cards and loans) and loan terms are determined based on your personal credit history.

Requesting a Free Credit Report

Several banks and credit card companies offer credit monitoring for free, or as a perk of being a loyal customer. You can also view your credit reports for free at www.AnnualCreditReport.com. You can request three credit reports annually, one from each of the three credit reporting bureaus – Equifax, Experian, and TransUnion. Although you may not be able to see your credit score for free, you can review your credit reports for accuracy and dispute any inaccurate information, if necessary.

What’s in a credit or FICO Score?

While personal credit shows trustworthiness, it is often determined by your credit or FICO (Fair Isaac Corporation) score. Below is the general percentage of what is factored into your FICO score. For details on each category, please view the myFICO.com article “What’s in Your Credit Score”.

Here are some other helpful resources regarding personal credit.

• FTC Consumer Information: Free Credit Reports
• FTC Consumer Information: What to Know About Credit Freezes and Fraud Alerts

Saving is the process of setting aside money (or a portion of your income) for various financial goals and/or emergency expenses. It’s a plan where you’ll have easy access to funds, should you need it - such as through a savings account, money market account, of Certificate of Deposit. Without savings, unexpected events can become challenging and burdensome. Getting started can be the hardest part about saving money but here are a few tips to begin the process:

• Set up a budget and record your expenses. This can lead to identifying leaks in your spending and finding ways to cut costs and turn them into savings.
• Pay yourself first. Factor savings into your budget – even if you start small with $20 a month. You can even automate your savings through direct deposit or automatic transfers from a checking to a savings account.
• Set savings goals – and stick to them. Goals can be short or long-term and may even change over time. Goals can include establishing an emergency fund, saving for a vacation or a home down payment.
• Find ways to cut spending, such as:
  • Using free or low-cost community resources – such as a library or free entertainment.
  • Minimizing or cancelling subscriptions or memberships that you may not use.
  • Wait on non-essential purchases. If there’s something you want and would like to purchase, give yourself a “waiting period” before purchasing. At the end of the dedicated timeframe you may no longer want it, in turn saving money.
• Consider using multiple savings accounts. This strategy can be used to dedicate certain accounts toward specific goals, ensuring you don’t spend the money on unintended purchases or other financial goals. It also helps you keep track of how close you are to reaching specific savings goals.

There are several sources to explore basic savings concepts and find a strategy that works for you. A good starting point is to take the courses in CashCourse® or AAMC’s Financial Wellness Program.

Investing is the act of allocating resources (most often financial) with the expectation that it will generate an income or profit over time. It is the long-term goal of making your money grow, or appreciate. There are several sources to explore basic investment concepts. A good starting point is to take the courses in CashCourse® or AAMC’s Financial Wellness Program.

Additional resources to explore include:

• FINRA.org Learn to Invest: FINRA is authorized by Congress to protect America’s investors by making sure the broker-dealer industry operates fairly and honestly. FINRA plays a critical role in ensuring the integrity of America’s financial system—all at no cost to taxpayers.
• Investor.gov Introduction to Investing and Save and Invest: Investor.gov is brought to you by the Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy. It is their online resource to help you make sound investment decisions and avoid fraud.
• AAMC Selecting A Financial Planner: The AAMC explores tips and resources on how to find a financial planner that will provide expertise and help you reach your financial goals.

OHSU’s Educational Debt Counseling and Financial Wellness Program is an educational service only. While we can provide information, resources, and guidance, we are not financial advisors or accountants and do not provide investment, legal, insurance, or tax advice.

According to the Federal Trade Commission (FTC), the most common types of fraud reported are imposter scams, debt collection, and identity theft. Identity theft occurs whenever your personal information is used without your knowledge for criminal activity. Although this can happen to anyone, you can take preventative steps, such as:

• Consistently monitor your credit report for any incorrect information or fraudulent activity. Often times credit card companies offer this service for free or a reduced rate.
• Consider putting a “freeze” on your credit so new lines of credit cannot be opened without your permission, or lifting the freeze. Please keep in mind if you apply for a credit-based loan, such as Graduate PLUS or alternative loan, you would need to take additional steps to ensure the credit check is completed successfully.
• Be skeptical of all phone calls and emails asking for personal information.
• Update notification settings on all debit and credit cards, allowing the bank to push notifications to your cell phone for all purchases. This will help you easily catch purchases that were not authorized by you.
• Shred any and all documents with personally identifiable information before you dispose of them.

As for scams, the two most common for students are paying for scholarship searches and student loan repayment assistance. You should never pay for help with either of these. Always do your research on any services or companies before you commit to anything.

Here are several helpful resources and articles regarding identity theft and scams.

• Federal Student Aid: Avoiding Student Loan Scams
• Federal Student Aid: Beware of Student Loan Debt Relief Companies
• FTC: How to Avoid Scholarship and Financial Aid Scams
• FTC: What to Know About Identity Theft & Preventative Steps
• IdentityTheft.gov: Warning Signs of Identity Theft
• IdentityTheft.gov: What to do if Your Info is Stolen
• IdentityTheft.gov: Know Your Rights
• IdentityTheft.gov: Reporting Identity Theft & Making a Recovery Plan
• Oregon DOJ Consumer Protection: Telemarketing & Phone Scams

In order to offset the expense of education, the IRS provides some tax benefits in the form of credits and deductions. Below are two comprehensive resources from the IRS that are updated annually.

• IRS Publication 970: Tax Benefits for Education
• IRS Tax Information for Students
• IRS FREE Tax Return Preparation for Qualifying Taxpayers

OHSU’s Educational Debt Counseling and Financial Wellness Program is an educational service only. While we can provide information, resources, and guidance, we are not financial advisors or accountants and do not provide investment, legal, insurance, or tax advice.