Office of Financial Aid and Scholarships

Financial Aid and the MD/MBA Program

2011-2012

Uniqueness of MD/MBA Students are enrolled

both as MD and MBA students once accepted and now have single student identification number.

Students complete both programs and receive both degrees in 5 years.

5 Year MD/MBA Schedule

School Yea

r

Summer Fall Winter Spring

1 MD

2 MD

3 MD

4 MD MBA MBA MBA

5 MD MD MBA MBA

Challenges

• Federal law allows for higher yearly Stafford loan maximums for health professions programs (MD) than graduate programs (MBA) although the costs are similar.

• MBA program has limited scholarships/fellowships to help with the difference.

Opportunities

6 years of curriculum/living expenses for the cost of 5 to total a savings of a full year ($55,000 approximately).

Estimated Budget

MD

$33,000 tuition/fees/yr

$19,000 living expenses/yr*

=$52,000/yr

X 4 years

=$208,000

MD/MBA

$33,000 tuition/fees/yr

$19,000 living expenses/yr*

=$52,000/yr

X 5 years

=$260,000

*Approximation based on living on campus in Verano Place (FY 10)

Federal Stafford Loan Maximums

MD$8,500 Subsidized$30,00 Unsubsidized$38,500/yrX 4 years=$154,000

MBA$8,500 Subsidized$12,000 Unsubsidized$20,500/yrX 1 year=$20,500

Federal Graduate Plus loans, grants and scholarships to cover remaining eligibility

5 yr MD/MBA=$154K + $20.5K = $174,500 total maximum Stafford federal loan

MBA Faculty Scholarship Maximum

$ 12,000 max scholarship

+ $174,500 max Stafford Fed loan

= $186,500 total in aid

MD/MBA• $260,000 budget• -$186,500 aid (max)• =$73,500 minimum gap over

5 years (can use grant funds, Federal Graduate Plus loans or out of pocket)

Minimum Difference in Cost

Minimum Difference in Cost

MD$208,000 budget

-$154,000 aid (max)=$54,000 minimum gapFederal Graduate Plus loans

or out of pocket

$73,500 MD/MBA (5years)

$54,000 MD (4years)

=$19,500 more of a gap

Minimum Difference in Gap

Why Deadlines Are Important

• Grant funds are limited and are awarded to those students with need AND who meet the deadlines.

• Important dates: – March - FAFSA deadline for academic year– May – Deadline for any requested documents for

academic year

Where to go for Assistance

• Best resource for students:

– On-line financial aid file at www.ofas.uci.edu• personalized student information available

– School of Medicine Contact:• (949) 824-4605

– Paul Merage School of Business Contact:• Alda Ruggiero (949) 824-7967• arguggier@uci.edu