FLIGHT
JULY 2017
FINANCIAL LITERACY INFORMATION FOR GRADUATE/PROFESSIONAL HEALTH STUDENTS OF TODAY
INSIDE THIS ISSUE Tax-Advantaged Accounts. . . . . . . . . . 1 Federal vs. Private Student Loan. . . . 1 Debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 How to Budget. . . . . . . . . . . . . . . . . . . . 2 Disbursement and Refund. . . . . . . . . . 2 One-on-One Counseling . . . . . . . . . . . 3 The FLIGHT Program. . . . . . . . . . . . . . 3 Scholarships . . . . . . . . . . . . . . . . . . . . . . . 3
FINANCIAL AID
One Stop Shop 901.448.7703
Gloria Dobbs Counselor, College of Health Professions gdobbs1@uthsc.edu Skype: glor.dob90 Phyllis Faulkner Counselor, College of Pharmacy pfaulkn1@uthsc.edu Debra Bolton Counselor, College of Medicine dhall48@uthsc.edu Janice G. Maddox Literacy Coordinator and Counselor, College of Graduate Health Sciences and College of Dentistry jmaddox9@uthsc.edu Skype: janice.maddox3 Samuel Matheny Executive Director of Financial Aid and Retention samuel.matheny@uthsc.edu Paulette Moore Associate Director of Financial Aid and Counselor for College of Nursing pmoore8@uthsc.edu Skype: lette.bee60 Debra Bolton Counselor for Medicine dhall48@uthsc.edu
PREPARE FOR MAJOR LIFE EXPENSES WITH TAX-ADVANTAGED ACCOUNTS by Nathaniel Sillin
College tuition, a new pair of glasses and retirement may seem unrelated, but the tax law says otherwise. By knowing how and where to save your money, you could pay for each of these expenses with tax-advantaged – or in some cases income-tax-free – money. Individual Retirement Agreements (IRAs) and 401(k)s are perhaps the two most well-known examples of these types of accounts. But they’re not alone. With educational and medical expenses in mind, consider the following types of accounts and how you might be able to use one to help yourself or your family. Read more at Practical Money Skills. Bottom Line: Paying for higher education, covering medical-related expenses and saving for retirement are three important financial goals. Incorporating tax-advantaged accounts into your long-term plan could be a win-win for your wallet. You might be able to save money now by lowering your tax bill and lower your effective costs later by withdrawing and using the money for qualified expenses.
FEDERAL VS. PRIVATE STUDENT LOAN
UTHSC awards a limited amount of federal and state funding to students. To bridge the gap between this limited assistance and a student’s full cost of attendance, additional financial assistance can be obtained by applying for a Federal Graduate/Parent PLUS loan or a private bank (alternative) loan. Federal Graduate/Parent PLUS and Private loans are based on creditworthiness, ability to repay and may require a co-signer. Read more at: Federal vs. Private Additional Funds Request Forms 1