Topics Welcome to Spring!

Spring Student Financial Services Newsletter—Downers Grove April 10, 2012January Volume—March, 2 , Issue Issue 4 01

Welcome The Office of Student Financial Services has had a pretty busy first quarter 2012! In this report, we’d like to update you on our initiatives and preview our spring quarter activities: Thrifty Budget - 2 As students began their 2012-2013 financial aid application process in mid- February, we Enhanced Repayment Resources - 2 kicked off a new initiative called the “Thrifty Budget,” a concept is to make it very easy for students who would like to borrow less to do so. PG Presents Services - 2 In January, we announced our new PGPresents services for 2012 graduates. Read on for more details on videos, listservs by program of study, learning primers, and a toll-free Focus on RepayReady - 3 number for one-on-one assistance through December 2012. We continue to promote RepayReady as a means of tracking and monitoring student loans Financial Literacy Education - 3 while in school as well as establishing an effective strategy when the student enters repayment. Federal Work Study - 4 Approximately 40% of all students were invited to participate in a financial literacy study in March; our thanks to those that did join the study. Budget Thoughts - 4 More and more students are enjoying the benefits of Federal Work-Study; in addition to earning some money, students build important professional contacts and relationships. Entertainment on the Budget - 5 How about you? th While the Financial Literacy scholarships will be announced by May 11 , the balance of the th Refund Dates - 5 scholarships will be announced by June 15 . Refund dates for 2012 – 2013? They are on the website. Financial Literacy Calendar of Events - 6 Looking for a comprehensive listing of upcoming Sensible Strategies events and workshops? Look no further; signup information will be available through links in our email announcements and on the Message Center.

Best wishes for a happy, healthy spring and a productive spring quarter!

January—March, Issue 01

Thrifty Budgets – Making a Difference?

The 2012 – 2013 academic year marks the beginning of a new approach in student borrowing at Midwestern University with the launch of our Thrifty Budgets. The new direction, as part of our Sensible Strategies program, offers students the opportunity to actively choose the amount they will be borrowing. In prior years, students would generally choose to borrow the maximum they are eligible for; this new approach challenges students to consider their choices and make a commitment to borrow less. Through the program, we en- courage students to live with a roommate, share utility costs, reduce the food budget and so forth. By taking a more conservative approach, students can save more than $50,000 over four years!

While the savings can be significant, if life circumstances change and a student needs additional funding, they can borrow the additional amount they are eligible for in their specific program. Thus, flexibility is preserved while a student makes better choices. Throughout our Sensible Strategies program, a common theme of living on less, borrowing less and minimizing debt prevails. While the program just launched in mid-February, we are noting an impact already with more than 250 students electing for the Thrifty Budget. Additionally, we have several hundred students who are choosing to live with their parents while attending MWU, another thrifty choice. Small sacrifices today will have a big payoff in the long term!

As the old saying goes, “Live like a student when a student so you can live like a doctor when you are a doctor.” Naturally, this pertains to all of our programs across the board.

Enhanced Repayment Resources for 2012 Grads The Office of Student Financial Services is dedicated to helping 2012 graduates effectively manage the debt they have incurred while enrolled at Midwestern University. It is important that graduates understand the terms and conditions of their student loans. The more one knows, the easier it is to avoid the pitfalls in the loan repayment process. On our website, graduates will find the resources to help successfully manage student loans by choosing the best repayment strategy based on individual goals and circumstances. While some services are available now, others will become available in late May.

PGPresents Services

As announced in January, we have partnered with Paul Garrard, Founder and President of PGPresents, an independent student loan consulting company, to provide loan repayment services to graduates. Mr. Garrard is a thirty-year veteran of higher education and student financial aid and is considered by many to be the number one educational debt management expert in the nation, especially when it comes to helping health professions graduates manage their student loans. He works with thousands of health professions graduates helping them choose repayment strategies to meet their career, personal, and financial goals.

Because of discipline-specific needs and a desire to target the information to the greatest degree possible, we have multiple versions of much of the new content. The services are offered free of charge to all Midwestern University Class of 2012 graduates and are summa- rized in four major categories:

Loan Repayment Videos are 3 to 5 minutes in length and have been designed for three specific groups of graduates: the Colleges of Osteopathic Medicine, the Colleges of Dental Medicine and Graduate Health Professions (all disciplines other than dental and osteopathic). The 12 videos are titled:

* Repayment Primer * Consolidation Primer * IBR (Income-Based Repayment) Primer * PSLF (Public Service Loan Forgiveness) Primer

Loan Repayment Handouts: As noted above, specific content is being developed for the Colleges of Osteopathic Medicine, the Colleges of Dental Medicine and General (all disciplines other than dental and osteopathic). The handouts are titled:

* Repayment Primer * Consolidation Primer * IBR (Income-Based Repayment) Primer * PSLF (Public Service Loan Forgiveness) Primer MID- WESTERN UNIVERSITY—Downers Grove 555 31st Street, Downers Grove, IL 60515 Phone: 630/515-6101 Fax: 630/515-6384 Office of2 Student Financial Services 2 Haspel/Hambrick Hall, Suite 102 8:00 – 4:30 p.m., M-F Federal School Code: 001657 [email protected] / [email protected]

January—March, Issue 01 The videos and handouts are now available on our website at: http://www.midwestern.edu/Programs_and_Admission/Repayment_Resources_for_2012_Graduates/PGPresents_Services.html

Debt Management Listservs are designed to provide graduates with timely information and reminders about repayment and deadlines. The listservs will be available from May 29, 2012 through December 31, 2012. Graduating students will have the option to sign up for one of the three listservs (Medical, Dental, and Other Graduate Health Professions Programs) beginning in early May 2012. Graduates will be advised through workshops and webinars as to how to sign up through their MWU email account. To insure no one is missed, we will also have notices on our Facebook page and on the Message Center.

Finally, a Toll Free Phone Number will allow access to Mr. Garrard from May 29, 2012 through December 31, 2012 for the purpose of getting direct answers to questions graduates may have regarding repayment. The toll-free phone number will be released to 2012 graduates in May. Future announcements on how to access this valuable assistance will be provided through graduates email accounts, on Facebook and through the MWU Online Message Center

We’ll monitor progress on all four aspects of the new repayment programs throughout the summer and fall; comments and suggestions to improve these resources are always welcomed.

Focus on RepayReady

Today’s students are faced with higher debt levels, multiple loan servicers and a changing job market. The most important part of student loan borrowing is learning how to manage student loan debt. Our goal is to make sure that we educate students on how to keep track of their loans and to make on-time payment when they enter repayment. RepayReady helps students achieve both goals. The features of RepayReady include the use of web-based multi-media videos, repayment planning resources and a personalized repayment planning tool called the Electronic Loan Counselor (ELC). RepayReady assists students organizing their loans, determining ways to lower their monthly payments and educating students on what payment options best suits their lifestyle. We offer lunch hour sessions foron-campus students on both campuses as well as an online webinar for off-campus students.

As an enhancement for students away from campus on rotations or between quarters, we have placed the recorded eight minute webinar on our home page; to access this, go to https://midwestern.webex.com/midwestern/ldr.php?AT=dw&SP=TC&rID=24137802&act=pf&rKey=cb819f15c78d2736.

We are happy to get you started using this valuable tool.

Financial Literacy Education Research Project

Midwestern University recently began a research study on both campuses to examine the impact and effectiveness of financial literacy education efforts on graduate health professions students’ financial decision-making. MWU is committed to providing a comprehensive financial literacy program that fully supports its students and alumni and can serve as a model to other institutions. In order to do so, we need to identify how our students learn about finances, how they spend their resources, and how they respond to the current financial literacy education efforts at MWU. Evaluating the impact of this program on subsequent financial decision-making of MWU students is paramount for shaping responsible behavior and ensuring success.

The MWU Research Board approved study was conducted throughout the month of March. Data was collected through written surveys and focus groups on both campuses. Over 2,000 students were invited to participate in the optional anonymous survey. Each campus also conducted one small focus group session with up to 12 participants.

This study will assist the Offices of Student Financial Services in evaluating the impact their financial literacy programs have on students’ financial decision-making. The results will guide us as we continue to develop and expand our program offerings. In our continued efforts to share our initiatives and serve as a model to other institutions, MWU will provide an update of theSensible Strategies financial literacy program as well as the research results at a national conference to be held in July 2012 in Chicago.

MIDWESTERN UNIVERSITY—Downers Grove 555 31st Street, Downers Grove, IL 60515 Phone: 630/515-6101 Fax: 630/515-6384 Office of3 Student Financial Services 3 Haspel/Hambrick Hall, Suite 102 8:00 – 4:30 p.m., M-F Federal School Code: 001657 [email protected] / [email protected]

January—March, Issue 01 Federal Work-Study Focus is Producing Significant Results

Beginning in the spring of 2011, staff in the Student Financial Services offices on both campuses began increase emphasis on the benefits of Federal Work-Study as an integral part of a student’s financial aid package. While not all students can benefit due to their heavy academic schedules or rotations, many can and this has become a major component within the Sensible Strategies program. Every dollar earned through Federal Work-Study is one less that needs to be borrowed and then repaid with interest. Federal Work-Study payrolls have pretty consistently been running about 40% ahead of 2010 – 2011 on the Glendale campus and 25% ahead of 2010-2011 levels on the Downers Grove campus.

For students, a webinar dealing with all aspects of Federal Work-Study is hosted on our internal home page at http://www.midwestern.edu/Programs_and_Admission/Financial_Aid/Federal_Work_Study.html. The benefit of this approach is that the process is fully outlined and all key instructions and forms are available for the convenience of the student.

Budget Thoughts!

The spring term has arrived! I am sure you are looking forward to swapping those heavy sweaters for shorts and cleaning out your closets. As you prepare for the next season, don’t forget about checking the batteries in your smoke detectors as well. Perhaps you may want to also take a look at your finances. It is a great time to begin a budget or review an existing budget.

Budgeting is a lifetime process for us all. Budgets allow us to have better control in managing our finances. Our futurewill be more manageable by sticking to a budget.

Keeping a budget is not just for the student who wants to be careful in their borrowing of student loans. As you begin your career, you will still need to budget carefully. Whether planning to purchase a house, start a family or open your own practice a budget will be needed.

Let’s flash forward to 15 years from now. Perhaps you will be turning 40. No need to budget? How will you pay for your kid’s college tuition? Your salary will be much larger, but so will your lifestyle. After your kids are grown you may want to travel more and perhaps retire early. You will need a plan for that as well! In fact that’s what budgeting is all about. It is simply planning ahead for your life.

Entertainment on the Budget

We know students don’t have a lot of free time with studies and other responsibilities. However, you still need time to relax, to meet up with friends and balance your life. It will help you stay in good shape academically and also emotionally. We would like to suggest some entertainment ideas that will not break your wallet. We’ll start with local places where you don’t have to travel too far, and entertainment might be cheaper than in Chicago. Plus, you might find free parking!

For theater lovers, may we suggest the following places:

McAnninch Arts Center at College of DuPage: http://home.cod.edu/atthemac/ The Theater of Western Springs: http://www.theatrewesternsprings.com/ Drury Lane Theater in Oakbrook Terrace: http://www.chicago-theater.com/theaters/drury-lane-theatre/theater.php

Fox Valley Repertory in St. Charles: http://www.foxvalleyrep.org/

For more local events, you may go to www.discoverdupage.com and check what’s available for a certain time and place. One of our favorite places is Tivoli Theater in downtown Downers Grove where you’ll find current movies at bargain prices and other cultural events.

When you don’t feel like going out, you may go to eMediaLibrary from your local library website and check out audio or eBooks. Or you may visit your local public library and check out music, movies or videogames. While in the library, don’t forget to check information on free or discounted events.

The weather is turning sunny and warm. You might want to explore local hiking or biking trails and forest preserves: http://www.dupageforest.com/Recreation/Recreation(2).html. Our favorite trails are in Waterfall Glen forest preserve, Darien and Greene Valley forest preserve, Naperville.

MIDWESTERN UNIVERSITY—Downers Grove 555 31st Street, Downers Grove, IL 60515 Phone: 630/515-6101 Fax: 630/515-6384 Office of4 Student Financial Services 4 Haspel/Hambrick Hall, Suite 102 8:00 – 4:30 p.m., M-F Federal School Code: 001657 [email protected] / [email protected]

January—March, Issue 01

Some Scholarship Announcements Delayed Until June

This year we made significant upgrades to the annual scholarship application process. While we anticipate the Financial Literacy scholarships will be announced as planned by May 11th, we anticipate that the balance of the scholarships will not be announced until June 15th. If it is possible, we’ll announce earlier.

Refund Dates for 2012 – 2013 Posted

Interested in dates for the coming year? They are all here by campus and program. For Downers Grove students, go to: http://www.midwestern.edu/Programs_and_Admission/Financial_Aid/Accounts_Receivable/Refund_Dates_Downers_Grove.html.

Financial Literacy Calendar of Events – April to June 2012

Twenty events are scheduled in this busy quarter as students prepare to graduate and leave Midwestern University. As of April 1st, 1,410 students have participated in at least one financial literacy event during the 2011-2012 academic year. Planned events on the Downers Grove campus include:

Managing Your Loan Portfolio Workshop April 4th Loan Repayment Planning Webinar – Medical April 5th In-Person Exit Sessions – Pharmacy April 6th Loan Repayment Planning Webinar - Pharmacy April 10th Financial Experts Forum April 11th Midpoint Presentation – Occupational Therapy – OT I April 12th Midpoint Presentation – Physician Assistant - PA I April 13th Midpoint Presentation – Clinical Psych – CP II April 16th Armed Forces Day April 17th Midpoint Presentation – Dental – DN I April 17th Managing Your Loan Portfolio Workshop April 18th Loan Repayment Planning Webinar – Pharmacy April 19th Midpoint Presentation – Bio Medical Science – BMS I April 23rd Managing Your Loan Portfolio Workshop April 25th In-Person Exit Sessions – Physical Therapy April 27th Midpoint Presentation – Pharmacy – PS II April 30th Midpoint Presentation – Medical – MS II Spring 2012 In-Person Exit Sessions – Bio Medical Science May 1st Institutional Loan Webinar May 15th Institutional Loan Webinar May 23rd

MIDMIDWESTERN UNIVERSITY—Downers Grove 555 31st Street, Downers Grove, IL 60515 Phone: 630/515-6101 Fax: 630/515-6384 Office of5 Student Financial Services 5 Haspel/Hambrick Hall, Suite 102 8:00 – 4:30 p.m., M-F Federal School Code: 001657 [email protected] / [email protected]