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 Medical school has never been more expensive.
Annual tuition for in-state students at the IU School of Medicine surpassed $25,000 this year, which is comparable to the amount charged by other public medical schools. Once books, fees and living expenses are factored in, Indiana residents spend about $50,000 a year while earning their medical degrees.
The cost is even greater for students from other states. Tuition for out-of-state medical students studying at the School of Medicine is more than $42,000. Fees and other expenses bring the total cost to about $67,000 a year.
Unfortunately, the amount of money available for scholarships has not kept pace. As a result, students are taking on staggering debt. Members of the Class of 2008 borrowed an average of $150,000 to finance their medical education.
That burden has very real ramifications.
The IU School of Medicine risks losing bright and talented future physicians to medical schools that offer greater financial assistance.
In other cases, students who are concerned about paying off loans may feel compelled to enter high-paying specialties, even if their passion lies elsewhere. In 2006, 40 percent of graduates reported that debt influenced their choice of residency.
Your tax-deductible gift of a scholarship will make a difference. Increased scholarship assistance will ensure that the very best students are able to obtain their medical education at the IU School of Medicine. And we all benefit when medical students enter into practice with a solid education in a specialty in which they are most gifted.
Now is the time
Now is the ideal time to make an impact with your scholarship gift. In response to this serious situation, Dean D. Craig Brater has committed to match the value of certain scholarship pledges made through the end of 2008, doubling the size of the scholarships for student recipients.
There are two ways to take advantage of this exciting opportunity:
1. Dean's Council Named Scholarship
Dean Brater will make a dollar-for-dollar match when someone creates a new scholarship and pledges $5,000 annually for four years. In other words, your pledge of $5,000 a year will translate into $10,000 annually for the scholarship recipient. As a result, deserving students will receive $40,000 in scholarship assistance over the course of their medical education. The Dean's match is available for scholarships created before the end of 2009.
The scholarship can be named for you, or as a tribute to someone you specify.
You will receive contact information for the recipient, allowing you to learn more about the student who is benefiting from your generosity.
2. Endowed Named Scholarship
Endowed scholarships established and fully funded before March 31, 2009 are also eligible for the Dean's match.
A minimum gift of $100,000 is required to endow a scholarship. The gift's principal is invested and, after one year, a portion of interest earned is used to fund an annual scholarship. Dean Brater will match up to $5,000 from eligible endowed scholarships. An endowment that would typically generate a $5,000 annual scholarship will instead provide $10,000 a year in financial support to a student.
While the Dean's match ends after four years, your endowed scholarship will continue into perpetuity.
The scholarship may be named for you, or you can honor someone by naming the scholarship for him or her.
Commit to the future of medical care in Indiana
To learn more about establishing a Dean's Council Named Scholarship or an Endowed Named Scholarship, contact:
Jill L. Kooiman
Director, Dean's Council
317-278-2113
jkooiman@iupui.edu
Or establish a scholarship today. Click here to view and print a pledge card.
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