Budget Guide Aid Notification Guide
The Budget Guide can help you prepare a budget to manage your educational and living expenses and to manage the resources available to meet your expenses. The guide also provides specific budgeting recommendations for living frugally in medical school.
Keeping a ledger of transactions can help you stay on target with your budget. The Student Budgeting Worksheet is an interactive tool to help you "crunch the numbers." This worksheet is a monthly tool to determine living expenses per academic year. The Charges vs. Resources Worksheet helps you calculate Bursar charges with internal and external financial aid. This is a good tool to determine how much aid is needed after tuition and living expenses have been met.
Linked aside the Budget Guide is the Aid Notification Guide for your convenience.
We are also excited to announce a pilot budget tool for first-year students. Versions for other class years are forthcoming.
Budgeting Tips
Once you determine your Cost of Attendance for the year and pay tuition and associated fees, you then need to calculate monthly living expenses. Some budgeting tips to help reduce monthly expenses:
- Pay off car loan and credit card debt before you start medical school
- Share apartment expenses with a roommate
- Establish a detailed and accurate budget using the following websites:
- Open a savings account and a checking account. Deposit your semester refund into your savings account and transfer your monthly allowance electronically to your checking account. Do not allow ATM access to your savings account.
- Don’t purchase books and supplies with a credit card, but charge bookstore expenses to your student account.
Adjustments to Student Budget
We suggest an email or meeting to discuss your current circumstance. Once it is determined you qualify for a COA adjustment, please upload the Adjustments to Cost of Attendance form, an itemized receipt of the expense incurred and proof of payment through the Self-Service Banner (SSB). Adjustments may be made to student budgets for the expenses listed below with Director approval. Generally, budget adjustments are covered with the Unsubsidized Direct Loan or Graduate Plus Loan. Adjustments are made for expenses incurred while school is in session in the name of the student and with student funds. A sampling of qualifying adjustments are:
- Transportation allowance up to $2,000 per academic year
- One-time computer allowance up to $2,000 in four year period
- Unusual medical and dental expenses up to $5,000 per year not covered by health insurance or otherwise reimbursed
- Child care expenses are considered for single parents, or when a student's spouse is working outside the home or attending college/graduate school on a less than half-time basis
- Away electives to cover out-of-state elective expenses related to transportation, registration and related fees. Receipts detailing expenses incurred and method of payment are needed.
- Residency application and related expenses where fourth-year students may request a budget increase to cover application fees, interview travel and hotel accommodations. Receipts detailing expenses incurred and method of payment are needed. Please contact our office to discuss.
Apartment Insurance
Your landlord's insurance policy does not cover your items if something happens in your building. Renters insurance, however, can protect you from having to replace lost or destroyed items. Consider purchasing renters insurance to protect your personal property.