SURVIVAL TIPS
Although tuition costs are fixed, living expenses are influenced by lifestyle choices and money management skills. Money management can be tricky for financial aid recipients who receive their funds in one lump sum at the beginning of each semester. We have designed two worksheets to help you. Use the "Quick" worksheet included here to project a rough estimate of the maximum you can safely spend on living expenses for the upcoming year. Try to do it before you are locked into rent. Use our full budget worksheet to understand your monthly expenses, break down your living expenses, and determine how much you may need to borrow. The AAMC also has a helpful site with information about money management and financial planning for medical students.
We also suggest that you visit FinAid.org and use their calculators to help you estimate your parent contribution and future repayment amounts. To see how we use your parent contribution in our financial aid packages, see our Packaging Examples.
Suggestions for Living Within The Cost-of-Attendance Budget:
While the living allowances in the budgets represent average medical student costs, many of our students tell us they live on less than we allow. Medical instruments must be purchased in the first year. There is a wide range of prices, but a good set can be purchased for $800 and is the maximum we allow. Try to spend no more than $277/month for food and household supplies; $622/month for rent including utilities and renters insurance premium (assumes shared cost of two-bedroom apartment with at least one housemate); and $270 on miscellaneous necessities (clothing, laundry, phone, routine health care). The extent to which you stay at or below these figures will determine what you have left to spend on transportation and for savings.
Bring enough money to school to last until mid-September. Even if you are expecting financial aid, you should bring enough money with you to cover "setting up" expenses such as security deposits, utility connection charges, first rent payment, purchase of initial household supplies and food. Financial aid for living expenses will not be available until approximately ten days after the final day of registration.
Money-management counseling is available! Your assigned financial aid counselor will help you develop a budget and identify discretionary costs that can be reduced so that you can live within your resources. If you find that you can live on less than what we allow in our budgets, talk with your counselor about the possibility of borrowing less, especially if you borrow unsubsidized loans.
Budget Worksheet / Unsubsidized Loan calculator (Excel Document)