University-administered financial aid is designed to help cover the expenses of a predetermined standard student education budget.
Creating and sticking to a budget within these standard parameters will help:
- Sufficiently cover expenses
- Reduce the amount you’ll have to pay back later
- Ensure you have a smooth cash flow, with financial aid becoming available at the beginning of a semester and expenses varying from month to month
We’ve created the following tools to help you create your budget and stay organized:
- Get started with this budget worksheet
- Use this record of financial assistance form to stay organized along the way.
Expenses to anticipate
When preparing your budget, keep the following one-time expenses in mind:
- Moving expenses. This cost cannot be included in the student budget because the expenses are incurred before the start of the academic year.
- Start-up costs at the beginning of the school year such as a security deposit and utility deposits
- $300-$500 to purchase instruments (Fall)
- Costs for USMLE Step 1 application fee (Spring). This is accounted for in the standard student budget (cost of attendance).
- USMLE Step 1 test preparation materials (costs vary by each student's personal preferences)
- Clothes for clerkships where professional dress is required
- Increased transportation costs for travel to hospitals, parking, etc. This is accounted for in the standard student budget (cost of attendance).
- Costs for USMLE Step 2 - Clinical Knowledge application fee (Summer or Fall). This is accounted for in the standard student budget (cost of attendance).
- Electronic Residency Application Service (ERAS)
- Graduation expenses: invitations, cap and gown rental, diploma, etc.
- Living expenses between graduation and the first paycheck for medical residency