Student Budget (Twin Cities)


Medical Student Budget

See page 28 for current budget.

View Current Budget Here

In developing the student budget, only the single student cost of attendance is used. Financial aid budgets are created to allow the student a moderate standard of living. Adjustments to the student budget are only made on an individual basis to cover such things as off-campus study, child care, and disability-related costs. Proper documentation is required. For further information about budget adjustments, contact a Medical School financial aid counselor.

Tuition rates for new matriculants are fixed and guaranteed for all four years of medical school through an innovative cost-of-degree tuition policy. Once determined (in the month of May for the Year One entering class), tuition remains set until completion of the M.D. degree. All students are required to pay 11 semesters of tuition (5 semesters of Scientific Foundations and 6 semesters of clinical rotations).


Computer Purchase Policy

A computer, printer, hard drive, and appropriate software are considered "essential, necessary purchases for medical students." The maximum budget adder allowable for this expense is $1,500. Students must submit documentation for the computer purchase such as a purchase agreement, bill of sale, or store receipt. Financial aid counselors will advise as to the most appropriate loan program to use. Seniors must apply by November 1st - No exceptions.


Transportation Policy 2014-15

Transportation costs for all classes are built into the standard budget. Car maintenance, parking, and insurance allowances for medical students are the basis on which transportation budgets are calculated.

The transportation allowances are as follows:

Year 9 months
1-2 $2,000
3-4 $2,600

If you qualify for financial aid, the above standard costs for transportation may be funded by institutional sources of aid, such as private scholarships and/or loans, state scholarships and/or loans, or federal scholarships and/or loans.


Car Loan Policy

Students without cars or with cars needing excessive repair may receive an allowance of no more than $6,000 (to be funded through a private loan) for the purchase or repair of a car. The total cost of the used car cannot be more than $6,000. New car loans will not be approved. First-year students who, prior to medical school, committed themselves to car loan payments, may request a budget add-on of up to $6,000 to the standard budget as a car loan. The add-on may be distributed over more than one year and will be financed through a private loan program.

To qualify for this loan, a credit check will be made. If you have had credit problems in the past, you may not qualify. The school certification of this loan is subject to final approval by the lending institution.

To receive this car loan, the student must complete a Petition for a Car Loan. In addition, proper documentation such as a copy of the sales contract, or estimates of repairs, or paid repair receipts must be provided at the time of application. In all cases, students will be asked to submit a copy of their current registration with the DMV and proof of insurance covering accidents, vandalism, fire, and theft.

Seniors must apply by November 1st for loans for car purchases. NO EXCEPTIONS.


Budget Planning

See page 29 for Monthly Budget Worksheet / Financial Resources Form.
See page 30 for Record of Financial Assistance Form / Loan Repayment Logs.

University-administered financial aid is based upon providing resources to meet the expenses of a predetermined standard student budget. It is important for you to be able to relate your actual expenses in various categories to the amounts allocated for these purposes by the Financial Aid Office in the standard student budget. There are several reasons to do this. If your expenditures are higher, the amount of financial aid that is received will not prove adequate. Likewise, if expenses are kept below the established budget, it will not be necessary for you to borrow as much money now. With lower debts, particularly in high-interest loans, there will be less to pay back later. Another reason to organize a budget is to know, at any one time, how long you are able to manage on the funds currently available. This is important because financial aid becomes available at intervals throughout the year and your expenses will vary from month to month. By knowing which expenses occur regularly, you can plan for those that occur quarterly or annually. A smooth cash flow will be achieved and anxiety about financial concerns will be reduced.

Budget Worksheets

Take the time to prepare your Monthly Budget Worksheet (pdf) and the Record of Financial Assistance Form (pdf). In preparing a budget, the following one-time expenses should be kept in mind.

One-Time Expenses

Year 1

  • 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 utility deposits.
  • Fall - $300-$500 to purchase instruments.

Year 2

  • Spring - $580 for USMLE Step 1.

Year 3

  • Clothes for clerkships where professional dress is required.
  • Increased transportation costs for travel to hospitals, parking, etc.
  • Spring - $1,230 for USMLE Step 2 - Clinical Skills registration.

Year 4

  • Summer or Fall - $580 for USMLE Step 2 - Clinical Knowledge.
  • Summer or Fall - Travel for USMLE Step 2 - Clinical Skills.
  • Electronic Residency Application Service (ERAS).
  • Travel expenses for residency interviews.
  • Graduation expenses: invitations, cap and gown rental, diploma, etc.
  • Living expenses between graduation and the first paycheck for medical residency.

Disbursements

Another point to consider in budgeting is that financial aid refunds are disbursed at the beginning of each semester. In 2013-14 disbursement dates will be as follows:

Fall Semester: August 20; Year 1 - August 6
Spring Semester: January 2
Summer Semester:  May 6

Remember that whether you are a first-, second-, third-, or fourth-year medical student, you must be registered for at least 3 credits each semester in order to receive your financial aid disbursement each semester.

Reminder for Year 3 & 4 students:

To receive your semester financial aid disbursements, you must be registered for at least one 3-week course each semester. The Medical School curriculum states you may schedule your free time whenever you wish. Financial aid regulations state you must be registered for courses to receive financial aid. You need to take at least one 3-week course each semester.

Entering Year 1 students:

Entering students are advised to start the school year with some money, in case aid is not paid on time. It is strongly recommended that you pay August rent prior to receiving fall financial aid. Also, it helps to have some extra money available for buying books the first week of fall semester.

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