Over the next four years, the cost of attending/completing medical school could be $200,000.00 or more. As you consider the cost of attending medical school, we strongly encourage you to review your ‘VITAL’ statistics for ensuring your financial aid well-being while attending medical school. Getting into financial ‘shape’ may be one of the best activities you can do for yourself. Whether it is our physical, nutritional, or spiritual health, there may be other choices we can make to take better care of ourselves. When it comes to our financial health, there may be better ways to manage our money.
Financial literacy resources are provided here to give basic money management information as a starting point for financial education. While we believe this information to be of value, it is not intended to be an all-inclusive listing of resources.
Budgeting: First and foremost it is important to remember to review your financial aid award notification for each semester's disbursement amounts. The scheduled disbursements are in accordance with federal financial aid regulations. The disbursements must first be used to pay for your tuition and fees. The remaining financial aid is issued to you as a credit balance refund to pay for your books/equipment and cost of living expenses. This credit balance refund can be several hundred to several thousand dollars to cover 4-6 months of living expenses at a time. Prudent money management will insure that you do not use all of your financial aid with the first few months of receiving it.
NOTE: As you review your award notification, please note your aid will be disbursed 50/50 - delivered to you in two disbursements Fall/Spring. Loans borrowed are interest bearing loans. LINK TO INTEREST RATES.
Borrowing student loans are your responsibility. You need to familiarize yourself on the various loans, rates, how they are determined. All that can be accomplished by reviewing the federal student aid websites.