Budget Planning

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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

Budgeting tools

We’ve created the following tools to help you create your budget and stay organized:

Expenses to anticipate

When preparing your budget, keep the following one-time expenses in mind:

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 a security deposit and utility deposits
  • $300-$500 to purchase instruments (Fall)

Year 2

  • $605 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)

Year 3

  • 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).
  • $1,280 for USMLE Step 2 - Clinical Skills registration fee (Spring)

Year 4

  • $605 for USMLE Step 2 - Clinical Knowledge application fee (Summer or Fall). This is accounted for in the standard student budget (cost of attendance).
  • Travel for USMLE Step 2 - Clinical Skills (Summer or Fall)
  • 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