Budgeting is one of the primary focuses for the MD Program Office of Financial Aid. Having a plan for your finances, knowing where your income goes, allocating for fixed and variable expenses, and savings provides a solid foundation for financial wellness – even while pursuing a medical degree. Budgeting and making wise decisions about money management begins now, not after starting your residency.
For students who borrow loan funds for living expenses, the cost of attendance should serve as your framework when planning out your budget for the academic year and for each year of medical school thereafter. We encourage students to budget for less – which means meeting your living expenses needs for less than what has been allocated on your cost of attendance.
Students should be cognizant that their academic schedules change from year to year. The date you begin classes will effect the date that federal student loan funds are disbursed to you. If your class does not begin on the first day of the semester you may not obtain the full cost of living allowance. Please plan wisely.
Budget Cost-of-Attendance Chart for Each Class
All federal student loans are disbursed 50% in the fall semester and 50% in the spring semester. This will effect the way you budget for rent, USMLE Step exams, and fourth-year residency travel. Some issues to consider in putting together your budget include:
M1: Traditional academic year, but how will you budget for the summer months when you are doing unpaid research? Ask the Office of Student Professional Enrichment about fellowships. The academic year is nine months long, August through May.
M2: Traditional fall and spring semesters. You will be enrolled from August through June, eleven months.
M3: Traditional academic year, except each semester is a full six months. In the spring you will need to pay for your USLME Step 2 exam that you will take early in Year 4. You must save half the cost of the exam from your fall loan disbursement to pay for 100% of the exam in the spring semester. Your academic year runs from July through June.
M4: Traditional academic year, except you will spend part of it traveling for residency interviews. Again you will receive 50% of the budgeted federal loan funds in the fall and 50% in the spring. We hope that you will consider the excellent GWMAC program available to traveling students through the Development and Alumni Relations Office. Your academic year runs from July through May (graduation).
| Class of 2024 (1st Yr) | Class of 2023 (2nd Yr) | Class of 2022 (3rd Yr) | Class of 2021 (4th Yr) |
|---|---|---|---|
| Length of Academic Calendar (months): 9 | Length of Academic Calendar (months): 11 | Length of Academic Calendar (months): 12 | Length of Academic Calendar (months): 11 |
| Tuition : $62,060 | Tuition 1: $64,240 | Tuition 1: $63,035 | Tuition 1: $63,035 |
| University Fees : $630 | University Fees 2: $400 | University Fees 2: $250 | University Fees 2: $250 |
| Graduation & Cap/Gown Fee: $0 | Graduation & Cap/Gown Fee: $0 | Graduation & Cap/Gown Fee: $0 | Graduation & Cap/Gown Fee:$109 |
| Books & Supplies: $1,289 | Books & Supplies: $360 | Books & Supplies: $0 | Books & Supplies: $0 |
| Instruments : $250 | Instruments 3: $0 | Instruments 3: $0 | Instruments 3: $0 |
| Living Expenses* : $17,820 | Living Expenses* 4: $23,210 | Living Expenses* 4: $27,120 | Living Expenses* 4: $24,860 |
| Health Care Allowance : $2,700 | Health Care Allowance 5: $2,700 | Health Care Allowance 5: $2,700 | Health Care Allowance 5: $2,700 |
| Step I & II, National Board Exam: $0 | Step I & II, National Board Exam: $645 | Step I & II, National Board Exam: $645 | Step I & II, National Board Exam: $0 |
| Step II CS : $0 | Step II CS 6: $0 | Step II CS 6: $0 | Step II CS 6: $0 |
| Residency Interviews: $0 | Residency Interviews: $0 | Residency Interviews: $0 | Residency Interviews: $2,000 |
| Federal Student Loan Origination Fees Average : $1,346 | Federal Student Loan Origination Fees Average 7: $1,346 | Federal Student Loan Origination Fees Average 7: $1,346 | Federal Student Loan Origination Fees Average 7: $1,346 |
| Travel Home: $800 | Travel Home: $800 | Travel Home: $800 | Travel Home: $800 |
| Total: $86,895 | Total: $91,881 | Total: $95,896 | Total: $95,100 |
| Living Expenses Class of 2024 (1st Yr) | Living Expenses Class of 2023 (2nd Yr) | Living Expenses Class of 2022 (3rd Yr) | Living Expenses Class of 2021 (4th Yr) |
|---|---|---|---|
| Rent & Utilities: $1,400 | Rent & Utilities: $1,400 | Rent & Utilities: $1,400 | Rent & Utilities: $1,400 |
| Food/Household Expenses: $330 | Food/Household Expenses: $330 | Food/Household Expenses: $330 | Food/Household Expenses: $330 |
| Personal Expenses: $200 | Personal Expenses: $200 | Personal Expenses: $200 | Personal Expenses: $200 |
| Local Transportation : $50 | Local Transportation 8: $180 | Local Transportation 8: $330 | Local Transportation 8: $330 |
| Monthly Budget: $1,980 | Monthly Budget: $2,110 | Monthly Budget: $2,260 | Monthly Budget: $2,260 |
Budgeting Tools and Resources
- AAMC FIRST Interactive Budgeting Worksheet - highly recommended for all first year one-on-one counseling sessions
- Investopedia How To Build A Budget
- Budgeting for the lean years, medical school and resiency, from the AAMC
- Office of Financial Aid Budget Worksheet
- June 21, 2019 Wallet Wellness Podcast on Budgeting