Budgeting

We encourage each student annually to develop a budget consisting of tuition, fees, and living expenses. 

Cost of Attendance

As mentioned in the Eligibility page, the first component in determining your financial aid award is your cost of attendance (COA). Each year, the Office of Financial Aid carefully prepares the COA for each class. Certain budget components, such as tuition and University fees, are standard for all classes, while other expenses, such as national board exam fees, are class-year specific. Please click here to view budget details for the current year.

Adjustments to Student Budget

Adjustments may be made to student budgets for the expenses listed below with Director approval. Students must provide appropriate documentation (e.g., bills, receipts, and airline tickets) for budget increases. Generally, budget adjustments are covered with the Unsubsidized Direct Loan or Graduate Plus Loan.

  • Transportation Allowance up to $2,000
  • One-time Computer Allowance up to $2,000
  • Unusual Medical and Dental Expenses up to $5,000 per year: not covered by health insurance or otherwise reimbursed.
  • Educational Debt Repayment: adjustments may be made if the repayment of principal and/or interest is required during medical school.
  • Child Care: expenses are considered for single parents, or when a student's spouse is working outside the home or attending college/graduate school on a less than half-time basis.
  • Away Electives: to cover out-of-state electives transportation, as well as other reasonable expenses, that they would not have incurred for electives in the Providence area.
  • Residency Interviewing and Related Travel Allowance: fourth-year students may request a budget increase to cover application fees, interview travel and hotel accommodations.

Budgeting Tips

Once you determine your Cost of Attendance for the year and pay tuition and associated fees, you then need to calculate monthly living expenses. Some budgeting tips to help reduce monthly expenses:

  • Pay off car loan and credit card debt before you start medical school
  • Share apartment expenses with a roommate
  • Establish a detailed and accurate budget using the following websites:
  • Open a savings account and a checking account. Deposit your semester refund into your savings account and transfer your monthly allowance electronically to your checking account. Do not allow ATM access to your saving account.
  • Don’t purchase books and supplies with a credit card, but charge bookstore expenses to your student account

Budgeting Resources

The Budget Guide can help you prepare a budget to manage your educational and living expenses and to manage the resources available to meet your expenses. The guide also provides specific budgeting recommendations for living frugally in medical school.

The Student Budgeting Workbook and Charges vs. Resources Worksheet are interactive tools to help you "crunch the numbers."

In addition, we've created a ledger workbook to help you keep track of transactions in your own private checking account or to keep track of your debit-card transactions. Keeping a ledger of transactions can help you stay on target with your budget.

American Association of Medical Colleges has two helpful tools, FIRST and MedLoan Calculator.