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.
Living on your own has its benefits and responisibilities. Brown University's Auxiliary Housing site has a wealth of information on finding an apartment, who to call for utility services and your rights as a tenant. The AAMC's Roommates and Money fact sheet is worth reading.
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. For COA adjustments, please submit the Special Circumstances Appeal Form along with your receipts.
- 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.
- 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 elective expenses related to transportation, registration and related fees.
- Residency Application and Related Expenses: fourth-year students may request a budget increase to cover application fees, interview travel and hotel accommodations. Please contact our office to discuss.
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:
- www.ynab.com, free YNAB license for medical students (http://www.youneedabudget.com/blog/2014/ynab-is-now-free-for-college-students/).
- 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
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.
Keeping a ledger of transactions can help you stay on target with your budget. The AMS Student Budgeting Worksheet is an interactive tool to help you "crunch the numbers." This worksheet is a monthly tool to determine living expenses per academic year. The AMS Charges vs. Resources Worksheet helps you calculate Bursar charges with internal and external financial aid. This is a good tool to determine how much aid is needed after tuition and living expenses have been met.
American Association of Medical Colleges has several helpful tools: FIRST (Financial Information, Resources, Services, and Tools), MedLoan Calculator (download NSLDS loans to strategize repayment options), My Money 101 through SALT (gain real-life financial skills taking self-directed courses) and monthly SALT Newsletters. Another valuable resource is the AAMC Monthly Budget Worksheet.