Medical School Costs

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Medical School Costs

 

UNIVERSITY OF VIRGINIA SCHOOL OF MEDICINE
2014/15 Cost of Attendance Budgets  

For a breakdown of living expenses and help living within the approved
Cost of Attendance, click here.

First Year
(10 months)

Second Year
(12 months)

Third Year
(12 months)

Fourth Year
(9 months)

TUITION / FEE COSTS
Virginian (max potential need-
based scholarship: $20,000)
47,118 47,118 46,718 46,468
Non-Virginian* (max potential need-
based scholarship: $24,000)
57,726 57,726 57,326 57,076
NON-TUITION COSTS
Living Expenses (1,714/month) 17,140 20,568 20,568 15,426
Health Insurance (single) 2,640 2,640 2,640 2,640
Books / Supplies / Instruments 614 B/S
600 Instr
900 B/S
300 - PDA
500 350
Board Exams (Required) 0 600

600
1,270

0
570 (travel)
Loan Fees 458 506 506 434
Residency Interviewing Costs 0 0 0 2500
TOTAL NON-TUITION COSTS 21,452 25,514 26,084 21,920
TOTAL ALL COSTS
Virginian 68,570 72,632 72,802 68,388
Non-Virginian 79,178 83,240 83,410 78,996

*The financial aid office does not determine in-state or out-of-state status. For information about becoming an in-state student, please click here or visit the SCHEV website. If you still have questions, please contact the Committee on Virginia Status of University Students, P.O. Box 9071, Charlottesville, VA 22906 or call their office at 434-982-3391. If you are an out-of-state entering first-year student, we recommend that you speak with the Admissions office prior to applying for in-state status.

 

Computer purchase: First-year students may borrow up to $2,000 above Cost of Attendance for the purchase of a required computer with submission of an original purchase receipt in the student's name.

 

The Cost of Attendance Budget determines your maximum financial aid.
Individual aid sources are limited by program maximums.  Total aid from combined sources, including non-need based loans, cannot exceed the school-approved Cost of Attendance budget.   The COA budget determines the maximum you can receive in financial aid, it is not a recommendation.  If you are using loans for your living expenses, we recommend that you budget to live under the Cost of Attendance so that you can minimize borrowing.

Tuition and living costs are subject to annual increase.  For a rough estimate of next year's costs, add 4%.

 

Tuition Payment
Tuition charges are divided into two equal payments, the first in August, the second in January. Likewise, financial aid disbursements are divided into two equal payments and disbursed at the beginning of each semester.  If you withdraw, refund of tuition and fees is subject to the University's refund policy.

In some cases, financial aid recipients should not use the tuition payment plan offered through Student Accounts.  Participation in a tuition payment plan may delay receipt of financial aid funds intended for living expenses.  If you apply for aid on a timely basis, you may postpone payment of the portion of tuition charges that will be covered by financial aid.

 

Health Insurance

The University requires all students to have health insurance. New students verify insurance coverage on their pre-entrance health form when they first enter the University.  The University offers a student health plan administered by Aetna Student Health.

Students are not required to enroll in the Aetna Student Health plan. However, the University encourages students and their families to compare their existing plan to the Aetna Student Health plan.  Open enrollment occurs each year from July through early October.  Students who lose their other health insurance mid-year (for example, due to turning 26 and losing parent coverage) may enroll in the Aetna plan upon loss of other coverage.

 

WHAT IS/IS NOT COVERED IN COST OF ATTENDANCE BUDGETS?

Although students' non-tuition costs vary considerably according to individual means, lifestyle choices and budgeting skills, federal aid regulations mandate that financial aid offices develop annual cost of attendance budgets that define and limit expenses eligible for funding with financial aid.  Financial aid budgets include the cost of tuition and books and provide for a modest but feasible student lifestyle in the geographic area of the school. If you know you will need financial aid, we urge you to keep the following points in mind as you consider life-style choices for the coming years of medical school:

Automobiles: The financial aid budgets provide for a comprehensive living allowance to cover room and board, clothing, transportation, routine health care and recreation for the months when you are actually enrolled in school.  Per federal regulation, there can be no specific allowance in standard financial aid budgets for the purchase, maintenance or insurance of a personal motor vehicle.  If you depend on financial aid and you have motor vehicle expenses (especially car payments), you will need to reduce your costs in other areas or get family help to cover them.

Single Student Housing: Unless you are able to secure limited on-grounds housing, you will find it easier to share the cost of off-grounds accommodations with a roommate or roommates to stay within the recommended housing allowance included in the budget.

Students With Dependents: Medical students who have dependents but have no personal resources, no spousal income and no parental assistance will find that trying to live exclusively on the student's financial aid places stress on family relationships and academic performance.  Financial aid is not intended to support families; federal regulations require that schools include only those expenses directly related to the student's education in the cost of attendance budgets that set financial aid maximums. With documentation, child care costs while a spouse works or single parent student is in school may be accommodated up to a maximum of $1000 per month per child.  If you have dependents, we suggest that you contact your Financial Aid Office early in your planning to arrange an appointment with a financial aid counselor.  If you are married, we encourage you to bring your spouse with you.

Prior debts are not covered.  Pay them off before you start medical school!
Please be aware that payments for prior debts - consumer loans, credit cards, etc. - cannot be accommodated in financial aid budgets.  We strongly recommend that you eliminate them before you begin medical school.  Students who enter school with large outstanding consumer debts are likely to experience financial difficulty throughout enrollment.