Financial Aid Guide
Introduction
VanNuys Medical Science Atrium
The IU School of Medicine Financial Aid Guide for Medical Students is published as a reference guide for present and prospective medical students and provides information about financial aid programs available to medical students attending the IU School of Medicine (IUSM) on the IUPUI campus.
It is important to recognize that it costs considerably more to provide a quality medical education than what the student actually pays in tuition and fees. Unlike the non-resident medical students, every resident medical student attending IUSM benefits from the subsidies provided by the state of Indiana. In addition, IUSM benefits from supportive organizations and its many generous friends and alumni who assist in making a medical education affordable for all IUSM students.
The purpose of financial aid programs is to assist medical students whose personal and/or family resources are not sufficient to meet the total cost of their medical education. Any medical student who requires financial support other than through personal and/or family resources will find this guide useful. The IUSM Medical Student Affairs-Student Financial Services (MSA-SFS) works closely with medical students in identifying and understanding the available funding sources.
IUSM medical students who require financial assistance are also encouraged to utilize the guide in efforts to identify and apply for non-school sources. The limited resources available through IUSM scholarships and long-term loans limit the school's ability to offer significant help and many medical students turn to borrowing through the federal loan programs as well as private loan sources.
Estimated Cost of Attendance (COA)
An institutional COA for determining financial aid eligibility is provided below in addition to a four-year estimated perspective of cost. It is possible to personalize the financial aid budget further by completing a Professional Judgment Appeal Form (PJAF). This PJAF can be obtained by printing the form using the link provided on our website. The form gives students the option of increasing the COA for items not in the standard financial aid budget which may include child care expenses. Additionally, medical students may adjust their budgets to include a computer purchase. Access to a computer is an IUSM curricular recommendation. The computer adjustment is limited and should not exceed $3,000. This adjustment can be done at any point during the four years of medical school . This adjustment to the standard cost of attendance allows for additional borrowing to cover the purchase.
Key Points About the Standard Budget
The medical student standard financial aid budget is established each year by IUPUI. It includes the standard figures for tuition (set by the medical school), fees (set by the medical school and IUPUI), books/supplies, and a reasonable living allowance that comprises the total estimated expenses a graduate/professional may expect to incur during the academic year. The 1st and 2nd year institutional budgets are based on a 9-month academic year while the 3rd and 4th year institutional budgets are based on a 12-month academic year separated between a Summer budget and a Fall/Spring semester budget. The federal guidelines dictate that the school must use the standard or adjusted financial aid budget when determining financial need eligibility and awarding financial assistance.
»See Chart of Estimated Cost of Medical School Attendance
The standard COA is established to maintain the integrity of all financial aid programs and secondly, it guides the medical student in maintaining a manageable level of debt. Your own individual COA may be somewhat lower than the institutional standard COA, but the above information gives you a good basis for planning and comparison.
»See Chart of 2009-2010 Tuition and Fees
The COA allows for a conservative but realistic standard of living as well. To work within the living allowance (Housing, Personal and Transportation) boundaries set by the COA, medical students must make some very specific lifestyle choices. Students must live within the limits of the school budget, and to do that, they have to set spending priorities. Non-discretionary items such as books, tuition and fees should be allocated first with discretionary items last.
Finally, and most importantly, the inability to maintain a budget and keep track of resources predicts substantial long-term financial difficulties in the future. Think of budgeting as a necessary tool in making informed decisions about finances. We encourage students to consider purchasing a money management software that will help them in keeping and tracking their budget. Programs like QUICKEN or MS MONEY are excellent tools to use. Keeping track of money is a painful process, but the sooner you get into the habit of doing it the better it will help you realize the importance of budgeting.
Budgeting Tips
The following economical and practical ideas can assist you in minimizing your financial obligations while in medical school. Don't expect to be able to do all of them; select those that make the most sense and always be mindful of ways to save money and stay within a budget.
Living Arrangements
- Live with parents, other relatives or roommate(s).
- Shop and compare for an apartment. Consider convenience, security, lease terms and whether or not utilities are included. Get a sublet clause in your lease if you intend to leave for the summer.
Furnishings
- Ask around. Family, friends and neighbors may have things they would love to give away.
- Take advantage of garage sales.
- Watch for discounts and two-for-one sales.
- Get friends and family to help with moving instead of hiring professional movers.
Telephone
- Shop around for a long distance carrier. Some carriers give frequent flier miles for each dollar spent. Some credit cards offer this as well. Carefully compare programs and monitor bills.
- Buy a phone instead of leasing from the local telephone company: it's cheaper. Look for quality and remember that touch-tone phones cost more.
- Make long distance calls during reduced rate periods.
- Write letters or use email instead of making expensive long distance calls.
Electricity/Gas/Water
- Use energy efficient bulbs and turn off lights when they're not in use.
- Turn the heat down when away from home.
- Remember, short showers are cheaper than baths.
- Turn off the water when not in use (e.g., when brushing teeth or shaving).
Clothing
- Buy only necessary clothing. Shop at discount or secondhand stores when appropriate. Goodwill is an excellent store to consider.
- Minimize dry cleaning costs.
Books
- Consider used books. Ask upper-class students which books are necessary, or if some books can be borrowed.
Transportation
- Join a car pool to save gas money, or consider public transportation, riding a bike, or walking. Public transportation is not the best alternative in Indianapolis.
- Take higher deductibles on auto insurance. Drop collision insurance on an older car.
Food and Shopping
- Bring lunch from home.
- Avoid vending machines, fast food and convenience stores.
- Learn to be a savvy shopper. Clip coupons and comparison shop. Don't buy an item just because a coupon is available; store brand or generic products may be cheaper than the name brand with a coupon.
- Stock up at sales. Take advantage of double coupon offers.
- Buy nonperishable items on sale and in bulk.
- When preparing meals, make larger portions and freeze them for later. Readymade or frozen meals cost more per serving.
- Use leftovers.
Entertainment
- When eating out, look for "early bird" or "all you can eat" specials.
- Have potluck dinners, where each person brings a dish. They are fun and economical.
- Choose low cost entertainment: free concerts, dollar movies, etc.
- Rent videos, or better yet borrow them from the library.
Other Money Tips
- Carry large bills — the smaller the bill, the easier it is to spend.
- Save loose change.
- Use credit cards sparingly and wisely. The best cards are those that must be paid in full each month and have low or no annual fees. Before charging something, check the budget to see if you can pay the bill. Do not use credit cards to extend a monthly budget. Consider cards that offer frequent flier miles or other user benefits.
- Enter charged amounts in a computer program or write them on Post-its and put them in a checkbook or ledger. Subtract the amount from the checking balance to help stay within budget.
- Consider keeping an account at the school credit union. Minimize the fees assessed against the account. Free ATM usage.
- Keep the checkbook balanced. Bounced checks can cost $25 or more per check.