Sunday, May 11, 2008 :: 07:24

Office of Financial Aid

Financing Your Medical Education

Effective financial planning requires balancing a realistic assessment of your potential costs with an understanding of the resources likely to be available to you from all possible sources. In developing your personal strategy, the School of Medicine urges you to limit your loan debt to a level that will maximize your postgraduate professional options.

Although the primary responsibility for financing your education rests with you and your family, the School of Medicine stands ready to assist you by supplementing your own resources with a variety of institutional, state and federal programs. Students requiring such assistance are encouraged to meet with the School of Medicine's financial aid staff at the earliest possible opportunity to discuss financial aid options.

The largest source of financial aid for medical students is loan aid guaranteed by the federal government. Students who demonstrate financial need through the Free Application for Federal Student Aid (available from the financial aid staff) are given the most favorable loan terms. Those who borrow in excess of the "unit loan" (approximately $7,000) may be given consideration for School of Medicine scholarship monies in addition to their other aid. Other available funds such as loan-for-service programs, and low-interest loans and scholarships for students committed to primary care specialties are described in the Financial Aid Handbook published each year by the Office of Admissions and Student Affairs. At this time, there are three tuition scholarships that will be awarded through the Admissions Committee to outstanding students who have been admitted to the University of New Mexico School of Medicine.

Any changes in your financial situation (e.g., income loss, divorce, unusual expenses, etc.) should be brought to the attention of the financial aid staff for a possible reevaluation of aid eligibility.

The remainder of this section provides information which may help you to assess the costs and financing options for your medical education.

  1. What does a medical education cost?
    Tuition for the MD program at the School of Medicine is determined each spring by the UNM Board of Regents. Tuition and fees for the 2007-2008 academic year are $13,996 for residents and $39,642 for non-residents. First year students can also expect to incur a curriculum fee of $2,800 and at least $2,200 in book, supply, and equipment costs (such as microscope rental). If you do not already own one, you will also need to purchase a computer. For a full budget projection, including living expenses, see the table below.
  2. How is financial need determined?
    Your financial need is the difference between your projected costs and the contribution you and your family are expected to make toward those costs. The contribution figure is determined according to standardized formulas mandated by the federal government that are applied to the information you provide on the Free Application for Student Aid each year. Generally speaking medical school scholarships and all student loans with interest payments subsidized by the federal government are awarded on the basis of financial need.

    Certain funds require that parent information be submitted for full consideration of potential eligibility. Please refer to the Financial Aid Handbook for details.

  3. What are some ways to finance a medical education?
    • Personal savings
    • Loans or gift aid from family members
    • Work income during periods of non-enrollment
    • Federal government loan programs (see Financial Aid Handbook)
    • Scholarship aid (see Financial Aid Handbook)
    • Programs providing funding in return for postgraduate service, including:
    1. New Mexico Medical Loan-for-Service program
    2. National Health Services Corps Scholarship
    3. Armed Forces Health Professions Scholarship Program
    4. Indian Health Service Scholarship Program
  4. What is the typical medical school expense budget for 2007-2008?
    The figures given below are important both as a guide to you in anticipating your costs as a student and also because they represent a cap on financial aid funding. With the exception of 4th year residency interview and relocation expenses, students are not permitted to receive aid beyond the budgets assigned to them. The costs detailed below assume that students are New Mexico residents living outside their parents' home. In some cases, adjustments can be made to budgets for dependent care, documented child daycare expenses, or extraordinary educationally-related costs incurred by the student. Concerns or questions regarding your individual budget should be taken up with the financial aid staff.

    Fees for medical and disability insurance, as well as licensure examination costs, are already included in the Standard budget.

Year 1
10 months		 Year 2
12 months		 Year 3
12 months		 Year 4
10 months
Tuition/Fees 13996.00 13996.00 13996.00 13996.00
Curriculum Fee 2800.00 2700.00 1500.00 1500.00
Room/Board 9908.00 10810.00 10810.00 9008.00
Books/Supplies 1722.00 1622.00 1622.00 1622.00
Diag. Equipment 600.0 - - -
Transportation 1902.00 2072.00 2072.00 1730.00
Personal Expenses 3480.00 3796.00 3796.00 3164.00
Disability Insurance 59.00 59.00 59.00 59.00
Needlestick Insurance 60.00 60.00 60.00 60.00
Computer/Internet 2000.00 - - -
USMLE Exam Fees - 470.00 470.00 1005.00
         
Total 36527.00 35585.00 34385.00 32144.00

The estimated non-resident tuition charge for 2007-2008 is $39,642.