Estimated Cost of Attendance

The Cost of Attendance (COA) represents the total estimated costs associated with attending medical school for a given academic year. This includes not only tuition and fees but also living expenses like housing, food, transportation, health insurance, and other personal costs. The COA is updated annually by the Office of Admissions & Financial Aid and informs the total amount of financial aid you can receive in a given academic year. The Cost of Attendance is carefully determined through a comprehensive analysis of cost of living data in the DMV area, accounting for inflationary trends, incorporating feedback from current students, and engaging in consultations with peer medical schools to ensure an accurate and competitive estimate.

The Cost of Attendance (COA) serves as a vital tool for understanding the total financial commitment required for medical school. By carefully planning your budget, keeping track of your expenses, and managing your debt responsibly, you can minimize financial stress and focus on your education. Effective budgeting is not just about managing your day-to-day expenses; it’s about preparing for the future, ensuring that you are financially ready to take on the challenges of medical school and beyond.

It is important to understand that borrowing the full amount of the budget through financial aid can result in substantial debt, which could create financial challenges in the future. Excessive borrowing may limit your ability to secure additional resources, especially if you encounter adverse credit circumstances. Additionally, if you overspend in one category of your budget, you may need to reduce spending in other areas to stay within your financial limits. For this reason, students are strongly encouraged to be mindful of their spending habits and to strive to live below the total budget whenever possible. This approach will help minimize debt accumulation and provide greater financial flexibility throughout your medical education.

Please note that the COA can change at any time. The COA often changes annually, as tuition, fees, and living expenses may fluctuate due to inflation or changes in school policies. It is important to review the COA regularly, as it can directly impact your financial planning.

Cost of Living (COL) comprises a significant part of your budget. It includes housing, food, transportation, and personal expenses. Below is a breakdown of how you might allocate your living expenses, adjusted for the duration of your academic year.

• Food and Housing: These are typically your largest expenses. You will need to plan for rent, utilities, and groceries. The costs vary by academic year, with first-year students (M1) spending slightly less due to the shorter academic year, while third-year students (M3) incur higher housing and food costs due to a longer budget period.

• Books, Supplies, & Equipment: While this category varies slightly between years, it generally includes textbooks, lab fees, and necessary medical equipment (such as stethoscopes). M1 students tend to have higher costs for books, while costs decrease as you progress through medical school.
• Personal Expenses: This covers a range of personal costs that are not directly related to tuition or academic supplies such as phone bills, entertainment & social activities, professional attire, and household items. As you progress in your studies, personal expenses tend to increase due to more demands on your time, but the budget should still be manageable with careful planning.
• Transportation: During your M1 – M4 years, you will travel to various clinical sites for rotations, for community based learning, and for ambulatory care, which may not be located near the medical campus. The SOM is unable to reimburse any travel expenses incurred for the required components of the curriculum over the course of all four years. Here’s what the transportation budget covers:
  • Public transportation: This includes the cost of bus or metro passes if you are using public transit to get to campus or clinical sites. This also includes rideshare services such as Uber or Lyft. 
  • Parking and gas: If you have a car and will be commuting to clinical locations, this budget helps cover parking fees, insurance, car payments, gas, and general maintenance for your vehicle.
  • Travel to Clinical Sites: The clinical sites for your rotations may be outside of Georgetown, so transportation expenses could vary depending on the distance and mode of travel.
  • Holiday Travel: If you choose to travel outside of the DMV to visit family and/or friends throughout the year for various holidays, this budget works to support that.  
  • Remember, transportation costs can vary throughout the year depending on the locations of your rotations. It is a good idea to plan ahead and keep track of your spending to ensure you stay within the transportation budget. For M3 and M4 students, transportation costs increase, likely due to clinical rotations, which may require commuting to multiple hospitals or clinics. Students living off-campus or in suburban areas may have higher transportation expenses.

Managing your finances during medical school is crucial for reducing stress and staying focused on your studies. With the high costs of tuition, books, and living expenses, creating and sticking to a budget is essential to avoid overspending and accumulating unnecessary debt.

Key Benefits of Budgeting:

• Keeps You on Track: A clear budget helps you manage your money efficiently, ensuring that you can meet your financial obligations without running into financial distress.
• Helps Minimize Debt: By understanding your COA and managing your expenses, you can avoid borrowing more than necessary and reduce the long-term impact of student loans.
• Maintains Balance: Budgeting gives you the freedom to participate in extracurricular activities, social events, and self-care without feeling financially overwhelmed.

Debt Management Tips:

• Borrow Only What You Need: Consider borrowing only enough to cover tuition and essential living expenses. Avoid borrowing for luxury items or unnecessary expenses.
• Track Your Loans: Keep a detailed record of your loan amounts, interest rates, and repayment terms. This will help you plan for post-graduation loan repayment.
• Explore Loan Forgiveness: There are federal loan forgiveness programs for medical professionals, including those who work in underserved areas or public service. Research these options early to make an informed decision about your loans.