Canadian Students

Developing Your Financial Plan

 

Additional Expenses to Consider When Developing Your Financial Plan

We understand that budgeting for Medical School can be a difficult thing to do, but preparing a budget will help you plan for both school and your future. It is important to know the difference between your expenses and your available resources.

To assist you in preparing your long-term financial plan, we have put together a list of additional items to consider as well as some of the associated costs.  Please consider these expenses in addition to the estimated cost of attendance. Individual student budgets may vary based upon multiple factors, such as time taken off to study for exams, personal living expenses, periods of non-enrollment, etc.

Please keep in mind this list is not comprehensive of all expenses that you may incur while attending medical school. 

  • Living Expenses 
    • You will need to budget for housing, food, cell phone, credit cards, transportation, etc. whether you are an enrolled student in classes or taking time off to prepare for your various exams
  • Expected Annual Rate Increases 
    • Tuition, fees, housing, health insurance, general cost of living, etc.   
  • Periods of  Non-Enrollment = No Loan Eligibility  
    • Examples include:
      • Leave of Absence
      • Summer  months (During Basic Science terms)
      • Time off  when not registered for clinical rotations
      • Holiday breaks
  • Required Professional Line of Credit interest payments (if applicable)  
    • Interest payments on a Professional Line of Credit are required and cannot be deferred while in school  
  • Medical Licensure Exams  
    • United States Medical Licensing Examination (USMLE)  Step I & Step II (For US Residency Placement) 
    • Medical Council of Canada Qualifying Examination - Part 1 (MCC) (For Canadian Residency Placement)
  • Board Exam Review Course Expenses
    • The cost of these different types of review courses can vary greatly 
  • Preparing for Residency
    • Typical costs include:
      • Electronic Residency Application Service (ERAS) fees
      • Interview-Related costs (i.e. transportation, interview attire, food, lodging, etc.)
      • National Resident Matching Program (NRMP)
      • Additional detailed information available by visiting the AAMC website
      • Canadian residency information can be found by visiting the Canadian Resident Matching Service website
      • Additional exam fees visit the MCC.CA website