Cost of Attendance
Applying for Financial Aid
Prepare yourself for the cost of medical school
As you begin to prepare for medical school, one of the most important steps to take is to prepare yourself for the costs. A keen understanding of the financial undertaking that you are approaching is critical to your long-term fiscal well-being. Use the resources provided here to help you discuss and make sound decisions regarding your financial aid.
With the rise of medical school costs, we highly recommend that you find a roommate. It will decrease your room and board expenses by as much as 50 percent.
If you aren’t used to living on a restricted budget, start practicing now! Financial aid budgets for medical students are based on a low to moderate cost of living. Each year we create a medical student budget or Cost of Attendance Budget from which we determine the amount of financial aid our students are eligible to receive. Review it carefully and try to budget your own expenses accordingly.
NOTE FOR FIRST YEAR STUDENTS: Because aid does not disburse until the end of the first week of class, you need to plan for matriculation expenses such as: moving expenses, housing and utilities deposits, summer reading, etc. You will not be able to rely on financial aid to get you started.
There are sometimes circumstances in which students are eligible for a budget increase.
Your Academic Progress Relating to Financial Aid Eligibility
In order to have access to financial aid, you must maintain satisfactory academic progress while enrolled at the Heritage College.
Your In-State Residency
If you began medical school as an out-of-state student, you can apply for Ohio Residency once you have lived in the state for 12 months.
Estimated Cost of Attendance Budgets for Financial Aid Purposes
To determine a student's eligibility for federal and other need-based financial aid, the Heritage College is required to establish an average cost of attendance budget. This “educational budget” is based on the full academic year and is intended as an estimate of the “average” student’s expenses.
This budget is based on the student's year in school and residency (in-state or out-of-state). The cost of attendance budget is calculated so that, if funding permits, financial aid can be used to meet these expenses. An important note: federal guidelines require that a student’s financial aid award does not exceed the estimated costs documented in the published budget.
There are two types of costs included in the totals shown in the educational budget, direct costs and indirect costs:
Direct costs are charges for which the student will be billed directly by Ohio University, including tuition and fees. Tuition and fees are set by the Ohio Board of Regents. These costs are not established until after July 1 for the upcoming academic year. Direct costs reflect the actual charges applied to all students’ accounts.
Indirect costs are estimated educational expenses the student may incur such as books and supplies, personal expenses, an allowance for transportation, rent, utilities and other miscellaneous expenses. While the actual costs may vary from student to student, these estimates are established by researching the average costs for these items. Car payments, credit card debt and other personal debt are not included in the student’s educational budget.