MD Program - UNC School of Medicine
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Cost of Education
The Cost of Education (COE) is the cost of a student's medical education for an academic year, as calculated by the UNC-CH Office of Scholarships and Student Aid. It takes into account tuition, fees, books, supplies, estimated room and board, personal, and transportation costs. The COE covers expenses for the period of enrollment only. For example, most first-year students are enrolled for ten and half months. Financial aid covers expenses only for those months. Periods of continuous non-enrollment are not included and are not funded. Your financial aid is based on the Cost of Education, a standard allowance, and not on your preferences and spending habits. For more information see Money Management.
2009-2010 School of Medicine Cost of Education
First Year | Second Year | Third Year | Fourth Year | |
Tuition/Fees | ||||
NC Resident | 13,410 | 13,806 | 14,246 | 13,806 |
Non-Resident | 37,476 | 37,872 | 38,312 | 37,872 |
Room/Board | 15,460 | 17,006 | 18,552 | 15,460 |
Books/Supplies | 1,820 | 1,820 | 1,820 | 1,820 |
Travel | 1,450 | 1,596 | 1,740 | 1,450 |
Miscellaneous | 8,696 | 6,830 | 6,590 | 6,586 |
Total Budget | ||||
NC Resident | 40,836 | 41,058 | 42,948 | 39,122 |
Total Budget | ||||
Non- Resident | 64,902 | 65,124 | 67,014 | 63,188 |
The Cost of Education, also called the standard budget, does not include consumer debts, such as car payments, bank loans, or credit card obligations which students may have established prior to medical school. Students should try to eliminate previous debts before beginning their medical school career.
Married students and/or students with dependents should note that federal regulations stipulate that your budget for the year only include living expenses solely for you. The expectation is that the living expenses of your spouse and dependents will be met through spouse’s earnings.
Expenses which may be approved as Additions to your Basic Budget
Additional expenses may be included in your budget, however, this must be discussed prior to with a staff member of the Financial Aid Office. Receipts will be required as proof. Budget adjustments based on these expenses will be made only once a semester and will be met with loan funds.
Child Care Expenses
You may request that reasonable child care costs be included in your budget. If you are a single parent, the full cost can be added to your budget. If you are married, half the cost can be added to your budget because your spouse will be expected to pay half.
Uninsured Medical, Dental and Optical Expenses
Required health care costs not covered by insurance can be added to your budget.
Automobile Repairs
Repairs to keep your car in safe running condition can be added to your budget. Routine maintenance and cosmetic repairs will not be approved.
Expenses which cannot be approved as Additions to your Basic Budget
Relocation Expenses
Moving cost, including first and last month’s rent, security deposits, furnishings, etc., cannot be included in your budget. Entering students need to plan carefully for the cost of moving.
Consumer Debts
Consumer debts cannot be included in your budget and should be repaid before you enroll.
Determining Student and Family Contributions
Financial need is an important criterion for financial aid eligibility. Financial need is determined based on information on the FAFSA or renewal FAFSA forms. Although all professional school students are considered independent of their parents, students who want to be considered for institutional funds, PCL, HPSL, LDS, and/or SDS must provide parental information on the FAFSA or Renewal FAFSA (See Types of Financial Aid). An "Expected Family Contribution" (EFC) will be calculated from the FAFSA information. Your financial need is then determined by subtracting the EFC from the Cost of Education (COE).
| Formula to determine Financial Need: Financial Need = Cost of Education – Expected Family Contribution |
The Expected Family Contribution represents an estimate of the ability of you and, if applicable, your family to contribute to your educational costs. This standard need analysis is called the Federal Methodology (FM) and was passed into law by Congress under the Reauthorization of the Higher Education Act of 1965, and amended by the Higher Education Amendments of 1992. The FM uses the previous years' income in the analysis. An "income protection allowance," which represents the cost of basic necessities for all family members, is used in calculating the EFC. The FM allows for adjustments to be made by the Financial Aid Officer on an individual basis, with required written documentation.
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