Students’ Cost of Attendance (COA) budgets are developed each academic year by the Office of Medical Student Financial Aid. They include Tuition and Fees (as approved by FAU’s governing boards); an allowance for books and supplies; and a cost of living allowance for Room and Board, Transportation, and Personal Expenses (see definitions, below). COA’s are estimated during the early awarding process and are subject to change once FAU’s governing boards finalize each year’s tuition and fee charges.
The COA, in conjunction with the students’ Expected Family Contribution (EFC) from their FAFSA’s, is used to both calculate financial aid eligibility and to give students an estimate of reasonable costs to attend the Charles E. Schmidt College of Medicine.
The standard student budgets, shown below, are based on the average expenses of a single student who shares expenses for a two bedroom apartment. Costs for students’ spouses and/or children are not included in the standard budget; those expenses are accounted for in the FAFSA’s need analysis formula, which calculates the EFC.
Tuition and Fees:
Tuition and fees are charged at a fixed annual rate. Half of the tuition and fees are billed at the beginning of the academic year, and the other half are billed at the mid-point of the academic year. See “Important Dates”.
Books and Supplies:
Books and supplies consist of required textbooks and diagnostic instruments, to include a stethoscope and reflex hammer, a lab coat in the M1 year, and miscellaneous supplies. This allowance is estimated based on a survey of costs.
Room and Board:
The off-campus housing allowance assumes shared occupancy of rental units in the surrounding community, and will be used in the standard Cost of Attendance budgets. The board (food) allowance assumes a combination of groceries and prepared meals for cooking at home. Students who live with parents will not have a room allowance, but will have a reduced board allowance.
The transportation allowance is an estimated cost for routine car maintenance, gas, and insurance. This allowance is increased when students are enrolled in their M3 and M4 years, as daily travel is required to hospitals both in and outside the local area. Students living on-campus during the M1 and M2 years have a reduced transportation allowance.
A personal allowance is calculated for expenses such as: cell phone, clothing, uniforms, haircuts, laundry, cleaning supplies, membership dues, journal subscriptions, registrations, dental visits, entertainment, etc. It also includes an allowance for the required Health, Disability and Professional Liability Insurances, as well as USMLE exam fees for M2 and M3 students.