MD Program

Contact Financial Services

1216 MERF
Iowa City, Iowa 52242-2600
Phone:(319) 335-8059
Fax: (319) 335-8643

  • Management Budget Planning

    Budgeting as a student is different than as someone receiving a regular paycheck. It is easier because you pay set amounts for tuition and fees. However, it is more difficult because budgeting based on funds from loans is complicated by the fact that student loans are often made in two or three annual lump-sum payments. Faced with a large amount of cash-on-hand, you may find it difficult to keep in mind that a loan of several thousand dollars must cover expenses for nine or twelve months. Prudent money management will insure that you do not use all of your loan money within the first few months of receiving it. Two important strategies for dealing with semi-annual or tri-annual lump-sum payments are:

    1. Deposit the excess funds financial aid check as soon as you receive it, preferably in an interest-bearing account;
    2. Investigate the possibility of investing it in an account or fund that pays a higher rate of interest than a checking or savings account. Since you will not need all of the funds provided by your check immediately, and some not for several months, put them to work for you in a savings plan with a minimum investment period that coincides with your schedule, such as 60 or 90 days, and keep reinvesting them until you need them. In this way they can provide you with an additional source of income. As mentioned earlier in this handbook, the student cost of attendance figures are developed by the Financial Aid Office based on the cost of tuition, fees, books, supplies, room and board, transportation and personal expenses. Financial aid plus contributions from you and your family cannot exceed the assigned budget amount. As soon as you know the amount of your resources for the year, you should determine your academic year budget. It is crucial to plan your budget before you make hasty spending decisions. The more detailed your budget is and the more attention you give to it as the year progresses, the better your chances are of success.

    A positive attitude will help to make budgeting successful. Try to view the budget as a means of insuring that you can meet all of your obligations with your available resources rather than as restricting your lifestyle. The M1 budget worksheet is intended to assist you in effectively budgeting and analyzing your monthly cash flow.

    Expenses to consider in your budget

    Education

    • TuitionFees
    • Books
    • Medical instruments

    Housing

    • Rent
    • Gas and electricity
    • Water
    • Telephone
    • Cell Phone
    • Cable TV
    • Internet

    Food

    • Groceries
    • Meals away from home

    Transportation

    • Car payment
    • Car insurance
    • Car license
    • Gas, oil, maintenance
    • Cost of travel during breaks
    • Parking fees

    Personal

    • Haircuts
    • Household supplies
    • Clothes
    • Laundry/Dry Cleaning

    Insurance

    • Life insurance
    • Health insurance
    • Renters’/home insurance

    Debt

    • Credit card payments
    • Personal loans

    Miscellaneous

    • Child care
    • Entertainment
    • Newspapers
    • Other subscriptions
    • Medical and dental bills
    • Travel/vacations
    • Hobbies/recreation
    • Tapes/CDs/books
    • Contributions/gifts
    • Expenses for pets 

    Budget Worksheet

     AAMC FIRST Interactive Worksheet