Start Here: Financial Aid 101
Navigating financial aid can be challenging! We can help you start with information on planning for and obtaining financial aid for medical school.
Process Overview and Checklist (PDF) Education Loans for Medical Students (PDF)Tuition Billing and Aid Timelines
Medical Tuition Rates
Tuition Billing
Fall Semester | Spring Semester | |
Covers Coursework Through: | July 1-December 31 | January 1-June 30 |
Tuition Bills Issued: | Mid-July | Mid-December |
Semester Payment Deadline: | Mid-August | Mid-January |
Financial Aid Refunds (Direct Deposits for Living Expenses): | See refunds chart below | See refunds chart below |
Direct Deposit and Refund Timing/Amounts (Based on Year)
The following chart illustrates direct deposit/refund timing and amounts based on your year in the curriculum. Updated information for fall 2024 is coming soon.
Year in MD Curriculum: | 1st Years (co2028) |
2nd Years | 3rd Years (co2026) | 4th Years (co2025) |
Fall '24 Refund Issued | Early August (approx. 1 week prior to Orientation) | Mid-August | 1st week of July | 1st week of July |
Fall '24 Average Refund Amount: * | $13,611 | $14,252 | VT Campus $15,699 CT Campus $17,164 | VT Campus $12,900 CT Campus $14,397 |
Fall '24 refund needs to last... | Until January disbursement (5 months) | Until January disbursement (5 months) | Until January disbursement (5 months) | Until January disbursement (5 months) |
Spring '25 Refund Issued | 1st week of January | 1st week of January | 1st week of January | 1st week of January |
Spring '25 Average Refund Amount: * | $13,511 | $14,152 | VT Campus $15,599 CT Campus $17,064 | VT Campus $12,800 CT Campus |
Spring '25 refund needs to last... | Until mid-August fall disbursement (7 months) unless you do summer credit-bearing activity, ie. summer research or global health. | Until 1st week of July (6 months) | Until 1st week of July (6 months) | Until your first resident paycheck! (6-7 months) |
Noteworthy Expenses to Budget For: | Step 1 study materials, Curriculum Related Travel | Step 1 Board Exam fees, Curriculum Related Travel | Step 2 Board Exam fees, Curriculum Related Travel | Residency prep costs (ERAS, interview costs), Curriculum Related Travel |
**Disclaimers on average refund amount: Estimates above assume full loan package with an average loan origination fee. Actual aid types and amounts (that comprise your financial aid package) impact your estimated refund amount. Having campus health insurance also affects the estimated amount. Figures used reflect the 2024-2025 Financial Aid Budget. Contact us if you need assistance in estimating your actual refund amount.
Frequently Asked Questions Regarding Tuition Cycles and Financial Aid Disbursements:
Where can I find the breakdown of the action tuition bill and/or financial aid budget? Tuition and fee amounts, as well as detailed financial aid budgets, can be found on the main Student Financial Services website.
Why do the refund amounts vary based on the year in curriculum? Living expense allotments are based on the number of weeks in the semester for your cohort. Typically, first years have 42 weeks of enrollment, second years have 43 weeks of enrollments, third years have 47 weeks of enrollment, and fourth years have 41 weeks of enrollment. This information is reported to the Office of Medical Student Education. The weekly allowance for living expenses is multiplied by the number of weeks you're expected to be enrolled; therefore, estimated refund amounts vary from year to year.
Does my financial aid cover the whole 12-month year? Per federal regulations, financial aid can only cover living expenses for the time period you are enrolled. Because the medical curriculum does not cover the full 52 weeks due to vacations and other breaks, this means financial aid cannot cover a full 12 months.
What if the estimated refund amount is too much or too little? If the estimated refund is more than you need, be sure to accept a partial amount within your financial aid package (this is done in the myUVM portal under the Student Financial Services tab; click "View My Award"). If your refund is too little, contact us about the possibility of a cost-of-attendance increase (appeal).
Are direct deposit and refunds the same thing? Yes. When we issue a refund via direct deposit, it is because total sources of aid or payments have exceeded the charges owed to the University. When a student receives a refund via direct deposit, that funding can be used for living expenses.
Can I have a check mailed to me instead of it being sent via direct deposit? We ask students to sign up for direct deposit in myUVM within the Student Financial Services tab. Direct deposit is the securest and fastest way to receive your refund.
What happens if I need a refund for living expenses, but have a 3rd party payment on my account in addition to my own financial aid disbursements? If charges and payments exceed what is owed to the University, any 3rd party payer will be refunded when overpayment exceeds $5,000. If the overpayment is less than $5,000 the student will be refunded, assuming one sort of financial aid is at least $5,000.
If I originally decline part of my aid, can I request a disbursement at any time? Yes, assuming you are actively enrolled at the time you request a disbursement.
How do I receive my bill? We upload PDF billing statements via the myUVM portal. Paper bills are not sent. You will receive an email notification when a bill is ready to view. If you have designated a Proxy, they will also receive your bill and associated viewing options.
What happens if I miss the payment deadline? A $250 late fee may be assessed. You can appeal late fees using UVM's Student Financial Services Late Fee Appeal Form.
What if I engage in summer research in between my first and second year? You are eligible for an extra disbursement in late June if you are accepted into a summer research program of which includes a summer grant payment to cover living expenses.
What if I deviate from the curriculum, such as withdraw or take a leave of absence? We recommend you review the Student Handbook Policy 942: MD Tuition Billing and Refund Protocol for more detailed information, in addition to speaking with the Medical Student Financial Services Coordinator about any unique situation you may be in.
Contact
Assistant Director of Medical Student Financial Services
MedSFS@uvm.edu(Book time to meet with Ryan regarding medical student financial concerns here)