School of Medicine Financial Aid
Financing your medical education can be quite costly. Utilizing financial aid can help fund your medical education.
Know the cost of attendance for your four years of medical school:
| Resident | First Year MSI |
Second Year MSII |
Third Year MSIII |
Fourth Year MSIV |
|---|---|---|---|---|
| Tuition | 16,070 | 16,070 | 16,070 | 16,070 |
| Fees* | 3,498 | 3,498 | 3,498 | 3,498 |
| Bks/Supp'ls ** | 0 | 0 | 0 | 0 |
| Housing/Food | 15,565 | 11,320 | 16,980 | 16,980 |
| Transportation | 5,665 | 4,120 | 6,180 | 6,180 |
| Personal/Misc | 9,548 | 6,944 | 10,416 | 10,416 |
| Other -USMLE | n/a | 610 | 2,610 | 2,000 |
| Other - Externships | n/a | 3,000 | ||
| Estimated Total Budget | $50,346.00 | $42,562.00 | $55,754.00 | $58,144.00 |
| Non-Resident | MSI | MSII | MSIII | MSIV |
|---|---|---|---|---|
| Tuition | 29,170 | 29,170 | 29,170 | 29,170 |
| Fees, bks/supp'ls, etc. from above | 34,276 | 26,492 | 39,684 | 42,074 |
| Estimated Total Budget | $63,446.00 | $55,662.00 | $68,854.00 | $71,244.00 |
Disbursement Dates 2019-2020
|
SCHOOL |
SUMMER |
FALL |
SPRING |
|
School of Nursing |
05/18/2019 |
08/17/2019 |
01/04/2020 |
|
Graduate School of Biomedical Sciences |
08/17/2019 |
01/04/2020 |
|
|
PLFSOM- MS 1 |
06/29/2019 |
12/28/2019 |
|
|
PLFSOM- MS 2 |
07/27/2019 |
12/28/2019 |
|
|
PLFSOM- MS 3 |
05/04/2019 |
12/28/2019 |
|
|
PLFSOM- MS 4 |
06/01/2019 |
12/28/2019 |
- The financial aid Cost of Attendance (COA) and financial aid awards are estimated based on anticipated full-time enrollment for fall/spring terms. Financial Aid (Pell Grants) will be adjusted at the end of the add/drop period to reflect your semester registration. You will be expected to repay any overpayment of financial aid that resulted from a reduction in enrollment hours. The outstanding balance will be reflected on your university student account. Students must be enrolled at least half-time for loans. Students, with the exception of Medical, must be enrolled for both 6-week sessions at the beginning of the term to receive summer financial aid disbursements.
- All students must meet Satisfactory Academic Progress (SAP). SAP is calculated annually at the end of the spring term once all grades have been posted.
- All HOLDs must be resolved for funds to be disburse.
- If applicable, refunds are processed by Student Business Services, generally 3-5 business days after funds have been posted to your tuition account.
Financial Aid Timeline
October of Current Academic Year
- FAFSA available for the new academic year. Entering or returning students must have username and password ready when completing the FAFSA. Use TTUHSC school code 042808.
February
- Information from your FAFSA will be uploaded into our TTUHSC Financial System during March which will allow us to evaluate your financial need.
- Submit additional documentation being requested by the Office of Financial Aid.
- Indicate your enrollment status on WebRaider.
April
- Expect “Award Notification” by early April.
- Accept financial aid award offered to you on WebRaider. (Refer to Financial Aid & Payment Fact Sheet for instructions.)
- First time Direct Loan borrowers will complete an online entrance counseling and sign a Master Promissory Note at https://studentloans.gov.
- Returning students will complete the online entrance counseling at https://studentloans.gov every academic year.
May
- Expect tuition bill emailed to your TTUHSC email address by the Office of Student Business Services for MSIII.
- Financial Aid is applied towards tuition for the fall semester MSIII.
- Refunds processed by the Office of Student Business Services for MSIII.
June
- Expect tuition bill emailed to your TTUHSC email address by the Office of Student Business Services for MSI and MSIV.
- Financial Aid is applied towards tuition for the fall semester MSI and MSIV.
- Refunds processed by the Office of Student Business Services for MSI and MSIV.
July
- Expect tuition bill emailed to your TTUHSC email address by the Office of Student Business Services for MSII.
- Financial Aid is applied towards tuition for the fall semester MSII.
- Refunds processed by the Office of Student Business Services for MSII.
December
- Financial Aid applied towards tuition for the fall semester for MSI, MSII, MSIII, MSIV.
- Refunds processed by the Office of Student Business Services.
Important: Check your WebRaider to receive any updates on your financial aid status.
Make a Budget
Using the cost of attendance from Texas Tech University Health Science Center El Paso as a budget can give you a rough estimate of the maximum you can safely spend on living expenses for the upcoming year. Budgeting with your financial aid as opposed to a typical work income is a unique situation. By budgeting with the cost of attendance, it will give you an idea on how much financial aid you will need for the year.
Remember, financial aid is disbursed in two increments throughout the academic aid year.
Loan periods vary as well throughout the four years of medical school. Therefore, budgeting plays an important part in saving financial aid money for a whole 12 months. Saving money for after graduation is another great budgeting tip.You might not receive your pay from your residency right away.
Use the monthly budget worksheetto help you get a bigger picture of what you are spending.
Helpful Links
- Federal and Graduate Plus Loan Interest Fees
- Med Loan Calculator
- Physicians Salary
- FIRST for Medical Education
- State and Federal Repayment, Loan and Scholarship Database
- The Smart Guide to Financial Aid
