Financial Aid

Determination of Costs

Determination of Billable (Direct Educational) Costs

Tuition & Fees

The Office of Administration and Finance reviews the state subsidy allocated per student then determine the amount of additional funds needed to cover the cost of educating each student. This proposed tuition amount is brought forward in the spring for our Board of Trustees to approve.  Students who are not Ohio residents are also charged the non-Ohio surcharge. Fees are assessed to students to cover the costs associated with testing software, building maintenance (including parking), technology, student health services, matriculation and graduation, etc.

Determination of Non-Billable (Indirect Educational) Costs

Books & Supplies

Annually, each College compiles a list of books and supplies that students are required and recommended to use in their courses.  Estimates are established based upon the previous academic year.  Only required books will be included in the Cost of Attendance.

Credentialing

Expenses are added to reflect the cost associated with registered for USMLE Step 1 and Step 2 (Medical students) and obtaining a Pharmacy Intern License (Pharmacy students). Costs are based upon annual rates set by the vendor. Expenses are included for the cohorts based on when the fee will be assessed. Travel allowance is provided to students in the M4 year for an average cost of traveling to each of the five available sites (flight day before, test day and flight day after test and two days per diem based on the city traveled). In order to determine the dates of travel, a list of registered rising M4 students is obtained from the University Registrar to see the most common test registration period.

Criminal Background Check

Prior to students beginning clerkship rotations in the community, a criminal background check is required. An allowance is provided for those cohorts. Costs are based upon average costs based on the previous year’s cohort as provided by the vendor.

Technology

A one-time allowance is given for the purchase/upgrade for personal technology required for coursework. Costs are established based upon University recommended specs. Pricing is based on the required specs of a computer/smart phone that is provided by the University IT Department.

Loan Fees

Loan fees from Direct Loans are included in the student Cost of Attendance. An average loan fee amount is determined annually for each separate Cost of Attendance group.  Groups are based on the College, year in College, Ohio residency status, and the housing status that the student indicates on the FAFSA. There is a separate loan fee for USUB and Grad PLUS.  The student must accept a Direct Loan to have that loans’ loan fee within their student Cost of Attendance.  Initial awarding will include the loan fees in the student’s costs for any Direct Loans that are offered to the student. If a student does not accept a Direct Loan, the loan fees for Direct Loans will be removed from the student Cost of Attendance. The University uses average loan fees and therefore actual loan fees will not be considered for any Request for Reconsideration. The calculation to determine average loan fees are listed below. The Cost of Attendance (COA) is the total cost without any loan fees included. The loan processing fee used is as of the day that the student Cost of Attendances are created for the given academic year.

  • USUB Loan Fee = Annual Loan Limit * USUB Loan Processing Fee
  • Grad PLUS Loan Fee = (COA – Annual USUB Loan Limit) * Grad PLUS Loan Processing Fee

 

Insurance

Annually, the University and its insurance broker assess the previous year’s usage of the insurance plans to determine if the plan’s services are conducive to students’ needs. Based on the services and the past year’s usage, a proposed coverage plan is sent out to multiple insurance carriers to place a bid.

Housing, Personal & Transportation

Annually, the U.S. Bureau of Labor Statistics provides a consumer price index (percentage that cost of living rose) in which the University uses to evaluate previous year’s student Cost of Attendance. The student living allowance at the University align with the living expense provided by the U.S. Department of Labor for the northeast Ohio area.  Costs associated with housing, transportation and miscellaneous will not exceed the moderate allowance provided by the College Board. For students indicating living with parent, the allowance for housing will represent the lower allowance as indicated by the College Board, for the percentage recommended for housing.

All tuition and fees, including insurance costs, are subject to change without notice.

Contact

NEOMED Financial Aid
Phone: 330.325.6286
Email: finaid@neomed.edu

Office

Location: B-206
Hours: 8 a.m. to 5 p.m, Monday through Friday

Scholarships & financial Aid

Office of Financial Aid