Finances
Finances
Payroll & Tax Information
- 2023 Payroll calendar
- MSTP students are paid on a semi-monthly basis at the designated URSMD Graduate Student stipend level (Should students on River Campus be in a department that differs in stipend, please contact the MSTP office to discuss).
- Students are advised set up direct deposit on HRMS (not UR Student). If you do not set up direct deposit in time for your first check, it will be mailed to the permanent address on file with Payroll. HRMS is also where you may view pay stubs.
- Students will receive and end-of-year statement of income (not a W-2). Students may be required to make estimated quarterly tax payments with the IRS and/or the NYS Dept. of Tax. Graduate Education and Postdoctoral Affairs (GEPA) hosts a tax preparation session every year for graduate students, which MSTP students are invited to attend.
- More details and tax presentations on the URMSD GEPA website.
MSTP Benefits
The below costs are covered by the University for MSTP students:
- Tuition for academic year 2024-2025, is $70,620 for medical students, $65,600 for graduate students.
- Stipend throughout both medical and graduate school. The stipend level for academic year 2024-2025 is $33,660. The University is committed to maintaining a competitive stipend for its students, so this amount will likely increase in future years.
- Health Fees, Infection Control and Disability Insurance for all MSTP students. For family insurance, you have the option of choosing the University health insurance or Child Health Plus and Family Health Plus through Healthy New York, but will be responsible for the cost in either instance. For more information, please visit: http://www.rochester.edu/uhs/primary-care/services-for-full-time-students/.
Additional Student Activity and Service Fees NOT covered by the program and must be paid by the MD/PhD Student (approximate costs to consider):
- $2,000 in the first year of medical school
- $400 in the second year of medical school
- $200 in graduate school years
- $1,200 in the third year of medical school
- $1,500 in the fourth year of medical school
MSTP Training Funds & Travel Reimbursement
Training Funds and Travel Reimbursement Policy:
- Each student receives $300/year for a total of 8 years or $2400. If a student enters after M2, $300/year or $600 is deducted to give a prorated total of $1800. Funds CANNOT be used for residency application travel, applications or exam fees. However, they CAN be used for USMLE Step review material.
- The principal source of funding for travel and research related expenses of graduate students lies with their research laboratory. Recognizing the special situation of dual degree training, additional funds are provided by the MSTP in support of its students. These funds are meant to provide MSTP students with more flexibility, early on when they have not yet chosen a laboratory and later for travel, research or training related expenses that are not directly provided for by the thesis advisor’s grants.
- Unspent funds can be carried over from one 4-year period to the next. However, no single expenditure can exceed $999 and the total aggregate amount of funds available will not exceed $2400 per student. All spending is limited to expenses related to a student’s travel, training, or research and is subject to the approval of the Program Director. Participation in national conferences is a critical component of career development. Use of funds for the purpose of attending scientific conferences is therefore strongly encouraged. Travel related expenses include but are not limited to registration fees, airline tickets, car rental, food and lodging.
- Students wishing travel to participate in a conference, course or instructional program directly related to their thesis research may do so with prior approval from the thesis advisor. Students are strongly encouraged to use the MSTP funds to supplement or leverage travel funds from other sources (see below). Research funds may also be used for purchase of research related equipment and services, software, scientific books or scientific periodicals (not available in the laboratory or University library).
- A student wishing to purchase a computer may apply research funds towards 50% of the cost, but may use no more than $999. Students may only use research funds towards the purchase of one computer (one purchase of a desktop, laptop, or tablet) during their tenure. If IT support is desired, the computer must be purchased through the University Computer Store. There are no restrictions on the type of computer. Photocopying, or printing services that reasonably are needed for study, research and preparation of the thesis (e.g. poster printing, article requests, etc.) may also be covered.
- Documentation for reimbursement, including purchase receipts and completed reimbursement request form must be submitted within 60 days of the purchase date to be considered for reimbursement. You will need to input your payment elections for reimbursements in Workday beginning in 2023.
*NEW* Expense Report (Reimbursement) Process
Beginning in spring 2023, students will no longer fill out an F3 form to submit a reimbursement. All expense reports must now be done through UR Student/Workday.
- If an MSTP student is currently being funded by the program (all medical school years, G1/G2 years), please send receipts and backup documentation for your non-worker reimbursement request directly to the program Administrator and/or Administrative Assistant, and we will complete it on your behalf. If you are funded by your graduate department, please defer to their policy on submission, but note that it is still preferred that it is inputted as a non-worker expense report.
- Prior to your expese report being submitted, you must set up your expense payment election in UR Student/Workday. To do so, search for "Payment Elections" in UR Student/Workday. Once clicked, scroll all the way to the bottom of the page and you will see a section titled "Payment Elections Requiring Setup," with the Expense Payment listed. It will default to check, and you will need to add your bank information for direct deposit.