I am applying this cycle, so I will have a semester "off" before medical school starts. I think some people applied during the previous cycle (i.e., the summer before starting the program) and were forced to finish the program in one year instead of 1.5 years. I chose wait until this cycle so medical schools could see my first two semesters of coursework.
I live in New Jersey so it's a little cheaper than out-of-state (not by much, though). I lived in an apartment for one year (there is no on-campus housing), but figured I would cut costs and move back with my folks this year, at least until I figure out where I will be next year. The financial aid folks were pretty helpful, but make sure the fafsa is completed the January before enrolling. Once the aid package is awarded, tuition/health/etc get paid electronically at the beginning of each semester, and a check is issued for the remainder.
if you have any more questions, don't hesitate to ask!