4th Year, What's It Like

[Creflo]

In the 4th Year, what do most students do regarding funds for travel, how much of the year they are out of state, etc.?

What about families? If you are married do you keep your home base in the town where the school is, or move to the areas where you do most rotations?

What about funds for paying rent/hotel expenses out of town, does it add to your expense load that is already currently tight?

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[jonwill]

In the 4th Year, what do most students do regarding funds for travel, how much of the year they are out of state, etc.?

What about families? If you are married do you keep your home base in the town where the school is, or move to the areas where you do most rotations?

What about funds for paying rent/hotel expenses out of town, does it add to your expense load that is already currently tight?

The fourth year is a very exciting and nerve-wracking time. As you extern at different programs, you are basically on an extended job interview. Those with families often spend time apart which is difficult. And then there are boards and the match.

On the other hand, you learn a ton and really start to get a feel for what you want in residency.

 

[drmeggo]

4th year is not budgeted in per se. You receive the approximate same amount of aid as any other year, but you have to then budget in travel expenses, food, lodging.

Also you will need to budget for CRIP expenses, boards part II, and then remember that you graduate in June, start residency in July and probably won't get a paycheck until the middle of July at the earliest. So you have to stretch your financial aid for 1 year into about 13-14 months. While there are residency and travel relocation loans the terms are very strict and harsh.

4th year is exciting but I recommend that any extra money that you have throughout your first three years you save and have on hand for extra expenses in 4th year.

Hope this helps.

 

[TheBee]

Correct me if I'm wrong, but I think some schools, DMU in particular, do build in financial aid for externships in the fourth year. Mandy from Scholl also told me last month that Scholl is considering the same sort of thing. That would definitely help the financial stress!

 

[bdaddyjolley]

Correct me if I'm wrong, but I think some schools, DMU in particular, do build in financial aid for externships in the fourth year. Mandy from Scholl also told me last month that Scholl is considering the same sort of thing. That would definitely help the financial stress!

But you have to ask whether it will come from private loans or federal loans. There is a cap of the amount of money a student can take out each year for federal aid and after that, you must take out private loans or get a job if you need extra cash. This creates a big difference in interest rates for the loans.

 

[Dr. Gangrene]

But you have to ask whether it will come from private loans or federal loans. There is a cap of the amount of money a student can take out each year for federal aid and after that, you must take out private loans or get a job if you need extra cash. This creates a big difference in interest rates for the loans.

Always talking about money (sarcasm)

 

[Stafocker]

But you have to ask whether it will come from private loans or federal loans. There is a cap of the amount of money a student can take out each year for federal aid and after that, you must take out private loans or get a job if you need extra cash. This creates a big difference in interest rates for the loans.

The max federal debt load for my roommate 2 years ago was $300k (RFUMS MD student), he had to take out another $50k privately at 8%, it was through the RFUMS financial aid service (sallie mae sucks by the way, do NOT consolidate through them, they have fees for EVERYTHING!). If that is what they are planning to do for RFUMS DPM students, might be better off not getting any more loans.

 

[Stafocker]

In the 4th Year, what do most students do regarding funds for travel, how much of the year they are out of state, etc.?

What about families? If you are married do you keep your home base in the town where the school is, or move to the areas where you do most rotations?

What about funds for paying rent/hotel expenses out of town, does it add to your expense load that is already currently tight?

Really depends where you plan to go for externships (or core stuff depending which school). A lot of ppl try to stay close to home after interviews and not do anymore traveling, but sometimes that's unavoidable. Most of the funds are through your loans, but PLEASE remember, your LAST dispersement for loans are in JANUARY! you will run out of money by March/April unless you SAVE/SAVE/SAVE! If you can't save, there is an residency assistance loan (about $8-15k, i think) that you can get to help with moving expenses, i didn't get it but my MD friends told me they got it for 8% when we all started moving out of Chicago.... (I miss those days.... )

Not married, sorry.

Yeah, I got the max all four years and really lived from dispersement to dispersement (and i had scholarships 1st and 3rd year) it really gets bad near the end of a cycle. I went on Craigslist and found some great deals and got REALLY lucky for externships costs (family, friends = free food). There are some residencies that offer FREE housing for externships. Those tend to be popular and are usually booked fast, so take advantage of it! If you are planning to go to Boston for any reason, I still keep in contact with my landlady who rented me a room near ALL the major hospitals for cheap! (well, cheap in boston). PM if you are in need.

 

[PharmD/DPM]

If I don't consolidate with Sallie Mae, then who should I consolidate those loans with? Also, when do you notify Sallie Mae that you want to defer your loans throughout residency?

 

[Stafocker]

If I don't consolidate with Sallie Mae, then who should I consolidate those loans with? Also, when do you notify Sallie Mae that you want to defer your loans throughout residency?

You can consolidate with anyone, just ask and search to get the best offer. Especially in Chicago with all those banks, you can find someone to consolidate your loans at a great rate.

If you want to defer your loans, you have 6months of grace for Stafford loans and 9 months for Perkins loans. After that, you can defer (wait about 30 days before your grace period runs out, it take about 2-3 weeks to process), but you have to do this again after 1 year (max 3 years in a row for Economic Hardship). I'm defering currently my Perkin's loan through ACS. It's not until you leave school you realize that RFUMS (or whatever school) tried to lock you up with some company that provides the loans to you, but there are a ton of companies out there that do the same thing and the only difference is the fees and additional 'points" they add after the government interest rates. Prior to 6/07, the stafford loan was based off the 90-day T-bill rate, google it, and it varied every year. Now it is fixed at a rate (I believe 6.7%???) and you can only change it after consolidating (if the consolidating rates are lower).

Just reemmber if you defer, you will still get pwned with accrued interest and when you consolidate, all the "accrued" interest will become part of the principle. After 5 years, I have about 4k of interest total, but i got a great rate (2%, 4%, and a 6% loan that's not consolidated yet, but I'm waiting until the rates are lower).

Ask a financial advisor, to get a better picture, this is just what i've learned so far, and i might be wrong on some of the specifics. I personally don't trust the financial aid office after the big scandal in NY where universities and colleges were getting "kick-backs" to enroll students into loan services at high interest rates. Sallie Mae was one of those that had to settle out of court, but all that did was raise the fees even more for the rest of us. Evil man, freaking evil man.

so where you looking to go next year, "Dr. Polish Sausage".

 

[PharmD/DPM]

Stafocker, I'll let you know in 3&1/2 wks where I end up (match day), but it may be in your town! Also, I consolidated 2 yrs ago, can I reconsolidate those loans or just my my most recent 2 yrs? Thanks bud.

 

[Stafocker]

Stafocker, I'll let you know in 3&1/2 wks where I end up (match day), but it may be in your town! Also, I consolidated 2 yrs ago, can I reconsolidate those loans or just my my most recent 2 yrs? Thanks bud.

yeah, but it's not worth consolidating a new to a new interest rate because it takes the average of all the loan interest rates into account. it's best to only consolidate once, but sometimes you can get a great offer that you can't refuse.

dude, that would be great to hear! we'll try to spare you guys some numbers at that "other" pittsburgh program ( j/k j/k)

 

[doclm]

Hello all,

I am scheduled for 3 externships at the end of 3rd year and 4 externships my 4th year. Does it matter which programs you visit first?last? Also, is it easier to get clerkship at these programs the 3rd year versus the 4th year because not all schools do this? In addition, how do people get by living in different areas month to month?

Thanks for your feedback.

 

[JEWmongous]

Hello all,

I am scheduled for 3 externships at the end of 3rd year and 2 externships my 4th year. Does it matter which programs you visit first?last? Also, is it easier to get clerkship at these programs the 3rd year versus the 4th year because not all schools do this? In addition, how do people get by living in different areas month to month?

Thanks for your feedback.

Don't you guys at scholl get 7 externships?

 

[doclm]

Don't you guys at scholl get 7 externships?

My bad......Yes we do!!!

People usually get an externship or two after the match process. But I misunderstood some classmate today. Thanks for the response.