HOW DO YOU SURVIVE?!

[Inquisitive Idiot]

I didn't know which sub-forum to place this in, but here's a question:

Upon actually getting in to medical school...

How you survive 4 years of medical school without working?

I know it seems like an easy question (just take out loans), but I've worked most of my adult life so far, and the idea of having no real source of income is all new terrain to me.

Surely there are people in medical school who didn't start out with a plush bank account, or a spouse or parents to support them, etc.

So does one just take out loans for both the school and the cost of living for 4 years?

Anyone have any stories/advice?

If it IS all just loans, anyone have a rough ball-park $$$ total amount for what they spent on expenses for living arrangements/food/phone/internet/occasional fun/bills/etc for 4 years?

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[ReapPremed]

Medical school interview days all have a mandatory financial aid presentation. There they break down the cost of attendance including living expenses. The student loan you take is meant to cover all that.

Living like that, as an adult, is pretty alien to me too. I know of some people who, without savings, really struggled in the weeks leading up to their first loan money being released.

 

[BigBoss]

All loans, but like the person above me stated, having money saved up prior to matriculation helps a ton and makes the transition easier.


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[HomeSkool]

Learn to love poverty, my friend. The term is "delayed gratification."

 

[Mad Jack]

Loans were more than enough with a roommate

 

[The Knife & Gun Club]

Yea at most places the loans will be totally sufficient to live a reasonable life with a roommate or two.

I can't speak for everyone, but my SO, who's doing full loans, is in track to graduate with $250,000 in debt.

She says she could probably have made due with 5,000 less a year, but the extra quality of life now was important to her. Living in a safe part of town, with a door manned building, and buying better quality food (like salmon vs tilapia for dinner) are some reasons people will take on a larger loan amount.

 

[Xavieous]

It's all about:

1st-required loans. cost of attendance plus the random thousand dollar tack on's they do each year (medical supplies-stethoscope, otoscope) USMLE exam costs...etc
2nd- None required loans. This is cost of living. it is individual and personal for each person. Some people want to be as frugal as possible for the peace of mind of not racking up debt. Others want to have a little extra each year and not worry about running out. You need to draw up an honest, realistic spreadsheet of monthly costs and then use that as a guage of how much it will cost you to survive. My cost with rent is right around $1885 a month. round up to $2000. Multiply by 12 for $24,000 extra each year.

So with undergrad+graduate school loans I will end up with around 470,000 in debt. What does that mean? Not gonna be a psychiatrist. Not gonna do Peds. Gonna have to have a financial goal with my choice of practice. Just reality. But it is doable.

 

[AnatomyGrey12]

So does one just take out loans for both the school and the cost of living for 4 years?

Yes. /thread

If it IS all just loans, anyone have a rough ball-park $$$ total amount for what they spent on expenses for living arrangements/food/phone/internet/occasional fun/bills/etc for 4 years?

Well I have a family so my COA is higher than a single students but I’m taking out ~80k a year. Loans are plenty to cover everything you need

 

[Chromium Surfer]

Medical school interview days all have a mandatory financial aid presentation. There they break down the cost of attendance including living expenses. The student loan you take is meant to cover all that.

Living like that, as an adult, is pretty alien to me too. I know of some people who, without savings, really struggled in the weeks leading up to their first loan money being released.

All loans, but like the person above me stated, having money saved up prior to matriculation helps a ton and makes the transition easier.


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What’s a ballpark estimate of how much money someone should save up before the first loan money is distributed? Also on average how long does the money take to be distributed, a month?

 

[MasterOfTheSelfie]

Can someone tell me how to go about getting loans that exceed a typical student's CoA? I am looking to support a wife and child without my wife having to work too much, or at all if possible. Any advice would be appreciated.

 

[ndafife]

Can someone tell me how to go about getting loans that exceed a typical student's CoA? I am looking to support a wife and child without my wife having to work too much, or at all if possible. Any advice would be appreciated.

Your schools financial aid department will have people to assist with this