Is money a problem for you guys?

[jessica525]

I tried searching this question but didn't really find what I was looking for.

I am starting pharmacy school in the fall (UCSD!)....and am just wondering the average amount of money you guys have to spend on living expenses. I know I'll be finding out the max loan amount soon from my school, but I was just wondering how you guys handle bills, etc, with student loans. For anyone that takes out the maximum, can you tell me how much you have for expenses outside of school (rent, bills, food, etc). I'm not too familiar with the max amounts so maybe someone can let me know how it worked for them!

Thanks so much in advance!!

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[mike36]

I get undergrad student loans for my P1 year. The max is about 11,000 per semester. Next year I get to use graduate loans, but I don't know how much it will be yet.

 

[WVUPharm2007]

I never really had problems. Between myself and Sarah, we got about $13,000 a semester in living expenses. In addition to this, I worked 24-32 hours a week as an intern ($11-14/hour) as supplement. Don't be afraid to work during school...

 

[jessica525]

well after figuring out my expenses, I need about $1200 a month....is this reasonable to expect or am I expecting more than I can receive?

How does it work during the summer? Are you just out of luck and need to work more?

Sorry I'm so ignorant on the topic lol

 

[WVUPharm2007]

well after figuring out my expenses, I need about $1200 a month....is this reasonable to expect or am I expecting more than I can receive?

My first year I was single...and I lived on less than that. It really depends on your expenses...how much is an apartment, car insurance, food, entertainment, etc.

How does it work during the summer? Are you just out of luck and need to work more?

More or less. But you'll likely get 40 hours/week...which is $1500 or so a month after taxes.

Sorry I'm so ignorant on the topic lol

Everyone is ignorant about everything before they are presented with information.

 

[PharmDstudent]

I pay bills regularly, but I can get by on scraps. Seriously.

The hardest part is covering for "extras". What do you do when your car breaks? Will you have enough money for a birthday present? Can you afford your copays? Do you have enough money for gas and other travel expenses when you need to go home?

I don't have enough money to travel. Thankfully I can hit the beach a few times every summer, because it's only four or five hours away. I don't buy a lot of presents, maybe a few. I live in an apartment. I have to watch my checking account often, so that I don't overdraft, when money gets tight. I came close once, but the transactions were still pending so I had enough time to make a deposit to avoid the overdraft fee. I only buy textbooks that are necessary. Every blue moon, I'll eat out.

The two most luxurious things that I buy are foundation make-up (it's $25/bottle, but it's worth it!) and champagne.

 

[firefighter9015]

I take out the max amount in loans and I have more than enough to get by. However, due to my love of travel in the summer money gets tight, however, I work close to 40 hours a week and use that money to help cover my rent in the summer. You will be fine, you just have to learn what you can afford and what you can't.

 

[Hels2007]

Don't be afraid to work during school...

Seconded. Even 10-15 hours a week helps, and it's definitely doable.

 

[Moxxie]

So far, we've been OK with money. My husband works full-time and I take out loans (I also get a scholarship for about ~40% of tuition). We actually took out less loans than the max this year because we could afford to. We've also managed to pay off one credit card entirely and are aggressively paying off my car loan and putting as much as we can towards my husband's student loans. I don't feel comfortable unless I have at least an extra $2000 or so sitting around in my savings account.

But starting this summer things are going to be tough. We're moving from Pocatello, ID to Boise, ID, where the rent is at least $200 more a month for a similar place. We've also racked up some big health bills lately (including a visit to the ER this morning), so paying those off will be fun. Plus we're going to have to pay for infant daycare, which will be at least another $400-500/month. If we have to, we'll take out additional private loans, but I'd rather not resort to that.

Then, during my P4 year, we have to pay for THREE semesters of tuition, not just two. So that will be another $6000 or so on top of the other costs.

 

[confettiflyer]

La Jolla is a pretty expensive place to live. Your first bet is finding a cheaper place to live around Mira Mesa, the commute isn't too bad.

Second, I found that most of my expenses involved food...I gave up going out for lent, and that alone freed up several hundred dollars per month.

Next...don't fret about money once you've done all you comfortably can, just rely on the loans