Money For Med School

[Melch482]

I tried searching through other threads, but I couldn't find really anything specific. How much money did all of you have saved when you entered med school? I have about 3 years before I will be applying for med school and want to know how much I should be saving. I currently have a job and am going to college for free, but I don't know if everyone in med school just takes out loans or if they have their own money. I could be spending the time I work doing some ecs that would help me get into med school.

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[bodonid]

I tried searching through other threads, but I couldn't find really anything specific. How much money did all of you have saved when you entered med school? I have about 3 years before I will be applying for med school and want to know how much I should be saving. I currently have a job and am going to college for free, but I don't know if everyone in med school just takes out loans or if they have their own money. I could be spending the time I work doing some ecs that would help me get into med school.

most have nothing or almost nothing, I would think. Some even have loans from undergrad. Put away as much as you can! You probably won't be able to save enough to pay for med school tuition, even if it is a cheap state school.

aka most use loans.

you will need some decent EC's, tho, but it doesn't have to be a huge commitment.

 

[MedYEP]

I don't have anything saved up. I've been working part time and at times full time for the past 6 years, but all of my money went towards paying bills so I will be paying for school with loans and scholarships.

 

[engineeredout]

most have nothing or almost nothing,

This. I'm piss broke. I kept my internship since I graduated and the money from this has been going towards crap I need for my apartment. Suddenly when you go to a real place and not a dorm you realize "Oh ****, I actually have to buy furniture, it doesn't just appear in the room".

Oh **** I have to pay monthly for my electricity. Internet. Television.


Oh **** the crappy cooking supplies from college are no longer going to cut it.





It adds up quickly.

 

[bodonid]

This. I'm piss broke. I kept my internship since I graduated and the money from this has been going towards crap I need for my apartment. Suddenly when you go to a real place and not a dorm you realize "Oh ****, I actually have to buy furniture, it doesn't just appear in the room".

Oh **** I have to pay monthly for my electricity. Internet. Television.


Oh **** the crappy cooking supplies from college are no longer going to cut it.





It adds up quickly.

for better or worse, I'm still dorming it with my crappy collegeware and magically appearing furniture.

 

[ensuii]

I had a full scholarship for ungrad and worked for 2 years making 40k each year before applying. The application process prolly cost me around 5-6k by itself. I spent money buying myself my first car (which was a crappy used one with power windows/locks) and a new computer. Through all of it, I came out ahead with about 6k with no loans or credit card debt. Yesterday, I signed my financial aid award letter and am now in the hole by 75k @_@ Private school ftl.

 

[engineeredout]

for better or worse, I'm still dorming it with my crappy collegeware and magically appearing furniture.

Thats ok, you'll just end up buying it in residency and feeling like **** doing so since by then you'll be several hundred thousand $$ in teh hole.

And I don't care if it is more money, I'm going to eat and drink using kitchen equipment that isn't plastic.

 

[ensuii]

And I don't care if it is more money, I'm going to eat and drink using kitchen equipment that isn't plastic.

Wow, Mr. Fancy Pants. ;-)

 

[Bearferret]

To the OP: it may sound like I'm stating the obvious, but more is always better. Save as much as you possibly can (without overstressing yourself, of course). Whatever money you save will allow you to take less money out in loans, and ten grand less in loans your first year is actually a whole lot more than ten grand in actual worth to you.

My wife and I were able to swing something like this. We both spent a few years out of undergrad before she decided to go to law school, and I decided to go to med school. She's just finished up her first year of law school, and we were able to take out only around $20,000 in loan instead of the $50,000 the school suggested. We were able to avoid $30,000 of Grad PLUS loans at 8.5%. As you can see, that $30,000 difference is worth WAY, WAY more than $30,000 to us.

Unfortunately, now our savings are depleted for my medical school bills, but we'll make it work.

 

[engineeredout]

Wow, Mr. Fancy Pants. ;-)

Yeah maybe I should point out that I got closeout deal glasses and plates for a grand total of like 30$.

Still an improvement. Unless I get lead poisoning from them.

 

[fahimaz7]

I had a full scholarship for ungrad and worked for 2 years making 40k each year before applying. The application process prolly cost me around 5-6k by itself. I spent money buying myself my first car (which was a crappy used one with power windows/locks) and a new computer. Through all of it, I came out ahead with about 6k with no loans or credit card debt. Yesterday, I signed my financial aid award letter and am now in the hole by 75k @_@ Private school ftl.

You are taking 70k/year? ****!

 

[searun]

As I recall, I had about $85 in my checking account and about $5,000 in credit card debt from the application process when I arrived at med school. But don't worry, son, you will be killing the fat hog soon enough, and eating the thick bacon.

 

[katinthehat]

I'll be starting med school in the fall and have saved some money. But that's because I have the luxury to not have any debt whatsoever (no college or credit card debt, paid off my car already), I worked all throughout college, I essentially had a full-time job my senior year and took a year off to work, I haven't been on a vacation or anything like that in over 4 years, and I essentially lived on a $20/week budget for the first 3 years of college (that's not accounting for food, my parents helped me with that).

Although I'm glad I feel some financial stability going into med school, I do regret not going to spring break or vacations with my friends (instead I tried to work as much as possible during breaks). I also had to give up part of my college experience during the first two years since I worked as a waitress/bartender every Friday/Saturday night.

 

[MossPoh]

You are taking 70k/year? ****!

For OOS or private that sounds about right. OOS tuition at my school is 55k a year and then you still have housing, supplies, etc. on top of that.

 

[chillyphilly]

I have been working for the past 2 years making great money and I was fortunate enough to be able to save a lot of it since I have no previous debt. This year I'll be taking out loans for only tuition and will be living off my saved money for living expenses/books etc.
I'm thrilled about this because less loans, but my one word of caution was that because I had saved quite a bit of money, I was eligible for absolutely NO financial aid, and my expected contribution was almost 30K!! Are they kidding me?? Sure I could pay that when I'm making a ton of money, but there is no way I can afford that next year when I'll be a full time med student. That's the only time I've noticed that having money has really HURT me....

 

[MossPoh]

State schools rule. I feel like I could work really hard for the summer and pay off a semester of school.

 

[Doctor Bagel]

The big thing to think about is that applying is going to wipe out a big chunk of that savings. So you need enough both for the applications (including traveling for interviews) and for basic start-up costs (moving costs, deposits, furnishings). If you could swing it, about $10k would be good. If you can't, you'll still work something out. It's not at all atypical to cover the start up costs with plastic and use your first financial aid disbursement to pay those off.

As mentioned above, it also actually wouldn't be a bad idea to start accumulating some stuff that you can use while in medical school. Life is better when you have a comfortable place to live.

 

[ILikeFood]

Buy low, sell high

 

[ensuii]

You are taking 70k/year? ****!

Yeah, it sucks donkey dick and keeps me up late at night. Funny thing is, I didn't even apply to my state schools because I didn't think I had a chance...in hindsight I probably was mildly competitive.

 

[JelloStapler]

I too will be taking out 70k/year!

I've been working for the past few years, and here are some of the things I've done with the little that I've been making in research:

Apply to school! Its more expensive than one would think flying all over for interviews!
Bought my first car! It is new to me, and I paid for the whole thing outright because I think making car payments is silly. Its nothing fancy, but has a lot of life left!
Went on vacation!!! I figured that this amount of money wouldn't make much of a difference with the amount I have to borrow.
Retirement! I've been trying to stash money in a Roth IRA for when I get old because I don't want to be poor then! And just think about the amount you can make in interest (tax free!) Don't forget to plan for the future!

 

[Cp22kjer]

Yeah, it sucks donkey dick and keeps me up late at night. Funny thing is, I didn't even apply to my state schools because I didn't think I had a chance...in hindsight I probably was mildly competitive.

That's just crazy. 70k, think what that could buy....

 

[DrWrong]

That's just crazy. 70k, think what that could buy....

You could buy like a ton of Ramen!!! Beef! Oriental! Shrimp! Pork! Every type you can think of!



On a side note, things are rough for pharmacy school students too! Although, I'll graduate will only about 50k in loans ;-)

 

[motorcycleguy]

I will have just about $3000 in savings going into med school. I'd feel uncomfortable going into a fixed income situation without a financial buffer for emergencies.