Using private loans to get slightly nicer apartment?

[JAK2-STAT3]

M0 not well versed in these topics, so please be nice if you crucify me. As far as I can tell, the apartments near my medical school that are affordable in the COA are kinda gross. I’m a nontrad and just want a modestly-sized one bedroom apartment, nothing crazy. How bad is it to borrow ~$400/month above the COA via private loans to get a semi-decent place?

FWIW my school hasn’t given out financial aid details beyond the COA on their website, but from what I can tell based on that, spending over 1k/month on rent probably isn’t realistic. They are giving me a 1/3 tuition scholarship if it makes a difference. And yes, I can cook for myself, make my own coffee, etc.

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[LucidSplash]

M0 not well versed in these topics, so please be nice if you crucify me. As far as I can tell, the apartments near my medical school that are affordable in the COA are kinda gross. I’m a nontrad and just want a modestly-sized one bedroom apartment, nothing crazy. How bad is it to borrow ~$400/month above the COA via private loans to get a semi-decent place?

FWIW my school hasn’t given out financial aid details beyond the COA on their website, but from what I can tell based on that, spending over 1k/month on rent probably isn’t realistic. They are giving me a 1/3 tuition scholarship if it makes a difference. And yes, I can cook for myself, make my own coffee, etc.

Personally, as a med student I would have looked for a roommate before I took out extra money. That’s from the post-med school post-residency post-fellowship post-PSLF perspective too.

 

[Dantes]

As a non-trad I feel you but probably still not worth taking out private loans for. Some schools will adjust COA beyond sticker price for certain categories, including rent. See how flexible yours is. Otherwise maybe look for apartments a little bit farther from the hospital that might be nice but cheaper.

 

[JAK2-STAT3]

Personally, as a med student I would have looked for a roommate before I took out extra money. That’s from the post-med school post-residency post-fellowship post-PSLF perspective too.

As a non-trad I feel you but probably still not worth taking out private loans for. Some schools will adjust COA beyond sticker price for certain categories, including rent. See how flexible yours is. Otherwise maybe look for apartments a little bit farther from the hospital that might be nice but cheaper.

Thanks for the input. I guess I’ll wait for the school to publish their 2023-24 COA. Also if any current students have examples of budgets they’ve used I’d love to see them.

 

[ChordaEpiphany]

How non-trad are you? Are we talking 26 or 36? Those are two very different situations.

If you're in your 20s get a roommate. Just be picky and make sure it's someone who will respect your space and keep relatively quiet.

In your 30s the roommate thing gets a bit tricky only because the remaining pool of people will be... variable. I've seen the transformation happen almost in real time in my current place as people matured out of the apartment and we replaced them with new people over the last 6ish years. These days the average age of my apartment is about 34, and most well-educated, reliable, clean people without major vices who still need roommates are in their 20s and want roommates in their 20s. I never had an issue with people skipping on rent, drug/alcohol abuse in the apartment (the sad variety, not the party variety), or obvious personality disorders until I crossed 30 and started living with people over 30. It's just difficult to find someone outside of medicine or academia who will be like-minded, responsible, reliable, and broke enough to need a roommate in their 30s. Most people who want to live with a 30-something roommate are also in their 30s, and most responsible, reliable, and agreeable people in their 30s are living with an SO or have their own place.

The other thing I'll mention is that if you're going to spend extra money on something, I'd strongly recommend you spend on things that save you time instead of prioritizing your own space. Live below your budget and have a slush fund for things like laundry service, take out dinners, maid service, and the luxury of not having to spend time on saving money (e.g., getting multiple quotes for car repair in the middle of your surgery rotation). Not so useful M1/M2, but useful for M3 for sure.

 

[Tenk]

I lived next to my campus the first year in a crappy apartment to save money. Not worth it. I moved.

My advice: $4800 a year is a drop in the bucket. Pick the better apartment that will make you happier. Sign a one year lease. Try to save money ms1 and meet all your classmates. Try to find someone you could LIVE with (not just be friends with, ie go over to their place and see how they live) and then get a roommate for ms2-4 so you don’t have to take out more loans.

 

[annoyedpsychiatrist]

I would not take out a private loan for anything if I could avoid it as you wont be making decent money for a while and in the long run can cause more stress.

However borrow a bit more through fed loans to live a better enviroment may be worth it, as it may set you up for success more if you're in a good state of mind.

 

[NontradICUdoc]

Live like a doctor when you are a student and you will live like a student when you are a doctor.

 

[voxveritatisetlucis]

Doctors 10 years from now may make similar to what doctors make in the UK. You should plan accordingly in regards to loans

 

[JAK2-STAT3]

Thank you everyone for the input. I have decided to stick with the school’s COA.

 

[Dochopeful13]

Doctors 10 years from now may make similar to what doctors make in the UK. You should plan accordingly in regards to loans

Dear God why do you think that?

 

[voxveritatisetlucis]

Dear God why do you think that?

Coordinated efforts across the country to flood the market with FMGs, NPs, PAs etc.

 

[Dochopeful13]

Coordinated efforts across the country to flood the market with FMGs, NPs, PAs etc.

Do you think primary care only or specialties will be affected as well?

 

[voxveritatisetlucis]

Do you think primary care only or specialties will be affected as well?

As the bills are written, probably all of them. There’s no requirement for these medical graduates to work in primary care

 

[ACSurgeon]

Coordinated efforts across the country to flood the market with FMGs, NPs, PAs etc.

Oh no the sky is falling…. Again.

 

[annoyedpsychiatrist]

Doctors 10 years from now may make similar to what doctors make in the UK. You should plan accordingly in regards to loans

unlikely. Even with NPs practicing in my field the demand still vastly outweighs the supply, and mental health isnt exactly getting bettter.

Salaries have been consistently going up.