Primary Income to Med School

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dad2doc

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Can anyone comment on feasibility of transitioning from the family's primary income winner to med student? To add…we have 2 children under 3 y/o. Family and the responsibility to see our family provided for absolutely comes first. So honestly, I don't see how I can responsibly do this.

Sorry for starting a new thread if this has been talked about. I've seen a few threads on wives/mothers pursuing medicine while the husband/father is working…but those don't really apply to our situation.

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Can anyone comment on feasibility of transitioning from the family's primary income winner to med student? To add…we have 2 children under 3 y/o. Family and the responsibility to see our family provided for absolutely comes first. So honestly, I don't see how I can responsibly do this.

Sorry for starting a new thread if this has been talked about. I've seen a few threads on wives/mothers pursuing medicine while the husband/father is working…but those don't really apply to our situation.
I know people who have done it w a sah mom and the dad goes to school. Thos requires an extremely tight budget, but is doable.
 
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We had one couple in my class who survived with one in school and one staying at home. Here how they got by:
- increase your cost of living when you can (i.e., get extra loans for all medical bills and car repairs)
- put your kids and spouse on public insurance, if possible
- food stamps (via the non-enrolled spouse)

Most couples in the situation at our school had the other spouse at least working part-time and had some grand-parent help. It is hard being both poor and without a lot of time.

How much is your family getting by on now? Keep in mind that if your student loan living budget is $20k that is without taxes, so it is equivalent to a tad more in earned income in terms of your spending power.
 
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Frankly it comes down to using savings (regular and 401K), loans (Stafford and GradPlus), family support and public assistance. SNAP (food stamps), WIC (food stamps for kids) and Medicaid are all on the table. Depending on your work situation you could try for unemployment but that's dicey.

So, including residency, you are looking at a very lean living situation for ~8 years. Your family won't be starving for sure but luxuries and other things aren't really on the table.

Honestly, you'd have take the long-view on the "responsible" part. In the short and near-term, it might appear irresponsible but in the long-term (assuming you have your head on straight etc), it's fine.
 
Thanks for your input so far. These are helpful comments. The main step for me right now is to shadow as much as I can and get a ton medical volunteer experience for a while. There's no way I would put my family through it all without being darn sure it's the right thing.
 
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Ill be in practically the same situation as you when I matriculate. The plan is to stay close to family and work with a tight budget. Wife will work when she can to supplement our income.

I agree that it is difficult to think about this prospect as "responsible", but like @Bru said its all about the long game in studying medicine.
 
Once you get to residency, you at least have money coming in. Granted, it is not overwhelming, but at around $50k as an intern (depending on where in the country you go) it is definitely doable to have 2 kids and a SAH mom if you live within your means. Income keeps going up from there as you progress through your PGY levels, so med school is really the worst of it from a financial viewpoint.

It is also possible to work during med school, at least as an M1 and M2 in most places (I worked the last couple of months as an M4 as well, since there is not much else going on). If you can swing a part-time consulting gig with your former employer or something similar, it is possible to cover the basics working 10-20 hours/month, which doesn't substantially detract from studies.

- chooks
 
I'm sure location of the school factors a lot into this as well. Some towns are cheaper to live in than others, so your loans may go further than what the Cost Of Attendance (COA) allots for. I'm getting ready to go into an osteopathic school and the numbers seem to work between Stafford+GradPlus. The school I'm going to will allow me to increase the COA amount for loan purposes for health insurance and child care. I just recently found out about food stamps, but I'm going to do my best to not have to, just on principle alone.
 
the national guard gives a $2k.month stipend but it comes with a lengthy sign on

also, she can work...even the small amount made at a daycare (which would solve the childcare scheduling as they could be with her) would help a lot at that income level
 
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also, she can work...even the small amount made at a daycare (which would solve the childcare scheduling as they could be with her) would help a lot at that income level
This. If you have grandparents plus acworking wife, life is going to be easier.

Fourth year is expensive, and loans won't cover all of it. God forbid you delay a year.
 
I know of several classmates who have a stay at home spouse and children. I don't know their personal financial details but I'm assuming they have to live even more frugally than the rest of us, though I live just fine on the loan package (though it can get tight). A couple of others have a working spouse and kids in daycare or school. It's definitely possible. If you have a choice, and all else being equal, look for a low cost of living and decent public schools. If you can live close to campus and bike/walk to get by on one car, you'll save a lot. (That's a pretty common scenario among the marrieds at my school). If you end up needing a car for rotations, you can get it after second year.
 
one thing to note is that the standard cost of living amount for fafsa gets increased for childcare expenses if your spouse is working, so you can take on more loans but dramatically increase your available cash flow with putting the kids in daycare and your wife working
 
I did it on loans with 2 small kids. I used my loans to pay my house payment and day care in 6 months blocks. I stocked my house with food. My husband worked part time and I paid the bills on 12oo/ month. Sometimes I rotated the bills. We did free stuff with the kids: beach, park, playground. Did a lot of time at McDonalds playland and just got a coke - didn't eat there. I survived a lot on credit cards and paid the minimum for many years until I got a paycheck in residency to work on the payments. I came out of residency with about 40,000 in credit card debt that I paid off the first year I was out.
 
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I don't have children, but thanks to some previous debts and a house I couldn't get rid of before med school, I was perpetually broke during my first year of school, and I found a couple of ways to make extra money without the schedule restrictions and payroll tax deductions of a real job. The best one was my used mattress business, which I still do. People give away perfectly good mattresses on Craigslist just because they don't want to deal with the hassle of trying to sell them. I pick them up, take them home, take a few pictures and sell them on my school's Facebook group classifieds. I try to sell them at the start of each semester when students are moving in. A good used queen mattress with a box spring and frame will easily bring in $200 with delivery, and that's almost pure profit for about an hour's work. The other good racket I found was that for, um, various reasons, people will pay more than face value for a $100 bill or $100 prepaid credit card on eBay. This one was kind of shady and eBay will ban your account if you keep doing it, but it was a good moneymaker while it lasted. My third little cottage industry was that thanks to nationwide panic buying, last year there was a severe shortage of .22 rifle ammunition. Most stores were out of stock, and of the ones that had it in stock, half were charging wildly inflated prices to keep up with supply and demand. The trick was to keep checking websites and stores to find places selling .22 ammunition at pre-panic prices. When I found some, I could sell it for a good profit. Prices have stabilized somewhat now, so I don't think this business will be viable anymore. Still, I'm sure that if you poke around you'll be able to find your own ways to scratch out some extra money here and there.
 
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