When does borrowing money end? Do most residents borrow money to make ends meet?

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ayjaystudent

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When does borrowing money end? Do most residents borrow money to make ends meet?

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You get paid to be a resident. It isn't much, but it's more than a teacher makes in an average location. I don't think people are eligible for loans once they're out of school...
 
You're "eligible" for a loan if someone is willing to give you one. Having an MD/DO does in fact attract legions of financial parasites who will be salivating to extend credit to you at often usurious terms. (Good advice is to be wary of anyone who claims to "specialize" in physician finances. What they really mean is that they specialize in fleecing physicians and other high-earning professionals who don't know much about finances.)

That being said, no, OP, most people do not borrow money to make ends meet as residents, and in fact, the savvier and more organized among them will at minimum make payments for their student loan interest while in residency, even if they can't afford to put much of a dent into the principle. If you cannot afford to "make ends meet" on your residency stipend, which is currently around $55k per year nationwide (with slight variations for geography and year of training), then in the vast majority of cases, the problem is that you need to seriously downgrade your lifestyle to a more realistic level. You won't be buying a Maserati and a personal jet as a resident, but you can absolutely live a normal, middle class lifestyle, even assuming you don't earn extra money by moonlighting.
 
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The only residents I know that borrow money to maintain a middle class lifestyle are in the San Francisco area. Even then, most San Francisco medical residents do not do this.
 
You're "eligible" for a loan if someone is willing to give you one. Having an MD/DO does in fact attract legions of financial parasites who will be salivating to extend credit to you at often usurious terms. (Good advice is to be wary of anyone who claims to "specialize" in physician finances. What they really mean is that they specialize in fleecing physicians and other high-earning professionals who don't know much about finances.)

That being said, no, OP, most people do not borrow money to make ends meet as residents, and in fact, the savvier and more organized among them will at minimum make payments for their student loan interest while in residency, even if they can't afford to put much of a dent into the principle. If you cannot afford to "make ends meet" on your residency stipend, which is currently around $55k per year nationwide (with slight variations for geography and year of training), then in the vast majority of cases, the problem is that you need to seriously downgrade your lifestyle to a more realistic level. You won't be buying a Maserati and a personal jet as a resident, but you can absolutely live a normal, middle class lifestyle, even assuming you don't earn extra money by moonlighting.
Yes, I should have specified that I meant eligible for federal loans (obviously private loans are always out there for anyone willing to throw away tons of money on interest).
 
Yes, I should have specified that I meant eligible for federal loans (obviously private loans are always out there for anyone willing to throw away tons of money on interest).
How much do you think it takes to make ends meet?
 
How much do you think it takes to make ends meet?
I think you might be replying to @QofQuimica 's post?

That is entirely dependent on where someone lives and his/her financial situation. I live in one of the most expensive cities in the country and in my first job here I made the same as the residents in the hospitals here (these are published for any hospital, so feel free to look them up). I was able to afford an apartment, gas, and groceries, plus "fun stuff". It certainly helps to have a significant other/roommate to split costs with. To me, "making ends meet" means being able to afford a decent housing option, the kind of food I want to eat from a nice grocery store, and being able to pay utilities + loan repayment.
 
I think you might be replying to @QofQuimica 's post?

That is entirely dependent on where someone lives and his/her financial situation. I live in one of the most expensive cities in the country and in my first job here I made the same as the residents in the hospitals here (these are published for any hospital, so feel free to look them up). I was able to afford an apartment, gas, and groceries, plus "fun stuff". It certainly helps to have a significant other/roommate to split costs with. To me, "making ends meet" means being able to afford a decent housing option, the kind of food I want to eat from a nice grocery store, and being able to pay utilities + loan repayment.
Sorry, i meant to reply to OP....$50k is plenty to make ends meet
 
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