Residency pay-check
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PGY 1 making about $3,300 per month
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Is that your take-home pay? That's better than I would have thought.
This week's pay stub (it's payday - hell yeah!)
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EARNINGS PRE-TAX DED TAXES OTHER DED NET PAY CURRENT 1,809.65 34.71 312.59 5.86 1,456.49
DEDUCTIONS CURRENT
DENT HIGH EMP 4.22
HD MED POS EE 30.49
LTD HS AT 2.90
VISION EMP 2.96
CHECKING 1456.49
- gross is 1809.65 per two weeks; net is $1456.49
- above is dental, medical, long term disability (required), and vision for just myself; i live in a city with federal income tax (obviously), state income tax, and local income tax.
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EARNINGS PRE-TAX DED TAXES OTHER DED NET PAY CURRENT 1,809.65 34.71 312.59 5.86 1,456.49
DEDUCTIONS CURRENT
DENT HIGH EMP 4.22
HD MED POS EE 30.49
LTD HS AT 2.90
VISION EMP 2.96
CHECKING 1456.49
- gross is 1809.65 per two weeks; net is $1456.49
- above is dental, medical, long term disability (required), and vision for just myself; i live in a city with federal income tax (obviously), state income tax, and local income tax.
Yep take home pay. I think Vandy pays a little more than other places. It also helps that I live in Nashville which is pretty cheap. Not a bad gig.
PGY3 and I take home 3400 a month and thats after health, dental, and visual.
PGY1, take home just shy of $1500 every two weeks. That's after health, dental, vision for self, husband, and two children. And life insurance for self and husband.
1-8 weeks. Depends on the pay cycle (Q2w vs. Qmo) and where you land in it when you start. Expect to be unpaid for at least a month.
For the record, that's how things work at just about any other "real" job so don't think you're getting screwed just because you're a resident. The CNAs and administrative assistants that started at the hospital the same day you did are in the same paycheck boat as you are.
Don't forget that you might have the opportunity to moonlight after you start your 2nd year. That will bring in extra income (but be prepared to pay extra taxes in the spring!)
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Yup. This is something I don't ever remembering mentioned in med school prior to leaving . . . "Hey guys, save some money, because you won't get a paycheck for a month".
July was bad enough the way it was, the eating white bread and american cheese sammiches and whatever I could scavenge from the call kitchen didn't help. I was lucky . . . mom came to visit after two weeks, and because I was too proud to ask for any help, came home one day to find a fridge full of food. God Bless mothers, but times are getting tougher out there, and it might be you don't have that kind of support.
Save some money.
With the new work hours, ANY moonlighting counting towards 80, AND 2nd and 3rd year residents having to pick up the slack from the interns who can only work 16 hours . . . I wouldn't count on ANY moonlighting.
Times. Tey is a'changin'.
Thanks 🙂
That's exactly what I was concerned about, not sure how I'm going to save some money since I don't have any to spare but I guess I'll figure something out, maybe take a little extra out in loans to get me through.
Definitely agree w/the post above....if possible, try to have some extra 'cushion' in your checking acct starting out, b/c moving is expensive if you are changing cities/apts, and you won't see your first check immediately....and then, perhaps it will be a paper check while they are getting your direct deposit set up meaning it will take a number of days to clear😳
One thing that can help things out while you're getting settled and used to wait your expenses are, is to wait to start retirement/401k/403b contributions until you have a bit saved for living expenses (if you think you are going to have $$ to contribute). Unlike other deferrals such as health/dental, you can ususually change these deductions any time, not just during open season
One thing that can help things out while you're getting settled and used to wait your expenses are, is to wait to start retirement/401k/403b contributions until you have a bit saved for living expenses (if you think you are going to have $$ to contribute). Unlike other deferrals such as health/dental, you can ususually change these deductions any time, not just during open season
What about loans? Are you able to defer or do you have to start paying back during residency? If you do start paying back, how much a month does it run?
Can anyone explain how can you calculate in advance what will be the take home income based on the salary listed on the benefits in a particular residency website. For example, if someone can calculate a sample one based on a yearly salary of $43,000? Thanks.
This is a pretty good resource that the AAMC has launched recently: https://www.aamc.org/services/first/
The Medloans calculator gives payment schedules for the most commonly used repayment plans.
I net just over $3000 per month after taxes/insurance as a third year resident in the midwest. As an intern I think it was about $2800 but current intern salary is higher than mine was.
My husband is also a resident. Our combined salary is about $103,000/annual. We pay the full amount on our loans, no income-based adjustment. It amounts to $1180/month (which is more than our mortgage 🙄). Yes, our combined loans are vastly lower than most 2 resident couples - I had a scholarship to cover tuition and saved on living expenses only having one household. That said, in a lower cost of living city it is very doable to pay a good amount on your loans. If at all possible you really want to try to at least pay off the interest to keep it from compounding. Many residents are blindsided when they complete residency and then open their first "bill" after deferment/forebearance/whatever and see how much their loans have ballooned.
How can i find out which residency programs are eligible for loan forgiveness?
Is the hospital that the residency out of a non-profit or government (county) hospital? Then yes, you are eligible.
Is it a for profit hospital (e.g. HCA hospital)? If yes, then you are not eligible.
PGY-3 here. About 1450 q2wks take home. In one of the most expensive cities in the country. Thank God I have family money--I pay $2600 for a 1 bedroom apartment--almost my entire take home pay. Almost every other resident I know is taking on debt simply to survive, either that or living like animals.
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Thank you, I don't know if it was this thread or another where I mentioned some residents selling plasma for food money and like everything I say it was belittled, like there's no way that would happen on a resident salary unless they were making poor financial choices. Never ceases to amaze me how things being roses in one person's situation somehow means the **** in someone else's is impossible.
Resident salaries are very similar across the country, a blessing and curse; thankfully most cities are livable on a resident salary, however that same salary can be dogsmeat in a few of our most expensive cities.
Sounds like you'd benefit from living with a roommate in a 2 bedroom. Or putting up with a longer commute. Or is that living like an animal?
Look, not being able to make it on $45-55k a year in *any* metropolitan area (note: area, not city) is due to personal choices 99 times out of 100, not because you're not being paid enough. Yes, San Francisco or Manhattan suck. But you either A) put up with being stretched thin B) have roommates (and still be stretched thin) or C) put up with a commute. You knew what you were getting yourself into when you ranked that program.
The 100th time? It's due to personal circumstances completely out of control, like a disabled child. If that's you (which it doesn't sound like), that sucks. I'm sorry and wish you the best.
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Dang! When I was working full-time before med school my take home every 2 weeks was about 650. And I felt I lived comfortably. I'm gonna feel rich in residency.
