A quick question about a financial situation

[AnkleGuy]

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So the other day I thought about those that drop out of medical school. My question is, since most people sign a 12 month lease at the start of medical school and they drop/fail out, how do they pay their rent? I mean it's not like you can get a job right away... I'm sure some people can. But the economy just isn't that swell. Also I'm not sure how minimum wage can cover their costs with their medical school and undergrad loans kicking in.

 

[Chelsea FC]

So the other day I thought about those that drop out of medical school. My question is, since most people sign a 12 month lease at the start of medical school and they drop/fail out, how do they pay their rent? I mean it's not like you can get a job right away... I'm sure some people can. But the economy just isn't that swell. Also I'm not sure how minimum wage can cover their costs with their medical school and undergrad loans kicking in.

The school doesn't take back the refund money that you use to pay rent. So you still have that money for the first semester until you find a job or find a way to get out of your lease. Most loans students take are government which has income based repayments and a good number of deferral until you can get your feet on the ground. Going that route sucks hence why alot of people stick it out or do self harm as an escape

 

[AnkleGuy]

The school doesn't take back the refund money that you use to pay rent. So you still have that money for the first semester until you find a job or find a way to get out of your lease

I don't know how it is at your school, but at my school loans are dispersed at during a semester basis. So if a student drops/fails out after the first semester, then what happens to them for the next six months of their apartment lease? That's my question. I guess it really depends on what type of penalty there is for breaking the lease contract.

 

[Raryn]

I don't know how it is at your school, but at my school loans are dispersed at during a semester basis. So if a student drops/fails out after the first semester, then what happens to them for the next six months of their apartment lease? That's my question. I guess it really depends on what type of penalty there is for breaking the lease contract.

You find a job, get money from family, or break the lease (and move in with family or somewhere you have a job).

I mean, you have to live somewhere regardless, so what would you be doing if you didn't make it into medical school?

 

[Kkshake]

Could just break your lease

 

[AnkleGuy]

Could just break your lease

Isn't there a large financial penalty with that?

 

[Kkshake]

Isn't there a large financial penalty with that?

Usually it's 2 months rent (at least that's all mine have been)....They also waive the penalty if they can find someone else to rent it

 

[trs88]

Isn't there a large financial penalty with that?

Maybe yes, maybe not. It depends on the landlord and each lease. My roommate and I are both med students and we're renting a house that has a clause that if our school situation changes, we'll get let out of the lease. Sometimes there might be a clause that there is a penalty, but if you talk to your landlord they might let you leave without penalty. Or not, cause you cost them money.

 

[Spydra]

Depending on your expenses overall, how much your rent is, and how much loan money you're taking out you could pay your lease in full for the year. That way if your situation changes you'll still have a roof over your head and one less bill to worry about for awhile. If it isn't feasible to pay for the full year upfront you could still pay for half the year, depending on what your finances will allow so you still have a cushion.

 

[Crayola227]

I lost $1200, first and last month deposit, without ever moving in when I had to break my lease last minute

 

[AnkleGuy]

I lost $1200, first and last month deposit, without ever moving in when I had to break my lease last minute

I see. That isn't so bad