Anxious? Fiancé and Finances

[Magnolia28]

Hey fellow pre-meds, I have some questions and was wondering if anyone who has been in this situation could lend some insight.

So my fiancé was accepted to medical school in the town where we live. I’m so happy for him and I can’t wait to support him through this journey. I also applied to the same schools that he did, but unfortunately I was rejected. I’m having some anxiety about us going to med school in different years. Would the match process leave us in different cities? If anyone has gone through this situation I would love to hear some insight as to how you made it work.

I’m also concerned about our finances. I work part time at two positions right now, I’m a nurse aide and an EMT-B and I love both of them. I would love to continue working both of them part time so I could keep getting diverse experience. My thought is that I could continue doing both and go to paramedic school in case I’m rejected next year as well. I love my jobs but they don’t pay that well and I want to have a higher paying position lined up in case this happens again.

Previously, my fiancé was working full time during his gap year and we had no problem paying for anything. But now that he’s going to medical school we’ll only have my income which isn’t much right now. If anyone has advice about how to balance finances in this in-between situation I would really appreciate it. Thank you for any insight

-mag

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[M&L]

A couple was in the same situation - regarding one spouse a year ahead. The one who was a year ahead took a research year, they will graduate together and couple match .

 

[M&L]

About finances - he WILL get financial aid (loans), so you guys will be ok . I know it’s very scary but it’s an investment in your future. With smart financial planning you will be ok

 

[Magnolia28]

A couple was in the same situation - regarding one spouse a year ahead. The one who was a year ahead took a research year, they will graduate together and couple match .

Thank you!! I didn’t know this was an option and I’m happy to hear it can be done

 

[clumsy.md]

Thank you!! I didn’t know this was an option and I’m happy to hear it can be done

Echoing @M&L ...I met a couple who essentially did the same thing. He did an MBA between years 3 and 4 so she could catch up. Worked out perfectly for them- just requires some flexibility between both partners.

 

[M&L]

I know you are so overwhelmed right now, but trust me it’s not as bad as you think . You guys will figure it out ! It will be ok .

 

[Magnolia28]

I know you are so overwhelmed right now, but trust me it’s not as bad as you think . You guys will figure it out ! It will be ok .

Thank you for your kind words, they mean a lot! ❤️

 

[Angus Avagadro]

I was a 4th yr and my wife a 1st yr when we got married. She graduated when I finished residency. We moved closer to our home where I started fellowship and she started residency. With matching getting more difficult, see SDN threads, I think delaying matriculation by a year might make more sense. My son matched his 4th choice in fellowship match. Doing the couples match would give more security about matching in the same location vs trying to match the same location in split years. I think delaying matriculation by a year makes the most sense. The pressure is on OP to matriculate in the same area. Good luck and best wishes!

 

[coolcat2]

I’m in a similar situation right now. Does anyone know what all could be possible in a gap year for the partner that is a year ahead? Also would a leave of absence/research year/additional degree be detrimental to that person’s success with finding a residency?

 

[LizzyM]

I’m in a similar situation right now. Does anyone know what all could be possible in a gap year for the partner that is a year ahead? Also would a leave of absence/research year/additional degree be detrimental to that person’s success with finding a residency?

An additional degree or a research year should improve the student's success at finding a residency. It is not uncommon and has been a popular thing to do for at least 20 years just to advance one's career.

 

[voxveritatisetlucis]

What is the interest rate on his loans? There are a decent number of equities that pay a 7% dividend. The future value of 70,000 at a 7% rate of return over a 4 year period is 91,755 making the effective cost under 50,000. That does not include capital gains (related to an increase in equity prices). If you write covered calls on the underlying position you can boost the return further and safeguard against a downturn in the price. I’m saying this because if it’s a federal loan, I think there is a decent chance that debt is cancelled before the next election.

Plus interactive brokers offers 1.25% margin loans. That means you can invest 140,000 from a 70,000 dollar loan (assuming the stock is not volatile). I wouldn’t necessarily recommend this, unless the S&P 500 has a significant drawdown (>25%)

 

[EdgeTrimmer]

I’m in a similar situation right now. Does anyone know what all could be possible in a gap year for the partner that is a year ahead? Also would a leave of absence/research year/additional degree be detrimental to that person’s success with finding a residency?

Research (in the specialty interested), MBA, MPH, MS are the possibilities.

 

[voxveritatisetlucis]

MBA is usually two years and likely isn’t worth the 130,000 of debt.

 

[coolcat2]

MBA is usually two years and likely isn’t worth the 130,000 of debt.

There are many programs now for MBAs that are only 1 year, usually online, and not at all close to $100k or even $50k.

 

[voxveritatisetlucis]

Oh didn’t know that. My bad.

 

[EdgeTrimmer]

MBA is usually two years and likely isn’t worth the 130,000 of debt.

MD/MBA programs are 5 years but seems like they charge 3.5 yrs medical school tuition and 1.5 business schools tuition.

 

[coolcat2]

An additional degree or a research year should improve the student's success at finding a residency. It is not uncommon and has been a popular thing to do for at least 20 years just to advance one's career.

Research (in the specialty interested), MBA, MPH, MS are the possibilities.

Do you think a research year would be helpful for someone who is not interested in research as a physician or is not interested in academic medicine? Also, out of curiosity, what do physicians use an MBA for? Thanks for the responses!

 

[LizzyM]

Some physicians assume leadership positions in their group practices or in their hospital system and an understanding of business including accounting, labor law, marketing and branding, contracts, purchasing, and even investment are valuable.

A "good" residency is going to require that the resident do some research. Ditto a good fellowship. Just as some med schools want to see some research in their applicants, good residencies like to see some research done during med school. This can be bench research but it can also be a blend of bench and bedside or entirely desktop (analysis of large datasets). or just clinical (e.g. survey research of patient preferences, interventions to change health behaviors). A medical student in a research year works under a PI who is usually a physician. At schools that require a thesis for graduation, a research year can give a student time to really go deep into a research project without the competing demand of clerkships and elective rotations.

 

[voxveritatisetlucis]

What is the interest rate on his loans? There are a decent number of equities that pay a 7% dividend. The future value of 70,000 at a 7% rate of return over a 4 year period is 91,755 making the effective cost under 50,000. That does not include capital gains (related to an increase in equity prices). If you write covered calls on the underlying position you can boost the return further and safeguard against a downturn in the price. I’m saying this because if it’s a federal loan, I think there is a decent chance that debt is cancelled before the next election.

Plus interactive brokers offers 1.25% margin loans. That means you can invest 140,000 from a 70,000 dollar loan (assuming the stock is not volatile). I wouldn’t necessarily recommend this, unless the S&P 500 has a significant drawdown (>25%)

Loan payments delayed longer today. Seeming more and more like a reliable arbitrage opportunity