Any other married med students out there struggling with financial issues?

[RynoTheGuy]

I'm a second year, married with 2 kids. We just went through our budget and things look grim...we are coming up short for the year by quite a bit. We've already cut back substantially in most areas and are trying to figure out how to make all of this work. Due to the cuts of Sub. Stafford Loans, and every other private loan having to be approved through the school (where we can only take out enough to meet our cost of attendance) it's put us in a difficult place....with second year starting and with these financial crunches it's got me more worried about finances that I am classes.... Anyone else in the same boat?

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[Shnurek]

Higher education is no longer worth it as much. The bubble will burst soon. Just don't be in massive debt when it happens.

http://washingtonexaminer.com/article/36356

 

[Bane]

Higher education is no longer worth it as much. The bubble will burst soon. Just don't be in massive debt when it happens.

http://washingtonexaminer.com/article/36356

I agree even though this thread isn't the place to discuss. Schools rip off students, keep students around as long as possible (training takes a decade and has for 100 years, why haven't we learned to train faster in so long). Schools make $ of being slow and inefficient.

I'm a second year, married with 2 kids. We just went through our budget and things look grim...we are coming up short for the year by quite a bit. We've already cut back substantially in most areas and are trying to figure out how to make all of this work. Due to the cuts of Sub. Stafford Loans, and every other private loan having to be approved through the school (where we can only take out enough to meet our cost of attendance) it's put us in a difficult place....with second year starting and with these financial crunches it's got me more worried about finances that I am classes.... Anyone else in the same boat?

Hope things improve for you.

 

[ijn]

Higher education is no longer worth it as much. The bubble will burst soon. Just don't be in massive debt when it happens.

http://washingtonexaminer.com/article/36356

Son, that's a pretty weak troll. Go practice some more.

 

[pseudosquam]

I agree that education is too expensive and that it is fueled by easy credit; however, his analogy connecting the housing market bubble and education was sloppy.

Specifically, he compares the expected rising home values with expectations that the skills gained in a degree program are justification for overpaying. He explains that after the bubble burst in housing the expected gains in equity were not realized and the home owner was left holding the debt. At this point the analogy is wrong. The forces (easy credit) that dictate the price of education are independent of the income the skills gained will generate post grad. Indeed, even though the OP may overpay for his medical education after the educational bubble bursts, he will still earn physician wages.

Pseudosquam, financial savant

Higher education is no longer worth it as much. The bubble will burst soon. Just don't be in massive debt when it happens.

http://washingtonexaminer.com/article/36356

 

[El Toro]

Have you asked the FA office about adjusting your COA for child care expenses? I have two kids as well and am a 29 yo MS1. My school will add on a substantial amount per child regardless of the spouse's employment status. Some schools to which I was accepted would not do this without proof of spousal employment so I know it varies from school to school. I might have other ideas if I knew what your spouse's employment status is.

 

[NontradICUdoc]

I was in your shoes several years ago, however, I had 2 more kids than you. But I can certainly tell you that things were hard. But, think about this. You have paid into the system for many years, especially if you were working after college and now is your time to get some of that back.

My wife and I did some research and since her salary is the only one that is considered income, we were found to be below the poverty level. That allowed us to get assistance with our electric bill which came down to an average of about $50/month. We were also able to get my wife and girls on Medicaid which cut down our insurance bill from $900 per month to nothing. We called the cable company and they lowered our rates back to an introductory rate for 1 year. Since we just had a baby and we had a 4 year old at the time, we were able to qualify for WIC which brought down our monthly food bill. Once I started residency, we no longer qualified and we dropped it all. Of course, I have insurance through work now so there is no going back to that insurance level. When you are in need of things for the house, go to Craigslist or use a consignment shop. You are going to have to do without for several years. But in the end it will be better for you.

There are other private loans out there that do not require school certification. But you should really talk with the financial aid department of your school to see if they can increase your cost of attendance to incorporate child care and mortgage if you have one.

Good luck.

 

[notbobtrustme]

food stamps + welfare + medicaid.

I'm in the same boat. You can get a pretty generous benefit for food. Here in IL, we get ca 400 just for food. I also get around 200/week in welfare (aka cash). It makes a world of difference.

 

[calvnandhobbs68]

Higher education is no longer worth it as much. The bubble will burst soon. Just don't be in massive debt when it happens.

http://washingtonexaminer.com/article/36356

I think you're in the wrong thread shnurek

 

[RynoTheGuy]

I'll check with the FA office to see if we can get our COA adjusted - I didn't know that we could do that. Currently my wife is a stay-at-home mom with the kiddies, but she's looking for work - she has a bachelor's and worked full-time all the way through when I was in undergrad but we were wanting her to be home with our kids during our first year. Now she's looking for part-time work somewhere.

And to everyone else - yeah we are on Medicaid and food stamps, it sucks, but that's what you have to do I suppose. I do feel somewhat better about it though knowing that I have been paying into the system for my working life - and it's nice to consider getting some of that back via aid. I also hadn't considered checking to see if we can get our electric bill reduced - we'll check that as well. I appreciate all the comments guys, it helps to put my mind at ease. Are there any other tricks/tips you guys use to keep costs low?

 

[ucladoc2b]

I agree that education is too expensive and that it is fueled by easy credit; however, his analogy connecting the housing market bubble and education was sloppy.

Specifically, he compares the expected rising home values with expectations that the skills gained in a degree program are justification for overpaying. He explains that after the bubble burst in housing the expected gains in equity were not realized and the home owner was left holding the debt. At this point the analogy is wrong. The forces (easy credit) that dictate the price of education are independent of the income the skills gained will generate post grad. Indeed, even though the OP may overpay for his medical education after the educational bubble bursts, he will still earn physician wages.

Pseudosquam, financial savant

Provided physician income doesn't suffer...

 

[notbobtrustme]

And to everyone else - yeah we are on Medicaid and food stamps, it sucks, but that's what you have to do I suppose. I do feel somewhat better about it though knowing that I have been paying into the system for my working life - and it's nice to consider getting some of that back via aid.

yep. This is exactly what aid is for. The system is in place so that families don't fall through the cracks while they work to get off aid. I have no shame in collecting welfare/food stamps. Like you said, we've paid into this system and will pay 50x into it than what we took out when our training is complete.

 

[Geekchick921]

Have you asked the FA office about adjusting your COA for child care expenses? I have two kids as well and am a 29 yo MS1. My school will add on a substantial amount per child regardless of the spouse's employment status. Some schools to which I was accepted would not do this without proof of spousal employment so I know it varies from school to school. I might have other ideas if I knew what your spouse's employment status is.

I also have 2 kids and it was pretty painless to get my COA raised for childcare expenses. I filled out the school's grad enrollment form thing, applied at studentloans.gov, and had to provide my school with a document from my kids' daycare with what I've paid to them for the last 6 months. I got the money about 2 weeks later. Definitely look into it.

 

[Smokemont]

I agree that education is too expensive and that it is fueled by easy credit; however, his analogy connecting the housing market bubble and education was sloppy.

Specifically, he compares the expected rising home values with expectations that the skills gained in a degree program are justification for overpaying. He explains that after the bubble burst in housing the expected gains in equity were not realized and the home owner was left holding the debt. At this point the analogy is wrong. The forces (easy credit) that dictate the price of education are independent of the income the skills gained will generate post grad. Indeed, even though the OP may overpay for his medical education after the educational bubble bursts, he will still earn physician wages.

Pseudosquam, financial savant

Not you again. These are far from being independent. You think the government is going to lend you hundreds of thousands of dollars (easy credit) if they didn't think you could make the payments (income post grad)?

Maybe you didn't hear me the first time. Learn to know what you don't know.

 

[pseudosquam]

Smoke, no problem. I heard you the first time. However, I think you're misinterpreting what I wrote. Easy credit for a medical school education, in that of itself, will not facilitate poor or large earnings for physicians. That was my point.

However, easy credit was a large contributor to both the housing bubble and the market value of homes. I know you want to teach-me-a-lesson but their is no need to be contrarian.

Not you again. These are far from being independent. You think the government is going to lend you hundreds of thousands of dollars (easy credit) if they didn't think you could make the payments (income post grad)?

Maybe you didn't hear me the first time. Learn to know what you don't know.

 

[NontradICUdoc]

For more ways to reduce expenses:

1) Use craigslist for furniture. I have small kids (the 2 year old has decorated practically each and every wall) and there is no way I am going to purchase very expensive or even expensive furniture just to have her draw or crap on that too, I have been able to find great deals on craigslist. At the same time, look around the house for things that you do not use anymore and sell them to make a few extra bucks.

2) Buy clothes on consignment. They are in good condition and much lower than retail

3) Don't buy books, rent them. Or borrow them from the school's library. If the current issue is 4th edition but the library has 3rd edition free to loan then who cares. My wife is a book editor and trust me when I tell you that the differences between 1 and the other very minor.

4) If you would like to get some cologne, go to Macy's and ask them for any samples. They are small but ample enough until the next sample is available. Store brand like CVS/Walgreens for your typical meds like ibuprofen, omeprazole, etc. Shampoo/soap/shaving cream.

5) Public library. Excellent place for borrowing books to read for pleasure, newspapers, and they usually have a lot of free activities for the kids.

6) coupons, coupons, coupons, coupons.

7) Search your town's, county, or state website for free events to take the kids.

8) Have a dinner out with the kids at a park. Pack a picnic.

9) When going out with your wife, eat dinner at home but make desert your date night. Or, take her out to lunch. Both let you get out but the cost is much more affordable than dinner.

10) Coffee houses usually have open mic night, free entertainment with your coffee.

11) Be meticulous at the store. Sometimes you need to spend more time comparing prices and when you are at the register pay attention. Yesterday I bought school supplies and was getting charged $0.50 more per folder than I should have. Small change until you buy about 20 of them like I had to.

12) When doing your taxes, claim everything you can. You should not have to pay federal income taxes because you are below poverty level, but if there is childcare, claim it. If you sent your kids to camp that is considered child care, claim it. Education expenses claim them. Of course talk to an accountant first lest you be in trouble with the man.

13) Don't be afraid to ask. When I was shopping for suits for residency interviews I went to a store for their 2 for 1 sale. When they did not have my size (I am a bit on the husky side), I spoke with the manager and explained that I was a student and going to job interviews and was wondering if they can do anything to help me out. They gave me a 10% discount per item. Don't be afraid to ask for discounts, what is the worse they can say? No. Then you are no worse than before.

14) Find out where the price of gas is lower if you pay cash and pay cash.

 

[plauto]

I would like to add, in addition to what everyone has said already, look into getting assistance with gas and electric bills. Also, I'd strongly suggest your SO get a job, full time if possible. Sacrificing too much might place just too much stress on your wife, in addition to the stress of medical school...