Broke

[Irish Luck]

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I quit my sales job in the middle of August to pursue medical school. I thought I had enough money to get me through January 1, when I would be able to start working again after completing the required prerequisites. A hospitalization, surgery for my dog, and unexpected costs of my sister's wedding ruined that plan.

It is so stressful worrying about money. Being broke as a college student was easy, everyone was in the same boat and it was normal to use loans for housing and food. Being broke after making good money is a whole different beast.

A bit of a rant, but it's always nice to know other people are going through the same thing. Anyone else feeling this pressure?

 

[NontradFinance]

Hey,

This is probably my biggest fear in terms of pursuing medical school. As a 24 year old working in healthcare software making 70k, the thought of having no income and incurring massive debt is absolutely horrifying. At the same time, if medicine is your passion and goal it's incredibly difficult to stray away.

You are certainly not alone, and I expect many folks to be in the same boat.

Feel free to PM me, maybe we can find a strategy to minimize the burden.

Cheers

 

[jemill]

I kind of understand what you are going through. Though I've never made a lot of money, I have been working less hours while taking on more debt (one of the cons of good credit) and having a few health issues between my doggy and I (minor but expensive nonetheless). I do get some help with the bills from my boyfriend whom I live with, but I always find myself swiping the plastic way too much.

Whenever I really get into a panic about it, I try to separate myself from the little material things and think about big scope of things. While it will be incredibly tough and intimidating now, you will be able to look back on this in 10 years and remember how strong you were to make it out of that "hole" and create an amazingly fulfilling life for you and many of the people you have helped along the way. 😀

I'm only in the beginning of this journey, I still have roughly 3 years of classes to a degree and completion of prereqs and I know it will get much worse before it gets better. But again, I look at the big picture in times of stress, and hanging out with my doggy always brings my spirits up.

Good luck to you, and keep pushing forward! 👍

 

[petyr_baelish]

I have embraced minimalism so that I can afford medical school.

It is a niche movement that you can read more about on the internet. It's all about assessing your priorities, making saving money a game and feeling free with less stuff to maintain. The result is that even on a meager income, you consistently spend less than you earn. It's common sense but minimalism is about more than reaching financial goals. It's about feeling free.

 

[wholeheartedly]

No advice, but yeah I feel you. As soon as I change shifts I get to go back to full-time again, so that'll help somewhat, but they have to hire and train a replacement for me on nights, so that might take awhile.

 

[beBrave]

I quit my sales job in the middle of August to pursue medical school. I thought I had enough money to get me through January 1, when I would be able to start working again after completing the required prerequisites. A hospitalization, surgery for my dog, and unexpected costs of my sister's wedding ruined that plan.

It is so stressful worrying about money. Being broke as a college student was easy, everyone was in the same boat and it was normal to use loans for housing and food. Being broke after making good money is a whole different beast.

A bit of a rant, but it's always nice to know other people are going through the same thing. Anyone else feeling this pressure?

I am in a similar position and to be honest you learn how to make serious sacrifices. I quit my well paying job to complete the pre-reqs, earn a masters and take additional coursework. Its been rough. My suggestion to you is to get health insurance (through your state, parents, whatever if you don't already have it); apply for food stamps if you have no income. Learn how to cut back on eating and living expenses. No more pitching in for big family life events. You have to conserve resources for only you. I gave up my warm cubicle by the window, my nicely furnished apartment in an upscale neighborhood, and a potentially serious relationship for my dream. You've gotta pay your dues. Traditional students had to work their way through years of school, and residency before they got to taste the fruits of their labor. Consider this payback, your paying back for the comforts you so enjoyed. Its Alchemy.

 

[BurberryDoc]

I left a cushy neuroscience research associate position ($37K) in August 2012, after working for two years post-college, to go back to school and earn my M.S. and strengthen my application for medical school. The decision to do this was probably the hardest one I have made in my adult life. Leaving financial independence and a comfortable air conditioned house to live in a slum in the Bronx to stretch my dollars while incurring massive debt as a student, JUST to up my chances of getting into medical school! I could have worked during this time, but not full time, and not any kind of lucrative dollars per hour figure either. 14 months and $88,000 in student loans later - Ive been accepted to medical school. Student loans for living expenses are great because you have a big pile of money in the bank, and while you aren't going to London 3 times a year and having steak night with your pals in Manhattan, it gets you by, and on the other side of things - Job security and you will be very well poised to pay back the money you owe.

 

[Irish Luck]

You've gotta pay your dues. Traditional students had to work their way through years of school, and residency before they got to taste the fruits of their labor. Consider this payback, your paying back for the comforts you so enjoyed. Its Alchemy.

haha - this is an interesting way to look at it.

nice apartment in a good neighborhood with financial security gone, raman noodles here to stay.

 

[Etyan]

I am in a similar position and to be honest you learn how to make serious sacrifices. I quit my well paying job to ...earn a masters... Its been rough...Learn how to cut back on eating and living expenses. No more pitching in for big family life events. You have to conserve resources for only you. I gave up my warm cubicle by the window, my nicely furnished apartment in an upscale neighborhood, and a potentially serious relationship for my dream. You've gotta pay your dues. Traditional students had to work their way through years of school, and residency before they got to taste the fruits of their labor. Consider this payback, your paying back for the comforts you so enjoyed. Its Alchemy.

I feel you. Went through (the excerpted) same thing.

beBrave indeed!

 

[liangjinjin]

they have to hire and train a replacement for me on nights, so that might take awhile.

 

[kraskadva]

OP- I definitely feel your pain. My hubby and I both worked full time at jobs we hated for 2 years to save up so I could do the pre-reqs without a lot of stress. Now just over a year into the pre-reqs (and almost 2 years since we quit those jobs and moved) we've run through the savings and my student loans are not going to cover everything. He's been looking for a job for the last year, but hasn't been able to find anything where we are so far.
At the moment we're amping up the job search (and dropping standards) and just applied for food stamps and Medicaid to cut costs. Also, looking around the house at things we can sell on Ebay to bring in some extra cash. Definitely not my idea of fun times. But knowing it won't last makes it bearable now.
Best of luck to you- and you're definitely not the only one dealing with this kind of situation.

 

[sockit]

I have only 6 months left of full time classes (hoping to do my thesis in the summer), and I almost can't wait to get back to *any* kind of work while my applications etc go through. Don't care -- call centre, McDonald's -- anything that would let me move back to civilization. I have even, for a quarter of a second, considered whether anyone might pay a buck or two to see my old butt hang off a pole (answer: definitely not). Luckily, I'm too tired from commuting and studying (mostly from commuting) to notice how fed up I am all that often. One last winter to go.

Lol. There's always a wedding, isn't there.

 

[katiemaude]

Here's another non-trad who empathizes. I took two years off for prereqs, volunteering, shadowing, MCAT studying and the like. I worked very part-time in the second year of school, just enough to bring in some cash to cover my groceries. I rented out all the bedrooms in my house to cover living expenses. I had the first few semesters of school covered by a grant but the last two and a Kaplan course went on my credit card. By the end, I was $12K in credit card debt, no savings. (I wasn't eligible for more loans because I already had my bachelor's degree so I went the community college route. Still had to pay a couple thou a semester plus books.)

I got full-time work at HALF my previous salary when it was over. That has allowed me to stay out of additional debt and pay for two app seasons and travel to interviews, but I am still about $10K in hock. I don't know how I will get out of it before med school (IF I get in) and I don't see how I'm going to make the payments in school.

I still don't have an acceptance. Two MD interviews last year, one DO interview this year. I'm about to give up.

 

[beBrave]

I still don't have an acceptance. Two MD interviews last year, one DO interview this year. I'm about to give up.

Don't give up.

 

[illwill3cp]

Here's another non-trad who empathizes. I took two years off for prereqs, volunteering, shadowing, MCAT studying and the like. I worked very part-time in the second year of school, just enough to bring in some cash to cover my groceries. I rented out all the bedrooms in my house to cover living expenses. I had the first few semesters of school covered by a grant but the last two and a Kaplan course went on my credit card. By the end, I was $12K in credit card debt, no savings. (I wasn't eligible for more loans because I already had my bachelor's degree so I went the community college route. Still had to pay a couple thou a semester plus books.)

I got full-time work at HALF my previous salary when it was over. That has allowed me to stay out of additional debt and pay for two app seasons and travel to interviews, but I am still about $10K in hock. I don't know how I will get out of it before med school (IF I get in) and I don't see how I'm going to make the payments in school.

I still don't have an acceptance. Two MD interviews last year, one DO interview this year. I'm about to give up.

It's too late to give up. You're almost there

 

[elusiveCHILD]

It's too late to give up. You're almost there

I second that. You're breakthrough is right around the corner, don't let go now @katiemaude

 

[NuttyEngDude]

It's too late to give up. You're almost there

I second that. You're breakthrough is right around the corner, don't let go now @katiemaude

Third.

 

[jakeislove]

I'm facing the possibility of taking a break during 4th year to work full-time. Too much debt stress.

 

[beBrave]

I'm facing the possibility of taking a break during 4th year to work full-time. Too much debt stress.

You've come too far, fight through it with all you've got. Don't let temptations and stress stop you when you are so close to the finish line.

 

[jakeislove]

You've come too far, fight through it with all you've got. Don't let temptations and stress stop you when you are so close to the finish line.

I'll have 35 weeks left in Jan. Despite learning a lot and having fun in the hospital, My financial life won't get any easier considering what applying for the match and traveling for interviews will cost. Working full-time a few months will at least do something to lower CC debt.

Thankfully, I've already paid for CS/CK. I figured that delaying graduation a few months won't prevent entering the match.

Private loans suck for offshore students. Despite the animosity many here express towards offshore schools, loans may be the biggest reason to think twice. On one loan they gave me an 8.53% APR, with a 753 credit score, LOL!

 

[QuentinT88]

bump

 

[QuentinT88]

the struggle is real as a non trad...

 

[jakeislove]

CK/CS are done and the last 19 weeks are booked. Decided to power through and work full time after.

They actually raised interest rates, again. Probably want to violate my rectum one last time before the Caribbean school bubble bursts, LOL!

 

[danielterrones]

I'm "glad" to hear that I'm not the only one! I work 25 hours a week to help aleviate some of the financial stress, I still have 3 years left!