Cost of Living Loans (Applying Next Cycle)

[HOPEFULOBGYN-REI]

Hi,

I was wondering how to calculate the cost-of-living loans I would need to take out during medical school. Throughout my time as an undergrad, my advisor, mentor, and the doctors I've shadowed have consistently told me that working during medical school is not feasible due to the high workload and stress that comes with it.

I am fortunate enough to have parents who were able to pay my tuition throughout undergrad, but they have already informed me that their financial support will end after I graduate and matriculate into medical school. I understand their position, as they are both close to retirement and want to save more, without having to take out loans to help finance my education and living expenses.

I really appreciate advice from those who have experience with this process so that I can start creating a budget for myself and possibly reconsider some school choices as it concerns applying. Thank you!

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[AJS59]

Hi,

I was wondering how to calculate the cost-of-living loans I would need to take out during medical school. Throughout my time as an undergrad, my advisor, mentor, and the doctors I've shadowed have consistently told me that working during medical school is not feasible due to the high workload and stress that comes with it.

I am fortunate enough to have parents who were able to pay my tuition throughout undergrad, but they have already informed me that their financial support will end after I graduate and matriculate into medical school. I understand their position, as they are both close to retirement and want to save more, without having to take out loans to help finance my education and living expenses.

I really appreciate advice from those who have experience with this process so that I can start creating a budget for myself and possibly reconsider some school choices as it concerns applying. Thank you!

Many schools publicly post their estimated cost of attendance, broken down into school fees (typically tuition, exam fees, education materials, and health insurance) along with an estimate for cost of living (housing, food, transportation, etc.).

What I would recommend for a given school is take each line item in living expenses and divide it by 52 to get your weekly "budget." Note that for a lot of schools the numbers they provide might be a bit generous (ex. my school allocates approximately $200/week just for food in cost of living, but this is because of a slightly lower tuition number/I live in a higher COL area than other schools).

The best strategies I can give for reducing cost-of-living are:
1. Reduce housing cost (find roommates, live somewhere a little cheaper, live at home if possible)
2. Reduce food cost (Minimize take out, rely on meal prep when possible, shop at places like Aldi instead of Whole Foods, etc.)
3. See about living somewhere with a good public transport system so as to minimize car usage

 

[HOPEFULOBGYN-REI]

Many schools publicly post their estimated cost of attendance, broken down into school fees (typically tuition, exam fees, education materials, and health insurance) along with an estimate for cost of living (housing, food, transportation, etc.).

What I would recommend for a given school is take each line item in living expenses and divide it by 52 to get your weekly "budget." Note that for a lot of schools the numbers they provide might be a bit generous (ex. my school allocates approximately $200/week just for food in cost of living, but this is because of a slightly lower tuition number/I live in a higher COL area than other schools).

The best strategies I can give for reducing cost-of-living are:
1. Reduce housing cost (find roommates, live somewhere a little cheaper, live at home if possible)
2. Reduce food cost (Minimize take out, rely on meal prep when possible, shop at places like Aldi instead of Whole Foods, etc.)
3. See about living somewhere with a good public transport system so as to minimize car usage

Thank you. Is this $200 a week directly deposited into your bank account?

 

[cj_cregg]

Thank you. Is this $200 a week directly deposited into your bank account?

This is all part of your student loan disbursement that gets deposited into your account each semester or year in a big chunk, and then you will have to budget it appropriately from there to pay your expenses.

 

[LizzyM]

There is the cost of day-to-day travel whether you live within walking distance of the school or take public transportation or have to drive (figure on cost of operating the vehicle including parking). Then there are the cost of traveling periodically if you are a distance from family, have events you NEED to attend (important family events, the very joyous and the very sad), and the opportunity to "get away" for a brief break. As you think about options, think about how you would get there, how you would get around, and how you would get away.

If you are 26 or less, you may be able to be covered by your parents' insurance plan which might be cheaper than what your school offers and as long as it is "as good" as what the school offers, you can save thousands.

Same goes for staying on your family's phone plan.

Agree with advice on apartment sharing & cutting food costs. If you like take-out beverages, buy what you need to make those drinks at home and save a bundle ($5 for an iced tea?? what was I thinking?) Get into the habit of packing lunch & snacks.

For housing, check out what schools offer. Some have dorms (common in NYC where housing is very expensive), some will direct you to campus housing options or local rental market. Think about the cost of getting set up with furnishings, etc (thrift shops and elderly relatives can be a godsend).

 

[Mr.Smile12]

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www.studentdoctor.net

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