Do medschool loans pay for groceries and coffee?

[doraxplorer]

I was just wondering. I know that those of us whose parents aren't chipping in for medschool are taking out huge loans to pay the tuition. But what about stuff like rent, coffee, sandwiches, clothing, gas money ETC? Do we take out loans for that, too? Or are we supposed to have our spending money saved from college/summer part-time jobs that's supposed to last through all 4 yrs of medschool. Or do med students get their spending money from working at the local fast food chain during the summer?

OR do medstudents live off of parental allowance until they get to residency?

I don't want to be asking my parents for money till the ripe old age of 26 (or w/e). That's just scary to think about. So if student loans aren't going to cover my daily expenses...I'd rather take some years off to work and save up some money before taking out those loans.

What do the rest of you guys plan to do?

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[glasshalfMD]

Your loans cover everything as long as you spend wisely.

 

[bold text]

Living expenses are included in your school's cost of attendance. You can borrow loans up to the cost attendance (maybe over in some cases). So yes, medschool loans pay for groceries and coffee.

 

[organdonor]

Yes you will be able to live on your student loans alone for all your living expenses as long as you spend wisely. For instance, tuition may cost 30k but you can take out up to 60k leaving 30k for you to live off of. Not extravagant, but definitely doable. I as much as anyone want to reduce my debt as much as possible, but I've been advised to live "comftorably" since 4 years of ramen noodles living in an unsafe part of town to save money isn't worth the difference of living comftorably for another 6 months of debt.

 

[INTPThinker]

Yes you will be able to live on your student loans alone for all your living expenses as long as you spend wisely. For instance, tuition may cost 30k but you can take out up to 60k leaving 30k for you to live off of. Not extravagant, but definitely doable. I as much as anyone want to reduce my debt as much as possible, but I've been advised to live "comftorably" since 4 years of ramen noodles living in an unsafe part of town to save money isn't worth the difference of living comftorably for another 6 months of debt.

yup so true

 

[htg2010]

Yes you will be able to live on your student loans alone for all your living expenses as long as you spend wisely. For instance, tuition may cost 30k but you can take out up to 60k leaving 30k for you to live off of. Not extravagant, but definitely doable. I as much as anyone want to reduce my debt as much as possible, but I've been advised to live "comftorably" since 4 years of ramen noodles living in an unsafe part of town to save money isn't worth the difference of living comftorably for another 6 months of debt.

👍 agreed, but people have to be careful about their definition of "comfortable" you will easily burn through your money if you eat out all the time and buy expensive food/items. people will get themselves in trouble if they justify too much spending as trying to live comfortable

my biggest adjustment definitely will be the cutting back on eating out. i did that all the time in college

 

[UpwardTrend]

You can lookup Cost of Attendance for most Medical Schools on their websites. $30k is a little high but its somewhat based on cost of living in the area. Its usually closer to $20k. By the time you pay for fees, books, and health insurance you'll have around $1500 per month to live off of. Fewer Carnes Asada burritos and more Ramen 😱 You can borrow more (from future earnings) by taking out private student loans. You will probably need a co-signer for the private loans.

 

[JJMrK]

Most schools allow for ~20k depending on the cost of living in the nearby area. Unless you have significant obligations, this should be plenty of money. It is advisable to rely on loans as little as possible since interest is a huge factor. If you have money in savings/investments you should use that before taking out additional money in loans; the interest rate on borrowed money is much higher than the rate of return on any invested money.

 

[Slack3r]

I was just wondering. I know that those of us whose parents aren't chipping in for medschool are taking out huge loans to pay the tuition. But what about stuff like rent, coffee, sandwiches, clothing, gas money ETC? Do we take out loans for that, too? Or are we supposed to have our spending money saved from college/summer part-time jobs that's supposed to last through all 4 yrs of medschool. Or do med students get their spending money from working at the local fast food chain during the summer?

OR do medstudents live off of parental allowance until they get to residency?

I don't want to be asking my parents for money till the ripe old age of 26 (or w/e). That's just scary to think about. So if student loans aren't going to cover my daily expenses...I'd rather take some years off to work and save up some money before taking out those loans.

What do the rest of you guys plan to do?

You can spend student loans on whatever you want. You could buy a hooker and an 8-ball if you really felt like it. As long as you pay it back, no one cares.

 

[Janieve]

You can lookup Cost of Attendance for most Medical Schools on their websites. $30k is a little high but its somewhat based on cost of living in the area. Its usually closer to $20k. By the time you pay for fees, books, and health insurance you'll have around $1500 per month to live off of. Fewer Carnes Asada burritos and more Ramen 😱 You can borrow more (from future earnings) by taking out private student loans. You will probably need a co-signer for the private loans.

$1500 per month? 😱

That's way more than I live on right now! Oh, thank God. I was worrying I'd have to change my lifestyle dramatically. Looks like I'll hardly have to change it if I get in! Yay!

 

[osumc2014]

if that's way more than you are used to then don't borrow that much, I think some med students today don't understand the severity of taking out loans, it's something that will stick with you for a long time after graduation, unless you win the lottery or something

 

[Caristra]

The amount per month may be based on the location of that school. If it's way less per month than you live on now but you are moving from a rural area to a big city you are in for a surprise. Even "student housing" rent in a place like NY or LA may be more than what you pay now.

 

[45408]

$1500 per month? 😱

That's way more than I live on right now! Oh, thank God. I was worrying I'd have to change my lifestyle dramatically. Looks like I'll hardly have to change it if I get in! Yay!

Your willingness to live like a college student wanes as you leave college, get married and have kids.

 

[ohgodidonteven]

For some reason, I think getting married and starting a family is a poor idea med school or residency. Also, I see no problem if my family offered to pay/help pay for my living expenses. I'm already neck-high in debt, any help is appreciated.

 

[rph3664]

You can spend student loans on whatever you want. You could buy a hooker and an 8-ball if you really felt like it. As long as you pay it back, no one cares.

Considering how many people used their extra student loan money for beer and weed, I'm sure this has happened. Just don't expect anyone to feel sorry for you when you're broke.

 

[Janieve]

Your willingness to live like a college student wanes as you leave college, get married and have kids.

Perhaps, but I don't think that'll be a problem for awhile. I'm 20 and single, and my idea of 'kids' is 'golden retrievers'. 😛 But hey, I can budget like a pro, so even if things somehow changed for me when med school hit (hopefully at age 22) I think I'd be okay.

/overconfidence and undoubted foreshadowing

 

[JJMrK]

if that's way more than you are used to then don't borrow that much, I think some med students today don't understand the severity of taking out loans, it's something that will stick with you for a long time after graduation, unless you win the lottery or something

👍

 

[mvenus929]

$1500 per month? 😱

That's way more than I live on right now! Oh, thank God. I was worrying I'd have to change my lifestyle dramatically. Looks like I'll hardly have to change it if I get in! Yay!

One thing to note: for the first (and I think second) year, the CoA only covers the time you are actually in school. At my school, first year is 10 months, and second year is like 11 months. So you may have to stretch out your budget for a few additional months. My school budgets for like $1650 in living expenses each month during the school year, but I worked out a budget that's about $400 less so that I can afford to live during the summer months without worrying about trying to find some job that will pay me enough to cover my living expenses (granted, I'll probably find a job anyway, but finding like a research job that pays out $1600 a month will be tough).

 

[Parts Unknown]

But what about stuff like rent, coffee, sandwiches, clothing, gas money ETC?

When an interviewer asks if you would steal bread to feed a starving family, it's not an ethical dilemma. It's a query about your financial game plan for the next four years.

 

[45408]

Perhaps, but I don't think that'll be a problem for awhile. I'm 20 and single, and my idea of 'kids' is 'golden retrievers'. 😛 But hey, I can budget like a pro, so even if things somehow changed for me when med school hit (hopefully at age 22) I think I'd be okay.

/overconfidence and undoubted foreshadowing

So you've lived alone for 1-2 years? Give it time.

 

[MossPoh]

So you've lived alone for 1-2 years? Give it time.

I can't wait for the day where I don't have to skip lunch or seeing a movie with friends if I want to go have a nice dinner and a few drinks with them....also can't wait to be able to afford a couch that isn't from 1981 and a table that I didn't pick up from goodwill.

 

[Janieve]

So you've lived alone for 1-2 years? Give it time.

You shouldn't assume everyone moves out at age 18, FYI. 😉

 

[45408]

You shouldn't assume everyone moves out at age 18, FYI. 😉

Oh, a winking smiley face. How cute. Did you have a point?

 

[once]

I was actually considering the practicality of taking out a loan to simply pay for coffee (like 300 bucks), but then I started just brewing it myself (I drink like 2 pots/day). Random and pointless, yay.

 

[Cypher321]

Easy solution: Get married.

 

[Dillatar]

if that's way more than you are used to then don't borrow that much, I think some med students today don't understand the severity of taking out loans, it's something that will stick with you for a long time after graduation, unless you win the lottery or something

I thought getting accepted to med school WAS as good as winning the lottery. 😎

 

[Janieve]

Oh, a winking smiley face. How cute. Did you have a point?

Edit: Wow, my reply came off as defensive and angry. I didn't mean for it to sound that way. Essentially, this is what I meant to say:

1. I have lived on my own in three different countries over the past four years.
2. I am comfortable with the budget I have set for myself and the lifestyle I am living.
3. I maintain a nice apartment, work to pay my bills, keep my grades up, eat well, exercise, and enjoy the single life. Whether that changes when I enter medical school or not, I feel like I do well for myself, and I'm happy.
4. I will aim to maintain this lifestyle for at least the first year of medical school because I know I can manage this budget and I don't want to have to take out any more in loans than I need to. And while I hope I am able to, if things change and my lifestyle needs altering, I will change it happily.

And the winking smiley face was just me trying not to come off as confrontational, ironically. Hahaha!

 

[mitchlucker]

Just a question...

Say cost of attendance would be 30k, and you take out 50k in loans. You only need, say, 8k to live off of a year.

So, 38k for you for a year, and you have 12k left over. Can you invest this $ to help pay yourself off in the future? IE- Take out a CD or fund from the bank and leave it alone until you start paying back your loans, take the $ out that you invested and pay that much back off the bat? Seems like a better plan than taking out only 38k but then again, I'm not sure how this financial stuff works. I'm sure the interest would overshoot anything you earn from a CD or investment fund, but don't many student loans have no interest until you graduate? Then you would pull everything you invested out and pay a huge lump all at once before your rates increase dramatically. This whole process would only save you 1 or 2k max now that I think about it, but I wrote this much so I refuse to delete it now.

 

[KPCOFGS]

Easy solution: Get married.

If by "get married," you mean "marry rich," then 👍

 

[amakhosidlo]

Just a question...

Say cost of attendance would be 30k, and you take out 50k in loans. You only need, say, 8k to live off of a year.

So, 38k for you for a year, and you have 12k left over. Can you invest this $ to help pay yourself off in the future? IE- Take out a CD or fund from the bank and leave it alone until you start paying back your loans, take the $ out that you invested and pay that much back off the bat? Seems like a better plan than taking out only 38k but then again, I'm not sure how this financial stuff works. I'm sure the interest would overshoot anything you earn from a CD or investment fund, but don't many student loans have no interest until you graduate? Then you would pull everything you invested out and pay a huge lump all at once before your rates increase dramatically. This whole process would only save you 1 or 2k max now that I think about it, but I wrote this much so I refuse to delete it now.

Find me a CD/fund with a consistent >6.8% return. Please.

Subsidized loans, yes. Unsubsidized loans, no. I got ~8k in Sub. Stafford (around the limit I think), and the rest unsubsidized. A few of my friends seem to have gotten the same setup.

My strategy for now is to take out my entire COA for the first year and see how far I get. If I do have gobs of money left over I'll adjust my next disbursement accordingly, and stash the leftover cash in a slush fund tucked away just in case.

 

[Cypher321]

If by "get married," you mean "marry rich," then 👍

That could definitely work though I figure that whoever is the lucky girl that I happen to marry will probably only be having about 2 salads + water every day to keep that figure so food won't be a huge issue. On top of that she'll be too busy at work, in the kitchen or working out to have time to spend money on extra things. Factoring all that together, I figure we'll be able to live comfortably plus have some beer money left over at the end of the day.

 

[mccarty7]

That could definitely work though I figure that whoever is the lucky girl that I happen to marry will probably only be having about 2 salads + water every day to keep that figure so food won't be a huge issue. On top of that she'll be too busy at work, in the kitchen or working out to have time to spend money on extra things. Factoring all that together, I figure we'll be able to live comfortably plus have some beer money left over at the end of the day.

Wow... 😡

 

[abmd]

Also, most schools let you return $$$ that you don't use so definitely keep that in mind. You will have $$$ for groceries and fun stuff but remember when you pay back its amount + interest and interest bites so spend wisely

 

[JJMrK]

Just a question...

Say cost of attendance would be 30k, and you take out 50k in loans. You only need, say, 8k to live off of a year.

So, 38k for you for a year, and you have 12k left over. Can you invest this $ to help pay yourself off in the future? IE- Take out a CD or fund from the bank and leave it alone until you start paying back your loans, take the $ out that you invested and pay that much back off the bat? Seems like a better plan than taking out only 38k but then again, I'm not sure how this financial stuff works. I'm sure the interest would overshoot anything you earn from a CD or investment fund, but don't many student loans have no interest until you graduate? Then you would pull everything you invested out and pay a huge lump all at once before your rates increase dramatically. This whole process would only save you 1 or 2k max now that I think about it, but I wrote this much so I refuse to delete it now.

This would make sense if you had 50k in subsidized loans (which do not collect interest while you are in school) to work with. The problem is that only ~8.5 grand of your money will be subsidized; the rest will accrue interest at a rate of 6.8% (for stafford loans) or 7.9% (for grad plus loans). In other words, you would need to find an investment with an interest rate higher than 8%, and that just isn't going to happen.

If you get a full ride, however, it does make sense to take out the 8.5k, if your school allows it.

 

[Caristra]

For some reason, I think getting married and starting a family is a poor idea med school or residency. Also, I see no problem if my family offered to pay/help pay for my living expenses. I'm already neck-high in debt, any help is appreciated.

It is really hard to delay your life when you meet the person you want to marry because it is not a "good idea" right now. For one thing, they may not be willing to wait around.

It is definitely not a "good time' to do it, but guess what? Nobody's getting any younger.

Budget your money wisely and learn to adapt. Being too rigid is the surefire way to end up unsatisfied.

 

[Janieve]

It is really hard to delay your life when you meet the person you want to marry because it is not a "good idea" right now. For one thing, they may not be willing to wait around for four year.

I am an MD-PhD so I don't pay tuition but I am having a hard time figuring out when to have kids, because I can't afford them right now. It is definitely not a "good time' to do it, but guess what? Nobody's getting any younger and if I wait for the right time it will never come. So I'm going to have to get creative with the finances.

Budget your money wisely and learn to adapt. Being too rigid is the surefire way to end up unsatisfied.

I don't know. If someone wanted to marry me, but wasn't willing to wait until I was ready, I'd probably say no. If someone loved me enough to WANT to spend the rest of their life with me, they'd damn better be willing to put off that wedding. Besides, what's the point of rushing into it? Can't just moving in together or going to city hall be enough?

That's my two cents, anyway.

 

[Caristra]

Asking someone to wait FOUR YEARS is sort of rough. Getting married isn't real the budget breaker (city hall is pretty cheap) and you then combine your two incomes. You actually get a better economy of scale this way. It's having kids that does you in. And there is NEVER a good time to have kids. Residency is not ideal - you are paying off loans and any time you take off will be resented by your colleagues who must pick up the slack. Then you are trying to get started in a new career, setting up a practice....

By the time you are ready you will be 52 and the female in the situation will likely no longer have any viable eggs. Asking her to wait that long really is unfair. You might think you don't want kids but lots of people change their minds about that.

 

[Janieve]

Asking someone to wait FOUR YEARS is sort of rough. Getting married isn't real the budget breaker (city hall is pretty cheap) and you then combine your two incomes. It's having kids that does it. And there is NEVER a good time to have kids. Residency is not ideal - you are paying off loans and any time you take off will be resented by your colleagues who must pick up the slack. Then you are trying to get started in a new career, setting up a practice....

By the time you are ready you will be 52 and the female in the situation will likely no longer have any viable eggs. You might think you don't want kids but lots of people change their minds about that.

I don't get to have a biological clock. My parts left the factory wrong. So when I do decide I want kids (if it ever happens), adoption will be the way to go.

But I can see where that would be a concern for other people. Granted, I still think someone not willing to wait four years isn't worth it (I see it as: two years dating, two years engaged), but the idea of combining incomes (and all the legal rights and protection marriage gives you) is attractive. I just don't get the rush, is all.

Maybe it's just me reacting to half my high school graduating class getting married, having babies, and divorcing over the last four years. Pretty bad examples to go off of for marrying in haste.