xSTALLiONx

Membership Revoked
Removed
10+ Year Member
Aug 15, 2004
271
0
Status
I've been searching a little bit about Medical School Finances but all I'm finding is about how to apply for loans etc. Can someone explain how finances work? I'm figuring I take out loans for Medical School but how bout Rent, Utilities, Food, Clothes, Partying, etc.. I'm assuming people don't really make money in Med School so I'm wondering if these come from extra loans or?

Thanks
 

4 Ever

Senior Member
7+ Year Member
15+ Year Member
Jun 18, 2001
635
0
New Jersey
Visit site
Status
after your initial estimated financial aid comes back (after you fill out the FAFSA and all the necessary forms), you can ask for more money for living expenses or take out less money. Initially its best to take out a little more since you wont know how much you will be spending the first semester.
 

nala

Member
10+ Year Member
5+ Year Member
Dec 12, 2004
95
0
Status
Your financial aid package from FAFSA and the school includes tuition and associated expenses (rent, food, utilities, books, medical supplies, etc). Most schools will have some type of worksheet that you can use to help you see where you money is going your first semester and develop a set budget. They will tell you how much they allot per month for living expenses. For instance, at my school I think it's around $1200 a month for expenses (during 1st year) - however - this amount is figuring for a 9 month school year and most students will have to pay rent during the summer months. So just be sure to realize your money will have to stretch out over the full year (sounds simple, but a lot of students end of falling short because they think they can spend the full month's amount each month) then have nothing left to pay rent over the summer.
Also realize that a lot of schools do NOT allow extra money for residency interviews during your 4th year. My school recommends students put extra money aside each year so that you have enough to cover those expenses when the time comes.

I wasn't aware of the ability to loan out extra money - most schools have a set maximum that you can loan out for the school year (their set "cost of attendance"). You may want to check that out.