Two questions. Hopefully they haven't already been asked.
1) How do all you fellow non trads plan on financing med school? I suppose a good number of you have spouses or other dependants.
2) How much do you actually have to borrow? Obviously it depends on tuition but how much is afforded for cost of living? Some of you, I assume, have car payments and maybe even a mortgage to worry about. I'm curious to see how you plan on handling the whole situation.
I suppose we all have concerns but finance, for me, always seems to rank at the top. Any advice, input, or experience would be greatly appreciated. Thanks.👍
I am one of those with a mortage, car payment, day care expenses, etc .... Its gonna be tough, no doubt about it. But my wife will be working and I plan on borrowing what I can to fill the gap (along with tightening the 'ol budget). Where there is a will there is a way. Cross that bridge when you come to it. And a bunch of other cliche's too 😉
I am going through LOTS of soul-searching right now to be sure that this is what I really want. In my heart, I know that it is, but in my head, I would just be going from one 6-figure salaried job to another, have to give up a lot of what I have earned/accumulated along the way, and would probably have to take out loans, which would then take 10 years, or so to pay off. Throw in all of the uncertainty about the future of the healthcare profession right now, and I'm very confused. Right now I am (very) unhappy in my JOB/CAREER (although I have been very successful in the traditional/financial sense,) but I am afraid that the choices I make (i.e. going to medical school to pursue my dream career) may have ramifications on my LIFE (i.e. financial, family, etc.)
I had done what Haemulon said -- put off thinking about all of the real ramifications as long as possible, but it's getting close to the time where I will have to make a decision/concrete plan for the future, so I've been brooding over this a lot recently.
Anyway, I'm not trying to make this about me, but I guess the point that I am trying to get across to the OP is that this IS a big decision, especially for us nontrads who have more invested in their lives, and may have families that will also be affected by our decisions. Don't put off thinking about the real/unpleasant issues/consequences of your decision to go to Medical School, because they won't just go away. Medical School is a big investment where you could easily wind up with 100-200k of debt. Paying for tuition itself isn't such a big deal, but living expenses, especially for those with a family, are enormous when your income is 0.
On a more positive note, I received a good piece of advice that seems obvious, but is good advice nonetheless, from one of the schools at which I interviewed. Basically, if you have "rich" relatives, try to borrow as much money from them as possible, since they are likely to lend it to you at 0% interest. This will make a big difference in what you have to pay back later.
