Finances during premed

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rrt

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  1. Pre-Medical
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I've always qualified for some sort of financial aid. That being said, when I attended OLLU (private university) 100% of my aid went to school.

Now that I am non-trad, have a wife, 7 year old, and a little boy on the way, I am finding it hard to deal with finances.

I work full time as a RT/RPSGT, which brings in roughly around 2400 every month (took a cut form doing regular RT rounds and opted to stick to a sleep lab setting to get studying done at work), and keeps us medically insured. I have the option to accept financial aid loans up to the cost of attendance at my school, which they set at 16,000. I also got the pell grant (2500 a year).

Is it wise, or infact normal to use the rest of the aid money on rent per say? We like to live a somewhat nice lifestyle, and I have a feelings that once medical school becomes a reality, I will have to somewhat settle for below par living. My wife works as a pharmacy tech, so she can bring in around 1400 a month on that, working normal hours. She also gets child support for her 1st child, and we use about 30% of that for living expenses, about 50% gets used on baby sitting, clothes, and the occasional toy "daddy bought her". It pains me to see his money going into our rent, and while we are saving 20% of that money in a savings account for college, I want to figure out a way to make ends meet without touching that money for things that help me out.

The reason we use it is because before my wife and I got together, they used it at 50% for rent. My wife insists that the way we are using this money is fair, but something bugs me about it. I was an only child to a single mother, so I really understand the significance of the $. (we didn't get any)

So, lets say I take out the max in unsub and sub loans, which in my case would be ~5-6k per semester. $10,000 can easily pay for an $800 apartment for a year. The school I want to transfer to (TAMUSA) is in the south side of San Antonio, and if I were to move to a safer area, possibly in the outskirts of the southside, closer to a small town south of SA, I could even get a house for slightly higher than that price. If I can handle school, books, and travel, and the occasional treat for the family (park, zoo, movies, eat out) on my salary alone at the moment, would it be financially bad to take the loans for college and use it for living?


On a slighly different note:

I was planning on majoring in Bio/chem
I just found out TAMUSA doesnt have an established chem program yet. They do have a Kino program, and their might be a chance to either double major in Kino/Bio or Bio, with minor in Kino.

Should I avoid this, and just go to UTSA?

UTSA, is affiliated with UTHSCSA, but in a way, TAMUSA is affiliated with TAMU, which has a medical school as well.

Thanks in advance,
RRT
 
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The loan thing is a personal decision. I prefer to live very frugally rather than to rely on loans. I will need to borrow money for med school, but I'm going to take a minimum amount.

The rates sucks, so there's that. Also, you have a ton of school ahead of you between the undergrad and planned med school; after that, you won't get paid much as a resident. It's going to be many years before you will be making good money, and if you are more interested in lifestyle than paying back the loans, you will probably not be paying them off in full very quickly. It sounds like a lot of years of being in debt and accruing interest.

I would not want to do that if I could avoid it and live minimally. So that's what I do. We only eat out 2 or 3 times a month, our kids were clothes from resale shops, and we very rarely splurge on a sitter. It would be nice to do more, but it doesn't really bother us not to.

As for the schools, going with what you want to major in will probably pay off in grades. If you are more interested in the coursework, you are likely to do well in the classes.
 
In general, it's not a good idea to "max" out loans unless you absolutely need to. The general notion is: live like a doctor during medical school and you'll live like a student when you're a doctor. This ain't monopoly money but like the other poster said, it's a personal choice.
 
In general, it's not a good idea to "max" out loans unless you absolutely need to. The general notion is: live like a doctor during medical school and you'll live like a student when you're a doctor. This ain't monopoly money but like the other poster said, it's a personal choice.

This makes me wonder what you guys think maxing out is? If I "MAX" out any loans, I will still own less than 50k for a Biology degree. Plus, I have 20k loan repayment from the military. I really want to utilize that.

I think the big topic I need advice on is my dilemma with child support and such.
 
This makes me wonder what you guys think maxing out is? If I "MAX" out any loans, I will still own less than 50k for a Biology degree. Plus, I have 20k loan repayment from the military. I really want to utilize that.

I think the big topic I need advice on is my dilemma with child support and such.
I don't have any personal experience with child support issues, but from the information you provided, all I can say is that you will probably be able to provide a better life for your children by reducing the amount of debt you will be in, rather than trying to supply perks now. Just my personal thought on the subject, completely a personal choice.
 
The school I want to transfer to (TAMUSA) is in the south side of San Antonio, and if I were to move to a safer area, possibly in the outskirts of the southside, closer to a small town south of SA, I could even get a house for slightly higher than that price. If I can handle school, books, and travel, and the occasional treat for the family (park, zoo, movies, eat out) on my salary alone at the moment, would it be financially bad to take the loans for college and use it for living?
Yes.

It makes no sense to me to not use the child support for your expenses and to use loans to pay for things that you don't need loans for.

Everyone in this country wants to live the lifestyle of the rich and the famous, and it's very foolish to do so with borrowed money. Your standard of living is going to be going down before it goes up - your household income is greater than mine, and I have a wife, child and another on the way.

And you have to be realistic: you might never become a physician. It's bad enough that med students use their loans to live large, but it's even worse for a pre-med to do so. Owing $50,000 for a biology degree is a sh-t ton of money, honestly.

Furthermore, buying a house when you may only be in an area for a few years is also a bad idea. As someone who has crunched the numbers, it was barely worth it for me to buy a house for a 5-year surgery residency, and that was with the $8000 of free tax credit money.
 
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