financial health during medical school

[NewKidin2block]

I am applying for class of 2011, I am wondering do most medical student find it possible to live without money from their parents during their 4 years in medical school.

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[ablumoon]

I am applying for class of 2011, I am wondering do most medical student find it possible to live without money from their parents during their 4 years in medical school.

I'm fairly certain that most people who are in medical school have some financial assistance from their parents, unless they are married or have a lot of savings. Most medical school discourage students from getting a job during medical school, since being a student at a lot of schools is more than a part time job. If you're expecting no parent contribution, I'd work a lot in the upcoming year, and make sure when you apply, you let the schools know this. Financial aid offices are usually pretty good with being receptive to student concerns.

 

[bob sacamano]

I am applying for class of 2011, I am wondering do most medical student find it possible to live without money from their parents during their 4 years in medical school.

assuming you don't mind taking out the loans, there's no need to worry about this during med school. there is also no need to work for any time before school to save up for the costs. plenty of people will be in the same situation as you. the school you attend will provide for you a student budget based on tuition, living expenses, books, etc. for example, my school's tuition is ~$40,000, but the student budget is ~$60,000, thus leaving you with $20,000 to pay for rent, food and books for the year. assuming you can live relatively simply, there is plenty of money to get by. if you're not getting any assistance from your parents, the entire student budget can be covered by loans/grants. i went straight through undergrad and now med school without any parental assistance and it's never been a problem financially. sure, i'll graduate with $200,000+ in loans to pay back, but for me that's just more motivation to work my tail off and make it worth my time and money.

 

[xlithiumx]

I'm fairly certain that most people who are in medical school have some financial assistance from their parents, unless they are married or have a lot of savings. Most medical school discourage students from getting a job during medical school, since being a student at a lot of schools is more than a part time job. If you're expecting no parent contribution, I'd work a lot in the upcoming year, and make sure when you apply, you let the schools know this. Financial aid offices are usually pretty good with being receptive to student concerns.

How are you fairly certain of this? You're not even in med school yet. The vast majority of my class is entirely financially independent. The school gives you plenty of loans to cover your cost of living.

Dave
MS2 U of Minnesota

 

[CMar830]

Yup, it's all loans. I'm going in with nada except my Stafford and Grad PLUS!

 

[SoCuteMD]

I'm fairly certain that most people who are in medical school have some financial assistance from their parents, unless they are married or have a lot of savings. Most medical school discourage students from getting a job during medical school, since being a student at a lot of schools is more than a part time job. If you're expecting no parent contribution, I'd work a lot in the upcoming year, and make sure when you apply, you let the schools know this. Financial aid offices are usually pretty good with being receptive to student concerns.

Yeah, that's a big fat NO on the parent front. And I would say that people receiving help from their parents are definitely in the minority.

I didn't find my fin aid office particularly helpful this year when my parents had over 1/3 of their income eaten up by some damage to their house. Despite the fact that my parents haven't helped me financially in 3 years, their income still has to count for institutional aid (not federal aid).

I love it when pre-meds try to answer questions about med school. It entertains me.

 

[LJDHC05]

I didn't even bother putting my parent's information on the FAFSA. I find it kind of lame that as a 23 year old independently paying for med school, my parent's income has any effect on me.

 

[DNM503]

It definitely should not be a problem. I made it through college without any help from my parents by having a few part-time jobs to pay for the stuff that grants/loans didn't cover. I had to live pretty frugally though a lot of the time. Anyway, I know the financial packages may differ at different schools, but my medical school is giving me enough grants/loans that I'll actually have WAY more expendable "income" than I did in college without having a job on the side. And if your school doesn't cover everything in their package, I hear it is pretty ridiculously easy for med students to get alternative loans.

 

[SanDiegoSOD]

I think the only people that are financially screwed are med students that have bad credit and need to take out private loans. Some students can get hit with poor loan terms, or if the credit is bad enough, even miss out on getting private loans. Then its time to call the loan shark

 

[LJDHC05]

I think the only people that are financially screwed are med students that have bad credit and need to take out private loans. Some students can get hit with poor loan terms, or if the credit is bad enough, even miss out on getting private loans. Then its time to call the loan shark

Or to sell a kidney on the black market