Financing move to start residency

[lsres]

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I am looking at rather large expenses moving to New York City to start my residency training this summer. My program does not provide moving expenses, does not give advance pay on my salary, and does not pay during the week of orientation. I am not sure how I am going to come up with the funds for a deposit and payment on housing and meeting my other expenses while waiting for my first paycheck. I have already taken out a large cash advance on my credit card to meet my current expenses and need to be paying on that as well. On top of this the program wants me to spend a few weeks with them this spring before I start on an unpaid observership. Does anyone have any ideas?

How common is it to be paid during orientation week?

 

[Blade28]

I took out a residency relocation loan for my VERY LONG distance move.

Many lenders offer this - check with either your financial aid office, or your bank/current lenders.

I wasn't paid for my (2-week long) orientation period, but some programs do pay their residents. You'd have to contact them directly to ask.

 

[RockfordWF]

I am looking at rather large expenses moving to New York City to start my residency training this summer. My program does not provide moving expenses, does not give advance pay on my salary, and does not pay during the week of orientation. I am not sure how I am going to come up with the funds for a deposit and payment on housing and meeting my other expenses while waiting for my first paycheck. I have already taken out a large cash advance on my credit card to meet my current expenses and need to be paying on that as well. On top of this the program wants me to spend a few weeks with them this spring before I start on an unpaid observership. Does anyone have any ideas?

How common is it to be paid during orientation week?

T.H.E. (northstar.org) offers a Residency & Relocation Loan. I was offered $20,000, but took out only $10,000.

 

[mlw03]

I am looking at rather large expenses moving to New York City to start my residency training this summer. My program does not provide moving expenses, does not give advance pay on my salary, and does not pay during the week of orientation. I am not sure how I am going to come up with the funds for a deposit and payment on housing and meeting my other expenses while waiting for my first paycheck. I have already taken out a large cash advance on my credit card to meet my current expenses and need to be paying on that as well. On top of this the program wants me to spend a few weeks with them this spring before I start on an unpaid observership. Does anyone have any ideas?

How common is it to be paid during orientation week?

what kind of crap is that?! if they want you to be there, they ought to pay you - period. i understand wanting to start off on a good foot, but setting a precedent of this sort of unpaid work is total BS. as to your other question, i don't have a great suggestion, other than to look for some loan options. NYC is an expensive place, which is why i didn't apply anywhere near there.

 

[dkpwalker]

I too will be starting residency in new york in june and during the interview in january i point blankly asked if we are paid for the 2 weeks we are expected to come in before the july 1 start date and the program coordinator said that we are given a "stipend", she did not however elaborate on the size of the "stipend". I have been looking on craiglist.com for housing and it seems that most of the persons require 2 or 3 months rent upfront and good housing aint cheap in NYC. Luckily for me i am already a practising physician for the last 5 years in my home country so i have some money saved up to buffer me. may i suggest that you ask your family to chip in to help with your relocation as credit card debt aint cute....all the best.👍

 

[Winged Scapula]

My fellowship paid me for a one day orientation but no pay for the several days of residency orientation. Highly variable I'd say...probably more common to be paid at programs with an active CIR chapter (Committe of Interns and Residents).

Why do the observership now if you've already been offered a spot? Seems to be pointless now unless they have some sort of clause that lets them out of your contract if they don't like what they see then. I'd tell them you need to get a paying job to finance your move across the country and will not be available to come for the observership.

 

[buckley]

How much are we talking about in general when you move to a different place? Say NYC/Chicago? 3 months rent?


Thanks!

10,000 USD sounds an awful lot!
Also, is it that uncommon for residents to have roommates? 😀

 

[Winged Scapula]

Some places may ask for first and last month's rent along with a security deposit, others are less strict and may only ask for rent plus a security deposit. $10K is high, but if that includes moving expenses, its not too out of bounds if you're moving a lot of stuff across the country.

I know of residents in more expensive cities that have roommates.

 

[buckley]

Thanks 🙂

The move to the US is dawning on me...I suddenly feel like a petrified foreigner...hahaha!

 

[Dre1207]

Some places may ask for first and last month's rent along with a security deposit, others are less strict and may only ask for rent plus a security deposit. $10K is high, but if that includes moving expenses, its not too out of bounds if you're moving a lot of stuff across the country.

I know of residents in more expensive cities that have roommates.

I can't imagine having to find a roommate for financial reasons after all this hard work as a PHYSICIAN!!! I mean seriously...i know we may only be residents but sheesh...

 

[buckley]

Is it really that odd to have a roommate during residency?

 

[CorpusERdoc]

Is it really that odd to have a roommate during residency?

Yes. Most people are married.

 

[Dre1207]

I mean, i think it's fine if some one WANTS to have a roomate during residency...but to HAVE to find one for financial reasons because we as resident physicians don't make enough money to find a one bedroom apartment is sad...

I have heard that some programs subsidize housing in new york...St. Vincent's comes to mind...

 

[f_w]

When I started my internship in NYC, I moved into an apartment with another resident and a medstudent. Outside of some doctors kids with trust-funds, I can barely remember any residents who didn't share a place.

I came from abroad and managed to cover all my startup expenses with $2600. Don't run up lots of additional (high interest) debt trying to establish yourself to the same standard as you could in Lincoln,NE.

Don't move a lot of 'stuff' to NYC. 'Stuff' requires 'space' and 'space' comes at a premium. Sell what you can, give nicer stuff to your siblings and burn the rest.

 

[Winged Scapula]

Yes. Most people are married.

Obviously program dependent, but most surveys indicate around 50% of residents are married, so not "most".

Some of my single resident colleagues did have roommates, although I'm not sure why (ie, we didn't live in a terrifically expensive area).

 

[buckley]

Thanks for the replies. I just don't want to be that weird foreigner looking for a roommate. I've been looking at some apartments where I'm headed and I'm seeing great 2 BR pads, and not so cheap studio ones. Plus, it would be nice to have someone around to talk to when you're at a new city, or at least have a spare set of keys just in case you were too dumb to lock yourself out.

 

[BlondeDocteur]

Yeesh, I'm in New York now and I assure you *every* resident has a roommate. Relatively fewer are married (of the Americans at least), due largely to regional variation in marriage patterns. It's fun, actually; it makes residency more like a shared experience / prolonged youth than a soul-sucking job. It's nice to walk to work and back as well versus enduring a long drive home in commuter traffic.

Most people who move to New York do so because they are willing to pay a premium just to live here-- it's cramped, expensive and much less convenient than the rest of the country. You get by with little stuff, and you have roommates, and you spend most of your time out of your apartment exploring the city. But it's exciting and has an energy like no other place on earth.

Honestly, I think having someone to talk to and come home to (for the romantically unattached) is key in maintaining your sanity in any long-hours, demanding, high-stress job. Otherwise the loneliness becomes just too much.

And due to the high price of housing in New York (a very modest, very small 1-BR walkup costs at minimum $2000 a month) residency programs in Manhattan at the plusher hospitals do offer housing. Cornell almost requires their entire residency staff to live directly across the street from the hospital, and I've heard Manhattan Eye & Ear offers spectacular housing. Many others (like Columbia) have cut deals with private buildings to subsidize housing residents. The city hospitals however can't afford those sorts of perks, so (for example) Harlem residents (most of whom are natives of Africa and the Caribbean) live in the Bronx and have to take the subway into the city each day.

Regardless, however, the NY housing market is tight and does require significant security deposits, guarantees of income, and often a guarantor if you're young and haven't worked before. It moves quite quickly so be prepared to bring all of your financial documents with you when looking at apartments, to apply and to pay the deposit on the spot.

/lsres, congrats on your match!