For those that are working before med school, how much $$ are you saving?

[yalla22]

I'm working in research for the year before I go off to med school (*hopefully) and am trying to save but am not sure how much is reasonable given my salary. What do you all do? How much savings have you walked into school with?

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[spygal]

That was my plan too (I've been working for 2+ years since graduation, will start med school this fall). However, I've spent a good $4000-5000 dollars this year between taking the MCAT, applying, and travelling to interviews. If you're planning to work, try to get a job where you're living now. Moving is always expensive and can prevent you from saving the first few months. I worked two jobs last year to save (research + at a bar) because my research salary doesn't allow me to save as much as I would like.

This has been my personal experience. Take it how you like.

 

[mintendo]

After paying the bills and my undergrad loans, there isn't much left.

 

[nager105]

After paying the bills and my undergrad loans, there isn't much left.

Amen.

 

[Eric Lindros]

I'm working in research for the year before I go off to med school (*hopefully) and am trying to save but am not sure how much is reasonable given my salary. What do you all do? How much savings have you walked into school with?

I'm bringing -$10,000. Hope that helps

 

[Looque]

I plan on working in my 8 months off (December graduation) and spending in my 8 months off however much I make. The name of the game is enjoying life before I start med school (traveling, as much as possible).

 

[MDdreams]

I'm working a research job and baby-sitting/tutoring on top just to cover my bills/ undergrad loans. Saving is near impossible.

If you really want to save, live with your parents for the year off while you're working, thats my advice.

 

[alwaysaangel]

I plan on leaving work in June with about $8,000.

However, once I pay moving costs, gas to drive across country, First months rent, last months rent, and deposit, as well as the 4 vacations I'm planning - I don't think there will be anything left.

Anyway, this is what I told my parents: I am going to be close to a quarter of a million dollars in debt by the time all is said and done. 10,000 dollars lost on moving and having some last minute fun is in no way going to hurt me. Keeping it for school would hardly make a dent.

So unless you're making 250,000 a year and can save like 100,000 dollars by the time school starts - I wouldn't worry about saving anything.

 

[neom3x11]

-

 

[Pinkertinkle]

The more you save the greater your expected contribution will be come time to calculate financial aid. Sucks, but the system doesn't reward those that are fiscally responsible.

 

[YupGypsy]

I plan on leaving work in June with about $8,000.

However, once I pay moving costs, gas to drive across country, First months rent, last months rent, and deposit, as well as the 4 vacations I'm planning - I don't think there will be anything left.

Anyway, this is what I told my parents: I am going to be close to a quarter of a million dollars in debt by the time all is said and done. 10,000 dollars lost on moving and having some last minute fun is in no way going to hurt me. Keeping it for school would hardly make a dent.

So unless you're making 250,000 a year and can save like 100,000 dollars by the time school starts - I wouldn't worry about saving anything.

How do you lose $10k in moving?

 

[KeyLime]

The more you save the greater your expected contribution will be come time to calculate financial aid. Sucks, but the system doesn't reward those that are fiscally responsible.

They won't take something like a Roth IRA into consideration, will they? I was planning on dumping any extra money (if I have any) into that account so that they won't ask for it for tuition.

 

[alwaysaangel]

How do you lose $10k in moving?

Not just moving"

"10,000 dollars lost on moving and having some last minute fun"

Read my whole post. Between all the moving expenses, move in costs, and 4 vacations I'm going on I'll spend all the money I had saved, 8k which I rounded up to 10,000 when I typed that sentence.

 

[Darksmurf]

Saving money only hurts you when it comes time to take out your loans.

I think it's best to be as poor as possible. Either that or put all your money into a house or other primary residence where you are going to school because they can't count your primary residence against you. Or buy diamonds and put them in a safety deposit box.

 

[YupGypsy]

If you're working now, will they count that income against you when they consider you for need-based grants? I mean, we won't be working next year so it shouldn't even be counted, right?

 

[Darksmurf]

I remember from one of the financial aid meetings at one interview (but someone should correct me if they have a better info) that they will indeed count whatever income you made before school against you. For the FAFSA, you have to give out your tax information and such, so it will catch up to you at some point. That said, the financial aid guy at UVA said that even though it counts against you, they are reasonable (at least at UVA) and understand that you don't actually have that money rolling in once you are in school.

But in the end, it shouldn't matter too much.

 

[tthorst]

I don't plan on saving any money, but I do plan on spending down as much debt as possible. 🙁

 

[Cirrus83]

AHahahaha...saving money...

Ahahahahah....

Nah, seriously though, after rent...and food and loans I think I'd be hard pressed to save very much. I did save up a little from when I was living at home and also selling a lot of stuff on ebay.

But really it's pretty pointless since I owe about double of what I've managed to save in loans. The reason I haven't just paid off the loans is because I took the money and put it into stocks to try and grow it a little before killing the loans off (strategy is working though so yay).

Either way though it's more like "How much did you manage to pay down your loans?" lol

 

[searun]

I plan on leaving work in June with about $8,000.

However, once I pay moving costs, gas to drive across country, First months rent, last months rent, and deposit, as well as the 4 vacations I'm planning - I don't think there will be anything left.

Anyway, this is what I told my parents: I am going to be close to a quarter of a million dollars in debt by the time all is said and done. 10,000 dollars lost on moving and having some last minute fun is in no way going to hurt me. Keeping it for school would hardly make a dent.

So unless you're making 250,000 a year and can save like 100,000 dollars by the time school starts - I wouldn't worry about saving anything.

I want to bum around Europe for two months once the interview season is over. My younger brother is doing a study abroad year in Europe and he is making me jealous with this emails. I think I will just blow my meager savings and go. I have one acceptance and hopefully will get the good word from another school or two before May. And then I think I will just travel a bit after I decide where I will be going to school... I wish I could upgrade my car....I am driving around in this 1985 Oldsmobile that I bought for $900 three years ago. But I don't think you can finesse a car payment into your med school loans.

 

[Pemberley]

The more you save the greater your expected contribution will be come time to calculate financial aid. Sucks, but the system doesn't reward those that are fiscally responsible.

Yup. I found this out at Duke the other day. Good thing I got into my state school, because if I went to Duke, I would wake up one morning with NOTHING TO SHOW for the last eight years of my life.

However, a money you have put in a house doesn't count against you. I don't know about a car. So if you have assets that you want to protect from the expected contribution, put it on a down payment before you fill out those forms. Or go on vacation. Seriously. Responsibility will count against you.

PS This is only good advice for schools that give grants as part of the need-based financial aid.

 

[alwaysaangel]

If you're working now, will they count that income against you when they consider you for need-based grants? I mean, we won't be working next year so it shouldn't even be counted, right?

They usually ask what your projected income during school is. And someone said that you often have to send them a letter of resignation etc. to show you are no longer working at that position. Surely they can't expect us to make what we made while working full-time. Hell, even if I was it wouldn't pay for medical school 🙁

 

[Cirrus83]

If you still have outstanding student loans wouldn't paying those off be a better idea than vacations, etc?

Or would having outstanding loans help you? Not entirely clear on how it all works.

I was just going to cash out my stocks, and dump the money all into my current loans, but if I'm better off holding onto my loans then it's another story.

 

[Cirrus83]

If you still have outstanding student loans wouldn't paying those off be a better idea than vacations, etc?

Or would having outstanding loans help you? Not entirely clear on how it all works.

I was just going to cash out my stocks, and dump the money all into my current loans, but if I'm better off holding onto my loans then it's another story.

 

[Cirrus83]

They usually ask what your projected income during school is. And someone said that you often have to send them a letter of resignation etc. to show you are no longer working at that position. Surely they can't expect us to make what we made while working full-time. Hell, even if I was it wouldn't pay for medical school 🙁

lol, what if you get fired after being accepted?

You'd get unemployement that way, lol.

 

[alwaysaangel]

lol, what if you get fired after being accepted?

You'd get unemployement that way, lol.

Sadly I don't think theres much hope of them firing me (they desperately need me to do what I'm doing). Plus if I were fired, I actually COULDN'T get unemployment. They'd have to lay me off.

Since I'm temp and run out of hours at 1000hrs I wonder if that qualifies as getting laid off...probably not since I know ahead. Oh well, honest days of work for me...

 

[Timmythemic22]

I would love to have a couple thousand saved up (5,000 or so?). Truth be told, we've all read the threads about projected costs and loans for a medical education, and short of your work as senior partner at a law firm, or CEO of an advertising agency, I doubt the pittance that any of us can save will have too much of a difference on costs in the future.

I say, save a little (mentioned above), and use the rest to do some things you've always wanted to accomplish (or obtain) before your education begins.

 

[cewlgrrl]

Sadly I don't think theres much hope of them firing me (they desperately need me to do what I'm doing). Plus if I were fired, I actually COULDN'T get unemployment. They'd have to lay me off.

Since I'm temp and run out of hours at 1000hrs I wonder if that qualifies as getting laid off...probably not since I know ahead. Oh well, honest days of work for me...

what do you do? Are you a temp at an office?

 

[alwaysaangel]

what do you do? Are you a temp at an office?

I work for the University of California, Berkeley doing a project for the Fire Prevention Division. But the university has rules (meant to protect employees) saying unless you're hired into a permanent position they cannot have you work more than 1000 hrs in a year (6 months full-time). Because once I do the project they won't need anyone in the position they couldn't create a permanent position for me, so they were stuck just hiring me as a temp.

Of course, I can't finish the project in 6 months and my boss has every intention to circumvent that rule. But a part of me wonders if he will be able to.

If not then I'll go to a temp agency for my Mar-June employment.

 

[MinnyGophers]

Like others said, there really is not point in saving money to go toward med school itself since it is really not going to make that much of a difference.
If anything, use that money for rent, food, a car, or blow it for fun before you start classes.

 

[help79]

Like others said, there really is not point in saving money to go toward med school itself since it is really not going to make that much of a difference.
If anything, use that money for rent, food, a car, or blow it for fun before you start classes.

I will be doing two 13-week contracts for travel nursing. It pays $50/hour with no benefits. Unfortunately, I'm working not to save money, but to pay off my credit card debt. The whole application process was worth a few thousand...the rest I plan on putting towards rent/gas/car/relocation...

Getting into medical school is wonderful, but thinking about debt gives me a migraine! good luck everyone!

 

[Iwy Em Hotep]

I saved up about $15k working the summer before med school, and I think it was a good move. It's mainly kept in a money market account for expenses and eventually for residency interviews. Working was tough, but I'm happy I did it now.

 

[Twitch]

The more you save the greater your expected contribution will be come time to calculate financial aid. Sucks, but the system doesn't reward those that are fiscally responsible.

There are ways to save without taking a hit on EFC. You want to look for financial instruments that don't raise your modified adjusted gross income. Ideally pre-tax is the best. If you still have money left, there are tax shelters. Look in the financial forums if you're interested.

Good Luck!

 

[ClockworkDoc]

I'll have $3k by the end of the year...stupid expensive app process.

 

[Cirrus83]

Sadly I don't think theres much hope of them firing me (they desperately need me to do what I'm doing). Plus if I were fired, I actually COULDN'T get unemployment. They'd have to lay me off.

Since I'm temp and run out of hours at 1000hrs I wonder if that qualifies as getting laid off...probably not since I know ahead. Oh well, honest days of work for me...

Being laid off would qualify you for unemployment actually, but if you're a temp I dunno how the rules work.

I wonder if you can beg people to fire you instead of letting you resign haha.

 

[alwaysaangel]

Being laid off would qualify you for unemployment actually, but if you're a temp I dunno how the rules work.

I wonder if you can beg people to fire you instead of letting you resign haha.

You're misunderstanding me - those are two different things.

Yes, being laid off WOULD qualify me for unemployment. Being laid off is being let go for no personal reason (ie. they are reorganizing or cutting costs).

Being fired is different. To be fired they have to have just cause against you personally. (eg you show up 2 hrs late everyday, are rude or crass, etc) When you are fired you DO NOT qualify for umemployment.

Haha, but yeah because I'm a temp I don't think I have any of those benefits.

 

[BucsFan813]

Although medical schools may not reward you for being responsible, if you've saved/invested a decent amount of money and then earn a scholarship, then you're in a really good place. Secondly, experience with saving and investing before medical school is huge, because you have limited time during med school or residency to learn much else other than medicine...

That's my biggest concern, I've been out of school for nearly five years and have saved a considerable amount of "change". That being said, do I want to a school that gives need-based aid only and leave medical school in the same financial situation as someone right out of undergrad?

However, there are ways to make your FAFSA more reasonable... After you complete the original and find out your EFC, make sure you go back and tweak some of the numbers (reducing savings by transferring to a sibling, etc). You can figure out ways to beat the system...

 

[Richspiders07]

Just do what I do.. take all your money.. put it in a can... bury it in your backyard till you need it. 😉

 

[Cirrus83]

You're misunderstanding me - those are two different things.

Yes, being laid off WOULD qualify me for unemployment. Being laid off is being let go for no personal reason (ie. they are reorganizing or cutting costs).

Being fired is different. To be fired they have to have just cause against you personally. (eg you show up 2 hrs late everyday, are rude or crass, etc) When you are fired you DO NOT qualify for umemployment.

Haha, but yeah because I'm a temp I don't think I have any of those benefits.

http://www.larcc.org/pamphlets/benefits_work/rights_uc_discharge.htm
It's possible to get unemployment even if fired...although it's pretty hard to get fired without doing one of the things that would keep you from getting unemployment, lol.

But then again they have the burden of proof, heh.

 

[Kuba]

im hoping to have about 5k right before school starts... so that will go quick. I went to public undergrad though, so no debt.

 

[BucsFan813]

Other than the military "scholarships", are there any ways to get the cost of living paid for in medical school?

 

[alwaysaangel]

Other than the military "scholarships", are there any ways to get the cost of living paid for in medical school?

Health Corps scholarships - you work in rural or inner city areas for 4 years and your loans are forgiven - kind of the same thing in the end.

 

[MedvacMoney]

Health Corps scholarships - you work in rural or inner city areas for 4 years and your loans are forgiven - kind of the same thing in the end.

except with less chance of getting killed!

 

[alwaysaangel]

except with less chance of getting killed!

Not if you're working in a really bad area of an inner city.

I dunno, in peace time the Navy deal is great. I know a doctor who did it, and he ended up stationed in Italy for 3/4 years. Single man, chilling in Italy for the majority of his service - fixing STDs in the men as they came along and otherwise just having the time of his life. He still says they were the best years of his life.

I would do it if I weren't female.

 

[Cirrus83]

I would do it if I weren't female.

lol, what about the fact that it's not actually Peace time right now. I think that would concern me quite a bit, since I have no idea of how long this funtastic war will drag on. For what it's worth though, at least the Navy isn't getting the kind of casualties the Army is (obviously I'm not counting the Marines even though they're part of the Navy).

Anyways I think all these ways of getting around the loans all end up being kinda the same. If you don't do anything special, you end up making more money. If you do the army or you go work in an underserved area you're getting paid less anyways.

It's all kind of a wash if you think about it.

 

[FutureLegend05]

I'm working in research for the year before I go off to med school (*hopefully) and am trying to save but am not sure how much is reasonable given my salary. What do you all do? How much savings have you walked into school with?

it's a double-edged sword since you have to report the money. so when you file your fafsa, your efc will be higher. so don't spend all your money! it's good to have earned money for leisurely things, as if we'll have much in med school.

 

[Cirrus83]

Ugh this thread made me put in a few sell orders on my stocks...gonna try to get rid of them before the end of the year (not all of them, due to tax rates, but like half my stocks I guess).

And I guess before I apply for financial aid I'll take my money out and give it to my brother to hold or something. Or...CASH! lol

 

[Seanses]

I moved back in with my parents. I work a laboratory technician making 27,500 a year before taxes and I will probably save a total of 15,000. I have not decided yet if it was worth it, considering I am in a dark place mentally from constant nagging and most schools will just take it away from me by weakening my financial aid package.

 

[Filibuster]

The more you save the greater your expected contribution will be come time to calculate financial aid. Sucks, but the system doesn't reward those that are fiscally responsible.

I 'believe' that only applies to subsidized stafford loans, which only go up to about 8k/yr. You can still get the unsubsidized loans to make up the difference of cost of attendance, regardless of contribution. I need to confirm this with my financial aid office though.

 

[photo_girl07]

I don't think I will have any money saved....I plan on traveling, pimping up my camera, and probably buying all the necessary gizmos 😍

Money well spent...considering the avg debt is 120K yikes!

 

[bretticus]

I have about $16k right now ($10k CD, $5k MMA, $1K savings), and I'll probably be looking at $35-40K by the time I start school. I'm making a lot by working as an engineer and living at home. I realize that my EFC will go up a lot because of this, but that only applies to the subsidized Stafford right? Anybody can get $30K unsubsidized? Also, if I spend a decent amount my first year, second year I will have depleted savings and third and fourth year I will have no reported income. The way I figure it, that should make up the difference. Anything I pay directly == no loans == no interest == lower payments/less debt. That being said, are there ways to hide this income or savings? I will probably need a new car unless I end up in NY, because my current one has bit the dust. Do they count assets like this? I know a bit about the loans, but not much about the best way to use my savings...