Getting desperate. Need more money.

[Sinner0331]

So here's the scoop. I'm a second year. I have a wife and two kids. I apparently shouldn't have come to medical school, because we can't afford it. I've routinely used my school's budgeted financial aid allotment, all in loans of course. The problem is we don't get enough money to pay all our bills. My wife doesn't work and is a stay at home mom, and there's not really a job that she could get that would offset the cost of daycare. We've survived this far because I had some residual GI Bill left over from my time in the Marine Corps and by me working during the school year. It works fine for the first two years but there's no way I can do this during clerkships. I am absolutely desperate here, and if we can't find a way to get some more money soon, I'm afraid I'm going to have to drop out. Does anyone have ANY ideas?

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[alwaysaangel]

Thats a tough situation, sorry to hear about that. Sadly, there are few additional loan options for people in your situation. A couple of thoughts:

1) Can you decrease your expenses? Many people have a hard time really decreasing their quality of life to save money but you usually can quite a bit if you really put effort into it (no new clothes for the adults since you're not growing like the kids - Walmart clothes for the kids, cheap grocery store brands for all the food - cook instead of buying convenience foods which are more costly, no eating out at all, get rid of the cable TV, get a cheap non-contracted cell phone (eg BoostMobile), etc. ) Its only 2.5 more years, if you really force yourselves to scale back I bet it will be a little more doable.

2) Ask your school what options they have for increased cost of living, some will help cover day care with extra loans if you submit receipts, then your wife may be able to help with a 2nd paycheck - go see what they can do for you.

3) Do you have family near by that can take care of the kids while your wife gets a job?

4) Push through! If you can get through 2nd year and 3rd year it will get easier. 4th year there are private loans up to 20k that you can take out and you will have enough free time to work again if you need to.

 

[CopToEM]

So here's the scoop. I'm a second year. I have a wife and two kids. I apparently shouldn't have come to medical school, because we can't afford it. I've routinely used my school's budgeted financial aid allotment, all in loans of course. The problem is we don't get enough money to pay all our bills. My wife doesn't work and is a stay at home mom, and there's not really a job that she could get that would offset the cost of daycare. We've survived this far because I had some residual GI Bill left over from my time in the Marine Corps and by me working during the school year. It works fine for the first two years but there's no way I can do this during clerkships. I am absolutely desperate here, and if we can't find a way to get some more money soon, I'm afraid I'm going to have to drop out. Does anyone have ANY ideas?

Let's be honest - you need a quick fix. The federal government will not allow medical schools to cover spouses or dependent children in cost of attendance packages. You knew this going in.

Have you considered HPSP? With prior military experience you would stand a great chance. Further, if eligible, you could qualify for the $20,000 bonus. I don't know a tremendous amount about HPSP but it seems to be the most realistic option in your case.

You're looking at two years of indebtedness to the military in return for peace of mind and ~$2,500 each month in a stipend.

 

[Igor4sugry]

Since you have almost zero income and 2 kids you will qualify for government assistance (student loans are not counted as income).

Apply through your state welfare office and you should get Medicaid for entire family, Food stamps, Cash assistance, heating assistance. This will get you through.

 

[yadayadadude]

If your wife got a job, you could borrow more for childcare expenses.

 

[Concubine]

So here's the scoop. I'm a second year. I have a wife and two kids. I apparently shouldn't have come to medical school, because we can't afford it. I've routinely used my school's budgeted financial aid allotment, all in loans of course. The problem is we don't get enough money to pay all our bills. My wife doesn't work and is a stay at home mom, and there's not really a job that she could get that would offset the cost of daycare. We've survived this far because I had some residual GI Bill left over from my time in the Marine Corps and by me working during the school year. It works fine for the first two years but there's no way I can do this during clerkships. I am absolutely desperate here, and if we can't find a way to get some more money soon, I'm afraid I'm going to have to drop out. Does anyone have ANY ideas?

First and foremost, talk to your school's financial aid office if you haven't already. They can help!

A few other ideas:

1. You qualify for federal assistance (food stamps, CHIP, etc.) since loans are NOT income. This will significantly decrease your monthly expense.
2. Check in to local daycare programs. In my community there is one that subsidizes the cost of daycare for students and their spouses (if working), significantly decreasing the cost.
3. If you feel uncomfortable doing the above, and your wife wants to go to school, have your wife enroll in school (even online classes will do the trick). She can get financial aid too.
4. Save money where ever possible. Move into a cheaper place, coupons for shopping, packed lunches, etc.

 

[hibore222]

Not sure if you're still reading this, but, a couple thoughts:

1) Family members / friends that can front you 10-20 grand?
2) Any money your school can find from a scholarship fund?
3) Local churches / food pantries for food?
4) Private loans? (Chase, etc.)
5) A longshot, but possible. Talk to your professors. Explain your situation. See if they know of any rich alumni that have helped others out in tough situations.

Best of luck, hopefully you can stay enrolled.