Going from Career with Income to Loans

[djtallahassee]

Hello all! As us non-trads are getting accepted and starting to make matriculation plans, how are you guys handling the situation at your current job or career? When are you going to quit/tell them that you are going to medical school?

Also, I am starting to stress about not having an income. Have had a few years of making decent money, getting rid of undergrad loans, and living a very flexible life. Anyone else kind of wondering whats going to happen when we switch to loans? For reference, I dont have a SO so there won't be any of the pressures of supporting or an additional income to work with. Would love to hear how you all are approaching it!

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[Cornfed101]

I quit a well paying job to go back to school and do a post bacc in another state with a pregnant wife and a 3 year old. We are currently unemployed and living off loans. We would make the same choice again in a heartbeat.

It’s gonna suck to pay all the loans back (still have undergrad debt too), but we should be fine. Luckily there are lots of people willing to give zero collateral loans for hundreds of thousands of dollars to students... not sure if that’s actually a good thing, but I’m grateful for it now.

 

[Siromas]

How are you guys handling the situation at your current job or career?

A few close coworkers know of my plans, but upper management (all but one who wrote me a LOR) does not, haha. In my particular situation, I think it would create unnecessary tension by spreading the word around.

When are you going to quit/tell them that you are going to medical school?

I was planning on giving a standard two-week notice.

Anyone else kind of wondering whats going to happen when we switch to loans?

As it was explained to me, I think your loan disbursements are sent out either annually or every semester to pay for tuition (which is sent directly to the school) and living expenses (sent to you). Apparently the golden rule is to borrow only what you need, and to return any loan money that you may have left over.

A friend of mine (also 100% on loans) just finished their first semester and realized that they could return 3k each semester and still live comfortably.

 

[SpartanDOnoharm]

I let my boss know this week that I'm quitting in May. My current position requires a few months of training and it is very specialized and hard to find people to do it well and wanted to give him the time to find someone. I've been saving money but definitely not enough. I'm anticipating that going from a six figure income to nothing is going to be one of the hardest things for me when going to med school.

 

[djtallahassee]

A few close coworkers know of my plans, but upper management (all but one who wrote me a LOR) does not, haha. In my particular situation, I think it would create unnecessary tension by spreading the word around.

I was planning on giving a standard two-week notice.

Are you going to tell them you are headed to medicine? I probably will but am unsure. My situation is a little different because I am quitting in March and going traveling before school starts. I also am going to ask if I can do some work online to make a little spending cash (doubtful, but gotta try).

I let my boss know this week that I'm quitting in May. My current position requires a few months of training and it is very specialized and hard to find people to do it well and wanted to give him the time to find someone. I've been saving money but definitely not enough. I'm anticipating that going from a six figure income to nothing is going to be one of the hardest things for me when going to med school.

Ah gotcha, yeah I am lucky that we are wrapping up a year long project right when I intend to give my 2 weeks. I've always heard giving a huge time ahead notice is just odd for everyone. As far as saving, I debated working up until school started but realized I just can't save enough to put a huge dent in the loans and this is my last chance in awhile to just quit and go travel. Not saving enough could be more of a lifestyle problem but w/e at this point.

I'm also unsure if I should use the savings for med school including doing fancy things with my 401k. On my list of to-dos is to research if there is a way to use it relatively penalty free this week.

 

[RNthenDoc]

This stresses me out to no end.

I hate debt.

Even having a car loan bothered me, and I ended up paying it off in 1/3 of the allotted time because I just didn’t like the feeling of owing someone something. I hate asking people for favors and I hate owing money.

But my desire to continue my education will hopefully trump that feeling.

That and I’m hoping to be able to work a bit during summers or weekends.

 

[Durty-Trixxx]

That and I’m hoping to be able to work a bit during summers or weekends.

I once met a female med student who had an active RN license and she was working the occasional weekend shift during med school. I thought most med schools forbid any type of employment during matriculation? I think she was keeping it a secret from them.

 

[djtallahassee]

I once met a female med student who had an active RN license and she was working the occasional weekend shift during med school. I thought most med schools forbid any type of employment during matriculation? I think she was keeping it a secret from them.

Some make you sign something saying you won't work and some do not. Small but kind of an interesting factor to think about when choosing.

 

[Siromas]

I thought most med schools forbid any type of employment during matriculation?

I thought this was the case for most schools as well. Is there a list floating around of which schools have strict rules against working on the side?

 

[SpartanDOnoharm]

I thought this was the case for most schools as well. Is there a list floating around of which schools have strict rules against working on the side?

Do most of these schools not even let you work on holidays and breaks?

 

[Siromas]

Do most of these schools not even let you work on holidays and breaks?

That's the thing, I think it's school specific. Some say no working while you're enrolled as a student (so basically at all), and others are more lenient and probably won't care what you do while you're on break.

 

[Siromas]

Are you going to tell them you are headed to medicine? I probably will but am unsure. My situation is a little different because I am quitting in March and going traveling before school starts. I also am going to ask if I can do some work online to make a little spending cash (doubtful, but gotta try).

I doubt they'll ask me, but at that point I'll be honest and tell them. I don't want to burn any bridges for sure.

 

[deleted480308]

A single person will be just fine on the loans available. Try to have a very small car loan (or pay it off). Try to not have credit card debt

 

[RNthenDoc]

I know people in my state MD school who work every weekend, and others who commute home via jet every weekend.

Some schools are definitely more lenient. (Possibly less academically challenging as well...)

 

[JustPlainBill]

Non-trad here --- 17 years worth of EE/software engineering ended in one day with a "you're position has been liquidated, here's 6 weeks of severance, see ya" with a wife, 2 kindergarten age children, a wife who worked part time and a small home. About 2 years of 2-3 part time jobs while taking prereqs/studying for the MCAT with wife back to work full time and children being watched by grandparents. After acceptance, kept the family where they were at and moved to a bachelor's pad at med school for MS1/2/3 and came home during MS4. Wife still worked full time, I was in single room "efficiency" apartments -- some with wall mounted AC in Texas, others were a room in a boarding house. Money wise, we did ok -- no luxuries but we managed to eek out a "stay cation" or two -- down to Galveston in a hotel and fun times on the beach; visited relatives a lot but my wife and worked so that the children's lives were impacted as little as possible -- yeah, they wore hand me downs from church friends occasionally, learned to shop at second hand stores for Aeropostale, enjoyed homemade pizza/movie nights, etc. Now that I'm an attending, I've made up for it -- both of them turned out well -- one's pre-law at Baylor, the other is Pre-med at Baylor -- and yes, both are driving new mustangs, I'll work until I just can't anymore to get things paid off but what the heck ---

You can make it on student loans in that situation -- if you're single, it's piece of cake. Lunch is almost always a special interest group on campus, go to the state association dinners -- they love students and it's a free steak -- for fun, go look at model homes -- usually free cookies and sometimes coffee -- plus you can play "What kind of doctor do you have to be to afford this?" game --- Trust me, a bag lunch with your friends/family,dog and a Frisbee on a nice day or a cup of coffee on the porch with a good friend/spouse are way more fun than high dollar vacations.....

 

[Drez06]

Hi! When I got accepted, the first call I made was to my husband, and the second call I made was to my boss. Fortunately, I work for an employer who is very supportive and knew that I had interviewed. I called and told her that I was “putting in my 9 months notice” and she was so stoked for me. They’re letting me work for the foreseeable future until July when I start med school. My husband just accepted a position in the that city and we just put our house on the market. We’ll be living off of my husband’s salary and loans once school starts. It won’t be a lot of money, but we’ve made it on one salary in the past, we should be alright!

 

[Magus5454]

Hello all! As us non-trads are getting accepted and starting to make matriculation plans, how are you guys handling the situation at your current job or career? When are you going to quit/tell them that you are going to medical school?

Also, I am starting to stress about not having an income. Have had a few years of making decent money, getting rid of undergrad loans, and living a very flexible life. Anyone else kind of wondering whats going to happen when we switch to loans? For reference, I dont have a SO so there won't be any of the pressures of supporting or an additional income to work with. Would love to hear how you all are approaching it!

They knew from my interview date that I wa pursuing med school and I've kept them updated on the pursuit

 

[Immunodeficient]

Current MS2, and I know how you all feel about loans and the steep debt we have to accumulate to become doctors. I'm 100% loans, and choosing to save the extra I have, to pay for travel expenses during residency applications, emergencies that may come up, as well as to buffer the low pay we get in residency.

What helped me was looking up the salary of my field of interest (familiy med), calculating the taxes that come out (there's calculators online) to actually figure out my take-home... then looking at cost of living, car loans, home loan, etc, along with the minimum you have to pay for your loans. You'll discover you will be able to live quite comfortably, as long as you don't require a 2 million dollar home and a fleet of Aston Martins. I plan on continuing to live as I do now (small housing, modest car) and throwing extra at the loans. It's possible to pay off a 1/4 million in loans within 5 years living frugally. Then you can go buy your Aston Martin.

This doesn't even take into account the loan repayment programs out there for service to underserved areas, or the sign on bonuses Hospitals will try to entice you with when you're a real doctor.

I had someone put it to me this way: if you could buy an investment that would guarantee you $220,000+ each year until you retire... how much would you pay for it? I'm paying about $240,000, and a ton of hard work. And the true bonus is: a very rewarding career saving lives.

 

[DSM_302.0]

The thought of going from making a solid six figure salary to living off loans again terrrrrifies me. The way I live is built around convenience -- I eat out all the time, get nice coffee all the time, etc. I'm scared adjusting will be difficult. I'm in my thirties without any dependents, so that helps, but I'm still anxious.

 

[djtallahassee]

The thought of going from making a solid six figure salary to living off loans again terrrrrifies me. The way I live is built around convenience -- I eat out all the time, get nice coffee all the time, etc. I'm scared adjusting will be difficult. I'm in my thirties without any dependents, so that helps, but I'm still anxious.

Yea I think we have to just look it as a large investment and keep reminding ourselves the about the non monetary benefits of the job. High level, borrowing an extra 1,000 to get coffee and some treats we are used to having will be worth it. It's probably not worth trying to cold turkey and go back to the undergrad days.

Also probably helps to remember its 2 years of class and then we finally start to hit the hospitals and hopefully do some real learning and work. 2 years flies.

 

[Immunodeficient]

The thought of going from making a solid six figure salary to living off loans again terrrrrifies me. The way I live is built around convenience -- I eat out all the time, get nice coffee all the time, etc. I'm scared adjusting will be difficult. I'm in my thirties without any dependents, so that helps, but I'm still anxious.

"They" tell me it's good to come up with a hobby while in medical school, I'm betting you could get an espresso machine of some sort and learn to make some kick-arse coffees... I'm also betting that would be a brilliant way to make some friends in med school. I live comfortably in a very nice 2 bedroom apartment by myself, with central air, washer/dryer, dishwasher, etc (a classmate actually purchased a condo to live in while in med school), eat out a couple times a week, and could foot the bill for a few nice coffees a week (if I didn't make better coffee - which I generally like black - myself

You're not going to be in medical school living like an undergraduate (unless you choose to do that). A few of my classmates do that, but many of us non-traditionals who refused to go back to that life style are living quite nicely.

 

[Immunodeficient]

Yea I think we have to just look it as a large investment and keep reminding ourselves the about the non monetary benefits of the job. High level, borrowing an extra 1,000 to get coffee and some treats we are used to having will be worth it. It's probably not worth trying to cold turkey and go back to the undergrad days.

Also probably helps to remember its 2 years of class and then we finally start to hit the hospitals and hopefully do some real learning and work. 2 years flies.

Those first two years FLY... I'm 50 some days til the end of my second year... and it seems like I matriculated yesterday.