Going to be poor til first paycheck, options?

[Cookie Queen]

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I'll be starting my internship orientation on 6/13 but will be extremely tight on cash until my first paycheck (I'm guessing mid-July?). I'm told it depends on the residency if you get paid for orientation. Our school's financial aid ends in May, but there are all these added expenses like a moving truck, living expenses for those gap weeks, getting an apartment (first/last months rent PLUS security deposit???), etc. To top it off, my private loans from undergrad will enter re-payment immediately in early June since I used my 6 month grace period during my gap year before medical school (didn't realize we only get one).

My question is, how are people financing this? Our school sent us info about relocation loans, but my student loan total is above the max they allow so I don't qualify. I've considered taking a loan out on my life insurance policy but that won't give me much.

Ideas?!?!

 

[90 diopter]

I saved up several thousand bucks during my last year of school to bridge the gap.

Here are things you should do:

1) Apply for a deferment/forebearance on all your school loans. Do it now, and call them twice to make sure they got the paperwork on time. In my particular case, 33% of the time the paperwork magically disappears and never shows up. Shocking. You can renew this every year you're a resident. I didn't start paying a cent of my med school loans until I was an attending.

2) You might still be able to get a small private loan specifically designed for residents and med students. I'm not sure if these still exist. Back when I was going on my ophthalmology interviews, I had to take out an extra 7 grand in loans to help pay for the 20 some odd interviews I went to. I had some cash left over to support myself between graduation and internship.

3) Is there anyone (family/friends) nearby you can stay with during your last few months of school? That would save you a few months in rent.

 

[Rendar5]

I had to take a $2000 loan from my parents and bought cheap furniture on a payment plan to pay for the move and the first months rent and security.

 

[Ronin786]

Apply for an interest free Credit Card. Use it and pay the minimum payment until you get your paycheck.

 

[neusu]

You should get paid during orientation. Do you get paid monthly? There are short term loans from banks/programs or as mentioned a 0% credit card with minimum payments until you can afford to pay more.

 

[Winged Scapula]

You should get paid during orientation.

Not all residency programs pay for orientation, nor are they required to. A previous poll here on SDN revealed that only about half do.

 

[Buzz Me]

I didn't get paid for orientation during residency or fellowship.

 

[Cookie Queen]

Thank you everyone for the ideas. I thought of the no interest credit card and applied for one recently. However I was turned down due to a high debt to income ratio, even though I have no credit card balance. Not that I can blame them really, I have a lot of student loans and only very small living expense stipend right now. A family member suggested re-applying once I sign my contract with my new income listed. I don't have family that lives nearby to save on rent, but thought about asking family for a small loan (even though I hate doing that).

 

[NotAProgDirector]

Not all residency programs pay for orientation, nor are they required to. A previous poll here on SDN revealed that only about half do.

Legally, an employer must pay you for any required orientation. And if it's not required, then you don't have to go.

http://www.nolo.com/legal-encyclopedia/employee-wage-hour-rights-faq-29040-3.html

Not that I recommend creating a big stink with your employer before you even start, but just sayin...

 

[survivordo]

Now that you have your residency contract you should re-apply for the credit card, you should get it. This is probably your best bet, just don't go crazy with it and pay it of ASAP. Remember you will need cash/check for security deposits.

Survivor DO

 

[Winged Scapula]

Legally, an employer must pay you for any required orientation. And if it's not required, then you don't have to go.

http://www.nolo.com/legal-encyclopedia/employee-wage-hour-rights-faq-29040-3.html

Not that I recommend creating a big stink with your employer before you even start, but just sayin...

I suspect they get around that by either claiming its "not required" or that we were not employees, but rather students being paid a stipend.

 

[jackets5]

Thats pretty messed up. How do they expect people who just finished medical school to pay to live for 2-4 weeks after moving to a new city in a lot of cases, gettting a place to live etc.

 

[LucidSplash]

I did get paid a little extra for orientation but I did not get those funds until July 31st, with my regular paycheck. We are paid once a month. I already had credit cards and a little cash saved up so that's what I used. Parental loans were not an option for me. June and July were very stressful though, financially. FYI SunTrust has a Residency & Relocation loan you can apply for, but only before you graduate as it is intended for interview expenses and such. But they also have a Physicians Loan which you can apply for after you graduate that has very few requirements other than having your degree.

 

[SoCuteMD]

I got a job to help me pay for my move, etc. If I recall correctly, I picked up some proofreading/editing work on Craigslist, did some consulting work for a company I used to work for, and worked part time in a local store. I finished all of my important/time intensive rotations by March, so I had a few months with a much more flexible schedule and I worked retail evenings and Sundays (time and a half!). I saved about $1500 that way.