Having a family and paying for medical school

[Coldwater_Adler]

Hey friends,

So I have been accepted into medical school! Woot woot. Now, I am trying to figure out the financial side of it. I have three kids and a wife and we will be moving to California where rent will be like 3k/ month. For you parents and those with a family, how did you make it work?

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[deleted367183]

My good friend did it with 2 kids and a husband in undergraduate school. They both took out the max in loans for living expenses and got an adjustment for dependent care expenses to allow them to borrow more. They were in Ohio, where there's cheap housing, but your specific total cost of attendance will take into account the higher rents in your area.

 

[jamaica jan sun princess]

Rent at $3,000 a month will likely take the entirety of you living expenses loans. If you don't have outside support or private loans, your wife will have to get a job.

 

[PhD_to_DO]

My wife and I are planning on her continuing to work; we don't have children so our expenses are limited to just the two of us and housing. I also teach online MPH courses and I hope to teach one or two courses per term through my first two years of medical school. That will help me to reduce some of the loan amount that I have to take. Finally, I found out that my state National Guard grants age waivers based on years of prior service so I plan to apply for the STRAP program to help provide some additional funding for school.

 

[Coldwater_Adler]

My wife and I are planning on her continuing to work; we don't have children so our expenses are limited to just the two of us and housing. I also teach online MPH courses and I hope to teach one or two courses per term through my first two years of medical school. That will help me to reduce some of the loan amount that I have to take. Finally, I found out that my state National Guard grants age waivers based on years of prior service so I plan to apply for the STRAP program to help provide some additional funding for school.

Its scary, isn't it?

 

[PhD_to_DO]

Its scary, isn't it?

If I actually sit and think about the costs associated with this, I would very likely talk myself out of this! And when you think of the fact that there is a growing number of US medical graduates who don't secure a residency, albeit a much smaller number than international medical graduates, it really puts things into perspective. But we got this. Things will work out for us and I think that its a good thing that we are all considering a financial plan BEFORE we get too deep into this.

 

[8YearsLate]

I don't think I can offer more advice than what's been given here (use loans, spousal income etc.) but I have a question...are you attached to California, or was that the only offer you got? As a non-trad parent as well, high cost of living was a deterrent for me when I really looked at the numbers (all debt and no income = I'll take $1000 rent over $2000+ rent in a heartbeat - that's a $50,000 difference - an entire college education for one of the kids). Ultimately I'm choosing a school that's same tuition, but far more affordable living, and in 4 years I'll have the option to relocate, anyway, and with income on the way.

Of course, places with higher cost of living have higher eventual income, if you plan to stay there long-term. Just noms for thought.

 

[Coldwater_Adler]

I don't think I can offer more advice than what's been given here (use loans, spousal income etc.) but I have a question...are you attached to California, or was that the only offer you got? As a non-trad parent as well, high cost of living was a deterrent for me when I really looked at the numbers (all debt and no income = I'll take $1000 rent over $2000+ rent in a heartbeat - that's a $50,000 difference - an entire college education for one of the kids). Ultimately I'm choosing a school that's same tuition, but far more affordable living, and in 4 years I'll have the option to relocate, anyway, and with income on the way.

Of course, places with higher cost of living have higher eventual income, if you plan to stay there long-term. Just noms for thought.

Absolutely. Thanks for the thoughts. We are thinking California because they have the best social programs for my disabled daughter. My wife will be able to get nursing and work to make some money. There is a program to pay caretakers for the time they medically provide for their children. It will help offset the costs. I estimate the first year will be the most expensive as we are applying for the programs and getting settled into the socio-medical ecosystem for medically complex children in Cali

 

[Coldwater_Adler]

If I actually sit and think about the costs associated with this, I would very likely talk myself out of this! And when you think of the fact that there is a growing number of US medical graduates who don't secure a residency, albeit a much smaller number than international medical graduates, it really puts things into perspective. But we got this. Things will work out for us and I think that its a good thing that we are all considering a financial plan BEFORE we get too deep into this.

The way I figure it. Say, I only bring home 5000/month - 7000/month after taxes and debt, thats still far more that what I make now or have the potential of making currently. Also, its really not about the money to me. If it was, I would run from this career. I just want enough to provide for my family. I also plan to work with the undeserved and pay off debt through those forgiveness programs

 

[8YearsLate]

The way I figure it. Say, I only bring home 5000/month - 7000/month after taxes and debt, thats still far more that what I make now or have the potential of making currently. Also, its really not about the money to me. If it was, I would run from this career. I just want enough to provide for my family. I also plan to work with the undeserved and pay off debt through those forgiveness programs

Can you reference the forgiveness program you plan to apply for? I've never actually met a doc who had their loans forgiven for working in a medically underserved area but I'm curious. I know in education you have to commit to 10+ years in a particular district for this.

 

[PhD_to_DO]

Can you reference the forgiveness program you plan to apply for? I've never actually met a doc who had their loans forgiven for working in a medically underserved area but I'm curious. I know in education you have to commit to 10+ years in a particular district for this.

National Health Service Corps Loan Forgiveness. Certain health professionals are also eligible for Public Service Loan Forgiveness if they work in certain venues. The Army and Air Guard also provide up to 240k in loan forgiveness if certain conditions are met.

 

[esob]

Yikes, I would have picked someplace other than cali but I understand if you feel that is where the best care is for your child. Most schools have a decent amount of wiggle room in their COA, where you can increase it and take grad plus loans up to the full COA, which includes things like medical insurance, car repairs, excess medical bills, etc (the type of things that can sink a non-trad). You're best point of contact is going to be the financial aid officer at your school.