Having a hard time finding relocation loans for moving to medical school. Plenty for residency relocation, am I missing something?

[NegativeMargin]

I'll be matriculating when I'm 30. I've never had to take out private loans before so this is a bit of new territory. That said I feel I will have a hard time convincing a private lender to give me money under the premise that I'd be jobless and going back to school a few months after they give it to me, hence why a loan made specifically for medical students or graduate students needing to relocate seems to make the most sense.

There is quite a bit I am missing about the borrowing process for students in general as well, though those things seem like they will become obvious through more natural processes without me having to do any digging. As a non-trad I'm well aware of FAFSA and the extra paperwork that tends to come with borrowing when you are under exigent circumstances, medical school likely being one of those, and I understand the dates I may receive the aid vary as well. This is what is putting me in a position to want to at least look into borrowing before I get my financial aid refund-type money so that I can properly move to the city of my medical school, get settled, and maybe even have a week of downtime with no job or school for the first time in the better part of a decade before I begin this journey. Though if I could simply get my aid-package early, somehow, it would help immensely.

If it appears I'm clearly not getting something that should be obvious, or there are places I can go to quickly learn about the things it appears I need to learn, please point me in the right direction. Most of my searches here, google, on reddit, and even in the financial aid sections of the schools I am looking at haven't provided me with the answers I need.

thank you.

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[jhmmd]

I'll be matriculating when I'm 30. I've never had to take out private loans before so this is a bit of new territory. That said I feel I will have a hard time convincing a private lender to give me money under the premise that I'd be jobless and going back to school a few months after they give it to me, hence why a loan made specifically for medical students or graduate students needing to relocate seems to make the most sense.

There is quite a bit I am missing about the borrowing process for students in general as well, though those things seem like they will become obvious through more natural processes without me having to do any digging. As a non-trad I'm well aware of FAFSA and the extra paperwork that tends to come with borrowing when you are under exigent circumstances, medical school likely being one of those, and I understand the dates I may receive the aid vary as well. This is what is putting me in a position to want to at least look into borrowing before I get my financial aid refund-type money so that I can properly move to the city of my medical school, get settled, and maybe even have a week of downtime with no job or school for the first time in the better part of a decade before I begin this journey. Though if I could simply get my aid-package early, somehow, it would help immensely.

If it appears I'm clearly not getting something that should be obvious, or there are places I can go to quickly learn about the things it appears I need to learn, please point me in the right direction. Most of my searches here, google, on reddit, and even in the financial aid sections of the schools I am looking at haven't provided me with the answers I need.

thank you.

Have you been accepted yet? Why not try posting this in allo?

 

[KnightDoc]

I think the answer to this question is generally savings, credit cards, personal loans, parents, etc. Student loan disbursements generally go through schools, and refunds generally aren't issued until after a semester begins, which isn't going to help you if you need money, well in advance, to pay to "properly move" and get settled.

I'd check with a few banks to see if they would lend to you under these circumstances, or ask a school where you have an A if they would consider giving you an advance on a loan refund. If you are working now, another option would be to get a credit card or two while you are still eligible based on your income, use them to cover your expenses during this period, and then pay them off when you get your loan refund.

 

[Proudfather94]

I'll be matriculating when I'm 30. I've never had to take out private loans before so this is a bit of new territory. That said I feel I will have a hard time convincing a private lender to give me money under the premise that I'd be jobless and going back to school a few months after they give it to me, hence why a loan made specifically for medical students or graduate students needing to relocate seems to make the most sense.

There is quite a bit I am missing about the borrowing process for students in general as well, though those things seem like they will become obvious through more natural processes without me having to do any digging. As a non-trad I'm well aware of FAFSA and the extra paperwork that tends to come with borrowing when you are under exigent circumstances, medical school likely being one of those, and I understand the dates I may receive the aid vary as well. This is what is putting me in a position to want to at least look into borrowing before I get my financial aid refund-type money so that I can properly move to the city of my medical school, get settled, and maybe even have a week of downtime with no job or school for the first time in the better part of a decade before I begin this journey. Though if I could simply get my aid-package early, somehow, it would help immensely.

If it appears I'm clearly not getting something that should be obvious, or there are places I can go to quickly learn about the things it appears I need to learn, please point me in the right direction. Most of my searches here, google, on reddit, and even in the financial aid sections of the schools I am looking at haven't provided me with the answers I need.

thank you.

Is there any way you can save up a couple thousand dollars doing doordash or something? That should be enough to get the deposit paid and then you can just move there when school starts and you get your loans.

If you're still in school just do something during breaks and over the summer. You should be able to get a couple grand easy that way.

 

[NegativeMargin]

Is there any way you can save up a couple thousand dollars doing doordash or something? That should be enough to get the deposit paid and then you can just move there when school starts and you get your loans.

If you're still in school just do something during breaks and over the summer. You should be able to get a couple grand easy that way.

It's definitely possible and that is my plan, though my current lease ends July 29th so I'd need to be moved in August 1st and have enough money until I get my refund so it would need to be close to $5,000 saved up, or a few grand saved up in conjunction with a small loan and money put on my credit card/pulled from quick-cash. That is the plan, but I'm here discussing this because I'd like to hear alternatives. I'd also like to be moved in August 1st because that's the time when people say someone should move in, given a mid-august orientation.

I'm obviously going to do what I have to, as I always have. $1,000 to move, $1,000 deposit, $1,000 for rent, needing to survive potentially an entire month before getting any additional funds~$1,000. I'm over shooting with the $5,000 but living on my own I've learned it's usually smart to do that because there are probably a bunch of things I still need to factor in, and I'd rather pinch pennies now and relax then as opposed to the opposite.

 

[jhmmd]

It's definitely possible and that is my plan, though my current lease ends July 29th so I'd need to be moved in August 1st and have enough money until I get my refund so it would need to be close to $5,000 saved up, or a few grand saved up in conjunction with a small loan and money put on my credit card/pulled from quick-cash. That is the plan, but I'm here discussing this because I'd like to hear alternatives. I'd also like to be moved in August 1st because that's the time when people say someone should move in, given a mid-august orientation.

I'm obviously going to do what I have to, as I always have. $1,000 to move, $1,000 deposit, $1,000 for rent, needing to survive potentially an entire month before getting any additional funds~$1,000. I'm over shooting with the $5,000 but living on my own I've learned it's usually smart to do that because there are probably a bunch of things I still need to factor in, and I'd rather pinch pennies now and relax then as opposed to the opposite.

Sounds like you have it figured out then

 

[NegativeMargin]

Sounds like you have it figured out then

Some things, yes.

I understand I'm coming from a place of ignorance here, but I need to try and understand the difference between the end of undergrad and the end of med school and see if there are relocation loans made easily obtainable. In doing more research it looks like one of the biggest differences is that there is no real consistency between when people graduate and when they start residency. Also the timing of STEP III appears variable, at least in the threads I've looked at with some people saying STEP III before residency and some saying not to.. a whole other can of worms. And most of the threads are over 10 years old so I don't even know if they hold weight today. Hence the post.

The general consensus is still to relax before heading into a 4 year investment of time and energy which makes sense.. and while I'm certainly not against working 60 hours a week for a 2.5 month stint, I'd rather just take out a loan and get that relaxation everyone's been talking about. I'm certainly not going to be taking any breaks in medical school or beyond.. or is that another thing people have varying opinions on?

 

[jhmmd]

Some things, yes.

I understand I'm coming from a place of ignorance here, but I need to try and understand the difference between the end of undergrad and the end of med school and see if there are relocation loans made easily obtainable. In doing more research it looks like one of the biggest differences is that there is no real consistency between when people graduate and when they start residency. Also the timing of STEP III appears variable, at least in the threads I've looked at with some people saying STEP III before residency and some saying not to.. a whole other can of worms. And most of the threads are over 10 years old so I don't even know if they hold weight today. Hence the post.

The general consensus is still to relax before heading into a 4 year investment of time and energy which makes sense.. and while I'm certainly not against working 60 hours a week for a 2.5 month stint, I'd rather just take out a loan and get that relaxation everyone's been talking about. I'm certainly not going to be taking any breaks in medical school or beyond.. or is that another thing people have varying opinions on?

Step II is taken typically at the end of M2 (second year of medical school). I feel like the general consensus on Step III is to take it as early as possible so that it's not hanging over your head. It's difficult to study while in residency but a lot of it you pick up on during your work hours (or so I've heard).

Most med students are "overachievers" and you're used to being the star of the class, the one with the highest grades. In med school EVERYONE is a star, so be prepared to work hard just to be at the bottom of the pile. You know what they call the person with the lowest grades in medical school? A doctor. P = MD.

What I'm trying to say is that while plenty of people will advise you to chill before med school starts, it can't hurt to start looking at anatomy books, etc. You played the game in undergrad so you have to do the same in med school. E.g. I remember studying the book Pushing Electrons and I skimmed through supplemental ochem material before starting that class, and it really helped. I had seen the material and the concepts before and I was more confident about my skills if nothing else.

Work with the financial aid office at your med school and explain your situation. I'm sure that they can cut you some kind of deal. I hope that this helped.

 

[NegativeMargin]

Step II is taken typically at the end of M2 (second year of medical school). I feel like the general consensus on Step III is to take it as early as possible so that it's not hanging over your head. It's difficult to study while in residency but a lot of it you pick up on during your work hours (or so I've heard).

Most med students are "overachievers" and you're used to being the star of the class, the one with the highest grades. In med school EVERYONE is a star, so be prepared to work hard just to be at the bottom of the pile. You know what they call the person with the lowest grades in medical school? A doctor. P = MD.

What I'm trying to say is that while plenty of people will advise you to chill before med school starts, it can't hurt to start looking at anatomy books, etc. You played the game in undergrad so you have to do the same in med school. E.g. I remember studying the book Pushing Electrons and I skimmed through supplemental ochem material before starting that class, and it really helped. I had seen the material and the concepts before and I was more confident about my skills if nothing else.

Work with the financial aid office at your med school and explain your situation. I'm sure that they can cut you some kind of deal. I hope that this helped.

It definitely is helping, thank you for your responses. Finding up to date opinions seems to be something I may have to contend with regularly as there are so many threads on so many topics on this forum, some posted many years ago. Thanks again, and for your honesty.

 

[DoctorFate]

Step II is taken typically at the end of M2 (second year of medical school). I feel like the general consensus on Step III is to take it as early as possible so that it's not hanging over your head. It's difficult to study while in residency but a lot of it you pick up on during your work hours (or so I've heard).

Most med students are "overachievers" and you're used to being the star of the class, the one with the highest grades. In med school EVERYONE is a star, so be prepared to work hard just to be at the bottom of the pile. You know what they call the person with the lowest grades in medical school? A doctor. P = MD.

What I'm trying to say is that while plenty of people will advise you to chill before med school starts, it can't hurt to start looking at anatomy books, etc. You played the game in undergrad so you have to do the same in med school. E.g. I remember studying the book Pushing Electrons and I skimmed through supplemental ochem material before starting that class, and it really helped. I had seen the material and the concepts before and I was more confident about my skills if nothing else.

Work with the financial aid office at your med school and explain your situation. I'm sure that they can cut you some kind of deal. I hope that this helped.

P=MD but not necessarily the type of MD you want to be, unfortunately.
I become more and more disheartened as I realize after this very long and difficult path, there's a decent chance med students can't even practice what they desire.

 

[jhmmd]

P=MD but not necessarily the type of MD you want to be, unfortunately.
I become more and more disheartened as I realize after this very long and difficult path, there's a decent chance med students can't even practice what they desire.

Are you trying to say that not everyone gets into the specialty of their choice? Yes I am aware of this. It's an adage; take it with a grain of salt.

 

[Matthew9Thirtyfive]

Step II is taken typically at the end of M2 (second year of medical school).

At what school is step 2 taken at the end of M2? For the vast majority of schools, that’s before you even start rotations and is when you take step 1. We don’t take step 2 until the end of M3/beginning of M4.

 

[jhmmd]

At what school is step 2 taken at the end of M2? For the vast majority of schools, that’s before you even start rotations and is when you take step 1. We don’t take step 2 until the end of M3/beginning of M4.

Oops I meant Step 1. The original post said Step 2 at first so not sure what the OP was saying anyway
Then again if you're REALLY an overachiever maybe you could take Step 2 at the end of M2!

 

[DoctorFate]

At what school is step 2 taken at the end of M2? For the vast majority of schools, that’s before you even start rotations and is when you take step 1. We don’t take step 2 until the end of M3/beginning of M4.

You know, I always wondered something. Step 1 only covers preclinical, right? So why isn't it taken soon after preclinicals are done (mid Y2, for more and more med schools, end of Y2 at the rest)

 

[xffan624]

You know, I always wondered something. Step 1 only covers preclinical, right? So why isn't it taken soon after preclinicals are done (mid Y2, for more and more med schools, end of Y2 at the rest)

That's when it's taken most of the time. Step 2 is taken post-MS3 as it has a more clinical focus.

 

[DoctorFate]

That's when it's taken most of the time. Step 2 is taken post-MS3 as it has a more clinical focus.

An increasing number of schools, especially top schools, are having it taken in year 3 now. It's even on the Wikipedia page. I think about 1/3 of schools do that, and I never understood why.

 

[Matthew9Thirtyfive]

You know, I always wondered something. Step 1 only covers preclinical, right? So why isn't it taken soon after preclinicals are done (mid Y2, for more and more med schools, end of Y2 at the rest)

Step 1 is increasingly more clinical apparently. My school switched to doing it after third year rotations, and the average score at our school jumped up by a lot.

 

[DoctorFate]

Step 1 is increasingly more clinical apparently. My school switched to doing it after third year rotations, and the average score at our school jumped up by a lot.

Oh damn. I figured that was the point of step 2.
I wonder why schools don't revert now that step 1 is pass/fail. Just get it out of the way sooner so people can focus on step 2.

 

[Med Ed]

Oh damn. I figured that was the point of step 2.
I wonder why schools don't revert now that step 1 is pass/fail. Just get it out of the way sooner so people can focus on step 2.

P/F Step 1 doesn't begin until January of 2022. Schools may indeed "revert" over the next few years, once things have time to settle out.

 

[DoctorFate]

P/F Step 1 doesn't begin until January of 2022. Schools may indeed "revert" over the next few years, once things have time to settle out.

Oh, gotcha. Yea, I hope they do. I would love if I could just get step 1 out of the way and then dedicate all my study time to step 2. Hopefully, the school can give us the option at least, since step 1 literally has 0 importance anymore (unless you fail...)

 

[LadyDustyBlue]

I'll be matriculating when I'm 30. I've never had to take out private loans before so this is a bit of new territory. That said I feel I will have a hard time convincing a private lender to give me money under the premise that I'd be jobless and going back to school a few months after they give it to me, hence why a loan made specifically for medical students or graduate students needing to relocate seems to make the most sense.

There is quite a bit I am missing about the borrowing process for students in general as well, though those things seem like they will become obvious through more natural processes without me having to do any digging. As a non-trad I'm well aware of FAFSA and the extra paperwork that tends to come with borrowing when you are under exigent circumstances, medical school likely being one of those, and I understand the dates I may receive the aid vary as well. This is what is putting me in a position to want to at least look into borrowing before I get my financial aid refund-type money so that I can properly move to the city of my medical school, get settled, and maybe even have a week of downtime with no job or school for the first time in the better part of a decade before I begin this journey. Though if I could simply get my aid-package early, somehow, it would help immensely.

If it appears I'm clearly not getting something that should be obvious, or there are places I can go to quickly learn about the things it appears I need to learn, please point me in the right direction. Most of my searches here, google, on reddit, and even in the financial aid sections of the schools I am looking at haven't provided me with the answers I need.

thank you.

Thanks OP for starting this thread, as this has been a question that ran through my head before! I seriously hope you find a tangible solution as soon as you can. 👍🏼

 

[DOVinciRobot]

Oh, gotcha. Yea, I hope they do. I would love if I could just get step 1 out of the way and then dedicate all my study time to step 2. Hopefully, the school can give us the option at least, since step 1 literally has 0 importance anymore (unless you fail...)

The tests are not all that different. If you don’t know Step 1 material cold you won’t do very well on Step 2.

 

[DoctorFate]

The tests are not all that different. If you don’t know Step 1 material cold you won’t do very well on Step 2.

Oh really? As someone that was just admitted, I only have a summary level understanding of what's on the test, and it seemed as if they were completely different, with step 1 focusing mainly on basic science and step 2 focusing on clinicals.

 

[DOVinciRobot]

Oh really? As someone that was just admitted, I only have a summary level understanding of what's on the test, and it seemed as if they were completely different, with step 1 focusing mainly on basic science and step 2 focusing on clinicals.

No. Step 2 is more like applied Step 1 material. If you don’t know the Step 1 info you won’t do well. I even had a few straight up biochem questions on my Step 2