Housing in Med School?

[katizzle]

Ok, so in medical school most people will have loans and no job, so do most medical schools have dorms or student housing? I don't think I will be able to work while going to med school and without that income, I cannot afford the apartment that I live in. Also, even if I manage to hold a job in med school, won't the student loans lower my credit score too much to be able to rent?

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[Mr Avante]

Ok, so in medical school most people will have loans and no job, so do most medical schools have dorms or student housing? I don't think I will be able to work while going to med school and without that income, I cannot afford the apartment that I live in. Also, even if I manage to hold a job in med school, won't the student loans lower my credit score too much to be able to rent?

I think there are few medical schools with this option
Truth is, you will have to either live on your own or with others by sharing rent and stuff. Just don't forget to share the ramen.
Medical School Loans are not your ordinary loans. And finance institutions understand this fact. Don't worry, OP

 

[Ismet]

Some schools have housing for med students, but you'd still have to pay rent or some kind of room and board. My school offers apartments up the street from the school, but they're extremely pricey for the small size of the apartment.

You will be able to afford housing. When you're offered loans for med school, it's for tuition + estimated cost of living for a total cost of attendance (COA). For example, my COA is around $70,000, and I can borrow any amount I want up to that cap. Part of the money automatically goes to pay my tuition, and the rest is deposited into the bank to be used for rent, groceries, and other living expenses.

 

[zeppelinpage4]

Most students at my school have a couple hundred in loans they can use on housing, which is pretty reasonable if you find a cheap place or live with other students.

 

[theseeker4]

Ok, so in medical school most people will have loans and no job, so do most medical schools have dorms or student housing? I don't think I will be able to work while going to med school and without that income, I cannot afford the apartment that I live in. Also, even if I manage to hold a job in med school, won't the student loans lower my credit score too much to be able to rent?

You can take loans out in the full amount of the cost of attendance, including rent, food, some entertainment, transportation, etc in addition to tuition, fees, books. This amount is determined by each school. student loans will not hurt your credit to the point you are unable to get approved for rent, etc.

 

[Radon XP]

 

[TheShaker]

Is it possible to comfortably live alone with the loans they give?

 

[SN12357]

Is it possible to comfortably live alone with the loans they give?

If you look at the MSAR they tell you exactly what tuition and the total cost of attendence allowances are for each school. Deduct tuition and health insurance (if you'll need it) from the COA and you'll see approximately what you'll have left to live on.

Whether or not it's possible to live comfortably alone depends on a)the school, b)the location, and c)your definition of 'comfortable'.

 

[Fulchera10]

You do realize that living in an apartment is cheaper than living in a dorm? Let me explain. Obviously you seem to be living in a rather expensive apartment complex. You will have to go to the low end apartments, which may not even necessarily mean you have to go to a "rough" neighborhood, but it will certainly be outside of the confines of solely university students. The more roommates you have, the cheaper things are going to get. At the moment, I have one roommate and I pay $380 a month for rent. $430 with all other costs included. Meal plans are also a rip-off. University food, no matter where it is, is always going to be less healthy then buying groceries. Just like restaurants, university food will be packed with sodium, all while containing fewer than ideal nutrients and being overtly processed. Nutrition is very important while putting your body through lots of stress. Not only that, but I was unable to achieve my caloric needs while lifting weights in the gym on my university plan. As a medical student, you're not going to have time to revolve your schedule around the dining hall.

Long story short, do not live in dorms -_-

*Edit: meal plans are also a rip-off. By not getting a meal plan, I was able to recieve 110/week for groceries for an entire year at the cost of a meal plan for 9 months. $110 dollars goes a long way at Walmart and then Harris Teeter (or any quality grocer) for produce and meats. If I can eat 2800 calories a day off that amount of money, then you, as a girl, can surely eat for far less.

 

[jeghaber]

You do realize that living in an apartment is cheaper than living in a dorm? Let me explain. Obviously you seem to be living in a rather expensive apartment complex. You will have to go to the low end apartments, which may not even necessarily mean you have to go to a "rough" neighborhood, but it will certainly be outside of the confines of solely university students. The more roommates you have, the cheaper things are going to get. At the moment, I have one roommate and I pay $380 a month for rent. $430 with all other costs included. Meal plans are also a rip-off. University food, no matter where it is, is always going to be less healthy then buying groceries. Just like restaurants, university food will be packed with sodium, all while containing fewer than ideal nutrients and being overtly processed. Nutrition is very important while putting your body through lots of stress. Not only that, but I was unable to achieve my caloric needs while lifting weights in the gym on my university plan. As a medical student, you're not going to have time to revolve your schedule around the dining hall.

Long story short, do not live in dorms -_-

*Edit: meal plans are also a rip-off. By not getting a meal plan, I was able to recieve 110/week for groceries for an entire year at the cost of a meal plan for 9 months. $110 dollars goes a long way at Walmart and then Harris Teeter (or any quality grocer) for produce and meats. If I can eat 2800 calories a day off that amount of money, then you, as a girl, can surely eat for far less.

Depends on the location. In Boston, NYC or other large cities, rent is expensive -- I'm in Boston this year living with a roommate in an okay place and we each pay $1000/month, and that seems pretty standard. Schools in NYC that offer housing for ~$500/month are giving you an amazing deal.

 

[circulus vitios]

I know you can only borrow up to the school's COA. What happens if you need money to buy a car, pay for moving expenses, pay for furnishing your apartment, etc?

 

[Status Sciaticus]

I know you can only borrow up to the school's COA. What happens if you need money to buy a car, pay for moving expenses, pay for furnishing your apartment, etc?

most schools have emergency loans and funds for those reasons.

 

[katizzle]

You do realize that living in an apartment is cheaper than living in a dorm? Let me explain. Obviously you seem to be living in a rather expensive apartment complex. You will have to go to the low end apartments, which may not even necessarily mean you have to go to a "rough" neighborhood, but it will certainly be outside of the confines of solely university students. The more roommates you have, the cheaper things are going to get. At the moment, I have one roommate and I pay $380 a month for rent. $430 with all other costs included. Meal plans are also a rip-off. University food, no matter where it is, is always going to be less healthy then buying groceries. Just like restaurants, university food will be packed with sodium, all while containing fewer than ideal nutrients and being overtly processed. Nutrition is very important while putting your body through lots of stress. Not only that, but I was unable to achieve my caloric needs while lifting weights in the gym on my university plan. As a medical student, you're not going to have time to revolve your schedule around the dining hall.

Long story short, do not live in dorms -_-

*Edit: meal plans are also a rip-off. By not getting a meal plan, I was able to recieve 110/week for groceries for an entire year at the cost of a meal plan for 9 months. $110 dollars goes a long way at Walmart and then Harris Teeter (or any quality grocer) for produce and meats. If I can eat 2800 calories a day off that amount of money, then you, as a girl, can surely eat for far less.

I live in New York City, apartments are pretty expensive if you don't want a bedbud, roach, and rat infested place to live. I live with a roommate and both of us pay rent of $1,750/month.

Maybe I should just move into one of those micro-apartments. (but, mind you, those still cost $940/month to $1,800/month)

 

[eefen]

I know you can only borrow up to the school's COA. What happens if you need money to buy a car, pay for moving expenses, pay for furnishing your apartment, etc?

most schools have emergency loans and funds for those reasons.

In extreme circumstances, it might be possible for the school to approve additional loans - otherwise, you would have to get private loans.

That being said...ideally, you would have some funds from a part-time job during school or over the past summer to help cover moving expenses, etc. If not, if you are taking out the max amount of loans and are a single student (and are living in an area with a reasonable COL...or with roommates...), then it should be entirely possible to budget enough money to buy some furniture, etc. Of course, the problem is that you probably won't get those funds until school starts...

 

[lovemango]

There are very few med schools out there that offer student housing, and if they do, there's usually a long waitlist since they tend to be cheaper. Most students use their loans to pay for living expenses. Getting a roommate makes things more affordable, if you're willing to live with someone else. The condo I'm renting costs $1050/month excluding electricity + internet, but I have a roommate so my monthly rent goes down to $525 + utilities.

 

[circulus vitios]

In extreme circumstances, it might be possible for the school to approve additional loans - otherwise, you would have to get private loans.

That being said...ideally, you would have some funds from a part-time job during school or over the past summer to help cover moving expenses, etc. If not, if you are taking out the max amount of loans and are a single student (and are living in an area with a reasonable COL...or with roommates...), then it should be entirely possible to budget enough money to buy some furniture, etc. Of course, the problem is that you probably won't get those funds until school starts...

Unfortunately, applications and interviews are destroying my savings account.

 

[LizzyM]

NYC schools recognize the high cost of housing in the area and have student housing. Schools in other cities recognize the high cost of student housing relative to market-rate housing and don't operate med school dorms or offer very few rooms.

Starting out you need a bed, a chair, a desk or table for studying, and a bookshelf (with so much online now, maybe you don't even need much of a shelf). You are going to want a few things for your kitchen but you can't find great bargains at thrift shops & yard sales and hand-me-downs from your relatives who are "downsizing". If you have a roommate, you only need half of what it takes to run a household. Find a furnished apartment and you can avoid having to buy furniture, dishes, etc (my first apartment belonged to someone who had moved cross country for a 2 yr period & didn't want to give up an apt in "the city" or store his stuff.)

 

[eefen]

Unfortunately, applications and interviews are destroying my savings account.

I know that feeling...

Sometimes it felt like I was just handing out money to schools. "You want some cash? Sure! $100 for you, $75 for you, $125 for you...." and on and on and on....

On a side note, make sure you guys are checking craigslist in your area for furniture, cars, any household items you need that you can get used, etc. It is your friend...and a heck of a lot cheaper. And you can generally knock a few bucks off the original price just by asking...or even more if you are a bit of a negotiator.

 

[KnuxNole]

Is it possible to comfortably live alone with the loans they give?

Yes. I lived in a single apartment the whole 4 years, and was able to do just fine without feeling like I needed to live on ramen and water bottles.

 

[Radon XP]

Be careful if you're buying used furniture. The risk of bedbugs and other pests is very high.

 

[eefen]

Be careful if you're buying used furniture. The risk of bedbugs and other pests is very high.

Well, I wouldn't recommend buying a used mattress or any other disgusting-looking furniture. But, for example, I scored a great oak desk for $50 and a six-foot freezer that's relatively new and works very well for about $90. Use some common sense and be willing to walk away, but used doesn't necessarily mean bad.

 

[mvenus929]

Is it possible to comfortably live alone with the loans they give?

Depends on where you live and what you define as comfortable. I don't do much clothes shopping, make most of my gifts, and would much rather have a potluck rather than go out to dinner with friends, but I'm not starving or eating only junk food, I have a comfortable furnished apartment, and I can afford to splurge a bit every once and a while.

I live in New York City, apartments are pretty expensive if you don't want a bedbud, roach, and rat infested place to live. I live with a roommate and both of us pay rent of $1,750/month.

Maybe I should just move into one of those micro-apartments. (but, mind you, those still cost $940/month to $1,800/month)

The NYC med schools generally have dorms or subsidized housing. Few other medical schools do, and my school even states that you are expected to get a roommate, as the COA doesn't cover a single bedroom apt in our town.

 

[Radon XP]

When you guys got roommates, were they other med students?

 

[Ismet]

When you guys got roommates, were they other med students?

Yes. Pretty much everyone in my class either
a) lives alone
b) lives with another med student
c) lives with another grad/professional student
d) lives with their spouse/family

At least one person had random roommates last year and it was not a fun time.

 

[Arbor Vitae]

Is it possible to comfortably live alone with the loans they give?

possible, yes, comfortable? well that's all relative I guess, I'm about to find out

 

[ritatud]

which is pretty reasonable if you find a cheap place or live with other students.

 

[circulus vitios]

Be careful if you're buying used furniture. The risk of bedbugs and other pests is very high.

Aren't there companies that will gas or steam the hell out of second-hand furniture to make it safe to use?

 

[Radon XP]

Aren't there companies that will gas or steam the hell out of second-hand furniture to make it safe to use?

If it's not too expensive, that's a reasonable course of action. If it is, though, then it defeats the point of buying used furniture, which is to save money.

 

[xffan624]

Aren't there companies that will gas or steam the hell out of second-hand furniture to make it safe to use?

I would just do a quick google of some bed bug pictures and the signs and you should be able to identify any significantly infested furniture with If you see that, don't buy it.

If you don't see any indications of infestation, but you want to be safe, plastic, a couple hours outside, and the hot summer sun should kill minor infestations.

But don't get a used mattress/boxspring no matter what as they are the most high risk for infestation (not even Cort). Ikea is your friend for cheap beds.

 

[SN12357]

I would just do a quick google of some bed bug pictures and the signs and you should be able to identify any significantly infested furniture with If you see that, don't buy it.

If you don't see any indications of infestation, but you want to be safe, plastic, a couple hours outside, and the hot summer sun should kill minor infestations.

But don't get a used mattress/boxspring no matter what as they are the most high risk for infestation (not even Cort). Ikea is your friend for cheap beds.

The bolded part is....not good advice, even if you live in a part of the country where you could reliable have access to hot, dry heat outside.

 

[deleted458807]

My school has dorms, but they give preference to first years. Also they are expensive as hell (for a "dorm" you could rent a real apt). I think most apt complexes understand the loan situation. I would suggest talking to other students in the school you are interested in.

 

[afk1994]

I feel that medical school and residency are an extremely humbling experience for those of us who can't necessarily afford to pay for it without loans. It's no secret that after becoming a doctor you're going to be better off financially then 99% of the population (at least in the United States). Even with 60k/70k a year you're going to struggle financially, especially if you move to a big city like Chicago or New York. By learning how to manage your finances now you're going to be much better off in the future. That's just my opinion.

 

[BABSstudent]

I feel that medical school and residency are an extremely humbling experience for those of us who can't necessarily afford to pay for it without loans. It's no secret that after becoming a doctor you're going to be better off financially then 99% of the population (at least in the United States). Even with 60k/70k a year you're going to struggle financially, especially if you move to a big city like Chicago or New York. By learning how to manage your finances now you're going to be much better off in the future. That's just my opinion.

I am happy being a college graduate and living on just $30,000 a year with my fiancee and I. It is way more than I ever grew up with. I am extremely happy with my living situation for medical school. Of course, my income is gone now but if she gets a job it should be for $45,000 a year! That will be so much! I am looking forward to residency because our combined income will be about $100K a year!

 

[Radon XP]

I am happy being a college graduate and living on just $30,000 a year with my fiancee and I. It is way more than I ever grew up with. I am extremely happy with my living situation for medical school. Of course, my income is gone now but if she gets a job it should be for $45,000 a year! That will be so much! I am looking forward to residency because our combined income will be about $100K a year!

I couldn't imagine living on $100K a year. I think the med student/resident life is gonna be fab for sure, no more ramen!

And sorry, but it's "fiance and me". Just a pet peeve of mine when people put "I" in the wrong place thinking they're being correct. Other than that,

 

[Destinae]

I couldn't imagine living on $100K a year. I think the med student/resident life is gonna be fab for sure, no more ramen!

And sorry, but it's "fiance and me". Just a pet peeve of mine when people put "I" in the wrong place thinking they're being correct. Other than that,

I agree..$100K/yr I wouldn't know what to do. I like simple things and am more of a homebody so no lavish vacations and outrageously large homes for me. Ahh can't wait for med school/resident life.

 

[Fulchera10]

I live in New York City, apartments are pretty expensive if you don't want a bedbud, roach, and rat infested place to live. I live with a roommate and both of us pay rent of $1,750/month.

Maybe I should just move into one of those micro-apartments. (but, mind you, those still cost $940/month to $1,800/month)

Why is it the last guy said he pays $1,000 a month and you're nearly $1,000 over that? Sounds like you're living in a place well above the quality of student living. If your apartment contains nice cabinets, flooring, doors, amenities, etc... you can more then likely find a cheaper place to live. Your other alternative is to find more roommates. But, excuse my ignorance then. I would hate to live in New York! You have to pay more, and compromise your health with absolutely terrible pollution?

If you have access to a vehicle, it sounds like it may me smarter to commute.

 

[SN12357]

Why is it the last guy said he pays $1,000 a month and you're nearly $1,000 over that? Sounds like you're living in a place well above the quality of student living. If your apartment contains nice cabinets, flooring, doors, amenities, etc... you can more then likely find a cheaper place to live. Your other alternative is to find more roommates. But, excuse my ignorance then. I would hate to live in New York! You have to pay more, and compromise your health with absolutely terrible pollution?

If you have access to a vehicle, it sounds like it may me smarter to commute.

The guy who says his rent is $1000/month split between roommates is apparently in TEXAS, and the guy paying $1750/month is in NYC. There is no comparison, and you have no idea what you're talking about.

If it wasn't immediately obvious you have absolutely no idea what you're talking about, the fact that you think it would save money to DRIVE into NYC is one honking clue. Here's a hint: a parking space in Boston just sold for 560k. And Boston is still cheaper than Manhattan.

Moving out where it's cheaper often isn't worth it if it destroys your life by giving you a 3+ hour round trip commute.

 

[KnuxNole]

A few of my friends in brooklyn and manhattan claim they don't need a car in NYC, and driving in the city is one of the biggest hassles ever. It makes sense to use the subway, seeing how it's easy to get access to it. Not to mention dealing with insane traffic every day

 

[Itsame]

I don't go to school in a major city and the housing is SUPER affordable ~500 average per month, including utilities, in a place where heat is the major cost factor. Lots of houses around the school/hospital are always turning over for rent as med students and residents come and go, and landlords love med students as tenants and generally understand how our 'income' is in loan form.

Also big tip: If you get accepted and get an email account early enough in the spring, you can usually buy furniture super cheap from 4th years and residents who are moving on. They are sometimes literally giving things away via listserves if they are moving far enough.