How are you supposed to afford living in Podiatry school?

[mitrieD]

Do people really just live out their living expenses in med/pod/pharmacy school through student loans unless they have rich parents? So on top of podiatry school, and if you live cheaply, you'll be adding $20-30k every year to your loans. So that's an extra ~$100k in loans you have to pay on top of podiatry school? I've heard of people working during school but I know I wouldn't be able to do that... I'm tempted to take two years before entering just to work and save money.

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[Weirdy]

There are a few threads on this forum with polls of what students are graduating with in debt. Last I saw it was around 300-350k. I know if I get out it will be around there because of undergrad loans + masters degree.

While its nice to take 2 years off to save money, you are not putting into mind opportunity costs + **** happens in life. Those savings may not make a dent in your schooling. You aren't getting any younger.

Some students had actively working spouses who were able to attenuate a little of the cost. Some were able to garner significant scholarships.

 

[Sweatshirt]

I'm a first year who's doing everything with loans. I thankfully didn't have any undergrad debt. Yes, the majority of the people in pod school use loans for living expenses. I budgeted everything and took out about $58,000 total for my first year. That includes tuition and living. It sounds rough, but its the norm. Some students do work, but by work I mean they work small jobs at the school (like sit at the library desk, give tours, etc.) You just gotta bite the bullet unless you're fortunate enough to have funds to cover medical school. IMO taking 2 years off to work to build up money is kinda pointless because that's 2 years of a doctor salary you're missing out on

 

[TimmyTurner]

Do not hesitate to start the clock on school. Like others mentioned, it's just not worth it. You're probably not entering Pod school from a 6 figure plus salary. If you were, Ok, maybe you could argue it would be worthwhile to save. But how much capital could you reasonably save in two years? Not enough to warrant putting off the opportunity to make $100k plus.

Also, totally projecting here, but the way the first few days of a Republican presidency are going, the bathwater may swing to the other side in four years, and a top agenda for the democratic party is addressing student loan forgiveness. This is wistful thinking, but a guy can dream.

In all seriousness- I had a nice comfy job with a 60k salary and the opportunity to max out at $80k in ten years. I ran some spreadsheets, accounted for variables, and basically by the time I was between 41-47, I would have paid off all of my loans, AND matched the gross earnings had I continued at my old job. That leaves around 20 years before retirement making at least double what I would have made staying at my old job. We complain about the loans, and yeah it's an enormous sum of money, but it is still a sound long term fiscal decision.

 

[bobtheweazel]

Yep, all loans and scholarship. They'll give you plenty to live on, so don't worry about not having enough money while your in school (within reason). Trust me, I'm far from a ramen noodle diet.

I'd rather take out loans now and do well in school not having to worry about work study or having an actual job–keeping my schedule very flexible and very open. I worked 40+ hours per week all through undergrad. This isn't undergrad, I wouldn't even think of trying to work while I do pod school.

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[mitrieD]

Okay thanks for the info