How did/are you guys making it financially?

[coralis]

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I was wondering if current students or graduates could share their financial stories with those of us thinking about the schools, I was thinking about a little fill in the blank form like the stats page.

I attend(ed): (univeristy)
My tuition was paid by: (loan, parents, work)??
My loan was from: (bank name, amount granted??? was it enough???)
My living expenses were: (in euros, dollras whatever...but specify)
I worked during medschool: (yes/no, what?)

I think this would be quite helpful for all of us bitting our nails these days and browsing bank sites until the wee hours of the night!!!

 

[coralis]

well then I shall go first, since everybody is avoiding to answer!

- I am taking this year off to make some money and pay the bills off in order to at least start with a clean slate 😛

- WHEN (I am a stron believer) i get accepted I shall already have saved abopout 30K and get from the bank about 150K and for anything else my parent will help, as well as my bf 🙂 (which is kind"ve excited about the idea of going back to Dublin)

- I am also debating on getting some sort of job to be done on the internet that way I could make some money on the side to be happy

- Last resort would also be getting another line of credit as a back-up 😛

Thanks for all the help! 😛

 

[Sage880]

I attend(ed): UCC
My tuition was paid by: 4 Loans, Parents, Working
My loan was from: RBC Student line of credit - 150k. CANHelp loan from US (25k US - I try not to use this one), OSAP (Ontario student loan - 8kish/year), Bank of Ireland student loan (5.5k Euro interest free)
My living expenses were: A lot more then Canada - hard to give you a number
I worked during medschool: Yes - worked for 3.5 years of medical school.

After all that, I'm just going to have enough money for the 5 years. I got my RBC loan increased (was hard) and bought out my CANHelp loan (which was a worse interest rate). My parents are paying for one year of my tuition, they always gave me a couple grand each year as well, I worked for 3.5 years of medical school, and including the OSAP loans, I'll owe somewhere between 200k-250k Canadian when all said and done. Only reason I could keep it so low was by working a good amount for the majority of it and some nice contributions from family. With no parental help, and keeping some kind of reasonable standard of living, $400k isn't a unreasonable amount of debt to expect to graduate with. That's what a couple of my friends currently owe anyway.

So yeah - it's expensive. If you can get help from the parents you can stick to the lower interest rate loans. I don't know if that CANHelp loan is still available to Canadian students but it was absolutely horrible. But even with no help from parents you can raise the money if you're creative. A couple of my friends were in that situation anyway and have seemed to make it. Good luck!

 

[coralis]

Thanks so much Sage880!!! I pretty much confirms my beliefs. If you don't mind me asking what job you did for 3.5 years of medschool? I am definitely ok with working through school I have done so out of need all my life, in order to afford school, and I still managed to stay at average or above it in my courses, and I must admit I have become accustomed to being busy all the time 😛 it keeps me organized 🙂

 

[leorl]

First 2 years were paid by parents (well, actually inheritance money), next two years paid by stafford loans + parents (living expenses) + low-paying summer research job, last year paid by parents + Bank of Ireland med student loan (6.5 k interest free until october of the year you graduate. I'm lucky.

There are quite a few who will have accrued a hefty debt by the time they graduate. But if you consider that the same happens in the US, it's not quite so bad.

 

[Sage880]

Thanks so much Sage880!!! I pretty much confirms my beliefs. If you don't mind me asking what job you did for 3.5 years of medschool? I am definitely ok with working through school I have done so out of need all my life, in order to afford school, and I still managed to stay at average or above it in my courses, and I must admit I have become accustomed to being busy all the time 😛 it keeps me organized 🙂

I did a bunch of odd jobs at first - bar work, stuff like that. Eventually I got a job in the hospital. You can get hired as a porter, ECG tech, or a phlebotomist (taking blood). The porter job isn't the best - long hours and not great pay. ECG tech and phlebotomist both pay pretty well for not too many hours of work so I'd definitely recommend looking into them.

Best of luck.

 

[stiz]

what's the deal with this loan?

are Americans eligible?

how much can you get a year? in total?

thanks

 

[Prolif]

what's the deal with this loan?

are Americans eligible?

how much can you get a year? in total?

thanks

Student loan isn't eligable to international students but you MIGHT be able to pick one up from a highstreet bank like Natwest, HSBC, Baclarys, Abbey etc. Really though they will only lend a small amount compared to the cost of the course so you'll need to have another massive source of funding. Remember as an international you will not pay the same fees as a home student. Home students pay about £3000 a year in tuition costs, £5000 in accomodation and another £2000 in living expenses so about £10,000 a year. International students can pay anywhere from £20,000 just for tuition each year.

 

[UCDMD]

Alright, here’s the deal --

I wish I had folks to ask advice from when I was in your shoes, so I offer you this…


I graduated from UCD and went to the US for residency and fellowship. I left medical school with $200k in loans and deferred them based on economic hardship and then forebeared them when my I could no longer defer during my training. Because of this, I now owe about $250k to student loan creditors. I acknowledged and accepted the fact that I would have massive debt after medical school (I had no parental gifts, inheritances, etc. nor would I accept them for graduate school if I did).


That said, I knew that I had to “perform” in medical school and especially on the USMLEs if, as an “FMG,” I was ever to find a respectable residency so that I could have a career in the US. I got the right numbers, entered and graduated from a respectable residency and fellowship program , and am now an attending in private practice.


Because of where I did my residency/fellowship (no one cares about where you went to medical school once you enter private practice) I was able to negotiate a contract in my favor. I have 10 weeks of vacation a year, work an average of 30-40 hours a week, have a salary of $360k per year plus benefits and my employer pays my student loans. In my job search I was offered 7 figure salaries, but wanted more of a lifestyle practice.


Fortunately, I’m financially comfortable now, but I took a risk as an FMG. If you’re going to go this route then you must secure an outstanding residency. The easiest way to do this is by annihilating the USMLE’s – you need to look inside yourself to decide if this is something that is achievable (there is a reason that you’re looking at offshore medical schools).

My time in Ireland was well spent and I regret nothing. That said, I, unlike some of my classmates, passed the USMLEs and became a practicing physician in the United States.


I wish you all the best.
UCDMD

PS: Practicing for a year as an intern in Ireland after med school and before a US residency in order to “make some money” makes no financial sense. You’re sacrificing the salary of your last year of practice (at anywhere from 300K to 1mil) for 40K in the short term. Don’t do it from a financial perspective.

 

[stiz]

UCDMD:

First of all, thank you very much for taking the time to come back to the forums and help alleviate some of the stress, clear up some of the 'unknowns' .. etc...

I have a few more questions though... 🙂


1. Is your situation common among North American graduates of Irish medical schools ? What seems to be the typical scenario for classmates with whom you are still in touch? Most secure good residencies? Most are able to manage the debt?

2. Would you still recommend going to an Irish school given that the current tuition debt would be more on the order of 350K rather than the 200K you amassed?

3. Would you mind disclosing within which specialty you did your residency and fellowship?



Cheers!

-stiz

 

[Margie41413]

I am starting at Trinity in a few weeks, and I am doing it with money saved up, family help, and then as for loans the Stafford ones seem to be the best interest wise...

I've been thinking of working part time during school? Is it pretty doable?

 

[Prolif]

I attend(ed): BSMS (as a graduate)
My tuition was/will be paid by: student maintainance loan (£13K), NatWest bank loan (£20K), parents (£12K), overdraft (£2K), NHS Bursary (£4K)
My living expenses were: Still going but I think £50,000 almost to the dot over 5 years.
I worked during medschool: No, its hard enough as it is without working at the same time. I'm in the school something like 45 hours a week anyway plus another 25 at home doing the research so I'd have a nervous brakedown trying to work. Some people do manage it but in my opinion there performance is sacraficed. After year 3 most UK med schools go up to about 45 weeks per year so you cant even work in the holidays. I tried holiday work for the first year but to be honest I found I needed the holidays to rest and recuperate.

 

[Margie41413]

Thanks for the advice prolif 🙂.

 

[maserati]

Has anyone encountered financial difficulties halfway through their education?

What happens then?



Is it common for students to fail out of irish med schools and not pass?