How do I afford medical school and my family?

[shanehaydon]

Hello. I am applying to medical school in the 2023-2024 cycle. I am a non-trad student with a wife and 3 small children. I was told that I could support my family through federal loans during medical school(housing, food, etcs). Is this true or do I need to seek private loans so my family can survive while I attend medical school? Any advice is helpful!

Wife is a SAHM.

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[Dr. Let 'er Buck]

I am just completing my 4th year and starting residency in june. I'm an older non-trad, married, with two kids.

If you're careful, you and your family can live off of financial aid, but it'll be very tight. My wife worked full time and coupled with the student loans, we were able to live decently.

 

[shanehaydon]

I am just completing my 4th year and starting residency in june. I'm an older non-trad, married, with two kids.

If you're careful, you and your family can live off of financial aid, but it'll be very tight. My wife worked full time and coupled with the student loans, we were able to live decently.

Thanks for your response!

 

[RespectTheChemistry]

The other thing I have heard is to apply for all of the state/federal programs you can get to help make ends meet (e.g. Medicaid, SNAP, the FTC's Affordable Connectivity program, Heating assistance, etc.). Every bit helps when trying to make do with financial aid with a family.

Best of luck to you, @shanehaydon!

 

[voxveritatisetlucis]

She has to work most likely

 

[Glassdyr]

She has to work most likely

Agreed. Stay-at-home moms are a luxury.

 

[Bluesandstuff]

My classmate with a toddler had to drop out due to financial reasons after their partner lost their job. The answer to this question probably depends on the COL in the area you end up but in most places they’re gonna have to pull in some money.

 

[shanehaydon]

The other thing I have heard is to apply for all of the state/federal programs you can get to help make ends meet (e.g. Medicaid, SNAP, the FTC's Affordable Connectivity program, Heating assistance, etc.). Every bit helps when trying to make do with financial aid with a family.

Best of luck to you, @shanehaydon!

Appreciate the comment!

 

[Angus Avagadro]

Military or NHSC scholarships. Lots of sacrifice involved in becoming a physician, financing your education is one of them.

 

[Med Ed]

I have a colleague from a culture where large families are the norm. He and his wife had children before medical school, during medical school, and in residency. During medical school they basically took out every loan they could get their hands on. He said they lived pretty well, but when the bills started to come due a few years later he committed to a less-than-optimal job just for the signing bonus. He also did moonlighting to a rather extreme degree.

They have now reached the light at the end of the financial tunnel, but it took them many years of living on the edge to pull it off. I'm not under the impression that they are able to help their kids much after they turn 18 or finish high school (whichever comes last).

As others have said, if you and your wife are in agreement about your pursuit of medical school then you can make it work. Just get used to the phrase "delayed gratification."

 

[ElTacoGrande]

Depending on school location , subsidized/free housing, snap , a coa increase are all the ways I’ve heard of people doing it with Sahm moms

 

[xDNA]

Depending on specialty interests, I'd consider HPSP as well. Theres definitely some Cons to it, but it may be just what you're looking for as well.

 

[shanehaydon]

I have a colleague from a culture where large families are the norm. He and his wife had children before medical school, during medical school, and in residency. During medical school they basically took out every loan they could get their hands on. He said they lived pretty well, but when the bills started to come due a few years later he committed to a less-than-optimal job just for the signing bonus. He also did moonlighting to a rather extreme degree.

They have now reached the light at the end of the financial tunnel, but it took them many years of living on the edge to pull it off. I'm not under the impression that they are able to help their kids much after they turn 18 or finish high school (whichever comes last).

As others have said, if you and your wife are in agreement about your pursuit of medical school then you can make it work. Just get used to the phrase "delayed gratification."

I have been delaying gratification for awhile! Frugality is nothing my family is not used too. We spend money well and only as needed. We are hoping to get by without me having to work! Thanks for your input!

EDIT: work during medical school. I have my RRT.

 

[Angus Avagadro]

I would not advise working during med school. It is very stressful academically for all but the elite students. What little spare time you have will be with family, I'm sure. There are alternatives.

 

[2024 or 5 ?]

Military is the way to go if money is an issue.

 

[USN2MD]

The VA has HPSP scholarship if don’t want to join the military. Stipend is a bit less I think and limited to adult specialties. So if you know you don’t want to go in to peds could be a consideration.

 

[RangerBob]

I knew some med students who had kids while in med school. Their wives typically didn't work--they were able to make ends meet with loans alone, plus lots of federal assistance (SNAP, Medicaid, etc.).

The folks saying your wife has to work likely don't understand how much daycare costs. Unless she had a high paying job before, or you two have family nearby who can babysit often for free, I think your wife working is likely to just pay for the daycare costs and not much else after taxes.

I agree you working during med school is a bad idea. Maybe you can do a few hours/week in M1, maybe even M2, but the reality is med school is more than a full-time job (as is being a dad/husband), and trying to work and do med school could lead to failing classes, miserable kids, and an unhappy spouse.

Be very frugal. Max out loans. Ask your future school for a "budget increase" (many schools can certify you for an increase above their normal max, but a lot of it depends on how helpful your financial aid office is). I had a lot of unexpected costs one year, so I met with my director of financial aid and she got me approved for an increase (which all came in the form of GradPlus loans which were 8.5% back then). May be worth asking the schools about that when you interview, as I've heard many schools do and many don't do budget increases. Agree military scholarships are worth looking into if living on loans alone is too tight.