How do med students get by with no income?

[Omashu]

---

Members do not see this ad.

Since medical school is a fulltime job, I wouldn't be able to work and go to school simultaneously. Maybe, some people can...but I can't. What do people do. When they apply for loans for tuition do they get some extra on side to pay for rent? My husband works fulltime but our household is dependent on both incomes...

 

[RNtoMD2011]

Schools allow a budget (varies by school) which includes line items like tuition, fees, supplies, rent, food, travel, etc. There is an allotted amount for each line item. Many people get mostly loans to cover the total. There are some grants and scholarships but I hear they are not very common and how they are dispersed also varies by school.

To fully answer your question. Most medical students live off of loans and don't work.

 

[J ROD]

Loans, loans, and more loans!!!

 

[Snake]

I owe, I owe..it's off to school I go...

Even with the help I'm getting from my school I am still taking the max I can get in loans to make up for the loss of my income.

 

[ShyRem]

Loans and some novel ways to save money. You learn some new recipes, cut back on certain expenses, don't take vacations, and find out everything free to do in your area. You discover (for example) that AAA gives you discounts at places like Burger King. And you start using it.

 

[godschosenone]

Loans and some novel ways to save money. You learn some new recipes, cut back on certain expenses, don't take vacations, and find out everything free to do in your area. You discover (for example) that AAA gives you discounts at places like Burger King. And you start using it.

ramen noodles! and a lot of

 

[jae9970]

or cereals for brunch and dinner 😀

 

[THP]

For those with families: something that has saved me probably $1000s of dollars - plan out your meals each day for a week. Buy all the groceries you need and stick to it. You will find that you are spending around $100 per week feeding a family of 4 in my case. This includes 2-3 vegeterian meals which are significantly cheaper.

The other key is to choose a med school in an area with a low cost of living.

Do not go anywhere for vacations and if you do, drive.

 

[ShyRem]

Actually I was thinking more along the lines of Sam's club, a farmer for veggies in bulk, a farmer for half a cow (get a chest freezer - while the initial outlay is rather large, you're paying about $3 or $3.50/lb for all the beef whether it be steaks, filet mignon, 92% lean hamburger, roasts, etc., and it's choice to prime grade). Buy turkey on sale and then you have lunch and dinner for a week, and soup for the freezer for the winter time. Casseroles are your friend. Take your lunch rather than eat out or at the cafeteria. And depending on where you live, some things are very cheap to buy. On the East coast, mussels are only $1.87/lb (and I LOVE mussels). Cheap, very healthy for you, and easily reheatable. Grow some veggies and herbs in pots in your apartment (or a garden if you're lucky enough to have a house or condo with a backyard you can work). Used books. Cut back on clothes and knick-knack shopping. Learn to fix your clothes that tear rather than purchase new. Cut back on dining out.

I have yet to eat Ramen or cereal for dinner. And I've got a family to feed, too. Totally doable if you do a little research.

 

[mshheaddoc]

AAA discounts at burger king? 😱 I need to look at my membership closer.

 

[Omashu]

Thanks for your replies...

Yes, I eat ramen noodles for dinner, currently cause I have to. 🙁 My husband and son are vegetarians.🙂 I want to go to UNECOM - SO BADLY. But I can't put my hopes on it too much.

Okay - 1 more question: So it's not unlikely that a student will take loans out for tuition -$30,000? plus an aditional say 20,000+- for rent and living expenses? That equals around $50,000, multiply by 4....$200,000.

Is there a maximum that they'll allow you to barrow?

I'm asking now because my biggest fear is that my family won't be able to make it when I go to med school.

 

[mshheaddoc]

We had about $20K or so for living expenses, granted they were private loans but we managed. I think you can look at some of the school's budgets and they usually give you about that much for a year.

 

[UVABranch]

I think (correct me if I'm wrong) you now get 40k from the fed gov (used to be 38,500 but it was bumped up for 2007). There's also the grad plus loan which is a lot better than traditional private loans not based on credit score but "credit worthiness" (i.e no significant red flags in your credit history like bankruptcy). There is a lifetime total of about 238k for med/dental students and somewhat less for other advanced degrees (because they only get 20k (used to be 18.5k)). A lot depends on the cost of the school and tuition. For example GWU is 42k for tuition this year, meaning not including books, living, or anything. I think their annual budget is somewhere around 65-68k. and DC is pretty expensive. I think HU estimates the living expenses in the dc metro area as 13.6k which is about 1100/month for 12 months. So if you go to school in a city that's less expensive your budget will decrease accordingly. Also even though many ppl go into school with other debt (car, credit cards, etc) I don't think those are factored into the budget. I hope this helps!

 

[Omashu]

I'm scared....living off of loans REALLY, REALLY SCAREY

 

[DrMidlife]

I'm scared....living off of loans REALLY, REALLY SCAREY

Well, yeah, you should be, but that's just how the US med ed system works. Finding orgs that will finance your education isn't a problem. Keeping it all in perspective helps a lot.

Are you aware that the average - AVERAGE - US med student graduates with over $100k in debt? Here are the 2004 numbers: https://services.aamc.org/Publicati...1&cftoken=5E1D9237-BF42-412F-AD82F7A8C827E35A

You'll carry that debt uncomfortably through residency, barely able to stay afloat. You'll be too busy to notice, though. When you finish training, your starting salary will probably be upwards of $150k/yr. If you're in demand, and you join a busy practice, your job offers will include loan payoff terms. And/or profit sharing, higher salary, etc.

If you look in the MSAR, you can find 2yo data (avg indebtedness) for each school.

There are, of course, ways to sidestep the debt. MSTPs get a full ride. You can get a military scholarship or public health scholarship, depending on who you are and what you want to do. People do creative things with their loan money, if they have the time and interest.

You might want to wander over to the financial aid forum to consult with the more money-obsessed folks: http://forums.studentdoctor.net/forumdisplay.php?f=30

Not to fret. Best of luck to you.

 

[Meatwad]

or cereals for brunch and dinner 😀

Oatmeal + tuna fish + canned vegetables; cereal is way expensive, it's like $5 a box.

 

[Despina]

You can apply for the Health Services Scholarship. Covers 100% of your tuition, books, plus about at $1200/ month stipend that can be used for rent. In return, you serve as a military doctor for four years after residency.

 

[artaxerxes]

if you don't mind eating unhealthy, you can probably get your food from Macdonald's value menue.

get 4xDouble cheese burger, a few multivitamins, thats like $5 a day in food.

 

[ShyRem]

unhealthy eating habits lead to difficulties studying. In med school, of all times of schooling especially, you need to eat good food.

 

[Doctor Bagel]

I think (correct me if I'm wrong) you now get 40k from the fed gov (used to be 38,500 but it was bumped up for 2007). There's also the grad plus loan which is a lot better than traditional private loans not based on credit score but "credit worthiness" (i.e no significant red flags in your credit history like bankruptcy). There is a lifetime total of about 238k for med/dental students and somewhat less for other advanced degrees (because they only get 20k (used to be 18.5k)). A lot depends on the cost of the school and tuition. For example GWU is 42k for tuition this year, meaning not including books, living, or anything. I think their annual budget is somewhere around 65-68k. and DC is pretty expensive. I think HU estimates the living expenses in the dc metro area as 13.6k which is about 1100/month for 12 months. So if you go to school in a city that's less expensive your budget will decrease accordingly. Also even though many ppl go into school with other debt (car, credit cards, etc) I don't think those are factored into the budget. I hope this helps!

Well, there's a lifetime max for staffords of $189k, but as far as I know there's no lifetime max for total debt. GradPlus loans let you borrow whatever you need up to the cost of attendance, with no cap. I think private loans used to have a cap, but most of those don't anymore, either.

What sucks is that they've increased the staffords limits yet haven't increased the lifetime cap.

 

[Doctor Bagel]

Oatmeal + tuna fish + canned vegetables; cereal is way expensive, it's like $5 a box.

Yeah, boxed cereal is a total ripoff. It's good to have around during exam weeks, though -- beats fast food. Oatmeal, otoh, is the best. Cheap, easy to microwave and good for you. Don't waste your time on those stupid seasoned individually packaged oatmeal, though.

My cheap food excitement is that I'm getting a pressure cooker for my birthday! Now it'll be super easy to use dried beans, which are also ridiculously cheap yet good for you.

I'd pass on the canned veggies because of the sodium content, but frozen veggies aren't a bad deal. If you buy in season, you can also get pretty good deals on fresh veggies. Speaking of that, another good health food/cheap investment is a salad spinner. Those bags of salad cost over 2 times as much as a head of lettuce.

 

[QofQuimica]

Great ideas; here are my cheap food tips:

-If you're going to go out, go out for lunch instead of dinner. Much cheaper. Better yet, have potlucks with your friends instead of going out. You get to try lots of neat new foods that way while you save money.

-Cereal can be cheap if you buy it on sale and/or buy the store brand. My favorite kind is Special K, which is ridiculously expensive. Whenever it's on sale, I get like half a dozen of them. People may wonder what cereal famine compels me to empty out the shelves, but those boxes usually last me until the next sale.

-Buy whatever fruits and veggies are on sale during late summer and early fall. Now is the time to buy all of this stuff.

 

[laurafinn]

I echo the previous posters - oatmeal is a wonder food! Boxed cereal is more of a treat these days.

Another idea is to grow your own herbs. Fresh basil makes the cheapest food taste upscale. (If you're up for it, you can even grow some easy veggies like lettuce, zucchini and tomatoes.)

 

[amolamedicina]

I apologize for my ignorance and would appreciate the answer to some of the many questions I have. Just a little background in my situation: I was born and raised in Mexico and arrived to California in 2003 (almost 2004) I worked for a year before starting school, and enrolled in college during 2005. I am 22 years old, Hispanic (obvious) and English is my second language (of course). In my case for instance, my mother (the only parent with me) works at a factory. I am an independent student since I am married and have children, so I guess what my mother does for living doesn’t matter.
Since we are young (husband and I) we are both trying to pursue our dreams. He works as a delivery driver for Round Table Pizza (tips are ok), and I work as a translator/receptionist at a Law Firm. Presently at college I am in financial aid and every type of program available, and so far I haven’t paid a penny for school. They pay for my tuition; books, childcare and there is even a little extra left.
There is no way I would ever be able to afford medical school on my own. I have no credit, so how am I supposed to borrow money?? Do they let students borrow money with no credit, bad credit or in other situations?? I mean there is no co-signor available for me. I have no parents that could co-sign or family in such a situation. We were just granted residency during 2003, after 12 years since my grandfather applied for us. Are there scholarships and financial aid programs that would actually pay for the whole thing (tuition, books etc) in medical school the same way they help me now at college? I obviously have to work now to be able to make ends meet and according to the information I read so far working while in Medical School is not really possible. I am really concerned I might not be able to accomplish my dream of becoming a doctor because I won’t be able to afford it. Is there any help for people like me? Thank you in advance, Brenda

 

[RNtoMD2011]

Brenda, if you are eligible for federal financial aid now, you will be eligible to apply for the federal loans. (Assuming your financial situation does not change.) Most people take out the huge loans and pay them back after medical school. The federal loans (Stafford) do not depend on credit. However they are limited and may not cover your cost (this is especially if you go to a private school). Your state school will usually have lower tuition for instate students. I have heard of minority grants (you did say you were hispanic, right?) But I don't know how common it is to get them.

There are also loan forgiveness programs, if you agree to work with under represented populations (blacks, hispanics, native american) and in rural areas.

Were there is a will there is a way, and you can do it. Don't give up on your dream to be a doctor.

 

[Empi]

Debt makes me nervous. It's one of the reasons I might go to PA school instead of med school. I am a *very* non-traditional studet and will be paying off the loans forever (perhaps literally.)

Part of my personality stresses over this because I was taught to live within my means, and, I guess, being rather conservative with spending has helped me in general. The other part of my personality tries to believe that things have a way of working out. The docs I know in real-life seem to be relaxed about student debt. Its a means to an end.

I try to think about the debt in terms of what I want to be doing with my life on a day to day basis. I am willing to sacrifice years of my time in order to achieve this, even if my income after I deduct student loans, I would still want to be in medicine.

 

[BitingPlates]

Wow, I am thinking if times get rough I might just be a male prostitute through medical school.

 

[Omashu]

Wow, I am thinking if times get rough I might just be a male prostitute through medical school.

 

[sehnsucht]

Wow, I am thinking if times get rough I might just be a male prostitute through medical school.

yeah, i might consider being a man-***** in med school.

you could always raid the grad school seminars for food.

 

[stbxTechie]

Oatmeal + tuna fish + canned vegetables; cereal is way expensive, it's like $5 a box.

Cereal keeps about a year. Just wait for the stuff you like to go on sale, it's like half that.

Sadly, milk doesn't usually go on sale, and only keeps a week or so.

 

[stbxTechie]

Wow, I am thinking if times get rough I might just be a male prostitute through medical school.

Given that my wife will be supporting me if I get into medical school (heck, even sooner if I go full time post-bac)... I don't think it's far off 🙂 🙂

 

[Krazed_Medic]

Sadly, milk doesn't usually go on sale, and only keeps a week or so.

You might be interested to know that if you look in the milk shelf, they may have the "lactose-free" varieties of milk. It's really milk, just the added enzyme, and it lasts much much much longer than regular milk. Lucky for me, I"m lactose intolerant and only drink the "lactose-free". The cost is a tad bit more for the name brand, but there are store brands as well.

 

[lilnoelle]

You might be interested to know that if you look in the milk shelf, they may have the "lactose-free" varieties of milk. It's really milk, just the added enzyme, and it lasts much much much longer than regular milk. Lucky for me, I"m lactose intolerant and only drink the "lactose-free". The cost is a tad bit more for the name brand, but there are store brands as well.

I don't know about the store brands, but the brand I buy for my son is incredibly expensive. A 1/2 gallon of lactose free milk is the same price as a full gallon of the regular stuff.

Sam's club is my recommendation. 😍

 

[Omashu]

My family drinks soy milk. We love it. For 1 gallon it costs $3.50. We think we're going to invest in a soymilk machine ($100.00). That would save us money. I looooovvvve Soymilk🙂

 

[Omashu]

According to my husband, soymilk is easy to make.

 

[caladan]

Soy milk shrinks your brain.

 

[Meatwad]

Soy milk shrinks your brain.

You waited 9 months to make this your first post?

 

[Ebete]

We are a family of 5 and I LOVE 😍 my pressure cookers, yes I have 2. I lved the 1st one so much I got another. I cook everything in there, soups, beef/chicken/fish stews...everything, and it not only retains all the flavors of the food but its cooking time is extremelly fast.

 

[caladan]

You waited 9 months to make this your first post?

Is that a problem? If you didn't get the reference or you don't think it's funny then feel free to move on to the next thread.

 

[mshheaddoc]

I started a thread in the financial aid forum ... How to live frugally

I'm going to link this thread there but if people would like to share their responses there, that would be fantastic!!!

 

[Omashu]

Soy milk shrinks your brain.

Really? 😕

 

[Omashu]

You waited 9 months to make this your first post?

hahaha That is a tiny bit funny.🙂

 

[sm007thie]

My family drinks soy milk. We love it. For 1 gallon it costs $3.50. We think we're going to invest in a soymilk machine ($100.00). That would save us money. I looooovvvve Soymilk🙂

I have a soy milk maker and make it from time to time. It just doesn't taste nearly as good as the store bought. I love 8th Continent, Soy Dreams and Silk (in that order) and haven't been able to reproduce any of their flavors. I probably end up make 1 out of every 20 gallons I consume.

 

[Phoenix.]

I have a soy milk maker and make it from time to time. It just doesn't taste nearly as good as the store bought. I love 8th Continent, Soy Dreams and Silk (in that order) and haven't been able to reproduce any of their flavors. I probably end up make 1 out of every 20 gallons I consume.

Never thought I'd be posting about soy milk in the non-trad forum. Just wanted to chip in my two cents regarding the best soy milk out there. I've been drinking soy milk for years, and have fallen deeply in love with Soy Slender. Whenever I go to the grocery store the Soy Slender is the only soy milk that's almost out. I asked, and they said it's hard to keep on the shelves. Best taste and consistency. Only thing is that it's got splenda in it - which helps for my low-carb tolerance. It's not the cheapest stuff, but I'll pinch pennies elsewhere to keep myself in Soy Slender. Mmmmm.

Anyway, thanks for all the tips, guys. I'm hope I get to make use of them in a year.

 

[Meatwad]

Yeah, boxed cereal is a total ripoff. It's good to have around during exam weeks, though -- beats fast food. Oatmeal, otoh, is the best. Cheap, easy to microwave and good for you. Don't waste your time on those stupid seasoned individually packaged oatmeal, though.

My cheap food excitement is that I'm getting a pressure cooker for my birthday! Now it'll be super easy to use dried beans, which are also ridiculously cheap yet good for you.

I'd pass on the canned veggies because of the sodium content, but frozen veggies aren't a bad deal. If you buy in season, you can also get pretty good deals on fresh veggies. Speaking of that, another good health food/cheap investment is a salad spinner. Those bags of salad cost over 2 times as much as a head of lettuce.

Actually, I eat the no-salt added canned vegetables sometimes; one serving contains 10 mg of sodium, which is not even 1% of your daily allowance.

 

[Faze2]

Loans and some novel ways to save money. You learn some new recipes, cut back on certain expenses, don't take vacations, and find out everything free to do in your area. You discover (for example) that AAA gives you discounts at places like Burger King. And you start using it.

AAA gives you discounts at restaurants??!!!!! ShyRem I love you!!!!

 

[Faze2]

Sell drugs, become a prostitute/gigalo, open a secret clinic and practice your clinical techiniques on stupid people that believe you when your white jacket says "student" and you tell them you wear it for nostalgic reasons, and you are really a practicing doctor....oh, and only take cash.

 

[35m]

take a military scholarship if you are worried about it.

 

[Omashu]

take a military scholarship if you are worried about it.

I am assuming that if I enrolled in the military (I thought about this)...my life may be in jeapordy at one point. I have a 5yr old son. I think he'd want his mommy over money. So.... that's a no....unless I found out....I would be relatively safe....but they can't guarantee that.

 

[Doctor Bagel]

I am assuming that if I enrolled in the military (I thought about this)...my life may be in jeapordy at one point. I have a 5yr old son. I think he'd want his mommy over money. So.... that's a no....unless I found out....I would be relatively safe....but they can't guarantee that.

Yeah, as the old saying goes, there's no such thing as a free lunch. There are strong, strong consequences to taking a military scholarship. Personally I'd rather borrow than turn my life over to the military. Definitely props to the people who do it, but it's not for all of us.