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How do med students make money?

eartharte

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I'm fairly convinced that most med students don't have a part-time job during school (or at least that's what it's perceived to be since med school will be so difficult and you'll need to spend the majority of your time studying), so besides mommy and daddy's money, how do other med students get money for housing and living costs, as well as other pocket change?
 

zNoodlez

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I'm fairly convinced that most med students don't have a part-time job during school (or at least that's what it's perceived to be since med school will be so difficult and you'll need to spend the majority of your time studying), so besides mommy and daddy's money, how do other med students get money for housing and living costs, as well as other pocket change?
I miss my other kidney :(
 
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I'm fairly convinced that most med students don't have a part-time job during school (or at least that's what it's perceived to be since med school will be so difficult and you'll need to spend the majority of your time studying), so besides mommy and daddy's money, how do other med students get money for housing and living costs, as well as other pocket change?
As a med student I was paid to participate in research studies.
 
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Osminog

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At this point in time, approximately a quarter of medical students (26.9% in 2016, according to a JAMA study) graduate with zero debt, usually because they received full financial support from wealthy family members. "[T]he proportion of students graduating with no debt is also increasing [in addition to the increase in overall medical school graduate debt]. Although this finding seems positive, when paired with a decline in scholarship funding within this debt-free cohort, the finding suggests a concentration of medical students with wealthy backgrounds" (JAMA).

The other ~75% of students generally just take out loans.
 
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readmypostsMD

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At this point in time, approximately a quarter of medical students (26.9% in 2016, according to a JAMA study) graduate with zero debt, usually because they received full financial support from wealthy family members. "[T]he proportion of students graduating with no debt is also increasing [in addition to the increase in overall medical school graduate debt]. Although this finding seems positive, when paired with a decline in scholarship funding within this debt-free cohort, the finding suggests a concentration of medical students with wealthy backgrounds" (JAMA).

The other ~75% of students generally just take out loans.

isn’t one of the purposes of getting rich so you can provide a better life for your family? :panda:
 
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Prince_Avocado

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I'm starting medical school in 6 weeks, but once one I get accustomed to the workload in the first semester I plan on tutoring on the side if time permits. I had the highest ACS score for organic chemistry at my college, so I tutored students in that subject whenever I had the time. I made about $50 an hour and sometimes up to $75 an hour if somebody wanted to book with me last minute. So if you excel at a subject, try to tutor students in that subject!

I also made a lot of money selling my notes in college. When I was studying for the MCAT, my professors saw my notes and suggested that I make them into little booklets for each subject. At the time, I didn't think my notes were praiseworthy or anything, but they really pushed me to do it because they saw potential in it. I took their suggestion and it ended up doing really well. I sold each booklet for $10 and was making a lot of money from practically doing nothing. So if you have really good notes, try to sell them!
 
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aldol16

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Loans. You can take out federal loans up to the cost of attendance. And your school might offer you institutional loans depending on the specific institution. The combination of all your loans can be up to, but not exceeding, the cost of attendance which includes living costs. Federal loans have certain protections, like income-based repayment and mandatory forbearance. There are two types of federal loans - direct unsubsidized and GradPLUS. You can borrow up to just over $20,000 of the direct unsubsidized loan. If that doesn't cover it, you can take out GradPLUS as well. However, I would strongly caution against taking out GradPLUS because the origination fees are ridiculous (something like 4%). That money is out of your (future) pocket right at the outset just for taking out the loan. If you're at that point, you should look at student loans from private institutions which may offer you better terms (especially in today's market).
 

rdyotz

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Loans. You can take out federal loans up to the cost of attendance. And your school might offer you institutional loans depending on the specific institution. The combination of all your loans can be up to, but not exceeding, the cost of attendance which includes living costs. Federal loans have certain protections, like income-based repayment and mandatory forbearance. There are two types of federal loans - direct unsubsidized and GradPLUS. You can borrow up to just over $20,000 of the direct unsubsidized loan. If that doesn't cover it, you can take out GradPLUS as well. However, I would strongly caution against taking out GradPLUS because the origination fees are ridiculous (something like 4%). That money is out of your (future) pocket right at the outset just for taking out the loan. If you're at that point, you should look at student loans from private institutions which may offer you better terms (especially in today's market).

Slight correction on the unsub loans. You can borrow $40500 per year (or somewhere around that number. There is an exception to allow more borrowing specifically for medical school). There are lifetime limits that include your undergrad loans though.
 
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BBQisgood4u

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Anyone have experience with sperm donation? A few hundred bucks extra per month sounds like a pretty sweet deal if you ask me :whistle:

I guess my only reservation is that a bunch of my future kids will take those 23&Me/Ancestry genetic tests and try to find me :shrug:
 
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rdyotz

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Anyone have experience with sperm donation? A few hundred bucks extra per month sounds like a pretty sweet deal if you ask me :whistle:

I guess my only reservation is that a bunch of my future kids will take those 23&Me/Ancestry genetic tests and try to find me :shrug:

There is always a record. I've even heard that some men have had to pay child support, though I have not gone through any effort to verify that claim.
 
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queenbee4444

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Has anyone been offered/accepted work study and is this worth it?

Edit: I received some, don't *need* it, and honestly never knew it was even a thing in medical school. Not sure if it's a wise move to spend time working a semi-unrelated job (e.g. not research or clinical)
 

eyejust

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I'm fairly convinced that most med students don't have a part-time job during school (or at least that's what it's perceived to be since med school will be so difficult and you'll need to spend the majority of your time studying), so besides mommy and daddy's money, how do other med students get money for housing and living costs, as well as other pocket change?

I tutor on the side.
 

FutureInternist

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Anyone have experience with sperm donation? A few hundred bucks extra per month sounds like a pretty sweet deal if you ask me :whistle:

I guess my only reservation is that a bunch of my future kids will take those 23&Me/Ancestry genetic tests and try to find me :shrug:

Or you could end up boinking your kid (Scrubs anyone?)
 
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PreMedMissteps

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I'm fairly convinced that most med students don't have a part-time job during school (or at least that's what it's perceived to be since med school will be so difficult and you'll need to spend the majority of your time studying), so besides mommy and daddy's money, how do other med students get money for housing and living costs, as well as other pocket change?

It’s very difficult/impossible for med students to hold down jobs other than maybe occasionally tutor or temp work in a family business.

if you can, work/save as much as you can before you start med school, including the summer before you start.

Most med students borrow up to the Cost of Attendance to pay for room, board, cell phone, insurance, etc.
 

OSU-COMbound

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There is always a record. I've even heard that some men have had to pay child support, though I have not gone through any effort to verify that claim.

No. This hasn't happened in decades, since laws were put in place to protect sperm donors. They only protect people who go through official channels, though. The people who have been found liable for child support are people who went the friend/turkey baster route, not the official medical route.
 
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Mathejm

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At this point in time, approximately a quarter of medical students (26.9% in 2016, according to a JAMA study) graduate with zero debt, usually because they received full financial support from wealthy family members. "[T]he proportion of students graduating with no debt is also increasing [in addition to the increase in overall medical school graduate debt]. Although this finding seems positive, when paired with a decline in scholarship funding within this debt-free cohort, the finding suggests a concentration of medical students with wealthy backgrounds" (JAMA).

The other ~75% of students generally just take out loans.
 

Optimistic_Man

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Rising 4th year here. I worked as a registered nurse for several years before starting med school so I have some money saved up to pay for my tuition. My wife works and she contributes to my med school tuition as well. I also worked as an audit nurse for the first two years of med school (averaging about 8-10 hours per week). Now, my situation is very different from most med students.
 

Chris P. Bacon

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Medical school is a big decision by itself but also a unique financial decision. You should have a game plan as to where your money will be coming from for four years before you even accept an offer.

Loans should cover all your expenses with some money leftover. For those not taking loans, I usually see parents paying the total cost up front. I do not know anybody who does not have wealthy parents who did not take loans.

I would not work while in medical school. It is not worth it.
 

dial1010usa

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Has anyone been offered/accepted work study and is this worth it?

Edit: I received some, don't *need* it, and honestly never knew it was even a thing in medical school. Not sure if it's a wise move to spend time working a semi-unrelated job (e.g. not research or clinical)

I have done federal work study and tutor SMP students when I was in OMSI, not during my 2nd year though.
 

dllsl7

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Not as a way to make money, but to save a lot of money, I've heard of medical students doing credit card churning which can potentially save thousands to tens of thousands of dollars during interview season where you have to fly almost every week to somewhere else (by saving on flights, hotels, etc).
 

LizzyM

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Not as a way to make money, but to save a lot of money, I've heard of medical students doing credit card churning which can potentially save thousands to tens of thousands of dollars during interview season where you have to fly almost every week to somewhere else (by saving on flights, hotels, etc).

Just be sure that a bunch of credit card applications doesn't damage the applicant's credit rating. Building that up is important when it comes to applying for loans.
 

readmypostsMD

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Anyone have experience with sperm donation? A few hundred bucks extra per month sounds like a pretty sweet deal if you ask me :whistle:

I guess my only reservation is that a bunch of my future kids will take those 23&Me/Ancestry genetic tests and try to find me :shrug:

I got denied specifically for being 5’6”

:( Apparently my genes are inferior o_O
 
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