I am a sophomore in college and plan to apply to med school at the end of my junior year (so thankfully I have a little bit of time). That being said, I have figured that I need to save around 5k to afford applications, interview stuff, Mcat stuff etc. I currently have a part-time job and go to school full time. I guess my question is, how much money do people usually have after the application process? At this rate, applying to med school will completely wipe me out and I will be left with virtually zero dollars. Are most people in a similar situation, or do they go into it with more money saved up? Is it abnormal to literally have no money after the application process or am I "doing it wrong." I am a serial planner and am worried that I missed out on some golden rule to not make yourself 100% broke applying to school, or will I be ok?
How much money do you have?
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D
deleted804295
This thread should help you out a lot:
Honestly...how do you all afford this process?
It's normal to have $0 saved after the application process. Some individuals have to take loans out. Since it's so pricey we are suggested to aim to only apply once and have our application be the strongest even if this means taking 1+ gap years.
My favorite piece of advice on that thread is opening a credit card that awards with airfare. You can make payments immediately so no interest and you essentially get free air mileage come interview time.
Honestly...how do you all afford this process?
It's normal to have $0 saved after the application process. Some individuals have to take loans out. Since it's so pricey we are suggested to aim to only apply once and have our application be the strongest even if this means taking 1+ gap years.
My favorite piece of advice on that thread is opening a credit card that awards with airfare. You can make payments immediately so no interest and you essentially get free air mileage come interview time.
Capital One VentureOne card is 12 months interest free and 20000 bonus miles for spending $3k in the first three months. I now have a free interview flight
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I was in a similar situation after the application process. I couldn't afford an exotic international vacation before med school, but I made it.
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Cast a smart net of applications to places that you will go to if accepted and where you’re willing to travel/live if accepted. There are people that apply to 20+ schools and that seems excessive to me.
AVG app $= 160+ 40 for every other. Apply to 10 vetted schools= 520
Secondary cost= 100 $ avg per app.= 1000
Avg amount of interviews= 3 = cost of travel will vary on how you wanna live during said travel.
Call it 3.5 grand total.
It’s an investment into your future.
AVG app $= 160+ 40 for every other. Apply to 10 vetted schools= 520
Secondary cost= 100 $ avg per app.= 1000
Avg amount of interviews= 3 = cost of travel will vary on how you wanna live during said travel.
Call it 3.5 grand total.
It’s an investment into your future.
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I have a lot of money.
D
deleted804295
These are some great ideas but it really is going to depend on your own individual situation. I saved up money and at the end of applying and interviews I had $0 left but I also moved back in with my parents the summer before med school and worked part time for spending money. Also I went to medical school 45 mins from my home town so my moving expenses were minimal. So obviously if I was going to continue living on my own and had to move across the country to attend medical school I would have had to do things differently. I would always prepare for the worst and expect the best. Also you may be eligible for a fee waiver, definitely something you should check into but I wouldn't advise you take out a loan to apply. This is just too risky financially as far as I am concerned. There are better options that don't include more debt, believe me, you will have plenty of opportunities to stack up debt later on. Good luck!
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The fee waiver bit will be based on your parents' financial situation rather than on yours as the vast majority of med school applicants have minimal assets/income on their own. So can your parents help you? And will they?
Assuming they can but won't, you're on your own financially and will need to be smart about it. That means choosing your schools wisely and making sure you only have to apply once. So top grades, strong MCAT, good excellent ECs.
What state are you from? Your in-state options will be a very important consideration. If you're a Texan, you're golden -- lots of in-state options you can drive to or with cheap airfare to get there. If you're in California, you're scr@wed as you'll have to apply widely and travel far.
Assuming they can but won't, you're on your own financially and will need to be smart about it. That means choosing your schools wisely and making sure you only have to apply once. So top grades, strong MCAT, good excellent ECs.
What state are you from? Your in-state options will be a very important consideration. If you're a Texan, you're golden -- lots of in-state options you can drive to or with cheap airfare to get there. If you're in California, you're scr@wed as you'll have to apply widely and travel far.
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Firstly, I am really humbled by @LizzyM asking for my input. After all that she has done to help pre-meds like myself get accepted, it is the least that I can do. Hopefully, my experience can give hope to those who are in tight spots financially. With a little planning, creativity, and lots of luck, you can also have an application cycle that will not entail you adding onto the mountain of debt that most pre-meds have accumulated from loans attending college.
As a backdrop, I applied in the 2017-2018 cycle and had a really tight budget. My total cycle costs during 7 interviews (travel, lodging, food, misc) came to approximately $724.03 ($574.03 were the total cost of doing the interviews + $150 for the primary application). MCAT costs and preparations are not included.
Plan of Action:
1) Be Poor!
I qualified for FAP and the savings from primary applications and 2nd applications in the AMCAS schools I applied to and 2nds from the TMDSAS were in the thousands. I understand and can appreciate those who applied, but were denied FAP. But FAP was there to help me and help others in similar financial situations, and I am really grateful for the program.
2) Have a budget and stick to it.
Interviews will come, some within a few days. If you are lucky, you will get them with 2-3 weeks in advance, and you can attempt to find a cheap flight. But if that does not happen and you don't have an acceptance in hand already, you must find a way to attend the interview. My first II arrived and I could not find a flight under my $225 budgeted amount. I couldn't cancel since it was my first interview. I looked into renting a car and traveling by bus, but the cost and inconvenience were prohibitive. So I made the decision to trust in my 15 year old car to travel the 750+ miles each way. I left at 9PM two nights before to make sure that I traveled through the desert without having the AC on because I was afraid my car would overheat. I also took advantage of the rest breaks and cruise controlled it at 65mph even when the road allowed for 85mph. Oh, and I learned to ignore the truck drivers honking at me as they passed me in the passing lane. I lodged at a cheap motel and bought a burger combo for dinner. Most of the expense involved gas.
Total travel time was 26 hours+, total mileage was 1500+, and total cost for the interview was $224.76.
3) Be hungry and creative.
I also drove to my other 6 interviews. I left the house at 2AM, 3AM, 4AM to make the check ins based on the drive time I looked up under Google Maps. I also looked up the gym that I am a member of to see if there was one there where I could shower and dress before arriving at the school to check-in. I also was able to stay one night with roommates of a cousin in another city to save on lodging. This interview was a financial wash as I ended up using the money that would have gone to lodging to pay for the dinner and breakfast of the two roommates to show my appreciation for letting me stay at their apartment. I also had extra mugs of coffee in my cooler along with cheap snacks so that I could avoid the overpriced snacks when filling up at the gas station. I was able to avoid buying other foods, knowing the schools would feed me. Most of the expense went to gas.
-Total Miles driven = approx. 4570-4600
-Total hours on the road = approx. 53-55
To be fair, I live in a lucky state and was able to drive to all my interviews. It's unreasonable to expect to drive from California to an interview in New York or vice versa. For those in that situation, unfortunately, teleportation is many many years away. So you got to find other ways like getting a credit card with rewards, a job, or selling your plasma to lower your costs.
TL;DR. Be Poor, Be Creative, Keep Your Eyes on the Prize. If this is not helpful, my bad. At least I enjoyed reminiscing.
GL in the 2018-2019 cycle!!!
As a backdrop, I applied in the 2017-2018 cycle and had a really tight budget. My total cycle costs during 7 interviews (travel, lodging, food, misc) came to approximately $724.03 ($574.03 were the total cost of doing the interviews + $150 for the primary application). MCAT costs and preparations are not included.
Plan of Action:
1) Be Poor!
I qualified for FAP and the savings from primary applications and 2nd applications in the AMCAS schools I applied to and 2nds from the TMDSAS were in the thousands. I understand and can appreciate those who applied, but were denied FAP. But FAP was there to help me and help others in similar financial situations, and I am really grateful for the program.
2) Have a budget and stick to it.
Interviews will come, some within a few days. If you are lucky, you will get them with 2-3 weeks in advance, and you can attempt to find a cheap flight. But if that does not happen and you don't have an acceptance in hand already, you must find a way to attend the interview. My first II arrived and I could not find a flight under my $225 budgeted amount. I couldn't cancel since it was my first interview. I looked into renting a car and traveling by bus, but the cost and inconvenience were prohibitive. So I made the decision to trust in my 15 year old car to travel the 750+ miles each way. I left at 9PM two nights before to make sure that I traveled through the desert without having the AC on because I was afraid my car would overheat. I also took advantage of the rest breaks and cruise controlled it at 65mph even when the road allowed for 85mph. Oh, and I learned to ignore the truck drivers honking at me as they passed me in the passing lane. I lodged at a cheap motel and bought a burger combo for dinner. Most of the expense involved gas.
Total travel time was 26 hours+, total mileage was 1500+, and total cost for the interview was $224.76.
3) Be hungry and creative.
I also drove to my other 6 interviews. I left the house at 2AM, 3AM, 4AM to make the check ins based on the drive time I looked up under Google Maps. I also looked up the gym that I am a member of to see if there was one there where I could shower and dress before arriving at the school to check-in. I also was able to stay one night with roommates of a cousin in another city to save on lodging. This interview was a financial wash as I ended up using the money that would have gone to lodging to pay for the dinner and breakfast of the two roommates to show my appreciation for letting me stay at their apartment. I also had extra mugs of coffee in my cooler along with cheap snacks so that I could avoid the overpriced snacks when filling up at the gas station. I was able to avoid buying other foods, knowing the schools would feed me. Most of the expense went to gas.
-Total Miles driven = approx. 4570-4600
-Total hours on the road = approx. 53-55
To be fair, I live in a lucky state and was able to drive to all my interviews. It's unreasonable to expect to drive from California to an interview in New York or vice versa. For those in that situation, unfortunately, teleportation is many many years away. So you got to find other ways like getting a credit card with rewards, a job, or selling your plasma to lower your costs.
TL;DR. Be Poor, Be Creative, Keep Your Eyes on the Prize. If this is not helpful, my bad. At least I enjoyed reminiscing.
GL in the 2018-2019 cycle!!!
A
AnatomyGrey12
At this point I have about -80k and counting
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And they say crime doesn't pay.
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No, they're just hit you up for donations.Shh... Don't tell my alma mater ... they might rescind my medical degree
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Be poor with poor parents. If your parents make enough to support themselves and a comfortable living but not enough to contribute at all to your education and application process, you're ****ed even if you're in your 30s with a family living on one salary and having been dependent on your parents for 15+ years.
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lol it's happening already.
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