how to finance before and during medical school.

[don't you dare]

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Hello! Now that I have thankfully been accepted to the school of my dreams, i'm trying to figure out how to pay for medical school. I am currently trying my best to save as much as i can, but i can't even grasp how i can prevent myself from putting myself in enormous amount of loans after ms. I know i will be taking out loans for sure but i want to prevent my future self from suffering trying to pay for these debts lol

For those in ms or have graduated and now making loan payments. How do you finance? Any tips for incoming students on saving and spending wisely? My financial aid didn't come out for my school yet, so idk how much loan i can take out. What types of loans do med students get? How do you pay off your 250k loans after school? I've heard good/bad things about private loans, any thoughts? Just anything in general you wish you knew about paying for med school before starting would be very useful to me.

I appreciate the help in advance 🙂

 

[965978]

Well first of all..... CONGRADUFRICKINLATIONS!!!!!!!!!!!!!

 

[965978]

And second, don't *necessarily* worry about it yet. It's good that you are saving up money. Try to live modestly in med school but also don't starve yourself.

Living on med school loans and paying them off isn't as scary as the internet makes it out to be. You just have to be responsible about it. It's perfectly possible to live a comfortable lifestyle and and pay back loans slowly on a physician salary. Look at Homeskool's guide on financial medical education.

AND FOR THE SAKE OF THE HEAVENS DO NOT GET A JOB IN MED SCHOOL

 

[jarednogeek]

you pay off your loans with that 200-500k$ salary.

 

[907914]

Hello! Now that I have thankfully been accepted to the school of my dreams, i'm trying to figure out how to pay for medical school. I am currently trying my best to save as much as i can, but i can't even grasp how i can prevent myself from putting myself in enormous amount of loans after ms. I know i will be taking out loans for sure but i want to prevent my future self from suffering trying to pay for these debts lol

For those in ms or have graduated and now making loan payments. How do you finance? Any tips for incoming students on saving and spending wisely? My financial aid didn't come out for my school yet, so idk how much loan i can take out. What types of loans do med students get? How do you pay off your 250k loans after school? I've heard good/bad things about private loans, any thoughts? Just anything in general you wish you knew about paying for med school before starting would be very useful to me.

I appreciate the help in advance 🙂

Unless you are going to a school with >$60k tuition AND >$25,000 annual COL AND low scholarship amounts, don’t worry where the money comes from. Even if you end up as a family medicine physician working $150,000 a year in NYC (first off, you are a terrible business person if you end up here, but role with me) after taxes your income will be $102,000. Lets give you a decently nice Manhattan apartment at $60,000 a year for rent and utilities. $20,000 a year on food and entertainment, you overspender. That leftover $20,000 a year towards loans is enough to pay down $300,000 of loans on a 30 year payment plan, assuming you don’t do PAYS or EPAYS.

 

[DPTinthemaking15]

I suggest these two resources: “The White Coat Investor” book/forum/podcast/YouTube series, etc... And “Personal Finance for Dummies.”

I spent a week reading those two books, and I learned a ton about saving, budgeting, and financing my education post-med school.

Anyways, the guy that writes the White Coat Investor can be found in the financing forums here on SDN. I will be enrolling in his classes near MS4, and hopefully I won’t be in a mountain of debt when I am in my 40’s lol. Good luck, OP!