How to pay for moving after Match 2020?

[BeachBaby]

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How do M4s usually go about paying for the expenses related to moving across the country?

Do our home institutions expect we are able to stretch our loans to afford moving?

 

[IMGASMD]

Take out another loan.
Yes.

I know it’s a tongue in cheek answer. But think about what you’re asking. Who else do you expect be paying for it? People move for jobs every day...... ain’t no one else paying for it.

It’s a 40-60k job. There are plenty of people make less than that and have to support their families with less than that.

 

[JoaoMoutinho]

Take out another loan.
Yes.

I know it’s a tongue in cheek answer. But think about what you’re asking. Who else do you expect be paying for it? People move for jobs every day...... ain’t no one else paying for it.

It’s a 40-60k job. There are plenty of people make less than that and have to support their families with less than that.

It's actually quite common for people to have moving/relocation expenses paid for by new employers– my wife had them covered as a summer intern in college as well as for every position she's gotten since.

With that being said, unlike jobs in my wife's industry (or any of the other industries where I have known this to happen), this is enough of a seller's market that I can't imagine anyone paying for moving expenses. M4s don't have the option of taking a different job offer, so there is little incentive (from my perspective as a student at least) for programs to cover relocation costs in order to make themselves more appealing. Once you match, you match, and you are obligated to go where you match. Why would your residency program pay anything extra to get you there if they know you have to come anyway?

 

[OnePunchBiopsy]

During 4th year I set aside about $1500 dollars (loan money) to cover travel expenses and moving. Spent most of it.

The biggest cost I didn’t think of was the first month’s rent on my new apartment. I didn’t get my first paycheck until 2 weeks into residency and I was so strapped for cash. Thankfully my apartment was lenient and let me pay them then. Something to think about.

 

[hallowmann]

My program gave a $1k relocation bonus within a couple wks of orientation. Either way, you have to front the money to actually get there, but some programs have stipends built in for relocation.

 

[stickgirl390]

Ive moved twice, each time set aside about $5,000. The largest expenses were apartment security deposits/first months rent fees, and a moving truck rental (I own all my own furniture for a 2 bedroom apartment). And as said above, you want enough to cover a second month’s rent just in case, depending on when the income checks start depositing.

 

[deleted480308]

Google, “residency relocation loan”

 

[longhaul3]

Do our home institutions expect we are able to stretch our loans to afford moving?

Your home institution doesn't expect squat. You're finally out of their hair when you graduate.

 

[differentiating]

Take out extra in loans to cover it. That’s what the vast majority of people end up doing. I also used my security deposit from apt #1 to help with costs for apt #2, but that can take time.

 

[CyrilFiggis]

Read the program’s benefits package. Most offer salary advances for moving expenses or short term loans.