How to pay mortgage in med school?

[MiamiOfOhio]

I'm sorry if this has been discussed but I haven't seen this particular situation answered. I know some students who get into medical school are sometimes able to get loans for living expenses but I've seen that these loans are typically are around $10,000-$15,000/year. I am married and currently have a stable job making around $60,000. My dream is to go to med school but I am worried we would have to sell our house to afford it. We have a brand new home and currently pay around $25,000/year for our mortgage (I know this is expensive but we live in a popular area and it's within our means). We only have a few bills but otherwise live mostly debt-free and are comfortable between myself and my husband's jobs.

I never dreamt I would be able to go to med school when we bought our home but after discovering this forum, I've realized it IS possible. I just can't figure out how we could make it work financially if I even could get accepted into school. The only thing I could think is selling our home we have worked so hard for which seems unfair to ask of my husband.

Has anyone been in a similar situation where they were losing such a large amount of their income with a large mortgage or bills to pay? How did you make it work? I realize sacrifices would need to be made and we are willing to do so, I am just not sure we could actually swing it on my husband's salary alone. I appreciate any advice or thoughts offered.

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[esob]

Well, $$ is part of the equation really, just like grades and everything else. If you can't fill out one part of it, then it likely isn't doable. Lots of people (myself included) are forfeiting 6 figure incomes to pursue medicine because it's more important than the $$. I have significant retirement income to use while in med school and many of the other non-traditionals here are in the same situation I think.

 

[Unico]

We sold our home. Others rented their place out.


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[sazerac]

You have very little control over geography for medical school or residency. You will likely have to move twice in the span of 4 years.

If you want, you could try being an absentee landlord and learn the true meaning of "depreciation", or you could sell the albatross that you yourself admit that you cannot afford on one salary.

I had a house and I sold it when I moved to medical school. I'm renting a house right now. A friend of mine tried renting out his old house and after the renters damaged it he lost much valuable time and money on the ordeal before finally selling it. Most of the students I know that have houses in med school, their parents bought it for them. A few bought houses in their new city by selling the house in their old city and buying something more affordable on their reduced income.

 

[tornadohunter]

I'm sorry if this has been discussed but I haven't seen this particular situation answered. I know some students who get into medical school are sometimes able to get loans for living expenses but I've seen that these loans are typically are around $10,000-$15,000/year. I am married and currently have a stable job making around $60,000. My dream is to go to med school but I am worried we would have to sell our house to afford it. We have a brand new home and currently pay around $25,000/year for our mortgage (I know this is expensive but we live in a popular area and it's within our means). We only have a few bills but otherwise live mostly debt-free and are comfortable between myself and my husband's jobs.

I never dreamt I would be able to go to med school when we bought our home but after discovering this forum, I've realized it IS possible. I just can't figure out how we could make it work financially if I even could get accepted into school. The only thing I could think is selling our home we have worked so hard for which seems unfair to ask of my husband.

Has anyone been in a similar situation where they were losing such a large amount of their income with a large mortgage or bills to pay? How did you make it work? I realize sacrifices would need to be made and we are willing to do so, I am just not sure we could actually swing it on my husband's salary alone. I appreciate any advice or thoughts offered.

What is your husband's salary?
What are your other assets?
What is your lifestyle like? (Expenses outside mortgage)

 

[backside_attack]

We kept our home and my spouse's income covers the mortgage. But if you're in a geographic area with high cost of living that can be factored into the total Cost of Attendance (COA) at your school so you could still take out loans and contribute to the mortgage. Your husband has income so you needed to look at how much he can cover and will loans make up the difference. Look up the COA of your local med school(s) and see what is the max you can take out beyond tuition.

If it isn't enough, you have some choices to make. Taking out loans to pay a mortgage feels wrong, I know, but if selling and renting isn't an option then you can still make it work.

 

[BombsAway]

Plan on selling your house, unless your spouse can cover the mortgage. Loans to pay loans isn't a good plan, unless you want to be president. In that case you'd need to start making russian friends.

 

[trev5150]

You're probably gonna have to leave for residency anyway, unload it now. Stay flexible for the next 8-10 years

 

[futuremdforme]

I wouldn't sell until you're ready to move and know you're getting in. If you can do everything while working, all the better. If you need to get extra money from renting out a room (or the basement) or Airbnb, these are good options. Once you are accepted, it makes sense to sell unless you'll be living in the same area or can easily rent it out to cover the mortgage, IMO.

 

[MiamiOfOhio]

I just want to say how helpful all the responses have been. My husband makes around the same as me, so about $60,000/year. I just realized that in theory, we could pay our mortgage on his salary and my student loans in med school. We plan to move for residency of course but wanted to keep our house and sell it in a few years and hopefully make some money on it. Regardless, you all have reminded me of how many good options there are to make things work. I really appreciate the feedback and just hearing how other figured it out. We definitely wouldn't sell until I was accepted and starting med school though.

 

[tornadohunter]

I just want to say how helpful all the responses have been. My husband makes around the same as me, so about $60,000/year. I just realized that in theory, we could pay our mortgage on his salary and my student loans in med school. We plan to move for residency of course but wanted to keep our house and sell it in a few years and hopefully make some money on it. Regardless, you all have reminded me of how many good options there are to make things work. I really appreciate the feedback and just hearing how other figured it out. We definitely wouldn't sell until I was accepted and starting med school though.

Another potential source of income is Uber or Lyft. (There is an insurance grey area there so you would want to look into that first).

Depending on how big your house is you could rent a room to a friend.

Please feel free to pm me as my current expertise is finance.

 

[Mr Medschool Money]

I just want to say how helpful all the responses have been. My husband makes around the same as me, so about $60,000/year. I just realized that in theory, we could pay our mortgage on his salary and my student loans in med school. We plan to move for residency of course but wanted to keep our house and sell it in a few years and hopefully make some money on it. Regardless, you all have reminded me of how many good options there are to make things work. I really appreciate the feedback and just hearing how other figured it out. We definitely wouldn't sell until I was accepted and starting med school though.

I think you'll be fine. Consider the housing market in your decision making. If the weather is good to sell, sell before it crashes. Then you can avoid having to move away and hoping your house sells in a bad market. Just my two cents.

 

[sazerac]

I just want to say how helpful all the responses have been. My husband makes around the same as me, so about $60,000/year. I just realized that in theory, we could pay our mortgage on his salary and my student loans in med school. We plan to move for residency of course but wanted to keep our house and sell it in a few years and hopefully make some money on it. Regardless, you all have reminded me of how many good options there are to make things work. I really appreciate the feedback and just hearing how other figured it out. We definitely wouldn't sell until I was accepted and starting med school though.

I don't understand. You plan to move for residency but not for medical school? Have you been accepted to a local medical school? Are you only applying to local medical schools? Something isn't adding up here.

 

[MiamiOfOhio]

I don't understand. You plan to move for residency but not for medical school? Have you been accepted to a local medical school? Are you only applying to local medical schools? Something isn't adding up here.

We just bought our house 6 months ago and had hoped to stay here a couple years to build equity on it. Our plan was to stay in this city a few more years, and move closer to our home state in to be closer to family. That's why the idea of getting into a local med school, staying here during that time, and then being ready for a move for a residency was appealing. Nothing too crazy, I just like hearing what other non-traditional students did in similar circumstances.