Is the med school student budget sufficient?

[ocwaveoc]

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I understand that each school has a budget for students attending their school and that's the maximum amount you are allowed to borrow from the federal loan program. If you need to finance 100% of the budget, it it really sufficient to live relatively comfortably after paying all the fees/tuition/books or will most students be eating TV dinner everyday and have to room with 3 or more people? If I'm not mistaken, the budget is set up so that you are expected to have roommates.

 

[trichomoniasis]

I understand that each school has a budget for students attending their school and that's the maximum amount you are allowed to borrow from the federal loan program. If you need to finance 100% of the budget, it it really sufficient to live relatively comfortably after paying all the fees/tuition/books or will most students be eating TV dinner everyday and have to room with 3 or more people? If I'm not mistaken, the budget is set up so that you are expected to have roommates.

ehh it's pretty damn good. At my school they budget $70k for first year and $40k is tuition, ~10k other crap so 20k for 10 months (stretched to 12 months is still pretty damn good) ends up being around 1600/month. Granted in LA it's not like a mortgage payment, but it's definitely sufficient 👍

 

[Dookter]

I find my school budget to be more than enough. However, I do not live extravagantly. I know that some of my classmates could probably never survive on our budget.

 

[diosa428]

I find my school budget to be more than enough. However, I do not live extravagantly. I know that some of my classmates could probably never survive on our budget.

Haha consumer loan anyone?

 

[CardiacIntensivist]

Well, define comfortable. I'm not in medical school yet but after looking my school's budget, I know they recommended more than I need. $3000 on personal? That's way way way too much. $4000 recommended budget for food? Whoa, what am going to have every day, brand name ramen? Haha, joking aside, I think it's more than enough. 🙂

Edit: for comparison purposes, the recommended budget at Sinai is 55k for incoming students.

 

[TheRealMD]

Well, I'm guessing that they are figuring the increasing cost of just about everything. I was pretty sure that if you didn't need the money, you could just not use it. 😀

 

[Bito42]

I always end up giving some of the money back each quarter! And you can apply for more if your situation changes (i.e., you need to buy a computer or car).

 

[Husky85]

Well, define comfortable. I'm not in medical school yet but after looking my school's budget, I know they recommended more than I need. $3000 on personal? That's way way way too much. $4000 recommended budget for food? Whoa, what am going to have every day, brand name ramen? Haha, joking aside, I think it's more than enough. 🙂

Edit: for comparison purposes, the recommended budget at Sinai is 55k for incoming students.

Where are you from? I'm not sure if 3000 is too much or not, but living in NYC no amount of money is way way way too much. It's a great city to live in, but expensive as hell.

 

[etf]

I always end up giving some of the money back each quarter! And you can apply for more if your situation changes (i.e., you need to buy a computer or car).

why would you give back low-cost money?

 

[TheRealMD]

why would you give back low-cost money?

Err.. you still have to pay interest on it if you use it last time I checked. It's not "free".

 

[GuzzyRon]

I understand that each school has a budget for students attending their school and that's the maximum amount you are allowed to borrow from the federal loan program. If you need to finance 100% of the budget, it it really sufficient to live relatively comfortably after paying all the fees/tuition/books or will most students be eating TV dinner everyday and have to room with 3 or more people? If I'm not mistaken, the budget is set up so that you are expected to have roommates.

The budget is definitely insufficient in the school I'm going to be attending this fall. Each one of us is expected to live on $12,000 for the whole year and that includes those of us with dependents. Stupid fin aid office said that amount cannot be increased.

 

[GuzzyRon]

Well, define comfortable. I'm not in medical school yet but after looking my school's budget, I know they recommended more than I need. $3000 on personal? That's way way way too much. $4000 recommended budget for food? Whoa, what am going to have every day, brand name ramen? Haha, joking aside, I think it's more than enough. 🙂

Edit: for comparison purposes, the recommended budget at Sinai is 55k for incoming students.

Why don't you wait until you get into medical school - or until you draw up a budget before you conclude that that amount is "way way way too much". Keep in mind that the current year's budget is an average of the amounts that were reported by the first year medical students from the previous year.

 

[JohnMadden]

why would you give back low-cost money?

Doesn't make sense to me. Student loans are the second cheapest loans you can get, behind mortgages.

In two years, student loan money and fidelity latin america mutual fund bought me a new car (for free!)

 

[CardiacIntensivist]

Why don't you wait until you get into medical school - or until you draw up a budget before you conclude that that amount is "way way way too much". Keep in mind that the current year's budget is an average of the amounts that were reported by the first year medical students from the previous year.

Laughing my ass of man. Kudos to you on being uptight. I have drawn up a budget after recieving my financial aid packet. Seeing as I will be attending medical school in NYC and I have lived in NYC for 17 years of my life, I think I would understand how much money I will/will not need. But next time, I'll try to keep it to one "way" seeing as it upset you so much 👍

 

[ocwaveoc]

The budget is definitely insufficient in the school I'm going to be attending this fall. Each one of us is expected to live on $12,000 for the whole year and that includes those of us with dependents. Stupid fin aid office said that amount cannot be increased.

Which school is this?