Living expence allowance for Parent

[Reckoning]

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Hopefully this a straightforward question as these things go...

What is a typical living expence allowance for a family of three (mom. dad. and baby)? Is there any increase over that of a single person? Experiences?

I am trying to put together a rough budget for next year. Thanks for your help!

 

[mpp]

Federal financial aid is for the student only and there is no aid available for a spouse or children. Some schools may allow an increase in financial aid to help offset the cost of daycare expenses but it is expected that your spouse will provide for themselves and the child.

However, depending on the cost of tuition and expenses, financial aid can be quite generous and there are plenty that can get by on what they are given (which is the same offered to single students). There are provisions in place to protect some of your income and savings if you are older, married, and/or have children. But again, aid given is not increased just because you have a spouse and children.

If you are already accepted to medical school you might want to soon meet with a financial aid counselor at the school (either in person or by phone) to discuss your situation to be sure you get the most they can offer.

 

[Reckoning]

Thanks, mpp. v. helpful. I will be in touch with the schools that I've been accepted at.

I am also interested in ballpark allowances for living expenses. 12-15K? 15-20K? 20-23K?

 

[bjolly]

Thanks, mpp. v. helpful. I will be in touch with the schools that I've been accepted at.

I am also interested in ballpark allowances for living expenses. 12-15K? 15-20K? 20-23K?

at my school the living expense allowed is around 20K. it may vary a little depending on cost of living in your area. my financial aid office told me that the budget can be increased to cover day care costs for a child.

 

[Reckoning]

at my school the living expense allowed is around 20K. it may vary a little depending on cost of living in your area. my financial aid office told me that the budget can be increased to cover day care costs for a child.

Thanks. OK, 20K is good enough to fudge a budget. One more question:

What are the repayment terms? 10yrs initially, then possibly to be consolidated to a 20 or 30yr? I am trying to come up with what repayment looks like for residency etc.

I am comparing what MSTP versus regular MD looks like from a purely financial point of view (with family/schools in mind). If anyone has done the analysis already, let me know!

 

[mpp]

Living expense will vary. Ask the school for a their budget sheet. They are required to have a sheet that outlines expected expenses. Many schools have it on their website.

Repayment terms on federal Stafford loans are initially 10 years. There are various forms of deferment for being in school or having an income too low to pay back the loans. Then you can consolidate and stretch repayment to a longer term or scale your payment to match your income. Most residents will qualify for about 3 years or so of deferment where you won't have to be making payments (although the unsubsidized loans will continue to accrue interest).