Living off of loans

[femdoc]

For you current med students, how has living been for you? Do your FA packages cover you pretty much or are you barely making it when it comes to rent, car notes, utilities, credit cards, food, etc?

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[nutmegs]

Originally posted by femdoc
For you current med students, how has living been for you? Do your FA packages cover you pretty much or are you barely making it when it comes to rent, car notes, utilities, credit cards, food, etc?

quite comfy and I haven't even needed to take the whole allotted amount out. I have a roommate which really helps with expenses, and my car is paid off.

 

[Mossjoh]

Depends on how much you take. However, most of us are doing just fine. We do the important things, pay bills, buy beer, go on vacations....money hasn't been much of an issue.

Paying it all back..that may be the issue

Mossjoh

 

[Kosmo]

Frankly, yes.
For need-based aid, our FA office publishes a breakdown of all the parameters that go into what makes up the award package: tuition, rent, transportation, utilities, food, etc.... and they allot a certain amount of $$ for each. And some of these items are allotted shamefully high amounts; so, without even taking the full award one can enjoy the pleasures of such (not-allotted-for) items as a cell phone, plenty of beer, a vacation or 2, and all the other 'necessities.'
Keep in mind that I share expenses with a roommate and my socks have holes in them.

 

[dara678]

For cities that don't have good public transportation (like LA or New Orleans), do the financial aid packages usually cover the cost of a car? And if they do, what do they cover (insurance, payments, gas)?

 

[KyGrlDr2B]

Originally posted by dara678
For cities that don't have good public transportation (like LA or New Orleans), do the financial aid packages usually cover the cost of a car? And if they do, what do they cover (insurance, payments, gas)?

My school's package covers insurance, but not car payments. However, if your rent, utilites, food, etc are going to cheaper than what is allotted, then you have plenty of money left over for a car. How else do you think people can afford vacations, etc? It's not that they allot a certain amount of money for beer or vacation to florida, but you can find ways to skimp on some things and splurge on others. But I think there is some rule that you arent supposed to use your loan money for things other than what they say, but I know plenty of people who do.

 

[GoodMonkey]

umich had a "transportation" figure factored into our budget this year - enough to cover the cost of monthly car payments on a cheaper vehicle. something like $280/month? i don't recall offhand, but i do remember it being there.

 

[::Seabass::]

in TX they flat out give you subsidized for your tuition (~9K) and unsubsidized for living expenses which is 18K to cover the months you are in school (2K/month), I personally haven't seen any breakdown. people with higher financial need may get more subsidized, I don't know, but as graduate students we are considered independent.

 

[djipopo]

question....

does your fin aid package cover the time you get off to study for boards or are you on your own? for example, if classes end in April and you decide to take Step 1 in June, does your financial aid allottment go through June or April?

 

[Blade28]

Money isn't SUPER tight right now, but after paying all my bills every month (in addition to costs for gas, parking, hospital cafeteria food, textbooks, etc.), there isn't much left behind. Just living off financial aid, basically...

 

[UCLAMAN]

Originally posted by femdoc
For you current med students, how has living been for you? Do your FA packages cover you pretty much or are you barely making it when it comes to rent, car notes, utilities, credit cards, food, etc?

I go to NU, one of the notoriously more expensive schools in the nation situated in one of the most expensive locations in the nation. I pulled out less than the max in loans and aid and have been living fairly well...able to go out, buy drinks, buy new clothes, pay the exorbitant cook county taxes, and shop at the expensive grocery stores downtown. If I really wanted to live lavishly I guess I could pull out more loans.