Living on Loans with a Family

[libertyyne]

Does anyone have experience living on student loans with a stay at home spouse and young child?
Is it possible?
I understand that COA will not be increased due to having a child or family, rather if your spouse works you may be able to get day care costs.
What do people do for health insurance?
Any experience or insight would be appreciated, thanks!

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[Bru]

Does anyone have experience living on student loans with a stay at home spouse and young child?
Is it possible?
I understand that COA will not be increased due to having a child or family, rather if your spouse works you may be able to get day care costs.
What do people do for health insurance?
Any experience or insight would be appreciated, thanks!

It is possible. I have 2 kids and at stay at home spouse. You just need to find good, cheap housing which may be farther from the school than ideal.

Medicaid for health insurance. There a good number of assistance programs out there.

 

[Noxy]

Does your spouse even need to be working to get daycare costs? Ive already been talking with my school and let them know I will be increasing my COA for daycare and afterschool care for my kids and I was told to send in the daycare contract. I Havent even discussed my spouse.

Have you thought of food stamps and government aid/medicaid to supplement your family if your spouse plans on not working? Some states do not count loans as income and you might qualify for it. Im currently freaking out about how to get healhcare for me as my school doesn't provide a plan for its students

 

[Ho0v-man]

From what I understand, COA increases for daycare only happen if your spouse works.

I have a wife and daughter and I'd love for my wife to stay at home as she doesn't have a degree and working doesn't seem too feasible. It definitely won't be ideal if she ends up working until 11pm and I'm taking care of the kiddos until bedtime when I need to med school.

I picked a rural school and know that people do it there at least the first two years, but it seems so unsustainable.

Could we make a list of all the different stuff non trads in this situation qualify for? Like I know we'll qualify for Medicaid and food stamps, but anything else?

 

[Noxy]

Hmm I wonder why my school asked nothing about the status of my husband working then. My husband doesn't have a degree either but I really don't want to live on 20k a year for rent and food for My husband and our two kids. His job at the hospital can maybe bring in an additional 20k- 25k a year not working crazy hours and since daycare will be covered by increasing the student loans, our budget will be less restricted hopefully.

I know some states offer help paying with electricity bills and daycare. Also housing can be payed for in some instances but I have no idea what it takes to qualify for section 8 housing or what quality of care/housing you would be given.

 

[libertyyne]

The issue I am running into is having assets which would disqualify me and my family for medicaid, food stamps etc. I suppose two years into med school we might end up in a situation without those assets. health insurance is the thing that concerns me the most.

 

[Bru]

As I understand it, it depends on the assets. We actually couldn't get SNAP due to some loan stuff but were able to get medicaid.

Failing that, usually your school offers an ok health insurance that may be expanded to include your family.

I guess you can also look on the various exchanges to see if anything looks good there.

 

[libertyyne]

As I understand it, it depends on the assets. We actually couldn't get SNAP due to some loan stuff but were able to get medicaid.

Failing that, usually your school offers an ok health insurance that may be expanded to include your family.

I guess you can also look on the various exchanges to see if anything looks good there.

The exchanges seem like they will be going the way of the dodo. Greater than 5k in the bank will prevent you from getting food assistance in my state I don't know what the Medicaid thresholds are. I might have to work in the summers to supplement, just sucks that it would prevent me from spending time on research and studying.

 

[Postictal Raiden]

I'm doing it. My wife is stay at home. I have a son and a daughter on the way. It's hard but very doable if you know how to live furgally and exploit gov't welfare programs

 

[Winged Scapula]

Trolling is a violation of the SDN Terms of Service and is not tolerated.

 

[Staphylococcus Aureus]

home spouse, 2 kids, going great. Medicaid and food stamps. What are these assets that disqualify you?

 

[deleted480308]

The exchanges seem like they will be going the way of the dodo. Greater than 5k in the bank will prevent you from getting food assistance in my state I don't know what the Medicaid thresholds are. I might have to work in the summers to supplement, just sucks that it would prevent me from spending time on research and studying.

It sucks that the govt won't make your neighbors provide for your family so you can work on your CV?

Live cheap, work odd jobs on the side, have SO work, join the military, you got into med school and are smart enough to do this

 

[libertyyne]

It sucks that the govt won't make your neighbors provide for your family so you can work on your CV?

Live cheap, work odd jobs on the side, have SO work, join the military, you got into med school and are smart enough to do this

Thanks for the Sass. Ayn Rand relied on government programs at one point.

home spouse, 2 kids, going great. Medicaid and food stamps. What are these assets that disqualify you?

This is state dependant. My state has a limit to how much you have in savings.

 

[Staphylococcus Aureus]

I would say do something with the savings then, if you have a large savings you can afford food. And @sb247 If you qualify you should take advantage of what's been set into policy, the vast majority of these funds are going to those who will never "pay it back" through taxes.

 

[libertyyne]

I would say do something with the savings then, if you have a large savings you can afford food. And @sb247 If you qualify you should take advantage of what's been set into policy, the vast majority of these funds are going to those who will never "pay it back" through taxes.

Honestly, healthcare for the whole family is the only problem. I am having. Everything else I can swing with loans and savings. I agree with you, my wife and I have already been high income earners for a few years and have more than payed into the system .

 

[Staphylococcus Aureus]

healthcare for the whole family is the only problem.

I would contact someone at your school. Med school families I know personally either put everyone on the student's insurance or use medicaid, but I'm sure there are other options and your school should be able to explain what's best for you. Congrats on pursuing medicine with a stay at home spouse and kids, I always thought people that haven't done it exaggerate the difficulty and ignore the benefits.

 

[deleted480308]

Thanks for the Sass. Ayn Rand relied on government programs at one point.

This is state dependant. My state has a limit to how much you have in savings.

The program shouldn't exist, no matter who used it

 

[Staphylococcus Aureus]

The program shouldn't exist, no matter who used it

Maybe in a perfect Ayn Rand world they wouldn't exist, but the gov dumps billions into a plethora of inefficient programs and projects that don't help almost any tax payer, let alone anyone on SDN. Like it or not these programs are funded either way, a person who is actually working to contribute to society might as well use it.

 

[libertyyne]

The program shouldn't exist, no matter who used it

 

[mavric1298]

How did I just KNOW that sb247 would grace us with his so valued libertarian opinions that add nothing to help answer the question. We get it. But no one cares what you think when you don't add anything to conversations except spouting Ayn Rand.

Libertyyne - generally all the schools I've II'ed with have been VERY helpful with discussing family matters and helping find solutions. This isn't like undergrad where the school doesn't care, they are really there to help. So I think avenue 1 would be to talk to them, and see if they have advice or council based on what others have done.

 

[deleted480308]

How did I just KNOW that sb247 would grace us with his so valued libertarian opinions that add nothing to help answer the question. We get it. But no one cares what you think when you don't add anything to conversations except spouting Ayn Rand.

Libertyyne - generally all the schools I've II'ed with have been VERY helpful with discussing family matters and helping find solutions. This isn't like undergrad where the school doesn't care, they are really there to help. So I think avenue 1 would be to talk to them, and see if they have advice or council based on what others have done..

I offered solutions, by all means disagree with them if you like but don't misrepresent posts

 

[QofQuimica]

OP, many schools will provide a health insurance plan (possibly with option for family to go on it as well). You should ask about this when you apply/interview. If your assets are low enough, the children at the very least should qualify for Medicaid.

On a larger philosophical level, if you are currently living at a middle class level, but your resources will be spread thin to the point that you envision requiring welfare assistance, I do think it's fair to question whether putting your family through the hardships and privation of you attending medical school is "worth it." Not to say that you can't or shouldn't go to medical school as a parent, and obviously everyone who does go to medical school has to make significant financial and personal sacrifices. But there is a huge difference between doing it with adequate resources in place (living in a city where you have family to provide childcare, for example, or waiting to attend medical school until you have enough resources to help support your family at a decent standard of living, plus/minus any needed loans for the four years), and doing it hoping that government programs will be there to make up the shortfall so that your family isn't living below the poverty line. Of course, if you qualify for an assistance program, and you need it, then you do what you need to do. I don't think anyone could begrudge your children in particular having adequate health care while you're in school. But considering how the rules of government programs are constantly changing, and especially with health insurance (which is your top concern) being up in the air at the present time, it may be worth considering whether right now is the best time for you and your family to have you quit your job and go to medical school. If medicine is your dream, I definitely don't envy the position you find yourself in. :-/

 

[libertyyne]

OP, many schools will provide a health insurance plan (possibly with option for family to go on it as well). You should ask about this when you apply/interview. If your assets are low enough, the children at the very least should qualify for Medicaid.

On a larger philosophical level, if you are currently living at a middle class level, but your resources will be spread thin to the point that you envision requiring welfare assistance, I do think it's fair to question whether putting your family through the hardships and privation of you attending medical school is "worth it." Not to say that you can't or shouldn't go to medical school as a parent, and obviously everyone who does go to medical school has to make significant financial and personal sacrifices. But there is a huge difference between doing it with adequate resources in place (living in a city where you have family to provide childcare, for example, or waiting to attend medical school until you have enough resources to help support your family at a decent standard of living, plus/minus any needed loans for the four years), and doing it hoping that government programs will be there to make up the shortfall so that your family isn't living below the poverty line. Of course, if you qualify for an assistance program, and you need it, then you do what you need to do. I don't think anyone could begrudge your children in particular having adequate health care while you're in school. But considering how the rules of government programs are constantly changing, and especially with health insurance (which is your top concern) being up in the air at the present time, it may be worth considering whether right now is the best time for you and your family to have you quit your job and go to medical school. If medicine is your dream, I definitely don't envy the position you find yourself in. :-/

Thank you. I will be contacting the schools regarding health insurance coverage.
The bigger philosophical question has plagued me for some time and I haven't completely decided on it being worth it or not. The sad reality is that most Americans are a single job loss away or a few paychecks away from being insolvent or ending up in the safety net. I could potentially loose my job in six months and end up in the exact situation. So not living a middle class life for four years seems like a decent bargain for a better life afterwards. I may have to work during school to supplement income to pay for healthcare, and that is OK too. The training is long and difficult, but doing the easy thing in life usually leads to mediocre to poor results.

 

[QofQuimica]

Thank you. I will be contacting the schools regarding health insurance coverage.
The bigger philosophical question has plagued me for some time and I haven't completely decided on it being worth it or not. The sad reality is that most Americans are a single job loss away or a few paychecks away from being insolvent or ending up in the safety net. I could potentially loose my job in six months and end up in the exact situation. So not living a middle class life for four years seems like a decent bargain for a better life afterwards. I may have to work during school to supplement income to pay for healthcare, and that is OK too. The training is long and difficult, but doing the easy thing in life usually leads to mediocre to poor results.

I hear you. There are no easy answers for sure. But just to clarify, you should NOT count on being able to work at all while you're in medical school. There are some people who can occasionally work somewhat if both their job and their med school curriculum are flexible enough. I taught some MCAT classes for Kaplan and wrote my book while in medical school, for example. I also did some sporadic PT research. But I was single and went to a med school with P/F grading and lots of free time. What I did would not have been possible under most other circumstances. For most people in your situation (married, with a young family), just getting through the curriculum while still spending as much time as you'd like with your wife and kids will already require more hours than you have available to you. Planning to go into med school with a family while working even PT is a good way to set yourself up for possibly flunking out, having trouble with your marriage, or both. Not trying to be a negative Nellie or dissuade you from doing what you really want to do, but I've seen plenty of these sad situations both while a trainee myself and as a faculty member mentoring trainees. I do think nontrads in particular, many of whom have much more to lose than the average trad coming straight out of college, should be aware of the potential pitfalls before taking the plunge into medical training, and should have plans (including backup plans B and C) in place for dealing with them.

 

[Shinken]

libertyyne, it's possible to live on student loans and a family while going to med school. My wife and I both had to quit our jobs for me to attend med school, and although she had an easy time finding a job, essentially her entire pay went to pay for day care for our two children, so she basically became a stay-at-home mom.

As mentioned already, government programs also help make it through. We had Medicaid, WIC, and food stamps. And I don't care what some people out there might think, these programs exist to help people, and I've been paying for those programs for years with my taxes, so it was nice to use them for the 4 years I needed them. Now I'm back to paying for them for those that need them (you're welcome!).

I went to med school in my mid-30s, and it was hard but definitely doable. Would do it again in a heartbeat.