Low Income Transition to Medical School

[CrxRust]

Hi folks! I hope this is the right location for this question. Basically I’ve been accepted to medical school (MD in Chicago!!!!) but as I have been low SES my entire life I have some questions I hope you all can answer.

The living stipend at the school I will be attending is $2600. As Chicago is expensive I have found some places that are $1600, and with utilities included would be around $1800. Is this too much?! I would live right next to the school, hence I would not have any car costs and the school provides a bus pass that’s included in the tuition. Also I want to live alone with my fiancé in a decent/nice place so that decreases the chance of having roommates and lowering rent burden. I plan to budget $150 additional dollars a month for gym membership, and other subscriptions (most likely would be less but just giving myself leeway). At last the rest would go to food, going out expenses (when I find the time lol) and any costs associated with medical school. About these costs; my school provides money for books, but how much should I plan to pay for other things such as extra study materials…

The school also provides stipends for a one time laptop purchase (my first ever computer so I will take advantage of this) and two round trips to see family each year (I moved away from college and it sucked to not be able to see my family once in a while for big holidays such as Christmas so I’ll take advantage of this too).

Also, if anyone has any advice for moving to a cold weather state coming from a warm/humid one such as Florida and what to buy! As a work as a roofer, (which I’m quitting today!!!) I have about 5k to work with. Obviously the majority of this would be spent on a decent bed, desk, and chair along with thrift store winter clothing.

Thanks in advance!

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[jamaica jan sun princess]

$1600 is a lot relative to your total budget. Is your fiance going to split rent with you? Will you need a car for rotations in years 3 & 4?

 

[CrxRust]

$1600 is a lot relative to your total budget. Is your fiance going to split rent with you? Will you need a car for rotations in years 3 & 4?

Thanks for your response. She will not, she deferred her med school acceptance (going to school in another state) and will just pay for groceries, but it would only be a for a year. I was told that I would not need a car for 3rd or 4th year and if I did that the school provides a Lyft account to go to rotations not easily accesible by public transportation.
All of the students there said not to have a car because parking costs, insurance and other costs would amount to the same as living closer to the school (more expensive) than far away (way cheaper). I also paid off my own car, it’s 2015 reliable car that will stay at my parents place, so I could always bring it in for 3rd or 4th year.

 

[voxveritatisetlucis]

i just looked at Zillow Chicago. Things have really skyrocketed since I nearly took a job in the city a couple years ago. There are some really nice studios for about the price you are suggesting , but they are very small (one I clicked on was even 450 sq. Ft which is about the size of a above avg. college dorm). 1 and 2 bedrooms in these complexes/buildings jump up pretty quickly in price.

Larger rentals are available within the housing budget you mention, but they don’t seem to fit your desires (“alone with my fiancé in a decent/nice place”). There seems to be a trade off between size and location/quality

From my brief search, your budget for housing, given the city, does not seem unreasonable if you will not be paying for food/groceries. If it was a different city, I might say you could find a good apartment for less money, but Chicago seems to have become more expensive during the pandemic.

 

[jhmmd]

Hi folks! I hope this is the right location for this question. Basically I’ve been accepted to medical school (MD in Chicago!!!!) but as I have been low SES my entire life I have some questions I hope you all can answer.

The living stipend at the school I will be attending is $2600. As Chicago is expensive I have found some places that are $1600, and with utilities included would be around $1800. Is this too much?! I would live right next to the school, hence I would not have any car costs and the school provides a bus pass that’s included in the tuition. Also I want to live alone with my fiancé in a decent/nice place so that decreases the chance of having roommates and lowering rent burden. I plan to budget $150 additional dollars a month for gym membership, and other subscriptions (most likely would be less but just giving myself leeway). At last the rest would go to food, going out expenses (when I find the time lol) and any costs associated with medical school. About these costs; my school provides money for books, but how much should I plan to pay for other things such as extra study materials…

The school also provides stipends for a one time laptop purchase (my first ever computer so I will take advantage of this) and two round trips to see family each year (I moved away from college and it sucked to not be able to see my family once in a while for big holidays such as Christmas so I’ll take advantage of this too).

Also, if anyone has any advice for moving to a cold weather state coming from a warm/humid one such as Florida and what to buy! As a work as a roofer, (which I’m quitting today!!!) I have about 5k to work with. Obviously the majority of this would be spent on a decent bed, desk, and chair along with thrift store winter clothing.

Thanks in advance!

This puts you at 69.23%, just a little over 2/3 of the rent. This is the standard acceptable income range when you apply for housing. You're good to go

 

[jamaica jan sun princess]

Thanks for your response. She will not, she deferred her med school acceptance (going to school in another state) and will just pay for groceries, but it would only be a for a year. I was told that I would not need a car for 3rd or 4th year and if I did that the school provides a Lyft account to go to rotations not easily accesible by public transportation.
All of the students there said not to have a car because parking costs, insurance and other costs would amount to the same as living closer to the school (more expensive) than far away (way cheaper). I also paid off my own car, it’s 2015 reliable car that will stay at my parents place, so I could always bring it in for 3rd or 4th year.

It sounds like you're good in regards to transportation. Spending 70% of your income on rent is definitely not "good to go". Most financial resources recommend spending no more than 30% of your income on rent. As a single student, I do think $800 for food, entrainment, clothes, and household items is tight but doable. If an unexpected expense comes up you might be out of luck though. If you're dead set on living without roommates and close to campus to avoid car costs, the solution is going to be a good budget and motivation to stick to it.

 

[CrxRust]

i just looked at Zillow Chicago. Things have really skyrocketed since I nearly took a job in the city a couple years ago. There are some really nice studios for about the price you are suggesting , but they are very small (one I clicked on was even 450 sq. Ft which is about the size of a above avg. college dorm). 1 and 2 bedrooms in these complexes/buildings jump up pretty quickly in price.

Larger rentals are available within the housing budget you mention, but they don’t seem to fit your desires (“alone with my fiancé in a decent/nice place”). There seems to be a trade off between size and location/quality

From my brief search, your budget for housing, given the city, does not seem unreasonable if you will not be paying for food/groceries. If it was a different city, I might say you could find a good apartment for less money, but Chicago seems to have become more expensive during the pandemic.

It really has increased, I noticed that over the past two years the student allowance has increased by $400, I’m assuming this is mostly due to increased rent priced

 

[CrxRust]

My rent is approximately 29% of my total budget (living alone, 700 sqft apt) but I'm also attending a school in a lower COL area. I'm 5 min from school and I also have classmates paying nearly double for nicer apartments (rooftop pools. running track, etc). Chicago is expensive though so your rent is justified. Will your gf be working? If so, you two could split the rent. Also, what is the reason she deferred her med school acceptance? If you apply ERAS the same year you two can do couple's matching. I hope this will not create resentment if she is "sacrificing" a year for your sake or to support you

Nope not all, another personal issue. Honestly my budget does not include her “sacrificing” (helping) me out at all. We will be graduating at the same time by the way (MSTP).

 

[CrxRust]

It sounds like you're good in regards to transportation. Spending 70% of your income on rent is definitely not "good to go". Most financial resources recommend spending no more than 30% of your income on rent. As a single student, I do think $800 for food, entrainment, clothes, and household items is tight but doable. If an unexpected expense comes up you might be out of luck though. If you're dead set on living without roommates and close to campus to avoid car costs, the solution is going to be a good budget and motivation to stick to it.

These are the perspectives I’ve been looking for! Honestly, I’ve never had a budget of $800 a month for all those things ever in my life, so for me it seems doable, but then again medical school is a whole other beast. I definitely agree about budgeting.

Thanks for all the replies folks I’ll definitely reach out to students at my med school to see their budget margins

 

[LunaOri]

You should be fine. I would suggest skipping the premium gym membership and working out at the campus gym or a cheap gym like Planet Fitness. $150/month is crazy expensive for a student on a budget.

 

[homunculusus]

You should be fine. I would suggest skipping the premium gym membership and working out at the campus gym or a cheap gym like Planet Fitness. $150/month is crazy expensive for a student on a budget.

I noticed that too. It's expensive if it's an equinox or similar but if the $150 is for group classes (Orange theory, barre) then its worth it for the added social interaction (cheaper then therapy

 

[voxveritatisetlucis]

Lifetime fitness is right around that rate for most locations (besides Manhattan and LA) and offers unlimited free classes. I get a membership through work right now and like it but not sure if it’s worth it for a med student. it sounds like many schools also offer free gym classes, at least based on how it was described in a bunch of the interviews I attended

 

[LizzyM]

Google the name of your med school and "gym". You might find that the school has a discount gym membership available that will run you far less than what you've budgeted.

 

[JoyFairy]

Can someone in the school's financial aid office help you get on SNAP (food stamps) to help you out with groceries? I've heard of students doing that for schools located in cities with high COL. In these cases, the financial aid office is somewhat familiar with the process and can support students in filing paperwork. Good luck!

 

[KnightDoc]

Can someone in the school's financial aid office help you get on SNAP (food stamps) to help you out with groceries? I've heard of students doing that for schools located in cities with high COL. In these cases, the financial aid office is somewhat familiar with the process and can support students in filing paperwork. Good luck!

If this is a thing, even though you are able to borrow up to the full COA that includes food, why wouldn't every single med student in the country do it, since they are all technically independent and all have no income while they are in school? How would anyone retain eligibility while having access to student loans that include money for groceries?

 

[JoyFairy]

If this is a thing, even though you are able to borrow up to the full COA that includes food, why wouldn't every single med student in the country do it, since they are all technically independent and all have no income while they are in school? How would anyone retain eligibility while having access to student loans that include money for groceries?

I don't know the details (e.g. if every student is eligible, the requirements in every state), but I can assure you it's a thing. I spoke with low SES students at every place I interviewed, and that's how I learned about it.

Specifically, a financial aid office rep introduced CalFresh (aka SNAP) in his interview day presentation an option for students. Also, I interviewed at a school in Chicago, and two students were utilizing SNAP benefits. I don't know which school OP is attending, but I just wanted to pass on that SNAP is an option for some med students in Chicago.

I've learned this year that there are a lot of programs and cost-saving measures that aren't always obvious but are worth investigating. Some financial aid presentations are more thorough and inclusive than others. Plus the application process is extremely cost-prohibitive, and the applicant pool skews relatively wealthy; so financial tips aren't always robustly discussed.

Tl;dr YMMV but ask about SNAP 🙂

 

[KnightDoc]

I don't know the details (e.g. if every student is eligible, the requirements in every state), but I can assure you it's a thing. I spoke with low SES students at every place I interviewed, and that's how I learned about it.

Specifically, a financial aid office rep introduced CalFresh (aka SNAP) in his interview day presentation an option for students. Also, I interviewed at a school in Chicago, and two students were utilizing SNAP benefits. I don't know which school OP is attending, but I just wanted to pass on that SNAP is an option for some med students in Chicago.

I've learned this year that there are a lot of programs and cost-saving measures that aren't always obvious but are worth investigating. Some financial aid presentations are more thorough and inclusive than others. Plus the application process is extremely cost-prohibitive, and the applicant pool skews relatively wealthy; so financial tips aren't always robustly discussed.

Tl;dr YMMV but ask about SNAP 🙂

EXCELLENT tip!! Many thanks!! I never would have thought of it.

 

[JoyFairy]

EXCELLENT tip!! Many thanks!! I never would have thought of it.

Neither would I. Bless the med students who pass down their wisdom!

 

[voxveritatisetlucis]

Yeah the general rule of thumb is to not spend more than 30% of your monthly take home pay on rent or a mortgage. I am not sure where the 69% number being "acceptable" is coming from tbh.

You're also missing a lot of things from your budget (and I apologize if you're already taking these things into account and just not explicitly mentioning it). Just off the top of my head - health insurance premium/deductible, vision/dental care, clothes you'll need to buy for rotations and interviews and things, travel money if you want to visit family more than 2x/yr, life/disability insurance policy (you should do this ASAP). Things you might want to think about saving up for: wedding/honeymoon, emergency fund, board exam expenses, residency interview expenses, the very long 7-8 months between your last student loan disbursement and your first residency paycheck in which you'll probably need to pay moving expenses and a security deposit or down payment on a new place and medical licensing fees? Additional study resources can run you up into the thousands of dollars, not to mention board exam fees. I'm not sure what the kids are using these days but I'd check out pricing for a UWorld subscription, Pathoma, Sketchy, and Pathoma as a starting point to get a sense of what you're dealing with.

All that to say....I would plan on budgeting a little lower for your housing at this time in your life if it is at all feasible. I would really recommend using some sort of app to help you make and track your budget, at least starting out. I use Mint and like it but it's probably a little less beginner friendly in terms of what a budget SHOULD look like - that said, there are lots of great articles out there with info on a general outline for a budget, sample budgets for different income levels, etc. I'd try and get some education on financial literacy - find a couple books, see if there's a class at your local library or something. I just googled "free financial literacy course [my city]" and was able to find several online options through some local nonprofits and colleges as well.

I hope I'm not coming across as too harsh - getting started off on the right foot financially is SO important and will give you SO much less stress over the years, starting in medical school.

That rule isn’t going to work in a city like Chicago without roommates. Sticking to under 800 would only be possible if OP’s fiancé worked to add to the 800. This is assuming that Zillow doesn’t misrepresent the actual rental market it the city.

 

[JohnJacobJingleheimer]

Yeah the general rule of thumb is to not spend more than 30% of your monthly take home pay on rent or a mortgage. I am not sure where the 69% number being "acceptable" is coming from tbh.

You're also missing a lot of things from your budget (and I apologize if you're already taking these things into account and just not explicitly mentioning it). Just off the top of my head - health insurance premium/deductible, vision/dental care, clothes you'll need to buy for rotations and interviews and things, travel money if you want to visit family more than 2x/yr, life/disability insurance policy (you should do this ASAP). Things you might want to think about saving up for: wedding/honeymoon, emergency fund, board exam expenses, residency interview expenses, the very long 7-8 months between your last student loan disbursement and your first residency paycheck in which you'll probably need to pay moving expenses and a security deposit or down payment on a new place and medical licensing fees? Additional study resources can run you up into the thousands of dollars, not to mention board exam fees. I'm not sure what the kids are using these days but I'd check out pricing for a UWorld subscription, Pathoma, Sketchy, and Pathoma as a starting point to get a sense of what you're dealing with.

All that to say....I would plan on budgeting a little lower for your housing at this time in your life if it is at all feasible. I would really recommend using some sort of app to help you make and track your budget, at least starting out. I use Mint and like it but it's probably a little less beginner friendly in terms of what a budget SHOULD look like - that said, there are lots of great articles out there with info on a general outline for a budget, sample budgets for different income levels, etc. I'd try and get some education on financial literacy - find a couple books, see if there's a class at your local library or something. I just googled "free financial literacy course [my city]" and was able to find several online options through some local nonprofits and colleges as well.

I hope I'm not coming across as too harsh - getting started off on the right foot financially is SO important and will give you SO much less stress over the years, starting in medical school.

Safe to say you made OP’s cortisol levels spike

 

[KnightDoc]

Yeah the general rule of thumb is to not spend more than 30% of your monthly take home pay on rent or a mortgage. I am not sure where the 69% number being "acceptable" is coming from tbh.

I might be wrong, but I am pretty sure the 30% refers to gross income, not take home, and since students presumably don't pay taxes, that could be why 69% isn't crazy. If not, 30% post tax seems pretty low, and it's also hard to see how housing would only constitute 1/3 of after tax expenses, since just about all other expenses can be somewhat controlled. 30% pre-tax, which is probably around 50% post-tax for most workers, actually seems far more reasonable.

 

[NITRAS]

I might be wrong, but I am pretty sure the 30% refers to gross income, not take home, and since students presumably don't pay taxes, that could be why 69% isn't crazy. If not, 30% post tax seems pretty low, and it's also hard to see how housing would only constitute 1/3 of after tax expenses, since just about all other expenses can be somewhat controlled. 30% pre-tax, which is probably around 50% post-tax for most workers, actually seems far more reasonable.

Sorry, but almost 70% of ”income” is crazy. The reason you shouldn’t spend so much is becuase it leaves no margin in your life. **** happens, and you need margin or else you get up a creek without a paddle. 4 years is a long time to go without some type of financial need.

You are putting yourself in a situation where you are putting great strain on your money, your relationships. (Btw, if you break up this throws your budget way out of the water.)

Yes, Chicago is expensive, but it doesn’t give you a pass on math. It sets you up to fail.

You are broke. The fact that people are tossing around a $150/month gym membership is nuts.

PS: can’t get disability policy without income. And really without a family relying on your income, you can get away without having life insurance.

 

[voxveritatisetlucis]

OP, are these interest free loans, regular loans or grants/awards?

 

[KnightDoc]

PS: can’t get disability policy without income. And really without a family relying on your income, you can get away without having life insurance.

Not true! Every med school COA I have seen so far has a line item for disability insurance. In fact, every school's budget I have seen so far REQUIRES it, usually through the school.

What happens if you end up several hundred thousand dollars in the hole from med school, either loans or having your parents pay, and something happens to you and you can never practice? While none of us have present income, disability insurance also protects future income, which is the whole point here! You are, however, correct about life insurance!

While 70% might be high, it is hardly crazy for someone in a high COL area who has no income tax liability. In fact, it's probably pretty typical for stretched people in such areas, who are usually spending around half of their income on housing before taxes.

 

[JohnJacobJingleheimer]

Looking into the budgets of several Chicago medical schools, it would appear their loans allow for ~1200 toward housing a month. While I think this is way too low, it doesn’t change the fact that this number is significantly below what you’re planning on spending. That 1200 is meant to go toward splitting a place with roommates or maybe a studio. It is not intended to afford a one bedroom that is spacious enough for 2.

Honestly, your budget isn’t really the issue. The issue is that you are attempting to use loans that are meant to support the frugal lifestyle of an individual med student to support 2 people. What is your fiance going to do during her gap year?? Surely she can’t just be sitting around and not working… therefore, she should be making a pay check, one that will almost certainly allow for more than a ~28k annual budget. That’s what u need to figure out… perhaps put your 1200 down and she can pay the rest of the measly 600. Just a thought.

 

[homunculusus]

Sorry, but almost 70% of ”income” is crazy. The reason you shouldn’t spend so much is becuase it leaves no margin in your life. **** happens, and you need margin or else you get up a creek without a paddle. 4 years is a long time to go without some type of financial need.

You are putting yourself in a situation where you are putting great strain on your money, your relationships. (Btw, if you break up this throws your budget way out of the water.)

Yes, Chicago is expensive, but it doesn’t give you a pass on math. It sets you up to fail.

You are broke. The fact that people are tossing around a $150/month gym membership is nuts.

PS: can’t get disability policy without income. And really without a family relying on your income, you can get away without having life insurance.

I agree that 70% is a bit too much. Again, I'm paying around 29% and next year I'm looking at 40% for a slightly nicer apartment (smaller space but newer/remodeled). I spend another 17% between transportation ~ (2400 for gas/insurance/maintenance - reliable Japanese car and I drive quite a bit), $250/mo food, $60 eating out, $40 gym (free school gym but is crowded and free apt gym that sucks). I have so much wiggle room if my car blew up one day I could easily go out and buy a used one for $10k or in case of an emergency.

Many of my classmates have apartments that cost 40-80% more than me (and I suspect some have parental help) but they're always asking the school about when the next disbursement will be because they run through it in no time. Like we'll be sitting in class and they'll just get 2 things from doordash for $35 when they could have brought lunch from home (3 min away) or a snack (then went home to eat). They're always amazed that I meal prep nutritious food for $1-$2/meal (chicken, steak, rice, veggies, etc).

 

[homunculusus]

Looking into the budgets of several Chicago medical schools, it would appear their loans allow for ~1200 toward housing a month. While I think this is way too low, it doesn’t change the fact that this number is significantly below what you’re planning on spending. That 1200 is meant to go toward splitting a place with roommates or maybe a studio. It is not intended to afford a one bedroom that is spacious enough for 2.

Honestly, your budget isn’t really the issue. The issue is that you are attempting to use loans that are meant to support the frugal lifestyle of an individual med student to support 2 people. What is your fiance going to do during her gap year?? Surely she can’t just be sitting around and not working… therefore, she should be making a pay check, one that will almost certainly allow for more than a ~28k annual budget. That’s what u need to figure out… perhaps put your 1200 down and she can pay the rest of the measly 600. Just a thought.

My school is in a much lower COL area than Chicago but we have a similar budget to OP. I do believe Chicago (and higher COL) schools should have bigger budgets to allow for a single bedroom/living solo (I would flunk out if I had to live with a roommate) - and then leave it up to students to decide what to do - after all they'll be paying it back one way or another (themselves or PSLF)

Most of our non-med counterparts who worked as hard have $50-$100k jobs and are likely living "comfortably". I believe med school is a "job" and budgets should allow for a similar level of comfort (obviously this is possible in lower COL cities but not in others). A buddy of mine rented half of a duplex (1200 sqft) for $700 in a very cheap rural town near his med school. We have students at my school leasing brand new cars (well loaded cars - not basic) b/c the budget allows for it

I also agree with your point. OP's fiance could probably find a gig that pays $60k-$90k minimum considering how smart she is, or even $2500/mo doing doordash and working at target part time or something similar that's less intellectually challenging.

 

[voxveritatisetlucis]

I agree that 70% is a bit too much. Again, I'm paying around 29% and next year I'm looking at 40% for a slightly nicer apartment (smaller space but newer/remodeled). I spend another 17% between transportation ~ (2400 for gas/insurance/maintenance - reliable Japanese car and I drive quite a bit), $250/mo food, $60 eating out, $40 gym (free school gym but is crowded and free apt gym that sucks). I have so much wiggle room if my car blew up one day I could easily go out and buy a used one for $10k or in case of an emergency.

Many of my classmates have apartments that cost 40-80% more than me (and I suspect some have parental help) but they're always asking the school about when the next disbursement will be because they run through it in no time. Like we'll be sitting in class and they'll just get 2 things from doordash for $35 when they could have brought lunch from home (3 min away) or a snack (then went home to eat). They're always amazed that I meal prep nutritious food for $1-$2/meal (chicken, steak, rice, veggies, etc).

Delivery apps are the biggest scam and no med student should use them (in most cases). I use them every week day rn because my company lets us expense meals during business hours or if at the office and the difference between getting takeout/non-app deliver is shocking to say the least

 

[homunculusus]

Delivery apps are the biggest scam and no med student should use them (in most cases). I use them every week day rn because my company lets us expense meals during business hours or if at the office and the difference between getting takeout/non-app deliver is shocking to say the least

Yup! A $10 burrito bowl at my local chipotle is $21 after tax/delivery fee, and you have to tip $5. That's $26 for some cold rice and dry "steak" that's been sitting there for hours. I can meal prep my own for $3 with better quality meat.

A relative of mine did DD and was making $4-$5k/month with an old reliable car. Not a bad gig for someone out of high school but as a consumer it's a rip off.

I'll occasionally take advantage of fast food coupons (BOGO, etc) and get 2 nice burgers for $7 and the occasional $30 to eat out 3-4x a month (for two people)

 

[CrxRust]

Thanks everyone for their input.
I would like to add:
1. Residency interview, board exam costs, health insurance, and other things noted other than extra prep materials are included in the COA through tuition and not my living expense. Not sure if I have to pay a premium, i will be asking about this. Thanks for the life insurance tip, I will def look into that.
2. I basically received a 60% tuition/need based scholarship so my loan burden will be below 160k.
3. My fiancé will stay my first year with me (but also plans to spend time with her family), but for a four year plan she will not be there so I am trying to make a budget that does not include her for all four years and plus.
4. $1800 is quite a lot for rent and utilities, I think I could find something in the $1450 range (with utilities). I know someone noted they use around 30% on rent and an additional 17% on transportation. I would like to note I will be spending $0 on transportation.
5. I don’t know who would ask someone to marry them without having money for a wedding ring and wedding reception. That my friends is covered. I also do have a small emergency fund in addition to the fund I have for move in costs.
6. I feel like the gym membership cost was misconstrued. I’m a fit junkie and I pay $10 at my local youfit. The $150 included other costs. Thanks LizzyM, the school does have a nice gym, with an affordable rate.
7. I hope this message does not come off as defensive and that I am not listening. This has helped a lot in thinking about my budget, especially when the school expects housing and transportation to amount to 90% of the living expense with only $300 for food and other expenses a month!

 

[LizzyM]

Spending more on housing and less on transportation is rather typical in big cities with good public transportation systems.
Consumer Expenditures for the New York Metropolitan Area: 2019–20 : New York–New Jersey Information Office : U.S. Bureau of Labor Statistics (scroll down for comparisons of major US cities including Chicago)

Your school may include /require disability insurance and include it in the COA. What is the point of life insurance if you have no dependents? Loans are forgiven when you die as is credit card debt; your "heirs" would not be responsible for your debts. It is not worth using loan money for life insurance, IMHO.

 

[NITRAS]

Not true! Every med school COA I have seen so far has a line item for disability insurance. In fact, every school's budget I have seen so far REQUIRES it, usually through the school.

What happens if you end up several hundred thousand dollars in the hole from med school, either loans or having your parents pay, and something happens to you and you can never practice? While none of us have present income, disability insurance also protects future income, which is the whole point here! You are, however, correct about life insurance!

While 70% might be high, it is hardly crazy for someone in a high COL area who has no income tax liability. In fact, it's probably pretty typical for stretched people in such areas, who are usually spending around half of their income on housing before taxes.

So, upon further review (aka, looking shizz up on google), companies will offer disability insurance to students who are 4th year (with fewer to 3rd year). Otherwise you are stuck with getting it through your school, but it is limited to pretty small amounts. (Like a $1000-$2500/month).

Your federally insured student loans are forgiven due to death or disability. Your private student loans can be bought with the same rider if you want to (will cost you, but such is life).

Getting disabled at a suck a young age is going to make your financial life hell. While I am a big believer in disability insurance, he will not be able to insure against the loss of attending income.

PS: Totally my personal opinion. People should get married instead of waiting till they can “afford it”. Cohabitation is associated with higher divorce rates and relational complexities. A wedding band is not expensive, and you can have a more expensive ceremony/celebration later. It isn’t weird to share expenses with your wife/husband, but living with your girlfriend necessitates separation of finances. Full disclosure I borrowed 4 grand for the wedding ring and we got a custom matching wedding band after residency. I should have just bought a band. The wedding was largely paid for by our parents and cost 7 grand in total. I also realize that my opinion is tainted with my religious beliefs and strong conviction of the sacredness of marriage, which I know others don’t share.