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Hey everyone! I posted a thread a while back on MD/PhD's and kids which spurred a lot of great and very diverse comments, so I thought I'd bring up another topic which is of general (as well as my own personal) interest -- FINANCES.
An MD/PhD stipend is different from a paycheck in that you get it in larger chunks (at Columbia, for example, Summer, Fall, Spring) and taxes are not deducted. That means that you have to pay estimated quarterly federal taxes (discussed elsewhere), and I assume that would also apply to local income taxes (state, and NYC, though the amount might be small enough that you could just file in April without penalty). You save a little on taxes because you don't get Social Security (or the other minor payroll taxes) deducted. Very nice.
Some other financial things are a bit confusing. Is the MD/PhD student eligible for any loans if he/she needs more to live on? If these loans were classified as "educational" that would be great because payment would be deferred until graduation (i.e., the better part of a DECADE). Double points if they're subsidized (Stafford), but I think you're only eligible for the Stafford loans when your scholarship is less than the "Cost of Attendance". Does anyone have experience getting supplemental loans while attending an MD/PhD? This could be helpful if the MD/PhD student is part of a family and would rather take on the debt him/herself (because of the length of deferment) instead of the other member(s) doing so.
Does anyone have any stories about renting an apartment as an MD/PhD student? In some hot markets (like NYC), there's a pretty high income requirement not to need a guarantor, but many people get their parents to sign as guarantors.
Is there any other financial advice that current MudFuds would like to impart to the younger padawans? Discuss! And thanks for any info!
An MD/PhD stipend is different from a paycheck in that you get it in larger chunks (at Columbia, for example, Summer, Fall, Spring) and taxes are not deducted. That means that you have to pay estimated quarterly federal taxes (discussed elsewhere), and I assume that would also apply to local income taxes (state, and NYC, though the amount might be small enough that you could just file in April without penalty). You save a little on taxes because you don't get Social Security (or the other minor payroll taxes) deducted. Very nice.
Some other financial things are a bit confusing. Is the MD/PhD student eligible for any loans if he/she needs more to live on? If these loans were classified as "educational" that would be great because payment would be deferred until graduation (i.e., the better part of a DECADE). Double points if they're subsidized (Stafford), but I think you're only eligible for the Stafford loans when your scholarship is less than the "Cost of Attendance". Does anyone have experience getting supplemental loans while attending an MD/PhD? This could be helpful if the MD/PhD student is part of a family and would rather take on the debt him/herself (because of the length of deferment) instead of the other member(s) doing so.
Does anyone have any stories about renting an apartment as an MD/PhD student? In some hot markets (like NYC), there's a pretty high income requirement not to need a guarantor, but many people get their parents to sign as guarantors.
Is there any other financial advice that current MudFuds would like to impart to the younger padawans? Discuss! And thanks for any info!