dfk84

10+ Year Member
Jan 24, 2008
5
0
Status
Pre-Medical
Hey guys, so I was wondering if anyone else is in the same boat I am in regarding their credit card balance going into med school. I'll be starting this coming fall and with all the secondaries, interviews, and normal day to day living have racked up a couple grand in credit card debt. There's loan debt from undergrad too, but as I'll be deferring that once starting back up I'm not too worried about it. I'm working and trying to pay off what I can, but after I pay my bills at the end of the month I don't have a great deal left to try and pay off what I can. Not to mention paying for background checks, apartment waitlist spots, unexpected car problems, and up coming moving expenses I'm not forseeing any way to pay it off in the next few months. Haha, ok so this has turned into more of a rant than a question, but was just wondering if people had any ways of dealing with this or gone through this while in med school? I have no family who can help me, and if anything have them hitting me up for money as I'm going to be a rich doctor :rolleyes: Do you just carry the balance and pay as much as you can each month to keep from ruining your credit?
 

mrsgoomba

10+ Year Member
Mar 15, 2008
12
0
Status
Pre-Medical
Wouldn't it be nice to not be a "financial island"? I understand your pain. Applying to med school and trying to make it in a monetary black hole is unfortunate. Personally, I joined the Air Force HPSP which comes with a signing bonus and stipend that is adequate for solving the problem. However, I have wanted to serve in the military and have viewed that as a part of the dream of becoming a physician. You could always get the credit card debt consolidated into a lower interest loan. That was the advice I have heard often. Good luck!
 

Live4Life

Junior Member
10+ Year Member
Mar 9, 2006
763
3
Status
Resident [Any Field]
I don't know how expensive your medical school will be per year, but if your tuition and living expenses do not exceed the stafford loan limit of ~$30 something thousand a year (including both subsidized and unsubsidized loans), then use the excess loan to pay off your credit card debt since the interest rate on the federal stafford loan will be much lower than the interest on your credit card. This might not work if your medical school is so expensive that you will have to take out Plus loans (unless the interest rate on your Plus loan is less than that of your credit card, which it may very well be).
 
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