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paying bills with loan money - how much?

Discussion in 'Medical Students - MD' started by kevweth, Jun 9, 2002.

  1. kevweth

    kevweth Junior Member

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    Can anyone give me an idea of what amount is typically available from loans to pay bills (such as rent/car/food, etc.) after paying tuition and school-related expenses? In other words, if I go to medical school, how much am I going to be able to get from loans to contribute to paying the bills for me and my wife?

    I've read many times where people live off their loans while in med school but have never seen any dollar amounts. I'd like some numbers to do some budget scenarios.

    Thanks
     
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  3. Amy

    Amy Animal Lover
    Physician

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    Here's some of the estimated costs my school gives us to plan our budget:

    Car Insurance... 1,200
    Car Maintenance... 200
    Gasoline... 450
    Rent... 4,500
    Utilities... 900
    Telephone... 720
    Food... 1,800
    Household Insurance... 160

    We use these numbers to figure out how much we need to request in loans.
     
  4. md03

    md03 Senior Member

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    The financial aid office of any school has developed a "budget" on how much you should be able to live on. Be careful, thought, as it often is designed for the traditional medical student (young kid fresh out of undergrad) and expects a particular very austere lifestyle (eg several roommates in a bare bones apartment without time saving things like dishwasher or washer and dryer). Married students are allowed a slighlty higer budget, and you are allowed a child care allowance if approprate (which often doesn't fully cover the true cost) Depending on the school, you may or may not be able to requrest more than the school's budgeted amount. My school requries extensive documentation to approve an amout beyond the budgeted amount, and usually doesn't approve any full extra amount, saying that you are paying too much for whatever you need the extra for (example...I am a nontraditional student changing careers, and when I started medical school, I had a 3 year old car which I was still paying for. I could easily afford the payments on my old salary (roughly $400). The problem was my job had requried me to put lots of miles on it. So I owed more on it than it was worth, and couldn't sell it becuase I would still have had to pay the balance (and thus would not have been able to get a replacement). However, the financial aid office would not approve me for the addtional "beyond budget" amount. So I had to get a part time job!!!

    It will help you enourmously if you (and your wife, if she can) work as much as you can and pay off any debt you can before you start medical school. That way you won't have to be concerned about meeting any budget figures.
     
  5. md03

    md03 Senior Member

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    OOPs, one more thing. Also be aware that in the budget is only for the months that the school year is..eg in your first year it will be from something like Aug-May. Your second year will start in Aug. THerefore, the budget doesnt' include the summer! you are expected to come up with that money on your own.
     
  6. analu

    analu Senior Member

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    Hi kevweth, if I remember correctly, your wife in an RN doing derm research, right? Each school calculates their living expenses differently...I got about $10000/year for being "married, living off-campus." However, I had a high estimated family contribution (EFC, from FAFSA) because my wife will continue to work while I'm in school. The EFC was basically subtracted off the top of the estimated student budget. I do intend to apply for alternative loans to make up the difference.

    The cost of living allowance, if you want to call it that, is only for the basics. Does not cover car payments, credit cards, etc. However, if you can live frugally, you may have funds left over to use at your discretion.

    Best source of info, of course, is to talk to some of the med schools you're interested in (I think you're applying this upcoming cycle, right?) and request to see sample estimated student budgets, based on your current situation. This may give you a rough idea of the amounts involved.
     
  7. Resident Alien

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    In Ohio (correct me if im wrong), living expenses in the budget are roughly 12-15,000 bucks.
     
  8. Drlove9701

    Drlove9701 Member

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    Living expenses and especially rent are very dependent on the school's location, for example, penn state located in a rural area only budgets less than 400 per month for rent, while the university of MD located in downtown baltimore budgets about $750 per month for rent...this is ok cuz these figures are realistic for each school's respective location...as people have said before, speak to the school(s) that you're interested in, or look online, most have catalogs or financial aid info on their websites...and don't worry too much about financial aid until you've been accepted cuz there is a ton of other things you have to worry about before you've been accepted...anyways, good luck
     

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