Paying for things while in med school??

[estradiol9]

Do medical students typically take on part time jobs while enrolled? I work part time and take out some federal loans to cover all my expenses now while I live at home and commute to school as an undergrad.

I am a bit worried because obviously medical school is much more expensive AND I will most likely have to move out. I don't get any financial help from my parents. Is it possible to apply for loans to cover rent and bills as well?

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[phnerd1105]

Do medical students typically take on part time jobs while enrolled? I work part time and take out some federal loans to cover all my expenses now while I live at home and commute to school as an undergrad.

I am a bit worried because obviously medical school is much more expensive AND I will most likely have to move out. I don't get any financial help from my parents. Is it possible to apply for loans to cover rent and bills as well?

I believe you're allowed to take out loans for the total value of the Estimated Cost of Attendance, which includes projections for rent, supplies, books, and other necessities. I would also start saving up a bit if you don't already, just so you don't have to take an absurd amount out for loans.

 

[estradiol9]

I believe you're allowed to take out loans for the total value of the Estimated Cost of Attendance, which includes projections for rent, supplies, books, and other necessities. I would also start saving up a bit if you don't already, just so you don't have to take an absurd amount out for loans.

I know for undergrad they do that. My cost of attendance for the academic year is approx. $30 grand but my tuition/fees/parking only accumulates to about half that. I think private loan companies will allow you to borrow up to that cost of attendance minus any other financial aid.

I suppose I should do more research on how federal loans work in med school.

Is it easier to qualify for any financial aid in med school? I qualify for zilch now because I am a dependent and my parents' income is too high I guess -_-. But once you graduate you are considered an independent aren't you?

 

[deleted357625]

I think the loan you'll get for med school covers personal expenses which goes to estimated cost of attendance

 

[phnerd1105]

I think the loan you'll get for med school covers personal expenses which goes to estimated cost of attendance

Yep. You shouldn't take that much out in loans, however, unless absolutely needed. Try looking into other scholarships/job opportunities before school

 

[Narmerguy]

The total COA you're allowed to take out in loans is typically much more than you will actually need and you should have no need to get a second job to pay for stuff.

 

[SoyRicoSuave]

Don't get a part time job. I can't imagine a part time job that pays that much money and seeing as you'll be in over 100k of debt most likely what is the job really going to make you? Just worry about studying there will always be enough loan money from staford grad plus and outside sources

 

[NERDY]

It is very hard to work and go to med school. However, I do know some med students who teach test prep.

 

[UNMorBUST]

I know for undergrad they do that. My cost of attendance for the academic year is approx. $30 grand but my tuition/fees/parking only accumulates to about half that. I think private loan companies will allow you to borrow up to that cost of attendance minus any other financial aid.

You can recieve up to COA with federal loans. Every med student is allowed up to ~40k with sub and unsub stafford loans. Everything above that can be covered by federal grad student+ loans. However, those are credit based to qualify. Never get private loans unless you have no other choice.

 

[jm192]

I freaked out about this before I started.

The AAMC, if they haven't already, will e-mail you with a lot of stuff regarding financial aid. There is a budget calculator application, which really helped calm me down. You may be able to google AAMC budget calculator and check it out now if they haven't already e-mailed you.

And, you can really do this on your own---just make sure to account for everything, including those small random automobile expenses. Estimate on the high end for things you don't know certainly. Your school has a cost of attendance sheet somewhere available.

Try to get in touch with your school and see what you'll need to pay for, what's optional, etc. There are some optional things which you will still be able to take out the money for, and then just hold onto if you're worried about expenses.

Lastly, if you're working/able to, try to save up some $$$ prior to the start. You'll have to be able to pay rent/deposit/utilities/turn-on fees,have groceries, maybe a little money for fun with your new classmates before class starts. We got our loans on the 5th of the 1st month---AFTER everything was due. So, just be aware that that's something you can run into.

 

[Myuu]

Test prep can be a miserable, miserable job if you haven't taken the MCAT recently, btw.

Even still, I only had time for it during the summer. The most you could do (ideally) during the school year (maybe) is individual tutoring.

 

[alwaysaangel]

Is it easier to qualify for any financial aid in med school? I qualify for zilch now because I am a dependent and my parents' income is too high I guess -_-. But once you graduate you are considered an independent aren't you?

Yes and no.

It really depends how high your parents income is. Its easier to qualify [for 'free money' eg grants/scholarships] because med school is more expensive than undergrad. However the whole 'independent' status won't do you much good. Pretty much every school still requires you to give your parental income for free money (otherwise there is no way to compare a bunch of people in their mid-20s who won't be working for the next 40 years).

In general, if your parents make more than 100k/year you are unlikely to get any need-based aid.

But they will give you enough loans to cover all your costs.

As far as your original question about working part-time. I worked part-time in med school. 1st year, 2nd year and 4th year. I didn't need to but I had too much free time on my hands and wanted more spending money. I taught for Princeton Review teaching MCAT (I had taught prior to med school - teaching your first class during med school would probably be a bad idea) and I did private tutoring. Paid pretty good.

 

[phltz]

Do medical students typically take on part time jobs while enrolled? I work part time and take out some federal loans to cover all my expenses now while I live at home and commute to school as an undergrad.

I am a bit worried because obviously medical school is much more expensive AND I will most likely have to move out. I don't get any financial help from my parents. Is it possible to apply for loans to cover rent and bills as well?

You can get loans to cover living expenses.

You should only consider working for money if you can find a job that either pays extremely well or which furthers your medical career. If you have the right skills and/or attributes, you might be able to find a bit of highly lucrative work as a consultant, tutor, or stripper. If so, take it. Working in a research lab might be worth doing for low pay, if you're getting experience, making contacts, and coauthoring papers.

Working in retail or food service is almost certainly not worth it as a medical student.

 

[Lil Mick]

A few of us have jobs during medical school, but they are mostly research and test prep (working around the schedules our school puts us on). It is very hard to have a job that doesn't understand that medical students are required to do a lot without much input into their schedules.

Most of my classmates have loans to cover tuition and living expenses. Scholarships are nice, but there are only a few per school (usually) that cover everything (and are mostly for MSTP students or the top students in your class).

 

[bassvp]

I worked part-time in med school. 1st year, 2nd year and 4th year. I didn't need to but I had too much free time on my hands and wanted more spending money.

ftw

 

[Phil Dunphy]

Just as an example, here's my school's budget which they base their loan amounts on: http://www.finaid.msu.edu/read/budcom.pdf

 

[glasshalfMD]

You can recieve up to COA with federal loans. Every med student is allowed up to ~40k with sub and unsub stafford loans. Everything above that can be covered by federal grad student+ loans. However, those are credit based to qualify. Never get private loans unless you have no other choice.

$47,167. Ingrained in my head since the day I said, sure, I'll take all of it. At least I'm avoiding Grad plus this year...

 

[a123456789]

Loans loans loans...

 

[NickNaylor]

OP, using just the budget the school provides for all students I will be able to pay for: my own apartment, all necessary personal expenses, all school-related expenses, and still have some money for unimportant/fun things. Of course this is all in loans, but you shouldn't need to work unless you have some weird situation where you're a single parent or your spouse can't/doesn't work.

 

[Myuu]

Ooooor, you have a nasty mishap and need to pay off a rather aggressive hospital billing department.