live in a good-sized city [ahem, expensive], PGY2, clearing 1350 q2weeks with taxes/insurance/etc deductions
PGY 1 making about $3,300 per month
Is that your take-home pay? That's better than I would have thought.
Another pay-related question: how soon after starting residency do you begin getting a paycheck?
1-8 weeks. Depends on the pay cycle (Q2w vs. Qmo) and where you land in it when you start. Expect to be unpaid for at least a month.
For the record, that's how things work at just about any other "real" job so don't think you're getting screwed just because you're a resident. The CNAs and administrative assistants that started at the hospital the same day you did are in the same paycheck boat as you are.
Don't forget that you might have the opportunity to moonlight after you start your 2nd year. That will bring in extra income (but be prepared to pay extra taxes in the spring!)
Thanks1-8 weeks. Depends on the pay cycle (Q2w vs. Qmo) and where you land in it when you start. Expect to be unpaid for at least a month.
For the record, that's how things work at just about any other "real" job so don't think you're getting screwed just because you're a resident. The CNAs and administrative assistants that started at the hospital the same day you did are in the same paycheck boat as you are.
That's exactly what I was concerned about, not sure how I'm going to save some money since I don't have any to spare but I guess I'll figure something out, maybe take a little extra out in loans to get me through.Yup. This is something I don't ever remembering mentioned in med school prior to leaving . . . "Hey guys, save some money, because you won't get a paycheck for a month".
July was bad enough the way it was, the eating white bread and american cheese sammiches and whatever I could scavenge from the call kitchen didn't help. I was lucky . . . mom came to visit after two weeks, and because I was too proud to ask for any help, came home one day to find a fridge full of food. God Bless mothers, but times are getting tougher out there, and it might be you don't have that kind of support.
Save some money.
Can anyone explain how can you calculate in advance what will be the take home income based on the salary listed on the benefits in a particular residency website. For example, if someone can calculate a sample one based on a yearly salary of $43,000? Thanks.
What about loans? Are you able to defer or do you have to start paying back during residency? If you do start paying back, how much a month does it run?
I am curious as to how much does a resident make in a month after all deductions etc. I heard a resident say that he gets a paycheck of around $ 1800 after all deductions. His stipend is around $ 3700 pm.
What about loans? Are you able to defer or do you have to start paying back during residency? If you do start paying back, how much a month does it run?
How can i find out which residency programs are eligible for loan forgiveness?
PGY-3 here. About 1450 q2wks take home. In one of the most expensive cities in the country. Thank God I have family money--I pay $2600 for a 1 bedroom apartment--almost my entire take home pay. Almost every other resident I know is taking on debt simply to survive, either that or living like animals.
Sounds like you'd benefit from living with a roommate in a 2 bedroom. Or putting up with a longer commute. Or is that living like an animal?PGY-3 here. About 1450 q2wks take home. In one of the most expensive cities in the country. Thank God I have family money--I pay $2600 for a 1 bedroom apartment--almost my entire take home pay. Almost every other resident I know is taking on debt simply to survive, either that or living like animals.