Residency pay-check

[zestdoc]

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.

 

[LumenOus]

live in a good-sized city [ahem, expensive], PGY2, clearing 1350 q2weeks with taxes/insurance/etc deductions

 

[LadyJubilee8_18]

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

 

[Juxtaglomerular]

PGY 1 making about $3,300 per month

Is that your take-home pay? That's better than I would have thought.

 

[Keg]

This week's pay stub (it's payday - hell yeah!)

---------
EARNINGS PRE-TAX DED TAXES OTHER DED NET PAY CURRENT 1,809.65 34.71 312.59 5.86 1,456.49
DEDUCTIONS CURRENT
DENT HIGH EMP 4.22
HD MED POS EE 30.49
LTD HS AT 2.90
VISION EMP 2.96
CHECKING 1456.49
- gross is 1809.65 per two weeks; net is $1456.49
- above is dental, medical, long term disability (required), and vision for just myself; i live in a city with federal income tax (obviously), state income tax, and local income tax.

 

[LadyJubilee8_18]

Is that your take-home pay? That's better than I would have thought.

Yep take home pay. I think Vandy pays a little more than other places. It also helps that I live in Nashville which is pretty cheap. Not a bad gig.

 

[zestdoc]

Thanks guys! Encouraging.

With $ 1800, I will have to revert back to my grad student life of mac & cheese or may be even Top Ramen. With $ 3300, I should be able to afford Chick-fil-A once in a while.

 

[mama]

Living in Cali, especially SF Bay Area or LA is even worse....we have to live pay-check to pay-check although most pay around 52k on average!

 

[mig26x]

western MA, 1531 bi-weekly. yearly salary 54K as a PGY3.

 

[jdh71]

PGY3 and I take home 3400 a month and thats after health, dental, and visual.

 

[BLKPA2MD]

oops.

 

[ShyRem]

PGY1, take home just shy of $1500 every two weeks. That's after health, dental, vision for self, husband, and two children. And life insurance for self and husband.

 

[DF38]

Another pay-related question: how soon after starting residency do you begin getting a paycheck?

 

[gutonc]

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.

 

[DrJosephKim]

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!)

 

[jdh71]

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.

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.

 

[jdh71]

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!)

With the new work hours, ANY moonlighting counting towards 80, AND 2nd and 3rd year residents having to pick up the slack from the interns who can only work 16 hours . . . I wouldn't count on ANY moonlighting.

Times. Tey is a'changin'.

 

[DF38]

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.

Thanks

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.

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.

 

[blanche]

Definitely agree w/the post above....if possible, try to have some extra 'cushion' in your checking acct starting out, b/c moving is expensive if you are changing cities/apts, and you won't see your first check immediately....and then, perhaps it will be a paper check while they are getting your direct deposit set up meaning it will take a number of days to clear

One thing that can help things out while you're getting settled and used to wait your expenses are, is to wait to start retirement/401k/403b contributions until you have a bit saved for living expenses (if you think you are going to have $$ to contribute). Unlike other deferrals such as health/dental, you can ususually change these deductions any time, not just during open season

 

[pelirroja77]

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_love_UMKC]

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.

 

[jdh71]

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.

divide by 12, then multiple by .75

that will be a good estimate

 

[gutonc]

divide by 12, then multiple by .75

that will be a good estimate

http://www.paycheckcity.com

 

[Juxtaglomerular]

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?

This is a pretty good resource that the AAMC has launched recently: https://www.aamc.org/services/first/

The Medloans calculator gives payment schedules for the most commonly used repayment plans.

 

[randomedstudent]

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.

I net just over $3000 per month after taxes/insurance as a third year resident in the midwest. As an intern I think it was about $2800 but current intern salary is higher than mine was.

 

[randomedstudent]

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?

My husband is also a resident. Our combined salary is about $103,000/annual. We pay the full amount on our loans, no income-based adjustment. It amounts to $1180/month (which is more than our mortgage ). Yes, our combined loans are vastly lower than most 2 resident couples - I had a scholarship to cover tuition and saved on living expenses only having one household. That said, in a lower cost of living city it is very doable to pay a good amount on your loans. If at all possible you really want to try to at least pay off the interest to keep it from compounding. Many residents are blindsided when they complete residency and then open their first "bill" after deferment/forebearance/whatever and see how much their loans have ballooned.

 

[housedivided2020]

How can i find out which residency programs are eligible for loan forgiveness?

 

[Siggy]

How can i find out which residency programs are eligible for loan forgiveness?

Is the hospital that the residency out of a non-profit or government (county) hospital? Then yes, you are eligible.

Is it a for profit hospital (e.g. HCA hospital)? If yes, then you are not eligible.

 

[Acoustic]

Approx 2100 every 2 weeks after all benefits and taxes (including 100% medical, no deductible). PGY 1. But live in one of the most expensive areas of the country where rent is around 2000 for a one bedroom.

 

[VentJockey]

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.

 

[Crayola227]

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.

Thank you, I don't know if it was this thread or another where I mentioned some residents selling plasma for food money and like everything I say it was belittled, like there's no way that would happen on a resident salary unless they were making poor financial choices. Never ceases to amaze me how things being roses in one person's situation somehow means the **** in someone else's is impossible.

Resident salaries are very similar across the country, a blessing and curse; thankfully most cities are livable on a resident salary, however that same salary can be dogsmeat in a few of our most expensive cities.

 

[Raryn]

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?

Look, not being able to make it on $45-55k a year in *any* metropolitan area (note: area, not city) is due to personal choices 99 times out of 100, not because you're not being paid enough. Yes, San Francisco or Manhattan suck. But you either A) put up with being stretched thin B) have roommates (and still be stretched thin) or C) put up with a commute. You knew what you were getting yourself into when you ranked that program.

The 100th time? It's due to personal circumstances completely out of control, like a disabled child. If that's you (which it doesn't sound like), that sucks. I'm sorry and wish you the best.

 

[Captain DO]

Dang! When I was working full-time before med school my take home every 2 weeks was about 650. And I felt I lived comfortably. I'm gonna feel rich in residency.