Saving for residency interviews

[Blue Blood]

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So I did some searching and only found a small amount of information on the topic.
To current or past ms-4s, how did you, or plan to, pay for residency interviews?
I come from a family that won't be able to help me out and it seems the med schools I have been accepted to do not include the thousands of dollars needed for residency interview expenses.

The only thing on sdn that I have seen is saving a little bit of your loan money each year to cover expenses. Is this ideal? How did you do it?

Edit: mods if this belongs in the financial section, please move. My apologies.

 

[SoyMilk]

I took maximum loans and saved what i didn't use starting in 3rd year. Then i took the residency expenses loan my med school offered . Lastly, anything else was on the credit card. I spent about 7k to attend 16 interviews. You will also need to aave for ERAS, step2cs, and second looks

 

[Blue Blood]

I took maximum loans and saved what i didn't use. Then i took the residency expenses loan my med school offered . Lastly, anything else was on the credit card. I spent about 10k

So med schools offer specific loans for residency expenses?

 

[SoyMilk]

Mine does

 

[Blue Blood]

I'll have to check it out. Thanks

 

[NotTheBestUSMLE]

I should have $$ left over from my funded 5th year that will go to the general living expenses/residency interviews pot.

Don't forget a new suit, shoes, belt, shirt, (x2?), +- luggage. That's another $300-$1500. I'm planning to spend a decent amount to get an actually decent fit.

 

[Jabbed]

How much does this end up costing on average? Spent a few K on apps, flights, and lodging for med school interviews. Should I start hoarding loan money in third year?

 

[fancymylotus]

have your significant other pay for it for you. yay 😡😡😡

 

[giantswing]

How many programs are you applying to? Thats a huge factor.

Also local vs lots on the other side of the counrty make a difference.

So far Ive spent at least 5k. Saved a ton of money renting a car and driving vs flying, but my so loves road trips.

 

[fancymylotus]

How many programs are you applying to? Thats a huge factor.

Also local vs lots on the other side of the counrty make a difference.

So far Ive spent at least 5k. Saved a ton of money renting a car and driving vs flying, but my so loves road trips.

See..I wouldnt mind a three hour road trip, but a thirteen hour one? Or something else cray cray like that? That would require a great number of McDonalds strawberry milkshakes(dont judge me)

 

[Blue Blood]

How many programs are you applying to? Thats a huge factor.

Also local vs lots on the other side of the counrty make a difference.

So far Ive spent at least 5k. Saved a ton of money renting a car and driving vs flying, but my so loves road trips.

I don't start for a few more months. Just trying to get a financial plan in order. Getting done with med school interviews, I have spent ~4-5k for apps/traveling so I could imagine reaching ~10k for residency related expenses.

From past exposure/research interests, I'm looking at rads, rad onc. But that may change with time. From my understanding these are fields where one "applies widely."

 

[operaman]

I set aside money each semester. You get seven checks before interviews. Divide accordingly. Had 10k saved. Should be enough. Definitely pricey. But cheaper than not matching.

Beware of additional non federal loans. They may have different repayment terms and will not be eligible for ibr or paye. Still, you gotta do what you have to do.

 

[SoyMilk]

I set aside money each semester. You get seven checks before interviews. Divide accordingly. Had 10k saved. Should be enough. Definitely pricey. But cheaper than not matching.

Beware of additional non federal loans. They may have different repayment terms and will not be eligible for ibr or paye. Still, you gotta do what you have to do.

Many in my class (myself included) tried to get private loans for residency as our money became exhausted (or credit cards maxed) throughout the interview season. We were all denied. I wouldn't count on being able to get private loans.

Don't count on being able to get all your interviews conveniently scheduled. Costs of travel are minimized for those in the middle of america, esp Dallas. For those on the West Coast, flying to the south midwest or NY can cost between 600 - 1000 dollars. Most residency programs will not cover the cost of hotels, food, etc.

 

[Steege305]

I took out a residency travel and relocation loan this year. By the time I paid myself back for away rotation expenses (travel, rent, etc), a new suit, applications, and travel expenses (last minute plane tickets, accommodation, rental cars) I burned through several + several thousand dollars with a few thousand left over to move for residency if I need to.

 

[giantswing]

See..I wouldnt mind a three hour road trip, but a thirteen hour one? Or something else cray cray like that? That would require a great number of McDonalds strawberry milkshakes(dont judge me)

I know it was not my first choice. Threre may or may not have been a good deal of chocolate milkshakes and fries involved

 

[LoveIR]

I don't start for a few more months. Just trying to get a financial plan in order. Getting done with med school interviews, I have spent ~4-5k for apps/traveling so I could imagine reaching ~10k for residency related expenses.

From past exposure/research interests, I'm looking at rads, rad onc. But that may change with time. From my understanding these are fields where one "applies widely."

Going into Radiology. Most years I took less than the full loan amount offered, but 4th year I took it all, which was about an additional $10K. Between Step 2 (nearly $2K), ERAS, and interviews that money is all gone, and that was with driving as much as possible, staying with friends when possible, etc. went on about 20 interviews including prelims and TYs.

 

[PL198]

Many in my class (myself included) tried to get private loans for residency as our money became exhausted (or credit cards maxed) throughout the interview season. We were all denied. I wouldn't count on being able to get private loans.

Don't count on being able to get all your interviews conveniently scheduled. Costs of travel are minimized for those in the middle of america, esp Dallas. For those on the West Coast, flying to the south midwest or NY can cost between 600 - 1000 dollars. Most residency programs will not cover the cost of hotels, food, etc.

You don't have to interview all over the country.... If you live in CA and are short on cash, trying to do a bunch of east coast interviews probably isn't a good move..

 

[tantacles]

You don't have to interview all over the country.... If you live in CA and are short on cash, trying to do a bunch of east coast interviews probably isn't a good move..

Ah, the joys of being in medical school in the midwest . . .

 

[Blue Blood]

You don't have to interview all over the country.... If you live in CA and are short on cash, trying to do a bunch of east coast interviews probably isn't a good move..

I'll be in the northeast for medical school, but I'll be looking at the SE and south in general for residency. I can't take winters anymore. I hate the cold so the Midwest is out and lots of driving/flying to interviews is in.

 

[NotTheBestUSMLE]

I'll be in the northeast for medical school, but I'll be looking at the SE and south in general for residency. I can't take winters anymore. I hate the cold so the Midwest is out and lots of driving/flying to interviews is in.

Same here.

Plus the decreasing length of day in the northern latitudes during winter and the generally cloudy weather of this locale. When on rotations, can go days without directly seeing the sun.

 

[Blue Blood]

Same here.

Plus the decreasing length of day in the northern latitudes during winter and the generally cloudy weather of this locale. When on rotations, can go days without directly seeing the sun.

Yeah, when it's 4 o'clock and getting dark it's just a tad depressing. On top of that I'm working a lot, so the sun is a rare occurrence for me.

We just had wind chill temps. as low as -15. So if the average winter temp is above 32 I'm cool with that state!
Midwest states where the wind chill can be -30 or something to that order, God Bless Your Poor Souls.

 

[PL198]

I'll be in the northeast for medical school, but I'll be looking at the SE and south in general for residency. I can't take winters anymore. I hate the cold so the Midwest is out and lots of driving/flying to interviews is in.

yeah tbh when I originally read this thread I thought it was complaining about the cost of interviewing for some reason, but I just re-read all the posts and no one has done that, it's basically just about the logistics so my b

 

[Blue Blood]

yeah tbh when I originally read this thread I thought it was complaining about the cost of interviewing for some reason, but I just re-read all the posts and no one has done that, it's basically just about the logistics so my b

I would like opinions on either. I'm just curious how people squeeze ~3k out of their coa each year to save up at this point. Seems like everything is minimal already.

 

[Apoplexy__]

I would like opinions on either. I'm just curious how people squeeze ~3k out of their coa each year to save up at this point. Seems like everything is minimal already.

I've worked in the library, tutored undergrad math, and done some freelance work over MS1-3 to earn some cash on the side. I've been socking the money away into a mutual fund instead of a savings account and earned a nice 25% extra over the time I've had it in there.

Also, if you have a roommate the COA quickly becomes superfluous.

 

[Blue Blood]

I worked in the library and tutored undergrad math a bit in MS1 to earn some cash on the side. I socked the money away into a mutual fund instead of a savings account and earned a nice 25% extra over the time I've had it in there.

Also, if you have a roommate the COA quickly becomes superfluous.

I have a fiancée, soon to be wife. She will be able to help, but she has loans to cover with minimal job prospects so I'm playing it safe.

 

[Apoplexy__]

I have a fiancée, soon to be wife. She will be able to help, but she has loans to cover with minimal job prospects so I'm playing it safe.

Yeah. Even if she can only contribute $250/mo of rent though, that's $9k extra by the beginning of MS4.

 

[Blue Blood]

Yeah. Even if she can only contribute $250/mo of rent though, that's $9k extra by the beginning of MS4.

I'm semi considering HPSP so this may all be a moot point. Just keeping all my options open.

Thanks for the input guys/gals!

 

[NotTheBestUSMLE]

Yeah, when it's 4 o'clock and getting dark it's just a tad depressing. On top of that I'm working a lot, so the sun is a rare occurrence for me.

We just had wind chill temps. as low as -15. So if the average winter temp is above 32 I'm cool with that state!
Midwest states where the wind chill can be -30 or something to that order, God Bless Your Poor Souls.

Honestly it's not as bad in cities where driving is easy/expected. Public transit makes cold weather a million times worse.

I've worked in the library, tutored undergrad math, and done some freelance work over MS1-3 to earn some cash on the side. I've been socking the money away into a mutual fund instead of a savings account and earned a nice 25% extra over the time I've had it in there.

Also, if you have a roommate the COA quickly becomes superfluous.

Depends where you live. We're budgeted for 1-2 roommates here. No one can afford to live solo otherwise. I'm straining the budget WITH a roommate.