Single Non-Trads: advice?

[maeryn]

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Brief intro: I’m a 24 year old, “young non-trad” I guess you’d call me. Typical story, didn’t know what I wanted to do, skipped out on community college, etc etc. Finally figured out what I wanted, now going back to school and am gung-ho about it.

Anyhoo, I was wondering what single/dating (not dependant on a spouse or parents) non-trads are planning or are currently doing living-situation wise for med school? I’ve lived in an apartment for a few years now and I know I won’t be able to afford the apartment I’m in now when I quit my full-time job for med school. Do I continue to rent and get a roommate or would buying a condo be a better decision (again with a roommate) in the long run? Also, do you roll living expenses into your loans or get a part-time job when in med school?

If anyone’s gone from living alone for a while to then living with roommates again, any advice on how to handle that situation would be helpful, too, because I know that’ll be hard on me.

I searched a bit and couldn’t find anything that seemed relevant to my situation (one rent vs. buy topic that didn’t seem to provide much info for me) so any help you can give me would be great. 🙂 Thanks in advance!!

 

[Law2Doc]

or would buying a condo be a better decision (again with a roommate) in the long run?

Speaking as a lawyer, you don't want to ever buy a condo or other real estate with a "roommate", or anyone you are not married to or at least directly related to. Many people have gotten burned by this. You never want to put your own property at risk to another's creditors.

 

[Faze2]

As far as I know, you get loans for you living expenses as well, unless you have some other means of income. However, from what I hear, you absolutely do not have time to have any sort of part time job while in med school. The volume of material is too much, and you are pretty much studying when you are not in class, with maybe a few hours here and there of free time. (that's if you want to do well)

 

[maeryn]

As far as I know, you get loans for you living expenses as well, unless you have some other means of income. However, from what I hear, you absolutely do not have time to have any sort of part time job while in med school. The volume of material is too much, and you are pretty much studying when you are not in class, with maybe a few hours here and there of free time. (that's if you want to do well)

And I do. 😉


Law2Doc, I get what you mean. I pretty much had it beaten into me (verbally, no abuse here, LOL) that if I went the buying route, I'd be the only name on the mortgage and then just rent out the second bedroom and draw up some sort of "contract" for their rent. Thanks!! 😀

 

[QofQuimica]

Brief intro: I’m a 24 year old, “young non-trad” I guess you’d call me. Typical story, didn’t know what I wanted to do, skipped out on community college, etc etc. Finally figured out what I wanted, now going back to school and am gung-ho about it.

Anyhoo, I was wondering what single/dating (not dependant on a spouse or parents) non-trads are planning or are currently doing living-situation wise for med school? I’ve lived in an apartment for a few years now and I know I won’t be able to afford the apartment I’m in now when I quit my full-time job for med school. Do I continue to rent and get a roommate or would buying a condo be a better decision (again with a roommate) in the long run? Also, do you roll living expenses into your loans or get a part-time job when in med school?

If anyone’s gone from living alone for a while to then living with roommates again, any advice on how to handle that situation would be helpful, too, because I know that’ll be hard on me.

I searched a bit and couldn’t find anything that seemed relevant to my situation (one rent vs. buy topic that didn’t seem to provide much info for me) so any help you can give me would be great. 🙂 Thanks in advance!!

I'm a single non-trad getting no financial support from my parents. (Boy, that sounds harsh and cold, but I don't mean it that way!) I wound up getting my own apartment without a roommate. I pay a little more that way, but my financial aid worked out where I could afford to do it because I essentially don't pay for transportation. I chose to sell my pickup when I started med school and spend the extra money on having my own place. Most of my classmates did the opposite: they have roommates and kept their cars. You basically have to decide what matters the most of you. You do have enough money to get by, if you prioritize your expenses and you are realistic about what you can afford.

In general, you probably won't be able to work much in med school. I have managed to keep teaching for Kaplan once per week, but the money is not going to be enough to make it worth your while to start teaching if you haven't been doing it already before you start school.

 

[QofQuimica]

And I do. 😉


Law2Doc, I get what you mean. I pretty much had it beaten into me (verbally, no abuse here, LOL) that if I went the buying route, I'd be the only name on the mortgage and then just rent out the second bedroom and draw up some sort of "contract" for their rent. Thanks!! 😀

I think if you buy the condo yourself and rent a room out, you'll be fine. L2D can correct me if I'm wrong, but I believe he was advising you against buying the condo with a roommate going in on the deed with you.

 

[maeryn]

Thanks for all the replies. 🙂 It's certainly easing my anxiety about how I'm going to afford everything.

As for the car situation, QofQuimica, I'm hoping to go to school in Philly (since I lived my whole life 20 minutes outside of it, it seems logical) or somewhere in a city where I can use public transportation or the university shuttles because my car's getting up there in years but is still young enough where if I sell it soon, I'll get a nice chunk of money.

 

[Law2Doc]

L2D can correct me if I'm wrong, but I believe he was advising you against buying the condo with a roommate going in on the deed with you.

Exactly.

 

[DrMidlife]

I lived alone for 8 years before starting my premed postbac. I then sold my big too-expensive house, rented a small house close to school, and put an ad on Craigslist for a housemate.

Who showed up? A former adcom from a top 10 med school , doing a 1 year surgery fellowship here. Our dogs get along great. She studies for her boards while I study for the MCAT. Plus all the other good housemate stuff: we're both over 35 thus housebroken (clean & considerate).

I've enjoyed this so much that at the end of my housemate's fellowship, I'm moving to a bit bigger house so I can live with MORE fellows (or residents). Couldn't be a more compatible lifestyle, and I can't imagine living alone again by choice.

Best of luck to you.

 

[Krisss17]

As a 40 something med student to be, I've done both lived with roommates and not...I prefer the not...I'd rather just downsize (which I did), so that the only one I am responsible for is myself (and my three furry felines).

Krisss17