Start up costs for Residency!!

[enigma1800]

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What are the start up costs when starting a residency in a new state and how do we pay for them..???
We probably wont get our first paychecks until 2 weeks to 1 month later...right?

 

[Winged Scapula]

What are the start up costs when starting a residency in a new state and how do we pay for them..???
We probably wont get our first paychecks until 2 weeks to 1 month later...right?

You will most likely get your first check 2 weeks after you start (which will be for the first week worked).

Getting set up, rent and deposit, or mortgage, etc. is expensive and most of us either had a spouse to help out, family or took out loans to get started.

 

[Smurfette]

I took out a loan at the end of med school to help pay for it. Many in my med school class did as well....it was not at all a problem to get financial aid to cover the expenses, as long as you apply 4-6 weeks before your school year ends!

 

[Poety]

I took out that medex loan and asked to have 5K disbursed for residency interviews and 7k for the move.

 

[enigma1800]

wow, $7000 for the move, is that on the high end? Suppose you have to get an apartment, furniture, and alot of miscellaneous...not sure what else...how much do you think you'd need for start up expenses approximately???

 

[Bobblehead]

Limited license fees and temporary DEA number are generally covered by the program as are costs for ACLS and BLS. You'll need standard moving costs which may include first/last month rent, security deposit (i.e. 3 times your monthly rental amount), some furniture/food start-up costs which could amount about $500 or so. Moving costs can vary. If you get free boxes and packing materials, pack everything yourself and use a service such as ABF you could likely complete your move with $2000 or so.

You may wish to budget a little extra for incidental expenses during the move (exceeding your cell phone minutes, more food eating out, gas for the drive/plane ticket cost) as well.