Student loans and cars

[emidesu]

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As an entering OMS-II, I have been thinking about how I am going to get a drivers' license and a car in order to go on rotations third year. My school tells me loans are not to be used for buying a car. I am wondering how exactly we are supposed to go on away rotations (especially the rural ones) if we don't have a car. I would be perfectly happy not to have a car while in school, but this doesn't seem like an option.
Does anyone understand the logic here? Either a car is necessary to finish my program (in which case it should be covered by financial aid) or it is not. If it were not medical school, I might be able to work enough to pay for a car, but I know I can only handle working one or two shifts per month max, and not at all while studying for boards. At this point I am thinking about trying to put off my away rotations and then get a car loan to spread out the cost.

 

[emeddo]

As an entering OMS-II, I have been thinking about how I am going to get a drivers' license and a car in order to go on rotations third year. My school tells me loans are not to be used for buying a car. I am wondering how exactly we are supposed to go on away rotations (especially the rural ones) if we don't have a car. I would be perfectly happy not to have a car while in school, but this doesn't seem like an option.
Does anyone understand the logic here? Either a car is necessary to finish my program (in which case it should be covered by financial aid) or it is not. If it were not medical school, I might be able to work enough to pay for a car, but I know I can only handle working one or two shifts per month max, and not at all while studying for boards. At this point I am thinking about trying to put off my away rotations and then get a car loan to spread out the cost.

Traveling is an educational expense even in the first few years of medical school. If your school does not account for traveling costs in your annual budget than they are not doing their job.

 

[Doctor Bagel]

Apparently federal guidelines do not allow schools to budget you money for buying, maintaining or insuring a car. However, they can budget you a small amount of money for "transportation," which seems to come out to around $1k or so. If you need to buy a car, you'll have to deduct that money from the financial aid given to you for general living expenses, books or supplies. The good news is that most schools budget you a little more than you need for living expenses, so that gives you some extra cash to make car payments. For example, my school gives us around $1700/month, and you can rent a place here for around $600. That gives you a lot of extra money for all your other expenses, including car payments and insurance.

And yes, I agree it's stupid that they can't specifically budget you money for a car when a car is needed to complete your program. 🙂

 

[mshheaddoc]

I also know students who bought used cars with their "private loan" money as well. Varies by school though how much money you can get above the cost of attendance.