Why are living costs are listed ~ 30K for most of the medical schools?

[TooMuchResearch]

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So true.

I know this isn't the route usually taken... but I'm planning on living like a student/resident after I graduate until ALL of my student loans are paid off. This CAN BE done within a few years. I don't care if possible inflation makes the debt less daunting... I just want to get it paid off ASAP.

Your idea isn't terrible 👍

 

[alwaysaangel]

So true.

I know this isn't the route usually taken... but I'm planning on living like a student/resident after I graduate until ALL of my student loans are paid off. This CAN BE done within a few years. I don't care if possible inflation makes the debt less daunting... I just want to get it paid off ASAP.

some do it. Its pretty rare though. Mostly its rare because by the time you get through undergraduate and medical school and residency you are 30! Or close to it. Its easy as a 21 year old premed to plan to pay your loans off your first year or two as an attending but usually priorities change. Its pretty darn depressing to watch all your friends buy houses, get married, have kids, go on vacations, buy cars, etc etc etc. The older you get the harder it becomes to convince yourself to put it off for a few more years. You have to live your life eventually.

 

[fahimaz7]

do you drive a lexus IS or a 3 series or something?

This is how pathetic this thread is. If you knew anything about finances or adult responsibilities, you would know that a normal car payment for a $30k car is somewhere between $650 and $850/month, depending on whether or not you finance it for 36 or 48 months.

I drive a used SUV, which I purchased for $15k after a $5k trade-in.

I can't wait for you guys to realize how expensive being an adult is.

 

[Geekchick921]

This is how pathetic this thread is. If you knew anything about finances or adult responsibilities, you would know that a normal car payment for a $30k car is somewhere between $650 and $850/month, depending on whether or not you finance it for 36 or 48 months.

I drive a used SUV, which I purchased for $15k after a $5k trade-in.

I can't wait for you guys to realize how expensive being an adult is.

I think he's getting those commercials with the lease payments confused for actually BUYING the car.

Damn kids...

 

[RogueUnicorn]

This is how pathetic this thread is. If you knew anything about finances or adult responsibilities, you would know that a normal car payment for a $30k car is somewhere between $650 and $850/month, depending on whether or not you finance it for 36 or 48 months.

I drive a used SUV, which I purchased for $15k after a $5k trade-in.

I can't wait for you guys to realize how expensive being an adult is.

yo you pay 0 a month when your dad just comes in and puts down the cash! suckaazzzzz!!one1! lololol

yea but seriously.

 

[Narmerguy]

I do believe chicken and fish fall under the "meat" category. If you mean "red meat" as in cow, every blue moon.

Very very small amount of meat in your daily diet (a few slice of chicken in a lunch sandwhich?). Not making a value judgement about this at all, just pointing out that it's very easy to miss.

 

[Slack3r]

I do believe chicken and fish fall under the "meat" category. If you mean "red meat" as in cow, every blue moon.

Missed the sandwich part.

Very very small amount of meat in your daily diet (a few slice of chicken in a lunch sandwhich?). Not making a value judgement about this at all, just pointing out that it's very easy to miss.

Word up.

 

[mauberley]

damn kids...

...get off my lawn!

 

[Kaustikos]

Your idea isn't terrible 👍

No, that's not a good idea. I've seen pharmacists/doctors/lawyers say the same thing to me - Don't fret about your student loans/make it your priority. You do that and you'll add more unnecessary stress. I've lived the cheap life for 4 years and I'll sacrifice the "extra" payments to have the benefit of not worrying about finances. I have the strange feeling that people who are saying "I'm going to live the cheap life 4EVER!" are the ones who haven't lived life outside of school and are going to be rudely awakened by the realities of living cheap.

 

[Geekchick921]

...get off my lawn!

Thank you.

*Waves cane threateningly*

 

[texahn]

dont people put up a couple thousand in the beginning then pay off monthly??

 

[Swagster]

bar costs?

Exactly!

 

[TooMuchResearch]

This is how pathetic this thread is. If you knew anything about finances or adult responsibilities, you would know that a normal car payment for a $30k car is somewhere between $650 and $850/month, depending on whether or not you finance it for 36 or 48 months.

I drive a used SUV, which I purchased for $15k after a $5k trade-in.

I can't wait for you guys to realize how expensive being an adult is.

My car cost under $2k with no trade-in. It runs beautifully and is insured for about $50/month. Being an adult doesn't need to be that expensive.

No, that's not a good idea. I've seen pharmacists/doctors/lawyers say the same thing to me - Don't fret about your student loans/make it your priority. You do that and you'll add more unnecessary stress. I've lived the cheap life for 4 years and I'll sacrifice the "extra" payments to have the benefit of not worrying about finances. I have the strange feeling that people who are saying "I'm going to live the cheap life 4EVER!" are the ones who haven't lived life outside of school and are going to be rudely awakened by the realities of living cheap.

I don't live cheaply. I eat well. I buy drinks for friends. I drive even though I could take public transportation. I also worked after college. At my place of employment, the young people with student loan payments were driving cars that cost between 30-50% of their annual salaries. The wealthy boss that took the kids on frequent vacations drove a 20+ year old car.

There is no need to keep up with the Joneses. We never actually see them anyway 😉

 

[fahimaz7]

My car cost under $2k with no trade-in. It runs beautifully and is insured for about $50/month. Being an adult doesn't need to be that expensive.



I don't live cheaply. I eat well. I buy drinks for friends. I drive even though I could take public transportation. I also worked after college. At my place of employment, the young people with student loan payments were driving cars that cost between 30-50% of their annual salaries. The wealthy boss that took the kids on frequent vacations drove a 20+ year old car.

There is no need to keep up with the Joneses. We never actually see them anyway 😉

Autotrader.com

We found 6 used listings within 25 miles of Augusta, GA .
You searched for:
Car Type: Used Cars
Year Range: 1981 - 2012
Price Range: Max. $2,500

Used 1994 Cadillac Seville SLS
* 181,929 miles
* Blue
Heck yea! I bet that beauty purrs!

 

[coldweatherblue]

I can't wait for you guys to realize how expensive being an adult is.

fwiw, most of my friends in med school spend about half of what you budgeted on living expenses. I spend a little less than half overall and have a comfortable life.. stress in my life is related to med school, financial **** doesn't matter.

and I likely won't spend $15k on a car till after residency (and I've always been pretty into cars/driving..). that's exactly 5x more expensive than the most expensive car I've owned haha.

 

[fahimaz7]

fwiw, most of my friends in med school spend about half of what you budgeted on living expenses. I spend a little less than half overall and have a comfortable life.. stress in my life is related to med school, financial **** doesn't matter.

and I likely won't spend $15k on a car till after residency (and I've always been pretty into cars/driving..). that's exactly 5x more expensive than the most expensive car I've owned haha.

Some people didn't go straight to medical school like yourself. Some people live in the dorms and ride a bike to class everyday. Some people don't have any medical or dental expenses, and don't budget for them incase they get hit on the way to school. Some people are also hermits.

🙂

 

[45408]

do you drive a lexus IS or a 3 series or something?

You ever had a car payment? $350 is pretty low. My brother bought a used 2008 Explorer for around $20K, and his payment is over $500/month. You'd wet your pants if you saw the payment for a Lexus or BMW.

My car cost under $2k with no trade-in. It runs beautifully and is insured for about $50/month. Being an adult doesn't need to be that expensive.

My car was $10,000 in 2005, and it runs like a rented mule with 165,000 miles on it. I only put up with it because my commute is under a mile, but a $2000 car usually doesn't get you very much.

 

[45408]

dont people put up a couple thousand in the beginning then pay off monthly??

Yes, but it's still pretty obvious that you don't seem to know how much installments are on a reasonably priced car, let alone an expensive one. Start using a loan calculator website before you embarrass yourself any further.

 

[texahn]

yeah i used it. 350-400 a month on a 27k car with 10000 at signing for 36 months.?

 

[Geekchick921]

yeah i used it. 350-400 a month on a 27k car with 10000 at signing for 36 months.?

Comes out to less than 25K. 😕

 

[texahn]

youre right its like 500 bucks lol

 

[mauberley]

[never mind]

 

[circulus vitios]

Who the hell buys a brand new car as a med student? You can get something nice for $10k or less and drive it until the wheels fall off. An '07 Chevy Cobalt is like $8k with 30k miles.

 

[dragon529]

It's all a choice thing... people who are into cars will spend more on the driving experience than just a crappy commute car. Plus all the after market cosmetic mods... ECU upgrades... springs.. downpipes.. etc. As long as you don't end up living on the streets as a med student, how you allocate the money you have is all up to you

(There's a auto show down at SD this weekend if anyone is interested 😀)

 

[TooMuchResearch]

You ever had a car payment? $350 is pretty low. My brother bought a used 2008 Explorer for around $20K, and his payment is over $500/month. You'd wet your pants if you saw the payment for a Lexus or BMW.


My car was $10,000 in 2005, and it runs like a rented mule with 165,000 miles on it. I only put up with it because my commute is under a mile, but a $2000 car usually doesn't get you very much.

I must just be lucky 😀 The under $2k vehicle runs like a dream with about 170k miles. It's about 15 years old.

Buying vehicles from friends, family, or old people works pretty well. Hopefully, your friends and family will be less likely to screw you, and old people tend to be better at routine maintenance; just make sure they haven't driven the car through the front of the local grocery store 😉

If you're somewhat handy with a wrench, you can probably pick up a decent 15 year old BMW for $5k or less. My friend used to drive one, and it was a very comfortable ride. I have another friend that has never spent more than $1k on a car, and they tend to last over a year.

 

[ILikeDrugs]

A brand new motorcycle will cost you about $250 and that will cover the monthly payment, gas, and insurance. 😎

 

[TooMuchResearch]

Autotrader.com

We found 6 used listings within 25 miles of Augusta, GA .
You searched for:
Car Type: Used Cars
Year Range: 1981 - 2012
Price Range: Max. $2,500

Used 1994 Cadillac Seville SLS
* 181,929 miles
* Blue
Heck yea! I bet that beauty purrs!

Haha...I wouldn't touch a 16 year old Cadillac unless I first won a lifetime supply of motor oil 😛 Same goes for Saturns.

 

[DbDan]

It's all a choice thing... people who are into cars will spend more on the driving experience than just a crappy commute car. Plus all the after market cosmetic mods... ECU upgrades... springs.. downpipes.. etc. As long as you don't end up living on the streets as a med student, how you allocate the money you have is all up to you

(There's a auto show down at SD this weekend if anyone is interested 😀)

My Z is just begging for an exaust, rims and sideskirts to copmlete my kit... So hard to try to save money while working now instead of tossing everything I make into my car

 

[sustentacular]

Rent $450
DirectTV $70
Cable Internet $65
Heating/Air $100 average
Water etc $40
Cell phone $80
Car payment $350
Car Insurance $90
Gasoline $100
Health Insurance $130
Textbooks, supplies, etc $100/mo
Healthcare/Prescriptions/dental/etc $50

Food $300
Eating out $200
Travel $100
Clothes $50

=$2,175/month on average for a grown adult with a car payment and no parental support.

PS. You can't compare your "cost of living" in college to what it is going to take to fully support yourself in medical school. If you aren't getting parental support, and want to have any form of independence and sanity, it's going to take more than crates of ramen noodles and packets of instant lemonade.

At one school's financial aid presentation we were informed that they cannot take into account a car loan payment when deciding how much you can borrow, but would allow for car insurance/gas.


Also, I think people are greatly over estimating the cost of ramen, if you only ate that for every meal you'd probably only have to spend like $10 a month on food.

 

[courtnes]

At one school's financial aid presentation we were informed that they cannot take into account a car loan payment when deciding how much you can borrow, but would allow for car insurance/gas.


Also, I think people are greatly over estimating the cost of ramen, if you only ate that for every meal you'd probably only have to spend like $10 a month on food.

I dunno man, ramen used to be $.15 here (or less) and now it's $.39 a package. Buying in bulk would probably help that though.

And, you'd get seriously sick if you tried to subside on only that.

 

[kami333]

At one school's financial aid presentation we were informed that they cannot take into account a car loan payment when deciding how much you can borrow, but would allow for car insurance/gas.


Also, I think people are greatly over estimating the cost of ramen, if you only ate that for every meal you'd probably only have to spend like $10 a month on food.

You aren't supposed to use financial aid money for car loans, but if you have one you have to come up with a way to pay for it so you over-budget for other things and pay it with the excess.

Assuming all you eat is ramen, and you buy them bulk at 5cents/pack you would spend about $7.50 a month in order eat 5 packs/day for a about 2000kcal/day. Of course I haven't seen ramen at that price in a while, usually the cheapest you can usually get them is about 10cents/pack. If you go this route remember to only use half the flavoring packets (they are usually 1000mg+ sodium each) and hit up some free veggie plates at talks to get enough vitamins.

My grocery bill in college used to be around $20-$50/month, it's pretty hard to consistently eat a sustainable diet for less than $1/day. I used to do things like buy bulk pasta and eat them with free condiments from the cafeteria like ketchup and bbq sauce (honey mustard spaghetti is gross, but tabasco and peanut butter make a passable thai-inspired spaghetti).

 

[sustentacular]

I dunno man, ramen used to be $.15 here (or less) and now it's $.39 a package. Buying in bulk would probably help that though.

And, you'd get seriously sick if you tried to subside on only that.

Oh I don't think anyone should actually try it, although now I'm curious as to how long you'd have to eat only ramen to start to get sick. The last time I bought it they were 10/$1.

You aren't supposed to use financial aid money for car loans, but if you have one you have to come up with a way to pay for it so you over-budget for other things and pay it with the excess.

Right, I just meant that the estimated car loan payment isn't included in the 30k for living expenses the OP was talking about.

 

[courtnes]

I think it took my boyfriend a few months to get sick. Mind you, he tried this when he was much younger/before we met.

And I remember 10/$1, but I think that stopped when I was still in college.

 

[kami333]

Right, I just meant that the estimated car loan payment isn't included in the 30k for living expenses the OP was talking about.

It isn't explicitly included, but schools also know that some people do have them and need to pay for them which is why they use such a high number.

Being able to borrow 30k for living expenses and not having to is great. Only being able to borrow 20k, but then needing an extra 10k for some unexpected expense is not so great.

 

[sustentacular]

It isn't explicitly included, but schools also know that some people do have them and need to pay for them which is why they use such a high number.

Being able to borrow 30k for living expenses and not having to is great. Only being able to borrow 20k, but then needing an extra 10k for some unexpected expense is not so great.

Yes, I assume they over estimate things they can fudge a little (rent, food etc.) so that people can have enough extra to cover things that you can't technically borrow student loan money for.

 

[TooMuchResearch]

My grocery bill in college used to be around $20-$50/month, it's pretty hard to consistently eat a sustainable diet for less than $1/day. I used to do things like buy bulk pasta and eat them with free condiments from the cafeteria like ketchup and bbq sauce (honey mustard spaghetti is gross, but tabasco and peanut butter make a passable thai-inspired spaghetti).

That sounds terrible

 

[Kaustikos]

Autotrader.com

We found 6 used listings within 25 miles of Augusta, GA .
You searched for:
Car Type: Used Cars
Year Range: 1981 - 2012
Price Range: Max. $2,500

Used 1994 Cadillac Seville SLS
* 181,929 miles
* Blue
Heck yea! I bet that beauty purrs!

First, you're buying used - higher interest
Second, you're buying used - it's going to break down
Buying a used car - good luck getting a loan from a bank. Unless it's newer than 2004, most banks won't even give you the time.

Not to mention - if you get a loan for a used car, you're paying a higher interest rate. A loan for a 17k car (which I just got) would've made me pay $380/mo for 48 months. Thankfully I had a deposit of 6k to drop the payments. But cars are expensive....

 

[Kaustikos]

It isn't explicitly included, but schools also know that some people do have them and need to pay for them which is why they use such a high number.

Being able to borrow 30k for living expenses and not having to is great. Only being able to borrow 20k, but then needing an extra 10k for some unexpected expense is not so great.

This a million times over!

 

[Prncssbuttercup]

18k/5yrs @5.9% interest=360/mo... That's a jetta, malibu, etc... normal car, or a very used nice car... Rent is the killer, not food, those of us who aren't with mom/dad may have mortgages, that said, I have 1k/mo for that... so, just for car/home ~1500/mo including car insurance, 30k/yr for living expenses isn't that much, and the factor in the fact that people have CC payments or other loan payments to make from not just coming out of college... it adds up quickly...

 

[MediCynical]

I spend about ~$50-60/week on food. Here is a breakdown of what my diet can look like.

Breakfast:
cup of cereal
cup of milk
fruit bar
banana
2 scrambled eggs with a couple of fried grape tomatos
prep/cook/eat time: 10 minutes

Lunch:
1/2 cup peas
1/2 cup green beans
1/2 cup corn
1/2 cup carrots
green or red apple
side of wheat thins
cup of orange juice
sandwich: 2 slices whole grain bread, romaine lettuce, chopped up sweet onion, slice of cheese, fish or chicken with some mayo or ranch
prep/cook/eat time: 20 minutes

Pre-dinner snack:
cup of oatmeal
1/4 cup of raisens
kiwi or orange or strawberries or blueberries
prep/cook/eat time: 7 minutes

Dinner:
2 roma tomatos
1.5 cups of broccoli
spinach
one serving (and then sum) of pasta
extra virgin olive oil or alfredo sauce or some other sauce
1/2 cup of black beans
grapes
water
prep/cook/eat time: 30 minutes

Trust me this leaves me full and well fed. It's about ~2600 cal. I actually had to do a full analysis of this diet for my nutrition class and it meets every single nutrition requirement. I don't even need to take a vitamin supplements. I think it's short on potassium, but who the hell meets the potassium requirement anyways? I guess you could throw in another banana. This food works for me, so if it makes you cringe that's too bad. 😀

So for people who think that ~$200/month equates to eating ramen noodles or eating like a bum everyday, you're very wrong. I haven't eaten ramen noodle packets since I was a kid. Most of the people that say this seem to be people that have never attempted to go to the grocery store every week. They just assume that eating healthy and buying your own groceries is more expensive then eat out. Eating out is a lot more expensive. You don't just pay for the food.

This diet: ~220/month, 55/week, 7.33/day, 1.83/meal.

If you think the small meal skews the average per meal to the low side, divide 7.33 by 3 and that's $2.44/meal.

Think about that the next time you buy your "inexpensive" take out meal for $7. 😉😉😉

You 'mirin?

Strong protein content (not srs). Not mirin.

 

[Prncssbuttercup]

Autotrader.com

We found 6 used listings within 25 miles of Augusta, GA .
You searched for:
Car Type: Used Cars
Year Range: 1981 - 2012
Price Range: Max. $2,500

Used 1994 Cadillac Seville SLS
* 181,929 miles
* Blue
Heck yea! I bet that beauty purrs!

I searched Cars.com for 3000 max, any year, make, model....

Found 391 vehicles, the one with the lowest mileage was an 89 Chevy Sport van (looks like the Van used in The A-Team movie), with 34k for 1600$, the newest car was an 04 intrepid with 91k on it... and nothing I saw looked in any way reliable for the next 5+ years... Unless you're lucky like me and have a husband who works for the dealership of your make of car, I wouldn't recommend the old junker... Something with a small loan 10k or less is a better plan... but as another person stated, used cars are hard to get loans for, they have to be newer than ~06, and you will have to have a down payment, or the loan has to be less than the car is worth...

 

[Kaustikos]

18k/5yrs @5.9% interest=360/mo... That's a jetta, malibu, etc... normal car, or a very used nice car... Rent is the killer, not food, those of us who aren't with mom/dad may have mortgages, that said, I have 1k/mo for that... so, just for car/home ~1500/mo including car insurance, 30k/yr for living expenses isn't that much, and the factor in the fact that people have CC payments or other loan payments to make from not just coming out of college... it adds up quickly...

Like a 2004 Subaru STi

I was nailed with 6.4% but went to another bank after selling my car and got it down to 5.5% over 48 mos for 10k. ANYWAYS - I agree with your latter statement.

 

[jvesco22]

First, you're buying used - higher interest
Second, you're buying used - it's going to break down
Buying a used car - good luck getting a loan from a bank. Unless it's newer than 2004, most banks won't even give you the time.

Not to mention - if you get a loan for a used car, you're paying a higher interest rate. A loan for a 17k car (which I just got) would've made me pay $380/mo for 48 months. Thankfully I had a deposit of 6k to drop the payments. But cars are expensive....

Your post makes no sense. Obviously a used car loan has a higher interest rate than a new car loan, but the difference in the rate depends on your credit and can be minimal. As for a used car breaking down, all cars can break down and it's primarily dependent upon the previous owner's maintenance/age of the car is and how you choose to take care of it thereafter. New cars break down too...And good luck getting a loan from a bank for a used car? Where do you live, in a 3rd world country? Most banks (and probably all major ones) give out loans for used cars.

 

[Kaustikos]

Your post makes no sense. Obviously a used car loan has a higher interest rate than a new car loan, but the difference in the rate depends on your credit and can be minimal.

But it'll still be high - higher than buying new. So you're already losing out there

As for a used car breaking down, all cars can break down and it's primarily dependent upon the previous owner's maintenance/age of the car is and how you choose to take care of it thereafter.[.quote]
But the cars listed are junkers. Sure, they're cheap, but have fun with all the gold nuggets! And by gold nuggets I mean - a transmission that's about to shatter, new struts/shocks, timing belt replacement/etc. I know about cars and there's a reason why people sell them THAT cheap. If you're buying a car for under 5k, you're asking for a world of hurt.

New cars break down too...

Are you really going to make that argument?

And good luck getting a loan from a bank for a used car? Where do you live, in a 3rd world country? Most banks (and probably all major ones) give out loans for used cars.

Have you EVER gotten a loan? Go to a bank right now and say what the cut-off for a loan for a car will be. If it's a private seller it's almost always 5 years tops. I mean, you've obviously never bought a car or you'd know this. Unless you buy the car from a stealership, you're going to be hardpressed to buy a used car with a loan from a bank without some hassles/downpayment. I was explicitely stating that the older the car - the harder it is to get a loan. You might find a bank that'll allow it, but it's not easy. I went to 3 different banks before finding one that would finance the 10k for my STi from 2004, so I'm not spewing **** from my mouth.

 

[Prncssbuttercup]

Like a 2004 Subaru STi

I was nailed with 6.4% but went to another bank after selling my car and got it down to 5.5% over 48 mos for 10k. ANYWAYS - I agree with your latter statement.

Yeah, I bought an 03 jetta wolfsburg in 05, for what I posted... didn't like the seats in the subarus, too hard...made for skinny butts for short drives...

Your post makes no sense. Obviously a used car loan has a higher interest rate than a new car loan, but the difference in the rate depends on your credit and can be minimal. As for a used car breaking down, all cars can break down and it's primarily dependent upon the previous owner's maintenance/age of the car is and how you choose to take care of it thereafter. New cars break down too...And good luck getting a loan from a bank for a used car? Where do you live, in a 3rd world country? Most banks (and probably all major ones) give out loans for used cars.

Actually, banks (or credit unions) typically will not lend money for cars over a certain age. That isn't an incorrect statement, it just doesn't encompass the whole thing... as far as rates go, yes, you're correct, completely based on credit scores, but typically rates are lower for new cars

 

[ILikeDrugs]

Strong protein content (not srs). Not mirin.

There's ~100 g of protein. If there's a time when I wanna reach 200 g, I'll have a whey shake in the morning and evening. 😉

 

[dragon529]

3 yrs lease on a fully loaded 2010 GTI for $380/month + 3000 down 😀

 

[Kaustikos]

3 yrs lease on a fully loaded 2010 GTI for $380/month + 3000 down 😀

That's a lease.... which is considerably cheaper than owning/buying a car. If you want to lease, fine, but that's a large monthly payment for a car and one I wouldn't want to be burdened with for 3 years and then not own the car.

 

[dragon529]

I opted for a lease because I know after the honeymoon period (~2.5 years or so), I'll start to get tired of it and want a new ride. I'm just suggesting lease could be an option.. not saying it's suitable for everyone. As a matter of fact, I already have the next car I want in mind. I hate being a car geek

 

[45408]

yeah i used it. 350-400 a month on a 27k car with 10000 at signing for 36 months.?

$10,000? okay, how many pre-meds have $10,000 to put down at signing? and then pay $500/month?