Cost of Living

Hello! It’s been awhile since I’ve posted and I’ve really enjoyed catching up. Reading all of your posts offers a great amount of motivation!


I have a question for those just in medical school, or about to attend medical school. For those who have mortgage/rent payments and all of the other costs that come with living independently, and then add med school tuition on top of that, how do you pay for living expenses? I’m assuming many people have jobs, but with the demands of medical school, are you working full time? Are you living off of loans? I am single and do not have another source of income to depend on for living expenses (which I plan to keep it that way).


I have an opportunity to live with parents for very little rent, however, obviously the idea of living alone is appealing, but is it even a possibility??


I’m trying to weigh the pros and cons…do I rack up the loans, live by myself, and have all of the alone time in the world for studying? Or do I save money, live with my dear parents, but have to tolerate a more ‘active household’ when trying to study?


If I do live by myself, am I going to be able to sustain the average cost of living with student loans and a minimal income? Or will I most likely have to downgrade?


Any insight is much appreciated!!

Hi, this is an assist on your situation. Overall, don’t let anything stop your progress!


You mentioned people with mortgages. Do you actually have a mortgage on a home now? If so, the very good news is that all the federal student loan programs since about a decade ago, do not count your home as an asset in figuring your eligibility for student financial aid. So you can keep the home, rent it out, continue to pay your mortgage (hopefully from the equivalent or better rental income), and still qualify for the loans.


If the rental income would bump you too high, you can always use something like Craigslist for a “house swap” or even a three-way chain house swap (with legal written agreements, of course), that involves no money changing hands. Also you can make some other non-monetary arrangement with friends needing a place to stay who will “care-take” your home (hint - hint!).


As to the rest, if your parents have an active household as you said, there is one word solution: Earplugs! (OK it’s two words, but you get the point. $4 for a pack of 10 or 20 disposable pairs at any drug store.)


There are so many advantages to living with family. When you are in the midst of study crunch, you will be so grateful for someone else having paid the utility bils, shopped for groceries, and providing that nice washer-drier for your scrubs! The convenience will far outweigh feeling like a “boomerang kid.” Embrace the concept: Hand a big boomerang on your wall !


When out hiking the wilderness, I have found that all the seemingly high barriers, mountains and jungle vegatation melt away when taken one leaf of a plant and one footstep over a boulder at a time.

Hi SomedayDrAnderson,


I’m a current medical student. I might be able to answer some of your questions. I’ll have to do it as 2 posts since the forums are acting kind of finicky. Here is part 1 of my answers.

  • SomedayDrAnderson Said:
For those who have mortgage/rent payments and all of the other costs that come with living independently, and then add med school tuition on top of that, how do you pay for living expenses?



The same way most medical students do. Most medical students will take out student loans. There are no grants and very few scholarships available for medical students. The handful of scholarships that are available tend to be for underrepresented minorites, people who were accomplished at sports, have some unique attribute, etc. Even then, the scholarships are seldom renewable and only put a small dent in your overall debt burden.

There are some national-level programs that will fund most of your education, but they're not for everybody. Examples include the Armed Forces Health Professions Scholarship (requires military service), National Health Service Corps (requires a demonstrated primary care committment), Indian Health Service (for Native Americans), Medical Scientist Training Program (only for students seeking MD/PhD or DO/PhD), Junior Commissioned Officer Student Training and Extern Program (for service in the Commissioned Corps of the US Public Health Service).

  • SomedayDrAnderson Said:
I'm assuming many people have jobs, but with the demands of medical school, are you working full time?



Please tell me you're kidding, right? You would not have time for anything even remotely close to approaching part-time employment, let alone full-time employment. It is expected that medical school is your full-time job and then some. My total cost of attendance last year was $90,000. You would need a job making at least $130,000/year just to clear $90,000 after taxes. If you went to a public school with in-state tuition rates, your total cost would be $65,000. Sharing rent/utilities with a roomate could save you another $5000/year, bringing your cost of attendance down to around $60,000/year. You would still have to pull in $90,000/year before taxes to clear that amount. What were you planning to do to earn that kind of money while in school or in general for that matter?

  • SomedayDrAnderson Said:
Are you living off of loans?



I'm in the Navy HPSP, but almost everyone else I know is living entirely off of loans. Even I take out a little loan money to fill in the funding gaps. Since you are over the age of 25, you can no longer be considered a dependent student. The loans will, therefore, be 100% your responsibility.

  • SomedayDrAnderson Said:
I am single and do not have another source of income to depend on for living expenses (which I plan to keep it that way).



Are you saying you wish to stay single, or that you wish to not have another source of income, or both?

  • SomedayDrAnderson Said:
I have an opportunity to live with parents for very little rent, however, obviously the idea of living alone is appealing, but is it even a possibility??



Yes. I live alone. Others I know live alone. Some younger students have roomates to share living expenses, or for company, or for study partners, or all of the above reasons. Still others are married, have kids, significant others, live at home, etc.

  • SomedayDrAnderson Said:
I'm trying to weigh the pros and cons...do I rack up the loans, live by myself, and have all of the alone time in the world for studying?



Ideally, yes.

SomedayDrAnderson,


Here is part 2 of my reply.

  • SomedayDrAnderson Said:
Or do I save money, live with my dear parents, but have to tolerate a more 'active household' when trying to study?



This is up to your discretion. You're assuming that you will attend a medical school within commuting distance of your parents and that is a HUGE assumption. You may end up going to school thousands of miles away so living with your parents may not be an option for you.

  • SomedayDrAnderson Said:
If I do live by myself, am I going to be able to sustain the average cost of living with student loans and a minimal income? Or will I most likely have to downgrade?



It depends on your individual circumstances. Here are some numbers to work with from my situation.

My cost of living = $32,000 in 2010.

My schooling = $58,000 in 2010.

I am single, have no dependents, have no roommate, and live in a low cost-of-living area.

If you lived in a high-cost of living area (say New York City), your living expenses would be much higher than this.

If you attended a public school in your home state, your schooling would be much lower than this.

The presence of a roomate or the need to care for dependents can also alter this formula somewhat.

The bottom line is that everyone's circumstances are going to be different, but this should give you some rough idea of what you're in for. Obviously, it's doable. Just look at all the students nationwide who attend medical school (or any graduate or professional school for that matter) annually.

The above gives you a good picture. Do NOT assume you will work at all in med school (that is, for monetary gain. You WILL work but not get paid


I have a house. Put it on the market but it did not sell. Used my loans first year for Mortgage plus rent plus living expenses plus educational expenses. My rent is less than the “budget” figured by the school for the area (which determines how much you can borrow), as were my utilities. Didn’t buy all the books…scraped by first semester. Now renting house out which is covering mtg.


I applied for the NHSC scholarship. I have LOTS of primary care experience and volunteer experience in underserved areas, but did NOT get a scholarship for first year. I worked the year before school and therefore did not demonstrate being economically disadvantaged, and an NHSC representative told me that only those applicants got scholarships this year (which is, of course, fair). Applying for next year. I got NHSC for midwifery school and did my service obligation in rural Tennessee afterwards. Hoping to get it for 2nd, 3rd, and 4th year. Borrowed about 65,000 this year.


It’s beneficial to pay off any credit card debt, car loans, etc prior to med school. The “budget” for the school you attend will include cost of living for the area but not debt service from prior debt. It will probably overestimate living expenses a little so there may be some “give” but obviously, the less you borrow the better in the long run.


That said, some big advantages to living with family and decreasing your expenses. But you should apply widely to med school and don’t figure you will definately attend a school in your area. Also, this will apply to residency programs, and some schools have wide areas for 3rd and 4th year rotations.


A friend who started school before me sold most of her possessions looking to needing to “travel light” and move for residency. I did the same - consolidated.


I’m renting a single apt. but for less than the “budget” amount so it works out for me.


Kate

Thanks Kate and Tic! Even though everyone’s situation is different and unique, it helps to hear some specific examples from people about how they are managing. After reading your responses I realized that I probably could’ve been a little more informative about my specific situation.


I got divorced 4 years ago. In exchange for my spouse’s uncontested cooperation (bascially to avoid lawyers and a court date since we have no kids), I agreed to take on a lot of the debt (and leave a lot of the assets to him). It was bascially a situation where I literally just threw my hands up in the air and said “whatever you want, just don’t make this any more expensive and time-consuming than it has to be.” As a result, I ended up with a lot of debt, and back at the parents.


Living with the folks has definitely been a relief, allowing me to pay off this debt from the divorce, and needless to say, I love my parents dearly and its great situation since they charge me very little rent, but I’m itching to get of there and on my own.


So basically I’m trying to get an idea of what to expect financially and be prepared for the obvious lifestyle changes.


You guys are great help! Thank You!!