How am I going to afford this?

  • pathdr2b Said:
Personally, I'd suggest putting off med school until kids no longer need daycare and are in school all day.



I would agree with path on this one, however, I'd like to add the following:

1) school ends at 3pm, so you may still need after school care, which at my daycare costs 80% of all daycare (a ripoff)

2) Delaying yes and no. Yes because of course it is less money to borrow. No because this is a loss of future income. It all depends on how much you can borrow and where.

I will have one kid in daycare personally, but I will borrow only from the government, and may not even need Grad Plus loan. If I had to borrow private loans, I perhaps would wait at least another year, but it is not the case.

In my case, I have no retirement I can tap into, used my saving to get me through pre-req (so no debt right now). My wife will work and bring in 55 to 60K. My financial aid package for the first year that should cover cost of attendance + daycare for 1

40,500 Stafford at 6.8%

7,000 Grad Plus at 7+% (don't remember exaclty)

5,000 grant (free money, no repaying)

I also intend to work 5-6h a week, bringing about 1k/month (or possibly 12h/week bringing 2k/month). However the 12h/week would also entails some commute expenses and commuting time. So it is an option I am looking at, but I do not know. It is hard to decide without knowing what Med School is really like.

So hopefully I may be able to avoid borrowing the Grad Plus (at least it is a goal). I also will have very little commute expense.

Anyway, if I borrow full amount, I am looking at 180K after 4 years, which given that I have 2 kids, is not outrageous. My goal is to try to get that down to 130K, working if I can. I can also work during summer 1 and 2 and these usually bring very good money depending on workload. But I'd rather excel and chose a good residency than save a few thousand and do something that I don't want to.


In my humble opinion, I would avoid delaying medical school for the following reasons.

  1. You have the momentum now. In 3 or 4 years, you’re going to have to relearn everything again.

  2. The test is getting harder each year and the average score for matriculants is trending upwards (https://www.aamc.org/download/161690/data/ ). Plus, the number of applicants increase every year.

  3. You’ll find a way to pay for medical school whether through loans, scholarships, grants, etc.


    Either way you decide, good luck. We’re rooting for you.
  • syr_eng2md Said:
In my humble opinion, I would avoid delaying medical school for the following reasons.

1. You have the momentum now. In 3 or 4 years, you're going to have to relearn everything again.

2. The test is getting harder each year and the average score for matriculants is trending upwards (https://www.aamc.org/download/161690/data/ ). Plus, the number of applicants increase every year.

3. You'll find a way to pay for medical school whether through loans, scholarships, grants, etc.

.



All these reasons are great for the OP, but what about his family?

Forgive my religious bent here, but what's meant to happen in the OP's life will happen now or later despite current "trends" which includes new medical schools.

I'm old enough and have taken the MCAT enough to remember when AAMC test #3 (the free one) was the hardest test examinee's at the time had EVER seen (circa 1991). Today it's a COMPLETE and utter joke, my 16 year old could ace that exam.

And here I am today, with a set of killer test taking skills, motivation, maturity, and tenacity that I could only dream of 20 years ago.

IMHO, ALL of the downsides you mentioned have up sides, if you choose to focus on them. And as an OPM, we can already come up with a TON of reasons NOT to go to med school. There's really no need to add anymore.