Income Replacement Loans

My husband and I are trying to figure out how I will continue to bring in some sort of income while I am in school. While I am studying my pre-requisites I will be working part time…but what do you do when you are in medical school and unable to work full time? Are there such things as income replacement loans? Where can I learn more about these types of loans? Are there any out there that are bette than others?

Medical school loans are designed to cover tuition, books, and very basic living expenses, similar to what you’d make on minimum wage full time, nothing more. Besides the federally guaranteed loans there are also alternative loans which are credit-based if you need additional. Budgeting is very important, needless to say.

Hi there Kathy–
That is what I suspected. We are living on a very tight bugdet now, with my husband having been laid off two years ago. He ran out of unemployment and has taken a job making 1/3 of what he used to make. Needless to say we have really tightened belts and are living very frugally. I am a big fan of Larry Burkett and the Tightwad Gazette book series. I am worried that when I am in school that I will not have the time to devote to making so many home made items and doing so much thrift shopping. I know that my hubby will order out for pizza a lot–not really a thrifty thing to do! lol
I currently work part time and am hoping to be able borrow enough to cover what my part time jobs pays now–then we will be ok. I know that I do not need to go into deep debt, but do need something to help us a bit.
Do you know of any particular lenders that are easy to work with?

As a choice, have you looked into the public health service? If you’re accepted you get a stipend of ~$1000k a month and they pay for school. Of course you have to pay back the 4 years but they have need everywhere and since you want FP it might be a good fit. During school you get the benefits of being a federal employee which covers your family…just a choice.

I did consider it but was put off by the fact that they could send me where they needed me to work off the time. I am pretty tied into our area, as my husband has his job here, we have a small child and the grandparents all live nearby (she is the only grandchild), and I am finally settled after a lifetime of moving. Perhaps I am being goofy–but I wanted to try to make this work and remain in my area. I moved a lot as a kid when my parents divorced, I moved a lot while in college (not school to school) and I hopped around as I worked for grant monies and went where the work was.
I am considering applying when I am all done, as I hear that you can apply for a specific place and petition to work in an underserved area–has anyone heard much about this? My friend in her third year was telling me about this. That helps in paying things off but not while you are actually in school…
Ahhhhhh–these are the days when I wish that I had a wealthy uncle…LOL
E Lynne


I hear that you can apply for a specific place and petition to work in an underserved area–has anyone heard much about this?

I am in GA, we have several programs if you want to stay in-state. They want to attract docs to underserved areas. Maybe they have similar programs in your state!
Osteopathic Medical Loan
Country Doctor Scholarship program
Loan Repayment program

Yes, check into the state programs if you don’t want to go all over. As for loan programs, after your initial federal loan, there are a number of regular bank loans that have student loan divisions. Since I’m going offshore, I haven’t dealt with them, though, so I can’t help you. Your school will have all that information for you though. I know how it is about living frugally. My hubby makes half of what I do, and its my income that will be gone. Plus, he won’t be able to work in England and hasn’t found a US company yet that will let him work there. We may be living ONLY on student loans!!!