How are people handeling expenses while in Medical School? I have 2 kids, a mortgage, and my wife does work. We are currently going to be socking away every penny that we do not need right away in order to build up the savings.
So far, we are doing pretty well but I am a little concerned about what will happen in a couple of years when I, hopefully, start Med School.
Do people work over the summer?
Loans.
You’ve only got one summer free to work anyway - between MS-1 and MS-2. And depending on the school, the break can be as short as 8 weeks (maybe even less? schools’ schedules vary a lot). The “break” between MS-2 and MS-3 is taken up with studying for Step 1 of your boards, and MS-3 ends and MS-4 begins a week later or so.
I have many classmates who are borrowing for living expenses as well as tuition and fees. The problem is that your living expenses may be much higher than those of a single student. I don’t know how it works to borrow for a higher level of living expenses than the “student budget” calculated by financial aid (e.g. at GWU if I wanted to borrow for living expenses, the budgeted amount for housing is $700/mo - uh, the mortgage is $1700/mo!). Perhaps someone else on here has some experience with borrowing for higher living expenses. My understanding is that it CAN be done - you may not get the same astonishingly low rate as for the loan that covers tuition (currently ~3%!) but it will still be a good deal.
Bottom line is that companies want to lend money to future doctors. We’re good credit risks. So there will be some way to do it, as long as you’ve got the intestinal fortitude for dealing with lenders.
You could do the military option, they pay your tuition and give you a stipend. You then serve your country after residency for so many years. No debt, but it could cost you an arm and a leg. 
There is also the NIH, they pay your loan and you agree to serve in an underserved area.
My method of choice is this: I have a husband to support me and the kids. I use loans for tuition and books only. Go to your state school, and the tuition is not really that bad.
Wmkayak
Unfortunately the military route may be limited for older students, as there is a definite cut-off age( 37 or 40 if I recall), but worth checking out to see what the exact age is. I’ve heard of exceptions to the rule, but only if you have prior military experience, again, well worth checking out. Also, each branch may have different variations.
The age limit on the military is actually a little lower as I remember from a previous discussion; and depends on whether you’ve already served or not (i.e, if you’re military already the age limit is a bit higher). The underserved communities money actually comes from the National Health Service Corps, to which you apply once you get in to school, and which is not assured at all–it’s a competitive program, and even once you’re in it, you’re not guaranteed a qualified placement. In my opinion, it’s not actually a good deal financially unless you intend to work in underserved communities anyway. The NIH also has loan repayment programs, also competitive, for people who do certain kinds of research after med school. And finally, the Public Health Service (of which the NIH and CDC are a part) has some similar program.
With a family and a mortgage, I wouldn’t recommend any of these as your first option, as relocation is likely in any of them. I can’t hand out great financial advice except this: sit down and really think about it, perhaps with a financial advisor, so that the money issues are worked out rather than simply looming overhead.
Good luck.
joe
Hi there,
The cutoff for military scholarships is 33 years. If you are under 33, this may be a great option. The military residency process is a bit different from the civilian side though. 
Natalie
Have you seen that commercial where they’re showing a guy cleaning his pool and the announcer is talking about all the great stuff he has…wife, kids, great house in the 'burbds, etc? They ask him how he does it and he says “I’m in debt up to my eyeballs”.
That’s me. Debt up to my eyeballs.
I also am married with two kids and a mortgage. Most of my grad school loans were paid off but I’ll leave medical school with just over $160K in debt. Keep in mind that UTMB has one of the lowest tuition and fees in the nation. The main reason is that I’m borrowing at the highest level to pay for my higher living expenses.
While that is a staggering debt load, I try to keep it in perspective. I’m learning how to do something I love and, fortunately, will pay me very well.
Sort of a perspective thing, I guess.
Good luck!
Take care,
Jeff
MS-III, UTMB
Quote:
Unfortunately the military route may be limited for older students, as there is a definite cut-off age( 37 or 40 if I recall), but worth checking out to see what the exact age is. I’ve heard of exceptions to the rule, but only if you have prior military experience, again, well worth checking out. Also, each branch may have different variations.
Actually, as I understand it, the military is willing to give age waivers to physicians up to age 42. The couple who called to “recruit” me told me that getting the waiver is not much beyond doing paperwork. For folks other than physicians, it is only by exception: prior service & such.
Money is a big concern for me as well. Both my husband nad I work. My husband’s full time income is the same as my part time income, so the idea of not having my income is pretty scary, since I have two kids also (3 really but the oldest will strike out on his own if we move) I guess I’ll be getting loans for the max amount too. I just keep hoping that the tuition isn’t sky high also! 
Kathy
I have huge money concerns right now – the $16,000 bill I got from GW hospital over the weekend did little to help (I am pretty sure my insurance will pay most of that but it did nearly make me pass out).
Just digging a deep, deep, deep hole of debt.
That’s why my ‘plan z’ is to change my name to Isabelle and move to France.
I’m still a bit concerned myself about the financing aspect. I’m currently in California, and as it now stands, my wife and I couldn’t afford to live in California just based on her salary. Not to mention we will end up with at least one car payment going into it(I’m keeping mine instead of trading it, but she’s going to still be paying on hers). Luckily I don’t have some of the problems such as a mortgage to complicate things even more. I was going to look at Colleges in California, but now I’m thinking that it would be a bad idea financially. I could just go to texas, pay 10K/year and live like a king, yet still come out virtually debtless. But who knows? All I can do is roll the dice anad pray for snake eyes.