Money Talk- Med School Edition
One of the most important questions I get— how the heck do you pay for medical school when you don’t work??
I hope being transparent about finances helps you plan and budget your life before starting. This is not to brag OR beg for money, this is simply to answer one the most common questions I get, and a lot of students don’t get into detailed numbers of how much you as a medical student actually have in the bank.
This isn’t a blog post about what types of loans you should/ shouldn’t be taking out, qualifying for certain things, etc. but I will give you some of the basics so we can all be on the same page.
Unless you are related to Jeff Bezos or have a full ride scholarship/ some other arrangement, all medical students take out loans to pay for medical school. It doesn’t matter if you have bad credit (I have terrible credit) or have student loans from undergrad/grad already, once you start med school all those get deferred until you graduate medical school. So to be clear— THIS IS NOT FREE MONEY—you are paying everything back with a cute interest fee added on top.
I took out the max amount of loans each semester and the total disbursement really varies based on what city you live in and if you live on/ off campus.
Now, let’s get into the details:
$15,500 - total disbursement
/7 months January- July ( I start residency July 1st)
$2200/ month
$1250 rent = 971/ month
$250 car insurance = 721/ month
$150 gas = 571/ month
$300 food =271/ month
$45 gym membership/ month = 226
/4= $56/week for spending money!
Didn’t budget a lot of things in here— moving costs, emergency situations (literally just had to drop $600 on my car due to flat tire and needed new roders and brakes😡). And I haven’t even mentioned anything leisurely—Shopping? Brunch? Birthday gifts? Good luck!
All them little fees add up too! -Spotify, Netflix, apps,
This is clearly not feasible to live on.
I get help from my dad, and sometimes when I really need it I call on my grandma, my brother, my boyfriend.
All throughout med school I’ve had some type of side job, not full time at all! Not even part time, but things like tutoring gigs, scribing class lectures, and now I get paid by doing selective ads for social media.
So I’m able to work it out, but it’s always cutting it close!! So when we say med students are broke broke! Unless they are getting supported financially by a partner or their parents, it’s really something to consider...
Now clearly I live in a very expensive city, and I live by myself in a 1 bed apartment. I can hear the critiques already....
Why do you pay so much for rent?
That’s your fault that you chose to live in a 1bed.
Why do you have a car when it would be cheaper to use the subway?
Who’s paying for your phone bill, medical insurance etc?
I’ve had a few terrible experiences living with roommates so living by myself during the hardest years has been a safe haven for me! But I’ve considered moving out before to live with a roommate.. but in NYC even with roommates it can still be pretty expensive.. how much is your peace worth?
I have a car because I don’t live in the city and a car is heavily recommended out in westchester. I shipped it here from LA and it has been the best decision for me and my peace of mind. I’m a la girl that doesn’t do well with snow. I don’t mind driving, and I wanted to be able to do my rotations all over NYC from the Bronx to Brooklyn and it wouldn’t have been so easy if I didn’t have a car. (Also my car is paid off) and taking the subway/ metro north ain’t so cheap either might I add.....Overall, med school is not only expensive , but you are broke AF the entire time. I had to apply for a few emergency loans through my school because 1st and 2nd year I didn’t budget properly and ended up not being able to pay rent, being very transparent with y’all. I remember having to sell my old computer to study for step 1 and pay for my practice tests because I didn’t have any money. I’ve considered selling my car, moving out/ getting a roommate, and many other options. (I’ve even considered opening up an OF account and selling feet pics lmao 😥, LBS)
It’s been a rough ass 4 years but every year I am able to somehow be able to make it through.
I’m not writing this to say I am the budget queen.. I am actually FAR from it. I’m the worst with money and spend it very impulsively. Especially when you get it in such a big lump sum instead of biweekly checks while you are working. So please don’t ask me for money advice because I am really not the one!
I hope being transparent about how money works in medical school helps y’all out so you can learn from MY MISTAKES and not end up like me taking out extra loans, asking for help etc. but if you have to do this do NOT be ashamed!! Just get the help you need a keep it pushing.
THIS IS NOT TO DISCOURAGE ANYONE FROM BECOMING A DOCTOR!! JUST A MUCH NEEDED CONVERSATION IF YOU ARE HEADED DOWN THIS ROUTE.
If I had to leave you with any advice at all, it would be—
1- Budget from day one and meet one on one with your financial aid counselor!
2- Limit any extra expenses (hence why I don’t have a dog right now 😭, but if you are able to budget it, go for it)
3- if you are struggling financially, a little side gig doesn’t hurt, a lot of us do it as long as it doesn’t take away too much from your studies- can be anything from tutoring, to scribing med schooo lectures, to babysitting and dog walking, go where the money reside 👉🏾
4- Don’t feel bad for relying on your support system. One day, you will be able to pay them back 10 fold, but for now, when your bougie auntie says “I put $200 in your account”… take it with grace and understanding that you are a student and need all the help you can get!
Comment below any questions or thoughts you have, and good luck everyone starting this journey!!
(If you know what this picture references, consider yourself the face of unemployment for the next 4 years 🤣)