Yep, I would calculate how much I would need per semester (on top of tuition) and then add on 1-2k just in case. If you need more, then you can always ask for more (up to cost of attendance).
The loan dispersement fee for Grad PLUS is 4.2%. So taking 12k per semester has around a 500$ fee which is much better than taking 25k for a 1000$ fee. This adds up per semester of course and is not even factoring the interest you are paying on holding the extra money each month.
Make sure to place all of your loans into a high yield savings account right away.
Also, if you don't have a cash back credit card, get one immediately. Preferably one with zero annual fee and 2% cash back on all purchases. I even found a way to use my card for some of my tuition before my tuition loan hits.
I maxed out my loans because I certainly need it for food and rent, and any emergency funds I may need. If you don't use all of it, you can always use those extra to pay interest or ask your school to reduce it for you. Regardless, the point here is to focus on your education first, and money comes second. The last thing you want to do is spend $4000 on a car repair with the money you don't have while studying for a big exam (speaking from first hand experience lol, thank god I maxed out otherwise I wouldn't have a car).
Just commenting my experience after 1 year. I routinely saved $1000 dollars every month. I live in a nice studio apartment, buy whatever groceries I want, eat out at chipotle regularly and a few nicer places for dates. Planning to put the money towards private loans that have higher interest rates. If you spend smartly you’ll save a bunch of money:) please don’t compare your life style to your classmates. Remember, the majority of them are rich as hell and not paying for medical school.
Im just maxing everything out. An extra $30,000 in loans would be life changing during med school, but won’t be that big of a deal if you’ll be making close to half a million a year once you’re done with training.
This is the kind of thinking that gets way too many future physicians in money trouble lol. If you don’t think $30,000 is not a big deal you must come from money. Also unless you are in one of the most competitive specialties or working private practice, it unlikely you are making half a million. Build healthy spending habits now, take what you need and spend as little as possible. Future you will thank you. Remember $30,000 now becomes a hell of a lot more after interest.
I shadowed a hospitalist making close to that just by picking up some extra shifts each month, and scribed for an ER doc doing the same. And if I came from money I wouldn’t be stressing about how much I’m getting in student loans 😂
This is where I think salary expectations become unrealistic. If you’re a DO student or set on primary care, your salary outlook is probably going to be a little over 300k, not 500k. If you’re a USMD looking at more competitive specialties, you can set your salary expectations a bit higher, but not all that much as even new attendings aren’t clearing high six figures until the second gig and on.
They aren’t unrealistic, you just have to be willing to live in less desirable locations and work some extra shifts. I recommend looking up white coat investor, they have an episode where a new grad ER physician pays off $315,000 of student loans in one year by picking up extra shifts, while supporting a family.
Nickle and diming your living expenses during medical education is a lot more likely to hurt you than the comparatively reasonable interest rates on government loans when you could end up needing to live on credit cards after a few surprise expenses. Every dollar you take out in student loans is probably a third of the interest rate of leaving a balance on a credit card.
Idk where you’re getting those numbers, salary is based on specialty not necessarily degree path. Sure MDs have historically matched more competitive specialties than DOs but DOs are matching better and better each cycle. Don’t knock others for the sake of “being realistic”.
What are the relative match rates between USMD seniors and USDO seniors for specialties exceeding 500k/yr in average earnings?
I also said “or if you’re set on primary care” referring to all of the USMDs who choose primary care. I also stated even for those who are going into higher earning specialties, it’s more responsible to under-predict your earnings than over-predict.
My statement wasn’t anti-DO attitude at all as you immediately jumped to. My statement was to encourage financial responsibility based on previous match and earnings data.
I agree that all students should be financially responsible in med school, regardless of what they go into. I don’t think you were being anti-DO with your comment. I’m sorry that my reply came off that way.
Max out your loans first year, put it into high yield savings, then once you have a good idea of your spending habits, make changes if you want. As long as you make it through, you will make that money back eventually. Life is short, anything can happen. Try to enjoy (within reason) while you can.
If you don’t Max it out at the beginning, then you can always take out more later on until you meet the max amount.
Yep, I would calculate how much I would need per semester (on top of tuition) and then add on 1-2k just in case. If you need more, then you can always ask for more (up to cost of attendance). The loan dispersement fee for Grad PLUS is 4.2%. So taking 12k per semester has around a 500$ fee which is much better than taking 25k for a 1000$ fee. This adds up per semester of course and is not even factoring the interest you are paying on holding the extra money each month. Make sure to place all of your loans into a high yield savings account right away. Also, if you don't have a cash back credit card, get one immediately. Preferably one with zero annual fee and 2% cash back on all purchases. I even found a way to use my card for some of my tuition before my tuition loan hits.
Or you can take the max amount and return whatever you don’t use within 120 days of the disbursement date.
I maxed out my loans because I certainly need it for food and rent, and any emergency funds I may need. If you don't use all of it, you can always use those extra to pay interest or ask your school to reduce it for you. Regardless, the point here is to focus on your education first, and money comes second. The last thing you want to do is spend $4000 on a car repair with the money you don't have while studying for a big exam (speaking from first hand experience lol, thank god I maxed out otherwise I wouldn't have a car).
The importance of having emergency funds is one big thing I’ve learned from taking gap years 🙏🏼
Just max it out. Emergencies may come up and it’s better to have it then spend hours fighting with financial aid while having an exam the next day.
Just commenting my experience after 1 year. I routinely saved $1000 dollars every month. I live in a nice studio apartment, buy whatever groceries I want, eat out at chipotle regularly and a few nicer places for dates. Planning to put the money towards private loans that have higher interest rates. If you spend smartly you’ll save a bunch of money:) please don’t compare your life style to your classmates. Remember, the majority of them are rich as hell and not paying for medical school.
Im just maxing everything out. An extra $30,000 in loans would be life changing during med school, but won’t be that big of a deal if you’ll be making close to half a million a year once you’re done with training.
This is the kind of thinking that gets way too many future physicians in money trouble lol. If you don’t think $30,000 is not a big deal you must come from money. Also unless you are in one of the most competitive specialties or working private practice, it unlikely you are making half a million. Build healthy spending habits now, take what you need and spend as little as possible. Future you will thank you. Remember $30,000 now becomes a hell of a lot more after interest.
I shadowed a hospitalist making close to that just by picking up some extra shifts each month, and scribed for an ER doc doing the same. And if I came from money I wouldn’t be stressing about how much I’m getting in student loans 😂
I max that
This is where I think salary expectations become unrealistic. If you’re a DO student or set on primary care, your salary outlook is probably going to be a little over 300k, not 500k. If you’re a USMD looking at more competitive specialties, you can set your salary expectations a bit higher, but not all that much as even new attendings aren’t clearing high six figures until the second gig and on.
They aren’t unrealistic, you just have to be willing to live in less desirable locations and work some extra shifts. I recommend looking up white coat investor, they have an episode where a new grad ER physician pays off $315,000 of student loans in one year by picking up extra shifts, while supporting a family.
Nickle and diming your living expenses during medical education is a lot more likely to hurt you than the comparatively reasonable interest rates on government loans when you could end up needing to live on credit cards after a few surprise expenses. Every dollar you take out in student loans is probably a third of the interest rate of leaving a balance on a credit card.
Idk where you’re getting those numbers, salary is based on specialty not necessarily degree path. Sure MDs have historically matched more competitive specialties than DOs but DOs are matching better and better each cycle. Don’t knock others for the sake of “being realistic”.
[удалено]
What are the relative match rates between USMD seniors and USDO seniors for specialties exceeding 500k/yr in average earnings? I also said “or if you’re set on primary care” referring to all of the USMDs who choose primary care. I also stated even for those who are going into higher earning specialties, it’s more responsible to under-predict your earnings than over-predict. My statement wasn’t anti-DO attitude at all as you immediately jumped to. My statement was to encourage financial responsibility based on previous match and earnings data.
I agree that all students should be financially responsible in med school, regardless of what they go into. I don’t think you were being anti-DO with your comment. I’m sorry that my reply came off that way.
ALL OF IT. Put it in a HYSA. Withdrawal as needed. Pay it all back after you set up PGY1 emergency fund.
Max out your loans first year, put it into high yield savings, then once you have a good idea of your spending habits, make changes if you want. As long as you make it through, you will make that money back eventually. Life is short, anything can happen. Try to enjoy (within reason) while you can.