The Medical Student Budget and Saving Money I

A reader of mine requested that I write an article on budgeting and living expenses as a medical student.  They were also concerned about the huge stack of debt US med students accrue and decreasing reimbursements when they start practicing as a physician.

How much does medical school really cost?

You've probably already submitted your applications to med school or are a college student looking at going to med school.  Congratulations.  All the financial aid information is on each school's website: easy.

There'll usually be a financial aid person to talk to on your med school interviews, and if not, get a card from someone or look them up on the website.

Tuition can be the biggest expense depending on where you go to school.  But there are costs you can help decrease like costs of living, eating, etc.

Here's what I recommend:
1. Get a roommate.  Med school isn't a time to live luxuriously on your own because you're borrowing all that money and it needs to get repaid.

2. Buy food/shower/bath/kitchen things in bulk.  Try either Amazon or bulk sales stores

3.  Minimize eating at restaurants and cook.  Cook enough for 3-7 days at a time, and make sure you cook multiple meals so you can eat something different everyday.  Bringing your own meal is great for morale on rotations.

4. Use public transport as much as you can

5. Go on Amazon or Google Play for textbooks instead of anywhere more expensive.  There are also some cool, inexpensive review books you can find on there.

6. Keep a fan on or put a sweater on to lower your heating/cooling bills.

7. Apply for financial aid early so you can benefit from institutional loans with lower interest rates (if offered).

8.  I avoided schools who had tuition of $60K+ a year..sure they were prestigious but expensive and I'm not sure I actually would've been happy in those cities.  That's also before factoring in cost of living.

9.  Avoid the thought of "well, I'm going to be a doctor, so I can buy this new stereo/tv/designer clothes now."  You're making "negative" money, so don't live beyond your means.  At most, treat yourself to a nice dinner within reason.

You hear debt ranging from anywhere to nothing (rich kids) to $300K or even $900K (due to extreme life events).  Managing your debt is a lot like eating healthy: you need to make wise decisions daily so it doesn't catch up with you and kill you in the end.

As far as residency goes: there are different repayment methods for your loans.  One is "pay as you earn," another is "income based repayment," then there's forebearance.

You can learn more at this AAMC website:
https://www.aamc.org/services/first/first_factsheets/255236/gracedefermentforbearance.html