Posts tagged student loan

Did you have to take out a loan for college as well as medical school? If so, how burdensome do you think all of that debt is when combined altogether? If not, what did you do to pay for college? So far I think I might need to take out loans for both university and medical school and the idea of the debt piling up over the years of my future education is very scary. — Asked by almyro

I did take out student loans since the heydays of undergrad. I had some scholarships to help me but it was difficult not to pull through without some loans. Thus, I have accrued loans for the past six years and it definitely does amount to a lot. I worked at research labs to help cover some of my costs. Still, the majority is being paid via my loans and from family support. 

Seeing the debt grow is certainly scary but once you work with a financial advisor, it can put a lot of your concerns at ease and put your situation in perspective.

Financial Assessment. Planning a year ahead was manageable in my first and second year. Planning three, four, five years ahead to assess my financial situation? I needed to bring out the big guns. A few days ago, I had a meeting with a financial advisor from our medical association’s financial branch. This is a service that is offered as part of our membership where we can receive objective advice about our finances that are tailored to physicians and medical students. Together, we were able to discuss such topics as net worth, cash flow, and debt projections.  As the first time I have really sat down with a financial advisor to work up my situation and assess my options, the meeting was an eye opener. When you try to manage finances alone versus working with someone who has overseen hundreds of clients in the profession, your work looks unsurprisingly and unimpressively amateur. It reinforced the reason why I was there and why we spoke: to get my finances on track and to see where I fit in the big picture by a professional. At the moment? The projections look good. Certainly, watching the debt mount after a two-year projection is always a little scary but it was “manageable,” he assured me. Even after one year of residency, projections began to shape up. The figures I saw were my worst case scenario, the most conservative estimates. From the looks of things, I would be in a relatively solid position after graduation. I was comforted.  Now all that was left was for me to put the financial plan we discussed in motion.

Financial Assessment.

Planning a year ahead was manageable in my first and second year. Planning three, four, five years ahead to assess my financial situation? I needed to bring out the big guns.

A few days ago, I had a meeting with a financial advisor from our medical association’s financial branch. This is a service that is offered as part of our membership where we can receive objective advice about our finances that are tailored to physicians and medical students. Together, we were able to discuss such topics as net worth, cash flow, and debt projections. 

As the first time I have really sat down with a financial advisor to work up my situation and assess my options, the meeting was an eye opener. When you try to manage finances alone versus working with someone who has overseen hundreds of clients in the profession, your work looks unsurprisingly and unimpressively amateur. It reinforced the reason why I was there and why we spoke: to get my finances on track and to see where I fit in the big picture by a professional.

At the moment? The projections look good. Certainly, watching the debt mount after a two-year projection is always a little scary but it was “manageable,” he assured me. Even after one year of residency, projections began to shape up. The figures I saw were my worst case scenario, the most conservative estimates. From the looks of things, I would be in a relatively solid position after graduation. I was comforted. 

Now all that was left was for me to put the financial plan we discussed in motion.

Hello! I have a quick question about expenses during medical school. How do you pay for monthly/daily expenses like housing, food, transportation, etc.? I understand that it's difficult to hold a job while attending school, so I was curious about the steps medical students take steps to prepare themselves during their undergraduate career/while taking a gap year. Thanks! — Asked by stayingmedicallyinspired

Thanks for your question jensaigal. Most of my expenses are covered through student loans and also help from my mother. I have some funds saved up from working in the past that I tap into but it is not much by any means. I will most likely take out a line of credit to help reduce the pressure.

A lot of my colleagues are older, and have a lot more money saved up from working longer; the prevailing method however is a line of credit. Most, if not all of my classmates have a line of credit. In the case of those who have partners and spouses, their significant others are helping them as well. 

Hi! First off, thank you for taking your time to read answer everyone's questions. :] I read that someone asked you something a while ago and mentioned they were doing nursing as their premed course. Is that advisable? What would be the best subject to major in to get into med school? I know a science major would help prepare me but there's so many! I've been thinking about nursing but I would really want to be a doctor instead.. but.. I'm terrified of the idea of taking out so many student loans for school and about the chance of being sued as a doctor. — Asked by cxnthia-deactivated20130220

Hi there cxsteff, I don’t see why nursing would not be advisable. I think there is this impression that it’s taboo to come from a nursing background that I think is absolutely rubbish. I know of two people who are from a nursing background and I dare say that they are a great asset when they bring their nursing experience to the table. Similarly, I have a brief background in pharmaceuticals which benefits the group too.

Everyone, no matter what background they come from, brings a unique perspective to a team and that ability to see a problem from another angle is what makes a team better. In that sense, I don’t think there is a “best” major prior to med school while many would say physiology is a good one due to its study of the human body providing a good foundation.

Student loans do get scary, especially once they start really piling up near the end of your schooling but eventually you will make it all back. It just takes time. On being sued, I personally worry too. I think as students, we all fear making that fatal mistake that lands us into trouble. However, I must also remember that before I can practice on my own, I will be trained for the next couple of years under the supervision of experienced doctors who will iron out the kinks and teach me the trade to the best of my ability. By the end of it all, we will all become confident and competent doctors. It is just a matter of time. :)