Any Dr's or med students on the boards

[Tiggeroo]

My dd is in her first year of Pre-Med. She kept a 3.5 for her first semester. What she really wants to do is become a Psychiatrist. She definitely wants this, not psychologist or any other branch of medicine. I worry about the costs involved. She is on a full scholarship for her undergrad and is going to a state school and living at home to save money.
What types of scholarships/financial aid is available for med school? At what point during med school does working during the school year and/or summer become impossible. Is housing expensive?
She has signed on for a 7 yr program and the school she is in has a reciproprocal agreement with several state med schools. But she really wants to go to Univ. of Pa. for the med school. Do you have any tips for what she could be doing to help fund this education? Will she be applying for aid under my name or her own? If she has little savings now, will she actually hurt her chances at financial aid by banking as much as possible over the next three years?
Thanks guys.

 

[TheLionKing]

As for financial aid, you would be better off talking directly to the schools she is interested in. I am sure it varies from school to school.

As for working part time during medical school.... That would be very difficult. Medical school is much more time consuming in terms of memorization and reading. I studied twice as much in medical school than I did in my undergraduate studies (and I was a Chemistry/Pharmacology double major).

Realistically, I think a part time job during the first two years would be pushing things. However the first two summers would be available for work. However, depending on how hard she worked the previous few months, some students need decompression time. Once she starts the 3rd year summer vacations are really non exisant. I was actually able to work part time in my 4th year of medical school, but the job I worked had very flexible scheduling which made it easy to work when a rotation was slow and not wrok when it was a busy rotation.

 

[m&m's mom]

She worked while an Undergraduate during school and during the summer but it was for the Biology department at our University where our Dad was VP so I imagine her work schedule was not that hectic.
She was completely unable to work at all during Medical School. On the good side she is now a Pediatric Nuclear Radiologist and more than making up for any lack of funds earned during Med School.

 

[Tiggeroo]

this is what I figured. DH and I are willing to help her with living expense money, but won't be able to do both this and help with tuition. I am just wondering whether kids from poor/working class families are able to get thru the med school thing. Once med school starts she won't be able to live at home.

 

[Galahad]

DW was helped with med school expenses with an Army Scholarship. Not for everybody, but it worked well for us. She did her residency in the Army, after med school at her school of choice. Residencies in the military are, by-and-large, very rigorous and among the best available. You then owe the military one year for each year of med school they paid for (I think the minimum pay back is 3 years).

Don't even think about working during med school. Some try to moonlight during residency, but that is usually a disaster too. Medicine is one of the most time intensive and exhausting things you can do. Also, be ready to get a lot of recruiting during 3rd and 4th year of med school. She may be sold on Psychiatry now, but she'll be wooed by the other specialties when she does her clerkships. LOTS of folks change thier mind then. DW was sold on pediatrics until 4th year of med school and now she is an OB/GYN.

 

[Tiggeroo]

Did you get alot of help from your family during med school. Do you remember if your financial aid/loans during med school were in your name or your families. I am wondering if there will be a point where she would be better off as an independent student?

 

[dianeschlicht]

EROS is a doctor.

 

[Tiggeroo]

at risk of @$%$$ I do miss Eros.

 

[Pete's Mom]

Originally posted by Tiggeroo
at risk of @$%$$ I do miss Eros.

Where'd he go?

 

[Saphire]

Hi Tiggeroo,
My son is in the process of applying to 16 med schools and is currently finishing his senior year of college. He worked all through college in the biology lab doing research, but this money just went to living expenses. Once they go on to med school, most kids are on their own financially. We have two others coming up, and the expense would be impossible. Most students take out full loans to finance med school, and the doctors I know said it takes years to pay it off. My son does not plan to work while in med school and this is not recommended, so living expenses will be part of the loan. He knew all of this a long time ago, and so far, wants to continue with the plan. As far as financial aid (scholarships) I am sure it depends on the school, but I am not too hopeful. Most advisors reccomend taking a year off between senior year and med school, so this time is a good opportunity to work and save. Best wishes to you and your daughter, it's great that she knows what she wants and is going for it!

 

[Tiggeroo]

good luck to your son. Is he going to take a year off between? I too will have 3-4 in college when my dd is in med school, so the amount of help I can give her will be limited. She is considering a 7yr program where she goes 3yrs undergrad where she is now and 4 at the state med school. They have a guaranteed admission if you maintain certain standards. No year off in this course. At Univ. of Pa. med school they state clearly that you need your parents financial info to apply for financial aid. I can't believe that they expect your income to count toward your 22yo's college expenses when you can no longer claim them on your taxes. I think that with 4 in college at the same time my dd might actually be better off with my income then hers. I guess what worries me is that she would go for the undergrad degree in bio and then find she is unable to afford the med school.

 

[Saphire]

Hi again,
Yes, my son is taking a year off and will most likely work doing cancer research. He already has job offers but unfortunately they don't pay that well. I am trying to convince him to come home to live for the year, but he is an independent young man and loves the city (Boston). During that time he will interview for med schools. The seven year program your daughter is in sounds great and it would eliminate the need for applying and interviewing, which is a lengthy and costly process. There are always loans to afford med school, it's just a matter of what the bill will be after the four years and if she is willing to pay those off for the next 10-15 years after getting out of med school. It is a very personal decision and one that she has to think long and hard about.

 

[Galahad]

Here's another piece of unsolicited advice. We saw a LOT of residents that were fresh out of med school, making 25K a year as a resident, taking lenders up on car deals and other loans basically borrowing against their potential earnings after residency. Warn them against this as well. It is VERY easy to get way more credit that you can posibly need just because there is an M.D. after your name.

 

[Tiggeroo]

dd is very careful with money. She lives at home and was able to last the whole year on $1500. in summer earnings. This included money put into her car for maintenance and occasionally helping with groceries in the house. Went to the other school she is interested in's web site. They too want parents financial info for every year of med school.

 

[TheLionKing]

I went to emory University School of Medicine.

The school offered a low interest loan for tuition. It did not cover living expenses. I neeed the loan for the last 3 years of medical school. It took me 9 years to pay off that loan. Of course 8 of those years was paying it off on a resident's salary.

 

[Galahad]

Another "no-loan" option is the Public Health Officer route. It is like the military scholarships, except your pay-back time is not to the Army or Navy but to the Public Health Corps (i'm sure that name isn't quite right). Public Health docs often work in state-side military hospitals too, but they are not subject to being sent somewhere to be shot at.