How Can I Manage Financial Challenges While Pursuing Medical School?

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Discussion Overview

The discussion revolves around managing financial challenges while pursuing a medical education. Participants share insights on the demands of medical school, the feasibility of working while studying, and strategies for handling existing debts.

Discussion Character

  • Exploratory
  • Debate/contested
  • Conceptual clarification

Main Points Raised

  • One participant expresses a desire to pursue a career in medicine, specifically in psychiatry, but is uncertain about the financial implications of attending medical school while managing existing debts.
  • Another participant, who is not a physician, suggests that the hardest part of medical school is gaining admission, indicating that this is a common sentiment among those familiar with the process.
  • A participant shares that medical school is a full-time commitment, emphasizing the extensive studying required and questioning the feasibility of working full-time while attending classes.
  • Concerns are raised about managing personal debts, such as car payments and credit card bills, rather than just student loan debt, which may complicate the ability to focus solely on medical school.
  • There is mention of potential financial strategies, such as selling assets and finding side jobs, to alleviate financial pressures during medical education.

Areas of Agreement / Disagreement

Participants generally agree that medical school requires a full-time commitment and that working full-time while studying may be challenging. However, there is no consensus on the best approach to managing financial obligations alongside medical school, as individual circumstances vary.

Contextual Notes

Participants express uncertainty about the specifics of financial aid and debt management, particularly regarding personal debts outside of student loans. The discussion reflects a range of personal situations and financial strategies without resolving the complexities involved.

Who May Find This Useful

Individuals considering medical school, especially those with existing financial obligations or concerns about balancing work and study, may find this discussion relevant.

Zantra
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So I've decided to pursue a career in medicine. I've already decided on the school, and it's in-state, so that increases my chances of being accepted. I've always wanted to practice psychiatry, but am also considering neurology, neurosurgery, and some other fields- won't really know until I get to do my rotations.

So I'm sure there has to be at least one or two doctors who frequent these boards. Would appreciate any advice you have to give. I'm older so I'm not sure on how it will work-I'm guessing at some point I will have to work full time and go to school full time, as I have debt accumulated and cannot just give up working alltogether. Anyway, if you have any tips, tricks, advice, or otherwise, feel free to respond.
 
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Zantra - I'm not a physician, however my field of study is indeed medicine. Doubt I will be a physician at any point because of other interests I have that might end up being more profitable...

...However I do know physicians, and did investigate plans for MD School at one point.

Most physicians will tell you the absolute hardest part about MD School is getting into MD School. That's just about the only advice I can think of, but if you have any specific questions I might drum something up!
 
I can only share what I've been passed along by friends in medical school or who have since graduated from medical school and are now physicians.

Med school is a full time thing. I am not aware of any major U.S. medical school that has part time students. If you're not in class, you're most likely studying or taking some precious time off for a bit of relaxation. You are kept busy with a full platter at nearly all times, no matter how the school has arranged the curriculum. I can't imagine how one could work full time and attend school at the same time with the expectation of succeeding in medical school. The amount of studying that medical students do is an incredible amount.

If you have student loan debt from your undergraduate days, loan companies will (well, they're supposed to, from what I know) defer the debt until you graduate from medical school.
 
Originally posted by Mike H
I can only share what I've been passed along by friends in medical school or who have since graduated from medical school and are now physicians.

Med school is a full time thing. I am not aware of any major U.S. medical school that has part time students. If you're not in class, you're most likely studying or taking some precious time off for a bit of relaxation. You are kept busy with a full platter at nearly all times, no matter how the school has arranged the curriculum. I can't imagine how one could work full time and attend school at the same time with the expectation of succeeding in medical school. The amount of studying that medical students do is an incredible amount.

If you have student loan debt from your undergraduate days, loan companies will (well, they're supposed to, from what I know) defer the debt until you graduate from medical school.

Thanks Mike, but it's not the student loan debt that I'm worried about. Perhaps I will need to take care of this other debt before I can do this. (I have things like car payment, credit card, etc)

As far as working full time and going to med school(was thinking maybe part time?) I guess you're probably right about that. As far as difficulty goes, at least it's good to know that the first step is the hardest. Then it's all downhill from there

Unfortunately my situation is a difficult one as I'm a little older(heading towards that 3rd decade at this point) so I don't necessarily have the luxury of parental support, though I will still have some financial support. If that means selling off the new car in favor of an old beater, hawking myself out for a lifetime of debt, and switching to the generic brand of mac and cheese, then so be it:D I'm sure I'll be able to find some way to make a little side money here and there.

As far as questions..well the web has been an excellent resource for all my premed needs. based on what you're describing I'll need 0 debt(other than student loans) and enough financial support to be able to pay for rent, food, and basic necessities. I'll let you know if I have more specfic questions. Thanks for responding guys
 

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