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Pre-med looking for advice? Savings?

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  • DMFA
    Congratulations on getting accepted, and welcome to the forum!

    Since this subforum is for beginners to help beginners, I'll wait a few days or so before weighing in and let some fellow n00bs weigh in first.


    Leave a comment:

  • LLB241
    started a topic Pre-med looking for advice? Savings?

    Pre-med looking for advice? Savings?

    Hello. I'm new here and currently listening to the audiobook of the WCI. Apologize if this is redundant or belongs on a different forum. Seeking advice

    Recently I was accepted to med school--yay! Problem is, tuition is about 51k, and COL another ~35k. Yikes. My parents are/were both teachers--I'm funding this career myself. Ive been scribing since graduating last year, and combined with an inheritance from from grandfather, have about 50k in savings. I have another 11k in a 401k I inherited from him, which I'm not sure whether I can even touch..? By the time I matriculate next summer, it'll probably be around 60-65k in savings total. I'm waiting to hear back from some public in-state schools which would be more affordable than the one I was recently accepted to, albeit not significantly.

    I have a new, fuel efficient car (purchased 2016) with about a $1500 balance on it at 3% interest. Most of my scribing $$ has gone right into that--technically I have until 2021 to pay off that remainder. Zero undergrad debts thank goodness. I was lucky to get an RA and tutoring gigs on campus, a paid summer research job (all three summers) and a hefty merit scholarship.

    Many of the schools I'm applying to require me to input my parental income information on FAFSA for need-based aid, even though they're not helping me out financially. My mother recently retired (64), but the income year they're looking at is 2015 when she was working full time. Is there some way to reflect this recent drastic change in parental income?

    Is it worth making non-refundable deposits at multiple DO schools ($250) just to compare their financial aid packages? Is having that large of savings going to be punished on my FAFSA? Are medical school financial aid packages all loans anyway, so not really worth comparing?

    Is it worth going to an allopathic school if it's more expensive? Is the MD after someone's name worth more than a DO? (Silly if it is, in my opinion, but genuinely curious).

    One of the things I was considering is purchasing a condo/small bungalo with my cash, then getting a roommate to cover utilities/HOA/taxes essentially. Is this an okay idea, or a very bad one? At least after living there, I'll be able to re-sell, possibly for a profit.

    Should I just flat out empty that 65k towards tuition, to avoid the ~6% interest rates of student loans? Or is it advisable to have a nest egg on hand?

    I'm blessed with my savings, but at the same time I'm not sure how best to use it. If I empty it out towards a condo, would that be more favorable on FAFSA? Having a zero balance in savings?

    Thank you SO much for the advice everyone--I'm afraid I'm a bit clueless. Never in my life have I (nor have my parents) had a significant amount of money, so I'm not entirely sure what to do with it, particularly as I have so many important decisions coming up. My parent's retirement fund is lackluster, and I anticipate having to supplement their income as an attending. Least I can do after they raised me Not sure what speciality yet, although I'm leaning towards ED or psychiatry from what I've seen as a scribe.

    Not eligible for the HSPS scholarship due to pre-existing condition. Not sure I want to commit to primary care through the Health Service Corp--I haven't even done rotations yet, so the idea of commiting to FM/OBGYN/IM/psych/peds this early in my career freaks me out. I have a definite interest in practicing in underserved areas, however. Maybe loan forgiveness would be a good option?

    Unfortunately no wealthy relatives looking to help me out either lol. Also no significant other or children to worry about. Appreciate ALL the advice I can get THANK YOU SO SO MUCH.