Monday, October 28, 2019

MiM Mail: Finances during medical school as a mother in medicine


I am writing with a question that I would love to see what the MiM community has to offer for advice! My question is- while going through medical school as a parent, how did you handle the financial aspects of your day to day budget? Did you find that student loans were enough to live on for a family month to month? (Spouse and one child in my case). Did your spouse work at all? How did you afford childcare if the spouse worked? Also- how did you get health coverage? My school offers it and you can include your family on the plan- but it is so expensive!! The monthly premium would take up almost all of my monthly living loans and I would get very little left over. My school does not offer more assistance for families, just one set amount. I guess private loans are an option but I’m afraid of the high interest rates on those. I have also heard that private insurance plans might be less expensive per month but I really have no experience or knowledge about that and wonder if they provide good coverage (like if we were to have another baby, labor and delivery/prenatal care, pediatrician visits, etc)? I have heard a few families say they qualified for Medicaid but I am also not familiar with that at all. Last part of this financial question- how did you afford all of the other expenses like going on interviews, paying for step, etc? Does your school provide extra loans when the time comes or do you just have to figure it out on your own?


1 comment:

  1. My husband worked most of medical school, and my daughter was at my parents 3-4 days a week for the first few years, which helped with childcare costs. (super lucky to have gone to school in my hometown). I know that other students who had kids with stay at home partners lived in student housing and their partners had some sort of part time or flexible work from home situation that helped with expenses. At least one family I know did qualify for Medicaid. In terms of interviews, some schools provide extra loans for 4th year for that reason, so see if that could be an option. I did most of my rotations locally to cut down on travel and tried to group my interviews/ stay with friends to cut down on flights/hotels. Good luck!


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