My boyfriend of 4 years is finishing his 2nd year of medical school. We would like to get married in the next year or 2. How can we afford his schooling when he has no income (since he's a student) and I only make $30K a year. He is under the impression that we will be told that we could afford almost $10K of medical school based off of my salary and still be able to pay the living expenses of us both. Will I really be told that?! That is ridiculous!
2007-03-14 03:51:15 · 5 answers · asked by Bri 1 in Education & Reference ➔ Financial Aid
I understand that my boyfriend will have about $150K in loans after med school and that residencies pay crap. What I'm asking is whether or not he can receive the same amount of loan money while in med school if we are married---will my income be taken into account because if we have to pay for part of med school with my income because the government says we don't need that much loan moneny, I don't know if we ACTUALLY could afford it.
2007-03-14 04:52:54 · update #1
It's actually easier to get loan money and survive if both people are in school because you have no income for them to base on restricting your loans. My boyfriend made 24K (before taxes) the year before med school and he was told this year (2 years later) that he can afford $5K worth of his school on his own because of the salary--which is a crock.
2007-03-14 04:55:42 · update #2
We both don't think we should move in together before marriage--just our own personal set of morals. Since I've been dating him for 4 years, I don't really want to wait 4+ more years to get married and actually start a life together.
2007-03-14 07:12:29 · update #3
Two words: student loans. He needs to get enough money to go to school and help out with your living expenses. Almost all doctors owe hefty student loans. It is well worth going in debt to have a career as a doctor. Good luck.
2007-03-14 04:02:36 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I know plenty who do it, who manage to find a way (even sometimes while both are in medical school). I guess you need to be resourceful enough or something. You do realize that after medical school he's not going to be making a ton of money either - starting aroudn 40k first year of residency on up to about 46-47k if he does a 5-year residency. There are financial counselors that should be available at his school for him to talk to and figure things out, the best plan of action. Here's a hint for him - he should really look for work after his residency which offers to reimburse or pay off medical school tuition.
2007-03-14 04:01:33 · answer #2 · answered by Sunidaze 7 · 0⤊ 0⤋
Loans, same as most people, sadly. One of my friends graduated Harvard owing about $150k, she's working in CA now and it will be years before they are solvent. Just plan for the long term and try to keep the debt down.
2007-03-14 04:01:18 · answer #3 · answered by Chris H 6 · 1⤊ 0⤋
Why get married? What's the incentive to do so? Financially you'll be better off to NOT get married....but no matter how you slice it the next 6-7 years are going to be a 'monetary challenge'...so get used to the idea.
2007-03-14 06:43:30 · answer #4 · answered by levatorlux 5 · 0⤊ 0⤋
are you cute? the only way to avoid taking out a crap load of loans is if you "dance" at night. Seriously. You hear about all kinds of girls doing that to put themselves or a b/f thru school.
2007-03-14 03:57:28 · answer #5 · answered by torqueymonster 3 · 0⤊ 3⤋