How do you afford living expenses while going to medical school with a wife and child?

Question

My husband is applying to medical school this year. I am a stay-at-home Mom to a two year old, and one on the way. Medical school doesn't allow students to work, so we will be living off loans. However, I've seen some estimates of maximum loan amounts, and with tuition nearing $40,000, there isn't even close to enough to even afford rent, let alone anything else. Most of the schools are in big cities, which makes the cost of living even higher. If you've been in this situation, or know someone else who has, what did you do? Would we qualify for section 8 or housing vouchers just until he gets into residency? What is the maximum amount of loans someone can get per year for medical school (subsidized + unsubsidized)? Any info would be appreciated.

Answer 1

You might want to approach the financial aid offices for information on the financial aid side. An idea might be to open a home day care to provide an income while he is in school. There are private student loans to provide an income beyond it, but their interest rates are a lot higher than the federal rates. Section 8 is not a good idea to count on since a number of places probably have a closed waiting list (I know of a couple of places that have closed waiting lists). I will include some readings and help on it. Good luck!

Answer 2

How To Afford Medical School

Answer 3

This Site Might Help You.

RE:
How do you afford living expenses while going to medical school with a wife and child?
My husband is applying to medical school this year. I am a stay-at-home Mom to a two year old, and one on the way. Medical school doesn't allow students to work, so we will be living off loans. However, I've seen some estimates of maximum loan amounts, and with tuition nearing $40,000,...

Answer 4

For richer or poorer, sickness and in health, medical school included. Time to get a full time job or a full and a part time one if you have to.

I would suggest something you could take your kids with you. If you don't have a degree, try a daycare center or start your own babysitting business. A Friend of mine did quite nicely putting her hubby through flight school making baby accessories which she took orders for and sold to local baby specialty shops. Sell stuff on EBay... get creative, the possibilities are endless!

I'm attaching a publication from the Dept of Education - in the back is the chart on the maximum amount of loans one can receive as a grad/professional student.
Looks like for max amounts is:
$138,500—No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes Stafford Loans received for undergraduate study. (See Page 11)

Good Luck, and don't forget about yourself. When your hubby finishes, it'll be your turn to go to school while he supports the fam.

Answer 5

your not going to have enough money on loans to live on with 2 kids! YOU WILL HAVE TO SUPPORT THE FAMILY!!!!
they will not issue more loan money than the price of tuition and books and lab fees. The loans are for schooling not housing and living cost! There is a VERY SLIM chance that you could qualify for section 8 but with him going to school it will be tough to get on...plus the waiting lists for this service is miles long! I know that his schooling is important but for you to live and survive you will have to have a full time job! Most docs don't get married until they are done with school just for this reason plus the fact you will see very little of him during his schooling...good luck (sure hope that he isn't like most of the docs I know...have the wife support him till he is done with school then divorce ya)