How to Make a Medical School Budget- Part 4

Hopefully I haven’t bored you yet with my obsession with school budgets.
I’ve managed to make a pretty detailed and evidence-based living expenses school budget, but you may have noticed that it is completely missing any school costs.

Ha ha ha, I just like to pretend these don’t exist.

Here is my estimate of school expenses

  Yearly 3 years
     
Tuition 15012 45036
Fees 1620 4860
Books/instruments 4000 12000
Totals 20632 61896

I do know that each year has costs that are specific to the year, but I don’t know all the details yet, so I’m basing the 3 year totals off of the first year costs.(So unfortunately this is likely a low-ball number)

Holy poopy $61 896 is a lot of money for school!

To combine the school expenses with living expenses you get an even poopier number:
.
.
.

$113,016.
Oh fuck.
Welcome to medical school.

The good news is that I’m actually doing these numbers and realizing how much shit I could actually get into if I didn’t have a budget.

The better news is that banks love med students and throw lots of money at you; with an average professional line of credit being between $200-250,000.

And the best news is that now I have a comprehensive budget and am not planning to go anywhere near needing $200,000.

And knowing how much debt you are taking on makes it very clear about how fast you need to repay it once you start working. $113,000 seems bananas to me (and this is not including my already existing undergrad loan of about $15,000), but once I start residency I will make at least $50,000 a year with staff bringing in between $100-250,000, depending on what you do and where you work.
So it’s all under control right?

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s