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
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:
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?