
As I was selecting tags to categorize this post, I realized I can rarely write about money without also including school (obviously), marriage, and family. Our families have been such a huge support through our med school careers that I can’t thank them enough for their generosity.
Many of you have been following this blog since I first got into med school (and before) and you have been an awesome source of support and encouragement over the years. Some of the toughest and darkest times for me come around — not when a big important exam is looming — but when threats of money woes and funding cut-offs rear their ugly heads. I hate worrying about money. HATE it. Hate it more than just about anything else. I know that’s easy enough to say because I have more health and happiness than I know what to do with, but I would rather worry about almost anything other than money.
Since so many of you have been such awesome cheerleaders, I thought I would give you a quick update on the money front and how we’re getting closer to that graduation goal. The story is a little rambling, but probably similar to the way I would tell it to you over coffee (decaf) or cocktails (virgin).
A couple of months ago, Brandon was turned down for the first time for student loan funding from our school. After guarantees from the school that funding would be available and receiving money for five semesters, we were a little surprised and taken aback. What now? Even without thinking about rent and cost of living, we were automatically $40,000 short for Brandon’s next 4 semesters.
Last month, my mom went into our local bank branch to pay my tuition. I was about $30 shy and she topped off the $10,000 for the rest of this semester. The bank teller knows my mom (and me through her) very well and was surprised that I was so short of cash for tuition. “She should really re-apply to extend her student line of credit. She’s $40,000 short of what Canadian students receive! I don’t know why she wouldn’t be approved,” the teller told my mom.
We applied for that money and were turned down last summer. The bank told us they changed their policy and no longer lent money to Canadian students that were attending schools outside the US and Canada. Without an eligible co-signer, I was stuck. Why would we apply again this year? What could possibly have changed?
Thankfully, right around the time the bank was turning us down last summer, I qualified for the maximum amount of student loan funding available from the Canadian government — just over $20,000 — enough to pay for two semesters of tuition without touching the cost of living. My mom and dad sent me money when they could and I put it all into a savings account. When the third semester’s tuition came due in April, there was almost $10,000 in there. Just about $30 short of what I needed. How amazing!
So, while my tuition has been paid for, I haven’t been able to contribute to household expenses or rent. And I haven’t had any sort of personal cash flow, which I hate to admit drives me more than a little crazy. Brandon does an amazing job taking care of his family (rent, internet, gas, electricity, dog food, gas, Twizzlers) with his MBA student loans and part-time-job-with-overtime-hours at the Halfway House. I had a job for a little while writing for an online search engine company, but without a US social security number they could only pay me for up to $600 worth of articles. I made as much money as I could with them and they cut me loose telling me to “keep in touch when your green card is approved because we love your consistent and reliable writing!”
Which brings us up to this month:
- Brandon is short $40,000 for his tuition.
- His parents check into getting a second mortgage on their house.
- MBA loans and overtime hours keep us fed with a roof over our heads.
- 2010-2011 Canadian student loan applications are coming up in June and will be disbursed in August.
- I hope to be approved for another $20,000 from Canada student loans for my final two tuition payments.
- Our next tuition payments are in due in August ($10,000 x 2).
- The 4Runner needs plates in July ($1000).
- I am eligible to apply for a Permanent Residence card ($1000).
- Med school residency applications open in the summer ($750).
- I will have to travel for interviews in the fall ($??).
- We have a baby on the way ($?!)!
Aaack.
Sounds fun, no?
So, when my mom mentioned her conversation with the teller and how “it couldn’t hurt” to apply again, I was all ears. What did we have to lose? I mean, really. Right now our best hope was buying Powerball tickets.
I re-applied for the extension on my student line of credit. I was paired up with the awesome account manager that had to deliver the bad news of rejection when she worked with me on the very same problem last summer. She is pretty amazing. If you’re in Saskatchewan and need an RBC Account Manager, I know just the gal! This time around she sounded insanely busy, but got my application rolling with just a verbal confirmation over the phone.
Two weeks later, she faxed me documents that required an official signature because we were APPROVED!
I didn’t quite believe it fully until I saw the change in my online banking statement.
Credit line available funds: $40,000
I think it’s pretty amazing that we were approved for the exact amount Brandon needs to finish school. Unfortunately, it means I still can’t contribute to household expenses or go out shopping for new dog toys, lawn chairs and bedding plants, but we got what we needed. And the way everything always seems to come together confirms my belief that we are on the right track.
Two days I will be heartily celebrating in the next year:
1) December 2010 – The FINAL tuition payment
10 semesters at about $10,000 each (give-or-take a bit with the CDN-US exchange) is a big chunk o’ change.
2) July 2011 – My first PAYCHECK since June 2004
7 years of lost wages at the salary I was making when I quit the video game industry is around $350,000 (not including bonuses or raises). Toss in extra debt for my undergrad years and that puts me at least $500,000 behind where I would be if I hadn’t decided to go back to school.
Yah, people become doctors to get rich. Right.
————
photo: From a billboard in Vegas. Taken during a trip with Christina and Carol in 2006.