Hey r/personalfinace!!
So I am a long time lurker, bu first time poster! As the title says, I was fortunate to have been given a full ride to medical school to pursue an MD plus a Masters!! Tuition which is about $52K/year is all paid for all four years!! The only thing I have to worry about is paying for rent which is $750 per month and a for food.
Now the thing is I have saved up around $50K from my previous job during my gap year! The school offered me a loan of a max of $10K per year for a total of $40K by the end of the four years. The interest accumulates by my third year of residency which is when I start making payments.
Now my question is, should I use my savings for rent and food, or should I max out on those private loans to keep my savings as an emergency fund? Another thing is that I am in a long distance relationship where my girlfriend is in graduate school on the other coast of the United States and we want to see each other once a month. So we will be flying often. Now should I use my savings for those flights or should I take out a credit card?
My concerns about spending money stem from growing up really poor, my parents barely finished middle and high school, and I have never taken out loans or had credit cards. So I am kind of scared to use up my savings, but at the same time to take out loans. Any insight is greatly appreciated!
TLDR: Medical student with a full-ride. Should I use up my savings account of $50K to fly across the country and to pay for rent/food? Or take out a loan?
Submitted October 05, 2018 at 04:31PM by kape1one https://ift.tt/2y2teWL
