I recently decided to make a career change and was lucky enough to get into PA school starting 09/2020. I was notified in December 2019 which didn't allow for the greatest of savings timeline. During the 30 month program I will not be working. I know I will need to get some kind of assistance but I have heard various ways to move forward and I am looking for advice.
Currently both my wife and I have 401ks, Roth IRAs, as well as accounts in Robinhood. We have a combined income of $10,600/month at this time. (This is after retirement saving have been contributed to our various accounts.) Once I quit in late July we will be closer to $5500/month.
Other Info: The wife (29F) will be staying to work in TX while I (30M) attend in CO which will lead to double rent however I have very low standards for my living conditions. Aside from these up coming expenses we have minimal other liabilities. My car has $3k left on it's loan at 2.9% and our other car is paid off. We have about $85k in cash savings which were planning on using for a home down payment. With the wife's current position she will be able to support some of my living needs but certainly not everything.
I see/ have heard of a few options we could look into but I was told I should line everything up prior to quitting.
- Loans for the full amount plus some living expenses.
- Use our saving account to complete school.
- Hybrid of savings and loans.
- A personal Line-Of-Credit. I was told we would need to get this in place while we have a dual income.
- HRSA Scholarship which I am unlikely to be eligible for, at least for the for the first year.
Any help would be much appreciated.
Submitted March 14, 2020 at 07:45PM by Coyohte https://ift.tt/2xHmTTD
