Wives Of Students.....money On The Islands

[ThinAir]

Hi Everyone-

My hubby is contemplating applying to AUC and I'm having some diffiulties with it. Currently, we have been married 5 yrs, (2 kids, ages 4, almost 2). Hubby is currently a computer programmer making 75-80k. We have his first set of student loans, car loans, mortgage, etc....we get by, as I'm a stay-at-home mom. But are looking to get our current financial situation under control. I find it hard to support his dream of med school- and giving up what we have here, Although, i want to be supportive of him, and not be the reason he regets not pursuing his dream.

The thing that scares me the most- is all the debt that we will have when and if he finishes. And even more- the debt if he has to go back to programming.

We're already on a tight budget here.....and the thought of having to think of EVERY PENNY for 7-8 years, makes me feel claustrophobic. How much does it cost to live frugally, but allow for some extras while on the islands? (St maarten)

How do you all do it? What were your situations like before you made the big move? Debt?? Jobs?? Etc.......

I've already checked out the AUC spouses support group/club.......but didn't actually join to post a question.

Thanks in advance for all your advice.

[jim]

i paid off almost all debt prior to starting(i went to Ross, graduated in 03). i lived frugally during school. but had enough to survive(i was single though!). residency was not too bad(i was married by then). money was better then you would expect. now i am making plenty of money to pay off loans, and dont regret a single second of what i went through to get here. a word of advice though. if this is really his dream, either get behind him 100% NOW, or plan on an unhappy marriage down the road. the short term sacrifice will more then be made up for in the end.

[sabaspouse2006]

Wow, our situations are parrallel. I have two girls, 4 and almost 2. My husband was a practicing chiropractor with a net income over $100,000. We also have previous student loans that we are still working on. He came to me one day and said I can't stop thinking about being a medical doctor. I'm unsatisfied with my work.....

After much discussion, the final decision was that if he would work it out financially so that I could continue to be a stay at home mom, we could do it. He is currently finishing his second semester on Saba.....

There are so many factors to consider but if you just want to look at money, the potential income at the end will help work out the student loans. Many programs offer differment if he enrols in school again.....

I'm sure you've already considered the changes, challenges in coming to the Caribbean.

Our budget for Saba is about $2400 a month US Dollars just to live. That does not include travel back and forth to visit home or any eating out. I'm sure Saba is more expensive to live than St. Maarten and our tuition is about $7,000 a semester. Is that a lower tuition? I don't know anything about AUC. Can you find a school that is as reputable that is less expensive?

Hope that helps. I can totally understand the feeling of having to "give up everything". I guess try to look at it from the big picture. Your kids won't remember this time in their lives but it will benefit them for a long time to have a doctor for a dad!

R/

[grace]

Originally Posted by ThinAir

Hi Everyone-

My hubby is contemplating applying to AUC and I'm having some diffiulties with it. Currently, we have been married 5 yrs, (2 kids, ages 4, almost 2). Hubby is currently a computer programmer making 75-80k. We have his first set of student loans, car loans, mortgage, etc....we get by, as I'm a stay-at-home mom. But are looking to get our current financial situation under control. I find it hard to support his dream of med school- and giving up what we have here, Although, i want to be supportive of him, and not be the reason he regets not pursuing his dream.

The thing that scares me the most- is all the debt that we will have when and if he finishes. And even more- the debt if he has to go back to programming.

We're already on a tight budget here.....and the thought of having to think of EVERY PENNY for 7-8 years, makes me feel claustrophobic. How much does it cost to live frugally, but allow for some extras while on the islands? (St maarten)

How do you all do it? What were your situations like before you made the big move? Debt?? Jobs?? Etc.......

I've already checked out the AUC spouses support group/club.......but didn't actually join to post a question.

Thanks in advance for all your advice.

I am one of those spouses who "gave up" life in the U.S. to support my husband's pursuits of medicine. This is not easy for any spouse, whether they are newlyweds, have several kids or no kids, were already in debt, had 6-figure salaries, had to give up a house, etc. I don't know that I can give you any specific advise.

AUC has a set budget for financial aid. Some families were able to save quite a bit of money while in SXM, while others were constantly short. I guess it all depends on the lifestyle you want while down there as well as how much debt you start with that must be paid off while in St. Maarten. I know families who spent from $600 to nearly $2500 for rent, those that ate out quite often and those that hardly did, etc.

My personal advise is that although the debt accrued while at AUC is quite overwhelming, it's definitely worth it. Medical school is definitely not cheap, but school loans can be used for a tax ride-off for years to come. Besides, once your husband gets into Residency there are additional loans he can apply for since salaries are quite tight, especially for a family. I always try to tell people to save as much money as possible while at AUC because you don't know how long it will be before starting clinicals. I was very glad that we were able to put a fairly large amount of money aside, which helped with purchasing a vehicle and moving once we returned to the States.

[Auxunauxia]

It seems that... lots of people want to become doctors.

The question is, why?

They say where there's a will there's a way.

And if you really love your husband, that love will take you farther than you're ever willing to go alone.

Don't be too afraid for the children. Sometimes children are stronger than we think. They learn very quickly how to survive.

There are people in this world living on less than a dollar a day, and have about a million dollars in debt, and don't even have a dream.

Things and money are worth nothing... they disappear with time very quickly.

Love and dreams are priceless possessions.

Talk to a Financial Advisor who deserves their job. Explain your situation, and they'll help you with the debt problem.

They're usually pretty nice people.

[Dru]

Keep in mind that he will be able to get more loans and consolidate other loans based on a little thing called EARNING POTENTIAL. The thing to remember is that it will be most important for him to successfully complete the program, so it will be vital for him to have your support. He must be able to keep his eye on the prize and work his butt off. If he is not successful, you will both be left with a bundle of debt.