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  1. #1
    Doctorintraining1980 is offline Junior Member 510 points
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    Self Fund my Residency?

    Can I self fund my own residency? Or fund someone expanding or starting a small residency program?

  2. #11
    don1 is offline Senior Member 544 points
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    Feb 2007
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    I agree. This is impossible unless you have wealthy parents. I can not see any bank giving you that amount of money during residency. I have only heard of people from middle eastern countries funding residents and giving them a salary. Some programs go for this because they make a lot of money doing this and they get free resident work. The program also has to be big enough to service the learning needs of all residents.

    Quote Originally Posted by Med grad View Post
    Interesting idea! But I am not sure how practical this is unless you are wealthy or have rich relatives willing to help you. You have to pay the hospital and on top of that you need to fund your living expenses because you get no salary while in residency. Medicare pays hospitals about $100K per resident and about half of that usually goes to residents' salary and benefits.

    Then add this to the students loans you might have incurred for undergraduate and medical school and the amount becomes substantial so much so that it doesn't make any economic sense. The student loans accrue interest and if you find a way to borrow the cost of residency that loan too will start to accrue interest. The principal and interest on all those loans will eat up most of your after tax earnings. You can expect about $120K-$170K per year in salary if you are in primary care. You will go broke trying service all that debt while trying to maintain some reasonable standard of living.

    You should crunch the numbers and find a funding source to pay the hospital as most struggling medical graduates don't have that kind of cash sitting in their bank account. I doubt any hospital willing to do this will be willing set up payment plans. They want the money up front because they want to make sure they get paid first.

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