Information for Visiting and Interviewing Students |
Cost of living at Phi Chi compared to other locations
If you are a newly accepted student looking for places to live, Phi Chi offers 27 rooms for UT medical students. Rooms at Phi Chi are highly valued by medical students for many reasons, but among these is the affordable rent. Housing represents a considerable cost to medical students, and the money saved by living at Phi Chi leaves students with extra money to spend on other things or to pay off their loans. The following comparison is made to a $500/mo apartment in midtown.(If you are considering living on mud island, substitute in $600-$700 for the following calculations) Visiting students and/or parents are welcome to tour the house any day of the week. Drop-ins are welcome, but emailing a house manager beforehand to schedule a tour is encouraged.
Phi Chi rent: $280/mo Utilities: $0/mo (internet, cable TV, full kitchen, weight room, game room, library, heat/AC, gas, housekeeping, electricity, gated parking all included in rent) Months in medical school: 48 Total cost after 4 years: $13,440 Total savings of living at Phi Chi for 4 years assuming you pay the principal in cash and take out no loans: $14,400 If you are planning on taking out loans, interest will play a significant role in your total housing cost. Assuming you borrowed money at the standard rate of 6.8% you can figure your total cost by figuring 4 years interest on the first year's rent, 3 years interest on the second year's rent, 2 on the third year's rent, and 1 year interest on your last year's rent. Cost of living at Phi Chi for 4yrs. + interest = $15,884.92 Money saved living at Phi Chi for 4 years including interest on loans: $17,020.80 Most residents actually pay back their loans using the 10 year repayment plan so the savings would be even greater, but you can figure out those numbers on your own! |
Typical apartment in midtown: $500/mo Utilities: ~$80/mo
Months in medical school: 48 Total cost after 4 years: $27,840
Cost of a midtown apartment for 4yrs + interest = $32,905.72
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