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Like lots of people have said - first of all, your story is amazing, and it sounds like your situation would be very doable. My husband and I had our baby during 4th year and now are both interns with lots of family help to care for our son. Having kids isn't easy - but it will never be easy if we go into medicine. Good luck

To 5th gen: DO IT! You are very fortunate in two regards: 1. you have already been accepted and are very committed to your career path and 2. you have family very close by who are able to help out. Look, raising children is never easy and always requires help by extended family, even if there is a stay at home parent involved! I am impressed that you and your husband have talked about these issues in depth already. It sounds like you would be great parents! Good luck. You are already far more prepared than my DH and I were when we first got pregnant...

I am in a similar situation - double med student household and we too are thinking of having a child. I have spoken to some residents who told me as hard as it seems to do during medical school - it is much harder to do during residency. So I think you are right to keep your current plan and not give up on your dream or family heritage.

I worry a lot about the finances too. We are lucky to not have loans but would likely need to take one out for childcare. However I am have been looking into frugal living and way to earn money on the side. I even started blogging about this - http://budgetandbargain.blogspot.com/

Will it mean I don't have to take a loan? Probably not. But it might reduce the amount significantly. I live in an expensive area so frugal living tips are great for me as well.