How do middle class kids afford med school?

[Anonymous]

Anonymous wrote:OP, the UK has a better system that will save you/your daughter a lot of money:

In the UK you start directly in medical school, rather than getting a BA in something else first like in the US. It's still about 5 years total, but then you start foundation training and actually get paid while you do it, and then specialist training, which is also paid.

Source: my husband is a UK-trained doctor, and my son is a veterinarian who also went to the UK for university/training (vet school system in UK vs US is similar to med school).

Oh, and I forgot to add that the 5 years of uni you have to pay for in the UK as part of her medical training cost significantly less than a uni in the US. So pay much less for the initial 5 years, then she actually starts getting paid for the next phases of her medical training, rather than having to pay/take out loans.

You could spend what you have saved now to get her through in the UK.

[Anonymous]

Anonymous wrote:How do middle class kids afford med school?

My daughter is a HS Senior and wants to be a doctor. We have about $180k in 529..This should cover her undergrad.

How the hell is she going to afford med school? We are behind on retirement saving and starting to focus more on that now. So we can't even co-sign loans for her when she gets there.

.

Join the military. Have med school paid by the US govt. Alternatively, work as a doctor in poor areas for several years after med school graduation and have your loans dismissed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m guessing all the need based programs take into account parents income, and the cutoff is probably not that high. Just because parents make $300k combined and live in a house that has appreciated to $900k does not mean they can afford $360k of med school tuition on top of paying for college.

That's not school's problem to figure it out. That's yours.

90% of programs don’t offer any aid or scholarships at all, especially for first year students. There is now a lifetime cap on stafford loans, so it is nearly impossible to afford.
My kid was told to do FAFSA as an independent by the med school, my income not taken into account. Kid only 20. I’m not sure if they all do that to level playing field?

[Anonymous]

Our strategy was to get a full ride to undergrad so there was money in 529 for grad or law or med school.

[Anonymous]

Anonymous wrote:middle class kids are going to be pushed out of med school soon. they borrow $300- 400000. residents repayments are deferred ( or they were - not sure about the new rules)

Many won’t have the financial freedom to volunteer for three summers to get lab experience.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In the 1980s, many paid for medical school with massive student loans. It is not a new issue.

These loans are now capped.
We are using what’s left in 529 for housing/tests/fees and paying tuition only with loan. Applying for financial aid, but most schools only offer after 1st year. Will do work study to offset tuition.

Even decades ago, there were caps on Federal student loans. It was not unusual for a medical student to also have some non-Federal loans in addition to Federal loans. Medical students who survive the first year (and most will survive) are a good credit risk.

Again, this is not a new problem.

It’s not a new problem but the loan caps have made it way worse in the last year exacerbated by tuition costs rising above where they were decades ago. We are looking at private schools with a cost of attendance over $100k and loan caps at $50k.
Obviously going to a public in state medical school is fiscally smarter (though we know a lot kids without a choice of medical schools who will go wherever they get in).

[Anonymous]

I wish we lived in a country that valued and supported education. We live in a country where exploitation is the main goal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m guessing all the need based programs take into account parents income, and the cutoff is probably not that high. Just because parents make $300k combined and live in a house that has appreciated to $900k does not mean they can afford $360k of med school tuition on top of paying for college.

That's not school's problem to figure it out. That's yours.

I wasn’t talking about myself. We have money for med/grad school for our kids. I was just saying the need based programs and not going to help most kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In the 1980s, many paid for medical school with massive student loans. It is not a new issue.

These loans are now capped.
We are using what’s left in 529 for housing/tests/fees and paying tuition only with loan. Applying for financial aid, but most schools only offer after 1st year. Will do work study to offset tuition.

Even decades ago, there were caps on Federal student loans. It was not unusual for a medical student to also have some non-Federal loans in addition to Federal loans. Medical students who survive the first year (and most will survive) are a good credit risk.

Again, this is not a new problem.

It’s not a new problem but the loan caps have made it way worse in the last year exacerbated by tuition costs rising above where they were decades ago. We are looking at private schools with a cost of attendance over $100k and loan caps at $50k.
Obviously going to a public in state medical school is fiscally smarter (though we know a lot kids without a choice of medical schools who will go wherever they get in).

There have been caps all along. The caps are higher now than 20 years ago. I am very sorry it is not working well for you, but essentially the same situation existed 50 years ago, 40 years ago, 30 years ago, 20 years, and 10 years ago.

[Anonymous]

We saved aggressively over the years. We didn’t assume or rely on FA or loans. Paid for three kids’ undergrad and post grad (including one thru med school). Max HHI was 350k but most years less than that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In the 1980s, many paid for medical school with massive student loans. It is not a new issue.

These loans are now capped.
We are using what’s left in 529 for housing/tests/fees and paying tuition only with loan. Applying for financial aid, but most schools only offer after 1st year. Will do work study to offset tuition.

Even decades ago, there were caps on Federal student loans. It was not unusual for a medical student to also have some non-Federal loans in addition to Federal loans. Medical students who survive the first year (and most will survive) are a good credit risk.

Again, this is not a new problem.

It’s not a new problem but the loan caps have made it way worse in the last year exacerbated by tuition costs rising above where they were decades ago. We are looking at private schools with a cost of attendance over $100k and loan caps at $50k.
Obviously going to a public in state medical school is fiscally smarter (though we know a lot kids without a choice of medical schools who will go wherever they get in).

There have been caps all along. The caps are higher now than 20 years ago. I am very sorry it is not working well for you, but essentially the same situation existed 50 years ago, 40 years ago, 30 years ago, 20 years, and 10 years ago.

You’re not following along with costs and the new bill. We are at a point where attendance costs will significantly exceed the federal loan caps. You can say it’s always been this way, but the reality is it has changed recently.

https://pmc.ncbi.nlm.nih.gov/articles/PMC12658764/#:~:text=Results,medical%20school%20(Figure%20C).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In the 1980s, many paid for medical school with massive student loans. It is not a new issue.

These loans are now capped.
We are using what’s left in 529 for housing/tests/fees and paying tuition only with loan. Applying for financial aid, but most schools only offer after 1st year. Will do work study to offset tuition.

Even decades ago, there were caps on Federal student loans. It was not unusual for a medical student to also have some non-Federal loans in addition to Federal loans. Medical students who survive the first year (and most will survive) are a good credit risk.

Again, this is not a new problem.

It’s not a new problem but the loan caps have made it way worse in the last year exacerbated by tuition costs rising above where they were decades ago. We are looking at private schools with a cost of attendance over $100k and loan caps at $50k.
Obviously going to a public in state medical school is fiscally smarter (though we know a lot kids without a choice of medical schools who will go wherever they get in).

There have been caps all along. The caps are higher now than 20 years ago. I am very sorry it is not working well for you, but essentially the same situation existed 50 years ago, 40 years ago, 30 years ago, 20 years, and 10 years ago.

You’re not following along with costs and the new bill. We are at a point where attendance costs will significantly exceed the federal loan caps. You can say it’s always been this way, but the reality is it has changed recently.

https://pmc.ncbi.nlm.nih.gov/articles/PMC12658764/#:~:text=Results,medical%20school%20(Figure%20C).

There have been caps for at least 50 years. Even 10 years ago many had to take out private loans because of Federal caps. The latest tweak really has not changed the fundamental issue.

[Anonymous]

Target NYU and lock in on getting admitted. It’s tuition free.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In the 1980s, many paid for medical school with massive student loans. It is not a new issue.

These loans are now capped.
We are using what’s left in 529 for housing/tests/fees and paying tuition only with loan. Applying for financial aid, but most schools only offer after 1st year. Will do work study to offset tuition.

Even decades ago, there were caps on Federal student loans. It was not unusual for a medical student to also have some non-Federal loans in addition to Federal loans. Medical students who survive the first year (and most will survive) are a good credit risk.

Again, this is not a new problem.

It’s not a new problem but the loan caps have made it way worse in the last year exacerbated by tuition costs rising above where they were decades ago. We are looking at private schools with a cost of attendance over $100k and loan caps at $50k.
Obviously going to a public in state medical school is fiscally smarter (though we know a lot kids without a choice of medical schools who will go wherever they get in).

There have been caps all along. The caps are higher now than 20 years ago. I am very sorry it is not working well for you, but essentially the same situation existed 50 years ago, 40 years ago, 30 years ago, 20 years, and 10 years ago.

You’re not following along with costs and the new bill. We are at a point where attendance costs will significantly exceed the federal loan caps. You can say it’s always been this way, but the reality is it has changed recently.

https://pmc.ncbi.nlm.nih.gov/articles/PMC12658764/#:~:text=Results,medical%20school%20(Figure%20C).

There have been caps for at least 50 years. Even 10 years ago many had to take out private loans because of Federal caps. The latest tweak really has not changed the fundamental issue.

I’m sorry if you think tuition hasn’t skyrocketed. You were just provided with a link that says differently.
I agree with the OP - it’s a problem.

[Anonymous]

Anonymous wrote:Target NYU and lock in on getting admitted. It’s tuition free.

My nephew attended this program. He got in because he attended an Ivy League university and his parents sent him to boarding school before that.

It’s frankly flippant for you or other folks to write NYU or Kaiser Med School when they are harder to get into than Harvard College.

I come from a large family. Another cousin went back to the Old country to attend his mom’s medical school right after high school and then came back and is in no debt. It may be cheaper and faster but boy was it tough to be in another country and in a difficult program. The other cousin that accompanied him did not make it and embarrassed about not being a doctor and not having an American degree.

Then another set of cousins went to the Carribbean. One cousin who is 38 and has been practicing Medina for a while told me he still has $400k of loans to pay off. His sister do not clear the USMLEs when she got back and is working at a small bank and has $600k in loans to pay off.

In my family medicine has been the ticket to the upper middle class and upper class but not everybody makes it. This is why I think it’s better to pursue other healthcare fields such as nursing.