Paying for law/med school

[Anonymous]

Anonymous wrote:Most private medical schools have parents paying. My spouse is on the admissions committee of one and >70% of their matriculants have parents paying cash.
It's a rich person's profession.

Bullshit. Med school AdComs don't know that applicant parents are paying or paying in cash. Why spread lies like this?

[Anonymous]

too hard to figure out over multiple kids.

we're doing college plus we will do max gift allowance per kid in their 20s. about 19k a year.

we contemplate helping with down payments, but that's down the road and we'll see if the world is still spinning

[Anonymous]

No, in theory. At the end of the day, I may make some contributions because I'm a softy.

Our daughter decided to go to a top 20 school and will exhaust most of the money in her 529. She could have gone to other schools with substantial merit aid and the total cost over 4 years of school would have been less than 100k. She could have then used the remainder for law school, which is her current intention.

I told her she should work for a couple a years before going to law school. Down the road, I can help her get her foot in the door at either a law firm or in-house at a tech company. I think that may be the more important contribution that I can make.

[Anonymous]

Anonymous wrote:We only have 1 who is thinking about law school and we'll help her to the best of our ability, but she's doing her part also by intentionally chasing massive merit aid for undergrad so she can save as much of her 529 as possible for law school.

+1 same. My kids intentionally chose undergrad with massive merit in order to save 529 for med school.
Med schools do have financial aid, some more than others. Some offer free or reduced tuition if student practices 2 years in rural setting. Going through interviews now, will update what I find out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Most private medical schools have parents paying. My spouse is on the admissions committee of one and >70% of their matriculants have parents paying cash.
It's a rich person's profession.

Bullshit. Med school AdComs don't know that applicant parents are paying or paying in cash. Why spread lies like this?

Huh? Not bull shit at all. They find out the demographics of the incoming class after the fact. The percentage of kids taking loans is carefully monitored by any medical school as it's a concern of the office.

[Anonymous]

Child chose full-pay T10 over a full-ride so likely not, but will help with some living expenses most likely. That’s current plan at least, business owners so won’t predict that far out.

[Anonymous]

Law/med/any grad school/Phd/MBA

We will pay for all. Not super rich but we have lived a frugal lifestyle to give leg-up to our kids. Education is on us.

[Anonymous]

I will if I'm able to.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For medical school, the military offers amazing scholarships and then you only owe four years.

They may have changed the commitment requirement-

“Students accepted to the program pay no tuition and commission as officers into one of the four uniformed services before beginning classes. In return, they will complete an active duty service commitment upon graduating: seven years for the Army, Navy, and Air Force, and ten years for the Public Health Service.”

It’s always been that long and you don’t get to choose where you go.

[Anonymous]

You pay if you can.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most private medical schools have parents paying. My spouse is on the admissions committee of one and >70% of their matriculants have parents paying cash.
It's a rich person's profession.

Bullshit. Med school AdComs don't know that applicant parents are paying or paying in cash. Why spread lies like this?

Huh? Not bull shit at all. They find out the demographics of the incoming class after the fact. The percentage of kids taking loans is carefully monitored by any medical school as it's a concern of the office.

Uh huh. That doesn't mean they know that it's 70 percent parents paying in cash.

[Anonymous]

Anonymous wrote:Law/med/any grad school/Phd/MBA

We will pay for all. Not super rich but we have lived a frugal lifestyle to give leg-up to our kids. Education is on us.

Well, good for you and it's your money but it's also stupid. You can give your kids a "leg up" in plenty of other ways. You don't have to pay for every cent of a decades long education to do it.

[Anonymous]

I don’t know if school policies have changed, but when DH went to ivy law school the financial aid application required parents’ info if student hadn’t been financially independent for at least 7 years. So school expected parents to help pay.

[Anonymous]

Anonymous wrote:I don’t know if school policies have changed, but when DH went to ivy law school the financial aid application required parents’ info if student hadn’t been financially independent for at least 7 years. So school expected parents to help pay.

My neighbor's kid goes to an upper-mid tier law school. He worked for two years after college (as a paralegal at a big law firm, which was a great idea). Based on conversations I have had with them, I'm fairly sure that he is fully on the hook for everything (I think he got some merit scholarships to help). They have another kid currently at a very expensive undergrad school but I'm guessing that if the law school could put the parents on the hook for at least a bit of tuition, it would. Again - not sure of any of this, but I think that he is independent. It is logical given that he was independently working for two years so was no longer a dependent for taxes.

[Anonymous]

Anonymous wrote:I don’t know if school policies have changed, but when DH went to ivy law school the financial aid application required parents’ info if student hadn’t been financially independent for at least 7 years. So school expected parents to help pay.

And even then you only get grant aid (as opposed to loans) if you're truly, truly needy. This isn't undergrad.