With med schools going debt-free.. expansion into other fields?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Cornell just announced that its medical school is now going to be debt-free.. do you think this will be a trend in top schools and/or expand to law or business?

Debt free to those who qualify for financial aid. They'll likely still consider parental income/assets to make financial aid determination. That still leaves a huge segment of potential students uncovered. Many parents tell their kids they are on their own for grad schools, and those students are on their own but still burdened with their parents' assets counting against them.

Parental assets for medical school?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Cornell just announced that its medical school is now going to be debt-free.. do you think this will be a trend in top schools and/or expand to law or business?

Debt free to those who qualify for financial aid. They'll likely still consider parental income/assets to make financial aid determination. That still leaves a huge segment of potential students uncovered. Many parents tell their kids they are on their own for grad schools, and those students are on their own but still burdened with their parents' assets counting against them.

This is totally true. My DS recently graduated from med school. I had to complete the FAFSA with our assets. He was borrowing tuition for all 4years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Cornell just announced that its medical school is now going to be debt-free.. do you think this will be a trend in top schools and/or expand to law or business?

Debt free to those who qualify for financial aid. They'll likely still consider parental income/assets to make financial aid determination. That still leaves a huge segment of potential students uncovered. Many parents tell their kids they are on their own for grad schools, and those students are on their own but still burdened with their parents' assets counting against them.

NP I didn’t realize that, that’s terrible!

It’s also untrue. Graduate students are considered to be independent, and thus are not required to report parental information on fafsa.

Nope, parental income does factor into some med school aid determination.

Different than when we went to grad school.

+1 they factored in my parents income even though I was married and in late twenties...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Cornell just announced that its medical school is now going to be debt-free.. do you think this will be a trend in top schools and/or expand to law or business?

Debt free to those who qualify for financial aid. They'll likely still consider parental income/assets to make financial aid determination. That still leaves a huge segment of potential students uncovered. Many parents tell their kids they are on their own for grad schools, and those students are on their own but still burdened with their parents' assets counting against them.

NP I didn’t realize that, that’s terrible!

Oh the tragedy of having rich parents contribute to their child's graduate medical education.

These are rich parents who are refusing to contribute to graduate education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Cornell just announced that its medical school is now going to be debt-free.. do you think this will be a trend in top schools and/or expand to law or business?

Debt free to those who qualify for financial aid. They'll likely still consider parental income/assets to make financial aid determination. That still leaves a huge segment of potential students uncovered. Many parents tell their kids they are on their own for grad schools, and those students are on their own but still burdened with their parents' assets counting against them.

NP I didn’t realize that, that’s terrible!

Oh the tragedy of having rich parents contribute to their child's graduate medical education.

These are rich parents who are refusing to contribute to graduate education.

Also, the definition of rich for financial aid is very different from rich in real life. Having a HHI of $250,000 per year in New York or DC isn't rich, and I don't find it unreasonable for parents making that in a high cost of living area to say no to paying for four years of medical school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Cornell just announced that its medical school is now going to be debt-free.. do you think this will be a trend in top schools and/or expand to law or business?

Debt free to those who qualify for financial aid. They'll likely still consider parental income/assets to make financial aid determination. That still leaves a huge segment of potential students uncovered. Many parents tell their kids they are on their own for grad schools, and those students are on their own but still burdened with their parents' assets counting against them.

NP I didn’t realize that, that’s terrible!

Oh the tragedy of having rich parents contribute to their child's graduate medical education.

These are rich parents who are refusing to contribute to graduate education.

Also, the definition of rich for financial aid is very different from rich in real life. Having a HHI of $250,000 per year in New York or DC isn't rich, and I don't find it unreasonable for parents making that in a high cost of living area to say no to paying for four years of medical school.

I don't either. I find it unreasonable that schools consider parental assets for graduate school funding.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Cornell just announced that its medical school is now going to be debt-free.. do you think this will be a trend in top schools and/or expand to law or business?

Debt free to those who qualify for financial aid. They'll likely still consider parental income/assets to make financial aid determination. That still leaves a huge segment of potential students uncovered. Many parents tell their kids they are on their own for grad schools, and those students are on their own but still burdened with their parents' assets counting against them.

NP I didn’t realize that, that’s terrible!

It’s also untrue. Graduate students are considered to be independent, and thus are not required to report parental information on fafsa.

Nope, parental income does factor into some med school aid determination.

Different than when we went to grad school.

DP. Then why does the Ed.gov site say independent students include those pursuing M.D.’s?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Cornell just announced that its medical school is now going to be debt-free.. do you think this will be a trend in top schools and/or expand to law or business?

Debt free to those who qualify for financial aid. They'll likely still consider parental income/assets to make financial aid determination. That still leaves a huge segment of potential students uncovered. Many parents tell their kids they are on their own for grad schools, and those students are on their own but still burdened with their parents' assets counting against them.

NP I didn’t realize that, that’s terrible!

It’s also untrue. Graduate students are considered to be independent, and thus are not required to report parental information on fafsa.

Nope, parental income does factor into some med school aid determination.

Different than when we went to grad school.

DP. Then why does the Ed.gov site say independent students include those pursuing M.D.’s?

b/c schools have their own requirements. all of the med schools I applied to wanted my parents income which as 250k but they are not paying for med school (rightfully so) they have already taken on debt for my undergrad and have to worry about their retirement but the schools considered their incomes either way

[Anonymous]

Money rolls in for med students, enough for them to pay off their loan. Not sure of the wisdom of subsidizing a relatively lucrative profession. We would all be better served by subsidizing starving artists/musicians and/or other creative professions.

[Anonymous]

Anonymous wrote:Money rolls in for med students, enough for them to pay off their loan. Not sure of the wisdom of subsidizing a relatively lucrative profession. We would all be better served by subsidizing starving artists/musicians and/or other creative professions.

I can't agree with you here. My nephew just started his residency in a major city. He's 300,000 in debt with a young son and his wife is a teacher. He makes $56,000 a year working round the clock plus a mortgage. Point is, the level of debt is crushing for a couple with advanced degrees in two noble professions.. Another anecdote is my husbands law partner's daughter is $500,000 in debt after med school (a combination of undergrad and med school). She is choosing to work in a low income area in the South for a number of years (10? not sure exactly) in order to be eligible for debt forgiveness. Those that sign up for the medical profession are not in it for the money - maybe someday - but it is a very long road if your parents are not able to shell out an additional $300 K.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Money rolls in for med students, enough for them to pay off their loan. Not sure of the wisdom of subsidizing a relatively lucrative profession. We would all be better served by subsidizing starving artists/musicians and/or other creative professions.

I can't agree with you here. My nephew just started his residency in a major city. He's 300,000 in debt with a young son and his wife is a teacher. He makes $56,000 a year working round the clock plus a mortgage. Point is, the level of debt is crushing for a couple with advanced degrees in two noble professions.. Another anecdote is my husbands law partner's daughter is $500,000 in debt after med school (a combination of undergrad and med school). She is choosing to work in a low income area in the South for a number of years (10? not sure exactly) in order to be eligible for debt forgiveness. Those that sign up for the medical profession are not in it for the money - maybe someday - but it is a very long road if your parents are not able to shell out an additional $300 K.

There are always exceptions. Money can rolls in for artists, too - but generally speaking, no. Generally speaking, physicians are one of the highest-paying professions there is. Your nephew and your family friends’s D will have plenty of opportunities in their career to pay back the loan.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Money rolls in for med students, enough for them to pay off their loan. Not sure of the wisdom of subsidizing a relatively lucrative profession. We would all be better served by subsidizing starving artists/musicians and/or other creative professions.

I can't agree with you here. My nephew just started his residency in a major city. He's 300,000 in debt with a young son and his wife is a teacher. He makes $56,000 a year working round the clock plus a mortgage. Point is, the level of debt is crushing for a couple with advanced degrees in two noble professions.. Another anecdote is my husbands law partner's daughter is $500,000 in debt after med school (a combination of undergrad and med school). She is choosing to work in a low income area in the South for a number of years (10? not sure exactly) in order to be eligible for debt forgiveness. Those that sign up for the medical profession are not in it for the money - maybe someday - but it is a very long road if your parents are not able to shell out an additional $300 K.

There are always exceptions. Money can rolls in for artists, too - but generally speaking, no. Generally speaking, physicians are one of the highest-paying professions there is. Your nephew and your family friends’s D will have plenty of opportunities in their career to pay back the loan.

Physicians made a median salary of $192,930 in 2017. The best-paid 25 percent made $208,000 that year, while the lowest-paid 25 percent made $109,280. -- So a primary care in a metro area may well be making <150. Hard to pay back that amount of debt on that. Oh, and you have pretty much no income until you are 28 and don't finish training until around 35. Just because you have met a couple of rich radiologists doesn't mean that is how medicine is these days.

[Anonymous]

Cornell is probably just trying to keep up with the Joneses. NYU is already offering free tuition. I don’t see any altruistic motive on Cornell‘s part.

[Anonymous]

Anonymous wrote:Cornell is probably just trying to keep up with the Joneses. NYU is already offering free tuition. I don’t see any altruistic motive on Cornell‘s part.

What exactly do you think is the “ulterior motive”?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Cornell just announced that its medical school is now going to be debt-free.. do you think this will be a trend in top schools and/or expand to law or business?

Debt free to those who qualify for financial aid. They'll likely still consider parental income/assets to make financial aid determination. That still leaves a huge segment of potential students uncovered. Many parents tell their kids they are on their own for grad schools, and those students are on their own but still burdened with their parents' assets counting against them.

NP I didn’t realize that, that’s terrible!

Oh the tragedy of having rich parents contribute to their child's graduate medical education.

These are rich parents who are refusing to contribute to graduate education.

Also, the definition of rich for financial aid is very different from rich in real life. Having a HHI of $250,000 per year in New York or DC isn't rich, and I don't find it unreasonable for parents making that in a high cost of living area to say no to paying for four years of medical school.

I don't either. I find it unreasonable that schools consider parental assets for graduate school funding.

Agree. Once a parent has gotten a kid to 22 and paid for 4 years of college, it’s time to treat that person as a financial adult.