Student Assets and Financial Aid for Med School / Law School
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Anonymous
| The military is an option (my Dad ended up doing more than his required service for his medical school) but those programs are actually really tough to get into. |
Anonymous
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"We are paying 100% of our kid's medical school + living exp right now. It is eye popping expensive."
Unless you're extraordinarily wealthy, there is no reason for you to pay on your kid's med school loans or to support them through school instead of them taking loans. There is no profession that needs help less than physicians. Docs can very easily earn over $100K while "slumming" in a job that will get their loans forgiven. And if they don't want to do that, they can just take a starting salary in one of the lowest paid specialties that will not be below $200K their first year out. Oh yeah, and during their residency, they get paid about $65K annually in the lowest specialty areas. Do not feel sorry for them and do not suffer financially through your own retirement for them. https://www.advisory.com/en/daily-briefing/2021/04/19/physician-compensation#:~:text=On%20average%2C%20primary%20care%20physicians,compared%20with%20%24346%2C000%20in%202020. |
Anonymous
Lots of doctors work at Unity Health Care (a network of community health centers for low income people in DC) for three years as part of a federal program that pays off their loans. And I know two doctors who work on Indian reservations for the same reason. |
Anonymous
The top state law schools (Berkeley, Michigan, UVA) cost as much as private schools, even in state. |
Anonymous
| My buddy went to med school in Indiana and took advantage of a loan forgiveness program for working in under-served rural areas. His intent was to move some place more to his liking once the loans were forgiven. 25 years later, he's still in Southern Indiana. I wouldn't say he's necessarily happy with the area, but I guess he got stuck and relatively comfortable. The system works! |
Anonymous
I don’t know if they still do this, but University of Pittsburgh’s and Temple University’s law schools used to offer 50% tuition scholarships to students who scored over a certain level on the LSAT. I hadn’t even been considering these schools but they automatically offered the scholarships to any state resident who had the right LSAT scores. |
Anonymous
+1 BTDT, when it was much cheaper to go to law school, thankfully. |
Anonymous
Lots inferior law schools in California that are cheaper than most. |
Anonymous
- BUT they will gladly take your (or the parents) money! |
Anonymous
UVA law is a whopping $88,500 instate per year and $92,000 OOS |
Anonymous
| I truly worry about having a doctor who's Mommy and Daddy still had the cord attached. Going to medical school is entry into an all-consuming profession. If your kid isn't prepared for the incredible financial risk and professional responsibility, maybe they should find another calling. |
Anonymous
| My T14 law school did offer need based aid, but they always considered parent income. I was in my 30s and had been married for 5 years and they still wanted my parent's info on the FAFSA. Yes, I was technically independent, but schools can require whatever they want. My school wanted to ensure that any financial aid actually went to students from a very very low income family. |
Anonymous
Understood. We are not extraordinarily wealthy or even wealthy but this is something we wanted to do. |
Anonymous
Brother did this. He had to serve six months in Afghanistan though which was rough. He applied before 9/11 as a 22 year old so that wasn’t on the radar at all. But it was six months for probably $500k. The rest of his service years were in the states. In my mind, it’s a good trade off, but he sees it differently. JAG might be a better deal. Fewer deaths. Just be aware. |
Anonymous
Weird post. I am not sure how you concluded parents support means not fit for a doc? |