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

[Anonymous]

Why are you not able to go part time? Why take on 300-500k in debt? Tuition isn’t all that? Lots is lifestyle. Live at home, go to a local med school or law school, or go part time and pay as you go. Enough crying about choices made by the one who signed the loan!

As for parents assets being used for a person in late 20s AND married-I call troll!

[Anonymous]

I would much prefer them do that for the helping professions that are not as highly paid - teachers, social workers, law enforcement, etc.

[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.

$250K is very rich and we live comfortably on much less. Its all about life choices. If educating your kids is not a priority, that's ok. It is for us.

[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.

Residency is part of medical school/licensing. He's making more than many others. It was his choice to go to an expensive school. He will make much more later on. Plus, if they could not afford a house, they should have waited. They make $100K combined, maybe more.

[Anonymous]

Anonymous wrote:Why are you not able to go part time? Why take on 300-500k in debt? Tuition isn’t all that? Lots is lifestyle. Live at home, go to a local med school or law school, or go part time and pay as you go. Enough crying about choices made by the one who signed the loan!

As for parents assets being used for a person in late 20s AND married-I call troll!

Lol I wish they counted all three incomes! Here is proof of an example from Cornell website

https://studentservices.weill.cornell.edu/financial-aid/applying-financial-aid

Need-Based Considerations for MD Program
Financial status is not a factor in the selection of students at the Medical College, and every effort is made to assist students in financing their medical education.

The Medical College's financial aid funds are need based. Students and their parents bear the primary responsibility for financing the student’s medical education. All accepted students have "merit" and no differentiation is made among them for financial aid. The college does not recognize any student as “independent” for institutional funds until the age of 40. However, as of July, 1993 all medical students are considered "independent" for federal loan programs.

[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.

Residency is part of medical school/licensing. He's making more than many others. It was his choice to go to an expensive school. He will make much more later on. Plus, if they could not afford a house, they should have waited. They make $100K combined, maybe more.

DP. $100,000 combined is not a lot of money in many areas, including DC. You clearly don't value doctors and what they contribute to society. Unlike you, I'd prefer to subsidize doctors than starving artists and musicians. By your logic about the doctors waiting if they can't afford a house, maybe arstists should pick a different career if being an artist doesn't pay enough. Why do we need to subsidize them, after all, it is their choice to become artists.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why are you not able to go part time? Why take on 300-500k in debt? Tuition isn’t all that? Lots is lifestyle. Live at home, go to a local med school or law school, or go part time and pay as you go. Enough crying about choices made by the one who signed the loan!

As for parents assets being used for a person in late 20s AND married-I call troll!

Lol I wish they counted all three incomes! Here is proof of an example from Cornell website

https://studentservices.weill.cornell.edu/financial-aid/applying-financial-aid

Need-Based Considerations for MD Program
Financial status is not a factor in the selection of students at the Medical College, and every effort is made to assist students in financing their medical education.

The Medical College's financial aid funds are need based. Students and their parents bear the primary responsibility for financing the student’s medical education. All accepted students have "merit" and no differentiation is made among them for financial aid. The college does not recognize any student as “independent” for institutional funds until the age of 40. However, as of July, 1993 all medical students are considered "independent" for federal loan programs.

Good thing Med Schools are helping out more with tuition, but there is NO WAY I would pay for Medical School for my kids!!! Enough is enough. A 25-35 year old with a bachelors degree you paid for should be launched!

[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.

He's just starting out -- don't worry, the money will roll in down the line. I have a couple of cousins who started out life after med school like this, with debt and families to support. Those families started doing quite well after residency.

[Anonymous]

Anonymous wrote:

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.

Residency is part of medical school/licensing. He's making more than many others. It was his choice to go to an expensive school. He will make much more later on. Plus, if they could not afford a house, they should have waited. They make $100K combined, maybe more.

DP. $100,000 combined is not a lot of money in many areas, including DC. You clearly don't value doctors and what they contribute to society. Unlike you, I'd prefer to subsidize doctors than starving artists and musicians. By your logic about the doctors waiting if they can't afford a house, maybe arstists should pick a different career if being an artist doesn't pay enough. Why do we need to subsidize them, after all, it is their choice to become artists.

Residency is a short period of time after which doctors make an average of $200k. Some specialties make $500k+ If medical school costs go down salaries should too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Residency is part of medical school/licensing. He's making more than many others. It was his choice to go to an expensive school. He will make much more later on. Plus, if they could not afford a house, they should have waited. They make $100K combined, maybe more.

DP. $100,000 combined is not a lot of money in many areas, including DC. You clearly don't value doctors and what they contribute to society. Unlike you, I'd prefer to subsidize doctors than starving artists and musicians. By your logic about the doctors waiting if they can't afford a house, maybe arstists should pick a different career if being an artist doesn't pay enough. Why do we need to subsidize them, after all, it is their choice to become artists.

Residency is a short period of time after which doctors make an average of $200k. Some specialties make $500k+ If medical school costs go down salaries should too.

My 7 years of residency and fellowship didn't feel short.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Residency is part of medical school/licensing. He's making more than many others. It was his choice to go to an expensive school. He will make much more later on. Plus, if they could not afford a house, they should have waited. They make $100K combined, maybe more.

DP. $100,000 combined is not a lot of money in many areas, including DC. You clearly don't value doctors and what they contribute to society. Unlike you, I'd prefer to subsidize doctors than starving artists and musicians. By your logic about the doctors waiting if they can't afford a house, maybe arstists should pick a different career if being an artist doesn't pay enough. Why do we need to subsidize them, after all, it is their choice to become artists.

Residency is a short period of time after which doctors make an average of $200k. Some specialties make $500k+ If medical school costs go down salaries should too.

My 7 years of residency and fellowship didn't feel short.

But they were your choice! You chose that level of specialization in order to make more money or pursue a professional interest! You could have done something shorter if you wanted.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Residency is part of medical school/licensing. He's making more than many others. It was his choice to go to an expensive school. He will make much more later on. Plus, if they could not afford a house, they should have waited. They make $100K combined, maybe more.

DP. $100,000 combined is not a lot of money in many areas, including DC. You clearly don't value doctors and what they contribute to society. Unlike you, I'd prefer to subsidize doctors than starving artists and musicians. By your logic about the doctors waiting if they can't afford a house, maybe arstists should pick a different career if being an artist doesn't pay enough. Why do we need to subsidize them, after all, it is their choice to become artists.

Residency is a short period of time after which doctors make an average of $200k. Some specialties make $500k+ If medical school costs go down salaries should too.

My 7 years of residency and fellowship didn't feel short.

But they were your choice! You chose that level of specialization in order to make more money or pursue a professional interest! You could have done something shorter if you wanted.

I hope you never need a doctor in a specialty that takes years of residency. I'm not a doctor and none of my kids have any interest in the medical field, but I do see the inequity in imputing parents' income and assets to someone who is in grad school, even grad students who are married and in their thirties.

[Anonymous]

We have set aside 400k for daughter's medical school education. I just hope it's enough... We have communicated that 400k is the last support we will provide. Wedding is on her.

[Anonymous]

Anonymous wrote:We have set aside 400k for daughter's medical school education. I just hope it's enough... We have communicated that 400k is the last support we will provide. Wedding is on her.

You are an amazing parent

[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.

$250K is very rich and we live comfortably on much less. Its all about life choices. If educating your kids is not a priority, that's ok. It is for us.

Where do you live that $250K is "very rich"?