How do people finance grad school?

[Anonymous]

Anonymous wrote:Discourage your kids from going to law school. Most lawyers do not make enough money to merit the cost, especially at a lower ranked school. And the type of work that does offer a high enough salary to justify the cost of law school is really not for most people. This is a major reason so many lawyers are unhappy. If they are making decent money, they are often very unhappy in their jobs. If they are happy in their jobs, they are probably struggling under the weight of their debt.

Law school is a bad deal and we should probably totally overhaul legal education in this system. It should be a one year masters program with a required apprenticeship after which you take the bar to fully qualify. This is much closer to what they do in the UK and other countries and it makes more sense. Our current system treats all law students like future corporate attorneys even though only a very small number actually go this route, and even among those that do, the number that will stay in corporate law long enough to justify 100k+ in loans is even smaller.

Also, if your kid is interested in medicine, I highly recommend investigating whether they could be happy as a nurse practitioner or similar. The training is shorter and less expensive, and you can still make very good money while helping people. I think people should only become doctors if they have a very strong motivation to practice in a specific specialty or to specific things that only a doctor can do (like if you want to be a surgeon or go into certain kinds of medical research). The training is incredibly long and if your ultimate goal is simply to have a medical career, there are lots of other options.

I would disagree. That's a serious over generalization. The vast majority of lawyers are either small or mid-sized firms and not in big law or non-profits/low pay. Most make decent livings, though not the big law money that makes its way onto this forum with such frequency. That said, I did have about $80K in law school loans that I spent nearly 10 years paying back. Of course, I did take 2-3 years off to start my own practice/have kids, but now I have a solo and make decent enough money. I would not recommend law to those individuals who go slave away for huge firms. Likewise, I would not recommend that anyone go to an expensive private law school UNLESS it is a top 10 name recognition school. Go public and pay less money. I would recommend law school to those who can set up their own shop and make their own way. It is so liberating.

but to OP, my law school/grad was paid through loans mostly and concurrent employment at law firms. I think most people do that combo with grad school.

[Anonymous]

I paid for grad school by working FT, living at home, and going to grad school PT. I was able to pay for it myself and did not need any loans. My sister went to grad school FT and had to take out loans. We have been saving for college for my kids and if there is money left over from what we have saved for their undergrad we will let them use it for grad school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Discourage your kids from going to law school. Most lawyers do not make enough money to merit the cost, especially at a lower ranked school. And the type of work that does offer a high enough salary to justify the cost of law school is really not for most people. This is a major reason so many lawyers are unhappy. If they are making decent money, they are often very unhappy in their jobs. If they are happy in their jobs, they are probably struggling under the weight of their debt.

Law school is a bad deal and we should probably totally overhaul legal education in this system. It should be a one year masters program with a required apprenticeship after which you take the bar to fully qualify. This is much closer to what they do in the UK and other countries and it makes more sense. Our current system treats all law students like future corporate attorneys even though only a very small number actually go this route, and even among those that do, the number that will stay in corporate law long enough to justify 100k+ in loans is even smaller.

Also, if your kid is interested in medicine, I highly recommend investigating whether they could be happy as a nurse practitioner or similar. The training is shorter and less expensive, and you can still make very good money while helping people. I think people should only become doctors if they have a very strong motivation to practice in a specific specialty or to specific things that only a doctor can do (like if you want to be a surgeon or go into certain kinds of medical research). The training is incredibly long and if your ultimate goal is simply to have a medical career, there are lots of other options.

I would disagree. That's a serious over generalization. The vast majority of lawyers are either small or mid-sized firms and not in big law or non-profits/low pay. Most make decent livings, though not the big law money that makes its way onto this forum with such frequency. That said, I did have about $80K in law school loans that I spent nearly 10 years paying back. Of course, I did take 2-3 years off to start my own practice/have kids, but now I have a solo and make decent enough money. I would not recommend law to those individuals who go slave away for huge firms. Likewise, I would not recommend that anyone go to an expensive private law school UNLESS it is a top 10 name recognition school. Go public and pay less money. I would recommend law school to those who can set up their own shop and make their own way. It is so liberating.

but to OP, my law school/grad was paid through loans mostly and concurrent employment at law firms. I think most people do that combo with grad school.

There's public and then there's public. Law school at UVA, Michigan, and UCLA is almost as expensive as Yale. W&M, GMU, UMD--more affordable.

[Anonymous]

There is plenty of loan money available for grad school. As much as they need. Students taking out the maximum loans live well. DD paid for tuition and living expenses out of pocket (with big help from us) and she was living like a pauper compared to her peers who were living off of loan money. Her peers had plenty of money and lived pretty well. Even had money left over to take vacations.

Obtaining enough money is not a problem at all. Paying it all back ... that may be a problem.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Parents here. We told our kids we will pay for everything. college, grad school, med school, law school. We are not rich but we live frugally for our HHI and we can afford it somehow.

If you can afford 4 years of a SLAC or OOS and Med School for multiple kids, you're almost certainly rich. Between the two, you're looking at a half million per child, most people can't put that much money aside in addition to saving for retirement

Funny how people post nonsense like this. How much did that family pay for that SLAC or OOS? You’ve no idea. Could be a full ride for all you know. But you’re so confident you even add up your imaginary dollars. Hilarious.

[Anonymous]

I paid for it entirely with loans. It's two years instead of four years.

[Anonymous]

My kid just turned down Ivies for a full ride at a T50 school and we would have been full pay, so we'll keep the money invested and they can use it for grad school or for a down payment on a house if they don't go to grad school.

[Anonymous]

Parents, loans, work and company pay for it or work and pay on own. We will try to pay for our kids in full.

[Anonymous]

Anonymous wrote:My kid just turned down Ivies for a full ride at a T50 school and we would have been full pay, so we'll keep the money invested and they can use it for grad school or for a down payment on a house if they don't go to grad school.

Smart choice.

[Anonymous]

Work full time and grad school part time. Paid for grad school semester by semester.

[Anonymous]

Thanks, everyone! This is very useful (OP here). A bit scary too...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Parents here. We told our kids we will pay for everything. college, grad school, med school, law school. We are not rich but we live frugally for our HHI and we can afford it somehow.

You are a great parent! Can you explain the “somehow”? What does your annual saving look like? Do you use 529s or something else?

I don't think it makes you a "great parent" to "live frugally" and pay for your kids' law school and med school. I think it's going overboard. But that's just me.

I think the future is very uncertain for our children. Many of the well-paying medical careers of today could be much less lucrative if progressive policies continue. I want to put my children in the very best possible position for financial freedom. If that means living in a $1.5M home, public school K-12 education and one vacation a year instead of a $2.5M home, private schools and three vacations a year, so be it.

If you consider it to be living frugally by living in a 1.5 million home and only 1 vacation a year, then just own the fact that you are rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Parents here. We told our kids we will pay for everything. college, grad school, med school, law school. We are not rich but we live frugally for our HHI and we can afford it somehow.

You are a great parent! Can you explain the “somehow”? What does your annual saving look like? Do you use 529s or something else?

I don't think it makes you a "great parent" to "live frugally" and pay for your kids' law school and med school. I think it's going overboard. But that's just me.

I think the future is very uncertain for our children. Many of the well-paying medical careers of today could be much less lucrative if progressive policies continue. I want to put my children in the very best possible position for financial freedom. If that means living in a $1.5M home, public school K-12 education and one vacation a year instead of a $2.5M home, private schools and three vacations a year, so be it.

If you consider it to be living frugally by living in a 1.5 million home and only 1 vacation a year, then just own the fact that you are rich.

Haha! $1.5M home. DCUM is always totally self-aware.

[Anonymous]

PHDs are free. JDs can be near free - HYS give only need base aid but schools below Chicago, Columbia, UVA, etc. give out full rides. MBAs don't come with scholarships but many consulting firms will do tuition reimbursement so you only end up paying for 1 year.

[Anonymous]

Anonymous wrote:PHDs are free. JDs can be near free - HYS give only need base aid but schools below Chicago, Columbia, UVA, etc. give out full rides. MBAs don't come with scholarships but many consulting firms will do tuition reimbursement so you only end up paying for 1 year.

I will say... PhDs can be fully funded with a stipend but that doesn’t make them ‘free.’ I didn’t pay a dime for tuition or anything at my PhD school but special expenses add up. My stipend paid for housing, food, toiletries, the occasional night out. New glasses? Airplane ticket home? Bike broke? Car repairs? That went on my credit card.