Do you think the costs of professional school (med, law, dental etc) are unsustainable?

[Anonymous]

Anonymous wrote:Yes, I think the costs are unsustainable. I’d like to see some sort of free educational system for medical/dental/vision/vets. I don’t know how to structure it, but not everyone has the ability to qualify for these skills or will survive the educational requirements when in school so the applicant pool will be somewhat self selected.

UCLA Med offers full rides, and NYU is free tuition I believe. Only two schools of course.

The two big issues are: shortage of med school academic faculty, and shortage of residency spots. And the unlimited stream of grad plus loans. I don’t have as much of a problem with undergrad loans or tuition, although expensive, you can choose a cheaper school. You can’t just choose a cheaper Dental or Medical School. MBAs are a dime a dozen.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My child graduated with med school debt only (we paid living expenses). He has continuously paid down his debt thru residency and during the pandemic pause. He starts his attending job this summer and will continue to pay much more than is required. So, paying off your debt is doable, but you have to make it a priority.

This is such a smug response. Do you seriously think paying down debt is not a “priority” for people with $400k of student loan debt? And of course your kid has it easier—you paid four years of living expenses. That’s a LOT of money. Tack that on to tuition and start adding interest and see how much less “doable” this would be for your student. And I bet you subsidized them in other ways you aren’t mentioning, like insurance, phone, transportation, clothing, and so forth.[/quote

I apparently am the smug poster. I am very well aware of the high interest rate and read everyday on this forum about the people who opted out of paying school loans during the pandemic for no other reason that they didn’t have to. No unemployment, but just didn’t pay. Big mistake Democrats. Well, my kid made a different choice and kept paying down his loans. In addition, every medical student had the option and opportunity to pursue the military to avoid these loans.

-The smug one

[Anonymous]

Anonymous wrote:It’s a shame that all of these smart college graduates were forced against their will to go to these professional schools and take on this massive debt.

So only trust fund kids should go to professional school?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My child graduated with med school debt only (we paid living expenses). He has continuously paid down his debt thru residency and during the pandemic pause. He starts his attending job this summer and will continue to pay much more than is required. So, paying off your debt is doable, but you have to make it a priority.

This is such a smug response. Do you seriously think paying down debt is not a “priority” for people with $400k of student loan debt? And of course your kid has it easier—you paid four years of living expenses. That’s a LOT of money. Tack that on to tuition and start adding interest and see how much less “doable” this would be for your student. And I bet you subsidized them in other ways you aren’t mentioning, like insurance, phone, transportation, clothing, and so forth.[/quote

I apparently am the smug poster. I am very well aware of the high interest rate and read everyday on this forum about the people who opted out of paying school loans during the pandemic for no other reason that they didn’t have to. No unemployment, but just didn’t pay. Big mistake Democrats. Well, my kid made a different choice and kept paying down his loans. In addition, every medical student had the option and opportunity to pursue the military to avoid these loans.

-The smug one

Every medical student had the opportunity to join the military? Not if they have as much as a bone spur, asthma or adhd medications.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My child graduated with med school debt only (we paid living expenses). He has continuously paid down his debt thru residency and during the pandemic pause. He starts his attending job this summer and will continue to pay much more than is required. So, paying off your debt is doable, but you have to make it a priority.

This is such a smug response. Do you seriously think paying down debt is not a “priority” for people with $400k of student loan debt? And of course your kid has it easier—you paid four years of living expenses. That’s a LOT of money. Tack that on to tuition and start adding interest and see how much less “doable” this would be for your student. And I bet you subsidized them in other ways you aren’t mentioning, like insurance, phone, transportation, clothing, and so forth.[/quote

I apparently am the smug poster. I am very well aware of the high interest rate and read everyday on this forum about the people who opted out of paying school loans during the pandemic for no other reason that they didn’t have to. No unemployment, but just didn’t pay. Big mistake Democrats. Well, my kid made a different choice and kept paying down his loans. In addition, every medical student had the option and opportunity to pursue the military to avoid these loans.

-The smug one

Does your kid want a cookie? So glad you are perfect, he is perfect and that he has not had to face real adversity during a pandemic.

[Anonymous]

Anonymous wrote:In fact, I think Vanderbilt has a higher big law % than Georgetown. And the others are like within 5%

“T-14” has always been a thing, but my advice is to stick with top 20. Every Biglaw firm interviews at Texas, Vandy, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It’s a shame that all of these smart college graduates were forced against their will to go to these professional schools and take on this massive debt.

So only trust fund kids should go to professional school?

+1
LOL, our healthcare system is gonna be in real deep sh*t if only those who can pay outright (or more likely, whose parents can pay outright) are able to go to medical school.

[Anonymous]

Can we have no more MBAs? That would be a great day to arrive at.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Young folks going to these programs entirely on credit. It’s a mess IMO. The schools know it’s entirely on credit and run $100k/tear.

I would rather my kid go to investment banking, consulting firms or private equity and get paid in six figures without more schooling or debt. By the time they’ll finish med school and training, he’ll be far ahead. Unfortunately, you have to be good at math for these professions.

Say I’ve never met an I-Banker, consultant or PE guy without saying I’ve never met an I-Banker, consultant or PE guy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In fact, I think Vanderbilt has a higher big law % than Georgetown. And the others are like within 5%

“T-14” has always been a thing, but my advice is to stick with top 20. Every Biglaw firm interviews at Texas, Vandy, etc.

A good percentage of my class at Vandy are now partners at big firms. And it was a ton more tolerable three years than Georgetown

[Anonymous]

Anonymous wrote:Unfortunately we live in a country where the top priority is maintaining a bloated military establishment. With that absorbing so much if our national resources, higher education does not get funded the way it does in most first world nations.

Take it to the politics section.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The key to graduate schools is going to in-state or public state schools where the costs are paid largely by the state which reduces the costs for tuition. Once the degree is completed, then go to private universities for internships, fellowships, or graduate teaching assistants reduces your costs and increases your teaching experiences.

Maybe for grad school, but not for professional school (med, law dental MBA).

+1. UvMVA law instate is a whopping $90k a year and OOS is $93k

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The key to graduate schools is going to in-state or public state schools where the costs are paid largely by the state which reduces the costs for tuition. Once the degree is completed, then go to private universities for internships, fellowships, or graduate teaching assistants reduces your costs and increases your teaching experiences.

Maybe for grad school, but not for professional school (med, law dental MBA).

+1. UvMVA law instate is a whopping $90k a year and OOS is $93k

Sorry . Fat fingers. UVA Law

[Anonymous]

I suspect it’s different for law school, but the thing about med school debt is that you can only pay it off if you do a residency and practice as a physician in the specialty you choose. There really aren’t a lot of other uses for the degree.
So, someone who gets two years into medical school and realizes this isn’t their life calling is already $200k in debt and stuck in the field.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes. Just as an example, there is a serious shortage of vets. My DD is a junior in college and has been taking a pre-vet curriculum and has done well academically. She worked at a vet’s office in high school and it is all she has ever wanted to do, but after a ton of research and discussions with practicing vets, she is pivoting to considering other paths because the debt to income ratio is terrifying. We saved and were able to put her through college without borrowing any money, and are not low income enough that she could qualify for any kind of need based grants, but we can’t help her further because we have to ensure our retirement savings are secure. I’m sad for her of course, but the societal impacts of this playing out across a lot of professions are profound.

If she really understands what it’s like to be a vet (example: putting animals to sleep, and getting bitten) and is OK with that, she should just borrow the money and be a vet. There will be a lot of inflation, and the inflation means the value of fixed-rate debt will be a lot lower than it looks today.

Kids shouldn’t take on a lot of debt for a graduate degree where the career path is fuzzy (example: art, or law), but it’s obvious that a good vet can get a great job. The only question is what the income-to-loan-payment ratio will be. But your daughter doesn’t have any huge fixed costs, and it sounds as if she won’t have to support you when you’re older. Your daughter should just take a leap of faith and fill her brain with the knowledge she wants to put in her brain, even if that means taking on a lot of debt.

This whole thread is an example of why kids who can gamble on a high-value professional degree should make that bet. Obviously, scarcity is about to increase the lifetime value of many types of professional degrees.

NP and wow this is just horrible, stupid advice!

The OP already explained there is a debt to income ratio issue. I am guessing you failed to understand that it isn’t a temporary situation. It can be lifelong. Vets can only charge what the market in their area can sustain and they will often pay other business expenses plus carry insurance. It means they may be paying off student debt for the rest of their life and that’s not an exaggeration.

To the OP, my DD had the same dream of being a vet, loves animals and is in her freshman year. She has been doing more research and talking to older students and has decided to stay the pre- vet course for now but I have a feeling she will not apply to vet school. She mentioned she found some information that the military might have an option for vets but she has no real interest in joining the military. Rural areas with farms are going to be hit in the coming years as many vets will retire. I hope states begin to consider expanding their vet programs to allow more students to study and also reduce the cost of tuition.

Is there PA or NP kind of education for vet school?

No there is not but that is a good idea actually. Vet Tech or Vet Nurses - either name and it's the same position - one can get an AA in Vet Tech at community college. Unforunately, even that debt to income ratio if a student has to pay out of pocket for the education is bad because vet tech positions are minimum wage jobs at best and rarely do incomes go up. They are similar pay to daycare aid or CNA pay. It makes sense because vets who own the practices who employ vet techs can't afford to pay that much because their student loan debts are high and they are still trying to pay those off 20, 30 years out...