Paying for law/med school

[Anonymous]

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Anonymous wrote:Law/med/any grad school/Phd/MBA

We will pay for all. Not super rich but we have lived a frugal lifestyle to give leg-up to our kids. Education is on us.

Well, good for you and it's your money but it's also stupid. You can give your kids a "leg up" in plenty of other ways. You don't have to pay for every cent of a decades long education to do it.

No, it is not stupid at all. Especially, if you have raised great kids and given them many "leg ups". It is a waste only if you have raised substandard kids or have created a poor dysfunctional family life for them. Don't have children if you will give them a bad life.

We have given many leg ups to our children - starting from a functional, intact and happy family life, highly educated parents, loving and supportive extended family, extensive and close-knit social network, emphasis on education, healthy lifestyle, adulting skills, trilingual education, exposure to multiple cultures and travel, no abuse/addiction/adultry in family, treating all kids equally, having only two children.

So, selfish parents are quick to have sex and create children but are reluctant to pay for education? Use a condom if you cannot support your children to get the an education for a good career.

K-12 is free education in public schools, so there is zero reasons for parents to not pay for undergrad, grad and post grad education. What else have they paid for their kids? Basic needs are fulfilled by every parent. That is not the end all.

Agree.

Yep will pay if they don't other wise have scholarship. It's my right and duty as a parent. Stupid would be NOT paying for this if you can afford it. What am I going to do with the extra money anyway and what better use for it than my kid's education so they can graduate debt free. Why pay interest to a lender if we as a family don't have to. Would rather keep that interest and build family wealth.

Also so what if kid only wants to go to law school because that's how they can get gainful employment. That is as good a reason as any to go and regardless of reason, I as a parent would pay.

To a different PP - med school is NOT a "rich person profession" where most kids are paying cash. That's just a lie.

I can't understand the families who can affort to pay but don't. Seems rather illogical and a poor financial decision.

Because they may go through three years of law school and still can't get particularly gainful employment.

If you had basically no standards for your kid's undergrad, what makes you think things will improve with law school?

I'm the one you're replying to. I mean they could do anything and not find a good job I suppose. But with law school, they should get some kind of job, right? I actually have no idea about law school. My spouse and I did not do law school and neither of my two kids are interested in law school, so I haven't ever thought about that specifically.

But I raised them to value education and be smart, hard workers and to find joy in their daily lives and daily work. They are not "party-ers" but know how to have fun. They won't squander their education and they are free-loading off me. Because I didn't raise them to be that way. Like others who have posted, I have worked hard myself, made sacrifices, don't buy overly expensive things even if I could. With our paychecks, first chunk goes toward retirement, second chunk is saved for kids' education, and whatever is left is what we can spend from for food, utilities, and wants. My parents paid for my education, I will pay for my kids, and the expectation is that they pay for their kids' education. No reason to send any of our hard earned money to the bank or government as interest.

I was responding to whomever says they will pay for law school because their job prospects after undergrad are terrible.

That's not a great reason to me to go to law school. I mean, even if their job prospects after undergrad aren't great, they should still be able to get some kind of job...so just confusing why you wouldn't apply that same logic to law school for a kid that had little interest in attending law school until they decided their job prospects weren't good.

There are plenty of people that go to law school and get crappy law jobs that pay little more (or maybe less) than anyone could get just from undergrad. Only like maybe 5% of all lawyers can work at the BigLaw firms.

This may or may not be a good reason to go to law school. That's a different question altogether. That's a different conversation parent should have with kid - whether law school is the right path for them. But if they do decide to go to law school (because of poor job prospects after undergrad or because they really are passionate about law), then I as the parent would pay for it. There wouldn't be a reason I wouldn't pay for it. So they may end up miserable. They could end up miserable in any career. But I would still pay for the education because that just makes financial sense.
There should be some digging deep to try to find a profession they won't be miserable in - no parent wants their kid to be miserable.

As for end of life disability being expensive and shouldn't pay for education because may need it for end of life. I wouldn't choose. I would make sure I have enough for end of life first, and then also pay for education. It's not an either/or situation. It's this AND that. This is what people mean when they say they can afford to pay. They can afford to pay without sacrificing their own potential medical or disability needs.

(Not related to this thread, but why are so many law school grads so miserable? Would they be miserable no matter what work they did, or is it something about being a lawyer?)

So…your dumbass kid can’t get a decent job from undergrad because they screwed something up…but it makes good financial sense to double down on same dumbass that now thinks law school is the answer?

Actually, my kids are still in HS. And as I said, not interested in law school an all. Interested in STEM, maybe med. Absolutely, their major must be employable.

Kids don’t expect us to pay but it’s our duty. When we had kids, we planned and made sure we could pay for their education fully. And they are expected to pay for their kids. Doesn’t mean I tell them what to do or become enmeshed. Means our family keeps more money instead of paying the banks/govt.

But those of you who can afford to pay but choose not to and instead wish to be extra to banks/govt, that’s entirely your choice and someone else will surely enjoy your money.

Why would the extra money go to banks and the government? Why not just provide money to your kids directly and set them up with nice investment accounts.

If your kid has crap career prospects after undergrad and is only applying to law school because they somehow think that is the answer...well, wouldn't it actually be better to take the $300k and invest it for them and tell them to go find a job.

How is it better to hand that money over to a university and your kid comes out of graduate school with similarly crappy job prospects? Isn't your duty to try to ensure your kids are never in this situation from the start?

PP. Agree!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Child chose full-pay T10 over a full-ride so likely not, but will help with some living expenses most likely. That’s current plan at least, business owners so won’t predict that far out.

Stupidest thing you ever did.

I don't think so, but understand many would choose differently. Being a standout at a top school would lead to a better outcome if they ever decided to pivot and it is 100% more of a fit. It also sets them up for a top med school in terms of odds.

What’s done is done. But will you pay for Med School? If you can’t - that’s why it was a bad move.

[Anonymous]

Our law school kids chose schools that gave them merit aid and we paid the difference.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Child chose full-pay T10 over a full-ride so likely not, but will help with some living expenses most likely. That’s current plan at least, business owners so won’t predict that far out.

Stupidest thing you ever did.

I don't think so, but understand many would choose differently. Being a standout at a top school would lead to a better outcome if they ever decided to pivot and it is 100% more of a fit. It also sets them up for a top med school in terms of odds.

100%

[Anonymous]

If you can afford to pay, what are reasons you wouldn’t?

[Anonymous]

Anonymous wrote:If you can afford to pay, what are reasons you wouldn’t?

I can think of two major ones...kid d**ked around at undergrad for 4 years and now thinks somehow law school is the answer even though they never once expressed interest in it previously or kid thinks you should pay to attend a law school ranked #150 that won't lead to any gainful employment (but maybe different if they just want to be a plaintiff lawyer with a billboard on 95 with a cool tagline and phone number).

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you can afford to pay, what are reasons you wouldn’t?

I can think of two major ones...kid d**ked around at undergrad for 4 years and now thinks somehow law school is the answer even though they never once expressed interest in it previously or kid thinks you should pay to attend a law school ranked #150 that won't lead to any gainful employment (but maybe different if they just want to be a plaintiff lawyer with a billboard on 95 with a cool tagline and phone number).

Ok, what if kid worked hard and genuinely interested? (Actually thinking more med school, not law school)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you can afford to pay, what are reasons you wouldn’t?

I can think of two major ones...kid d**ked around at undergrad for 4 years and now thinks somehow law school is the answer even though they never once expressed interest in it previously or kid thinks you should pay to attend a law school ranked #150 that won't lead to any gainful employment (but maybe different if they just want to be a plaintiff lawyer with a billboard on 95 with a cool tagline and phone number).

Ok, what if kid worked hard and genuinely interested? (Actually thinking more med school, not law school)

I guess I would consider if it makes sense to pay for a Caribbean Med school because my kid wasn't accepted anywhere stateside. I don't have any idea how those kids end up doing in life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you can afford to pay, what are reasons you wouldn’t?

I can think of two major ones...kid d**ked around at undergrad for 4 years and now thinks somehow law school is the answer even though they never once expressed interest in it previously or kid thinks you should pay to attend a law school ranked #150 that won't lead to any gainful employment (but maybe different if they just want to be a plaintiff lawyer with a billboard on 95 with a cool tagline and phone number).

Ok, what if kid worked hard and genuinely interested? (Actually thinking more med school, not law school)

I guess I would consider if it makes sense to pay for a Caribbean Med school because my kid wasn't accepted anywhere stateside. I don't have any idea how those kids end up doing in life.

I know a few, now middle age, doing great. Great jobs in chosen specialties in the NYC area.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you can afford to pay, what are reasons you wouldn’t?

I can think of two major ones...kid d**ked around at undergrad for 4 years and now thinks somehow law school is the answer even though they never once expressed interest in it previously or kid thinks you should pay to attend a law school ranked #150 that won't lead to any gainful employment (but maybe different if they just want to be a plaintiff lawyer with a billboard on 95 with a cool tagline and phone number).

Ok, what if kid worked hard and genuinely interested? (Actually thinking more med school, not law school)

I guess I would consider if it makes sense to pay for a Caribbean Med school because my kid wasn't accepted anywhere stateside. I don't have any idea how those kids end up doing in life.

I work with some that ended up working alongside Ivy med school grads. Depends on the specialty. Some have higher match rate than others.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you can afford to pay, what are reasons you wouldn’t?

I can think of two major ones...kid d**ked around at undergrad for 4 years and now thinks somehow law school is the answer even though they never once expressed interest in it previously or kid thinks you should pay to attend a law school ranked #150 that won't lead to any gainful employment (but maybe different if they just want to be a plaintiff lawyer with a billboard on 95 with a cool tagline and phone number).

Ok, what if kid worked hard and genuinely interested? (Actually thinking more med school, not law school)

I guess I would consider if it makes sense to pay for a Caribbean Med school because my kid wasn't accepted anywhere stateside. I don't have any idea how those kids end up doing in life.

One of my favorite pediatricians went to school in the Caribbean. And I admit I used to be biased and judgmental about that. She changed my mind.

Maybe it matters how recent since it’s harder to get into American med schools now than it was 30 years ago.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Law/med/any grad school/Phd/MBA

We will pay for all. Not super rich but we have lived a frugal lifestyle to give leg-up to our kids. Education is on us.

Well, good for you and it's your money but it's also stupid. You can give your kids a "leg up" in plenty of other ways. You don't have to pay for every cent of a decades long education to do it.

But if you can afford to do so (or help) why wouldn't you? Some of us value education and have planned to assist our kids

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Law/med/any grad school/Phd/MBA

We will pay for all. Not super rich but we have lived a frugal lifestyle to give leg-up to our kids. Education is on us.

Well, good for you and it's your money but it's also stupid. You can give your kids a "leg up" in plenty of other ways. You don't have to pay for every cent of a decades long education to do it.

But if you can afford to do so (or help) why wouldn't you? Some of us value education and have planned to assist our kids

Flip question: If you can afford do support your adult child, why wouldn't you? Why wouldn't you pay for their housing, clothing, food, etc.? Why would you ever expect your adult child to support himself, if you can afford to support them?

Many folks think it's important for adult children to learn to stand on their own feet. There's different places you can draw the line. One reasonable place is grad school.

[Anonymous]

Is there a 200K cap on loans? Or is this still a proposal being decided upon?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Law/med/any grad school/Phd/MBA

We will pay for all. Not super rich but we have lived a frugal lifestyle to give leg-up to our kids. Education is on us.

Well, good for you and it's your money but it's also stupid. You can give your kids a "leg up" in plenty of other ways. You don't have to pay for every cent of a decades long education to do it.

But if you can afford to do so (or help) why wouldn't you? Some of us value education and have planned to assist our kids

Flip question: If you can afford do support your adult child, why wouldn't you? Why wouldn't you pay for their housing, clothing, food, etc.? Why would you ever expect your adult child to support himself, if you can afford to support them?

Many folks think it's important for adult children to learn to stand on their own feet. There's different places you can draw the line. One reasonable place is grad school.

This point is very context-specific. If you already have $20m or more, short of a personality disorder or some other unique issue, you will pay for your kids' graduate, professional, or law school. You may not give them money for things like clothing, but you will provide them with the best education they can, so they can crush it when they stand on their feet.

My parents did this. I'm pretty sure they're over the estate tax limit, as they're starting to give more to charities, but they've never given us cash gift like some people on here are describing, ever (though they contributed $10k per kid toward our weddings) because they are philosophically aligned with you that kids should struggle a little in their twenties so they can feel that their success was earned; however, paying for our all of our school was a no brainer. My siblings and I all went to good graduate-level programs, started our careers with no debt, maxed out our 401ks beginning with our first paycheck, and each bought our first home in our late twenties with no down payment assistance, etc.

Now, if you're networth is $5m or less, I can understand why you're asking this question. Supporting kids in grad school shouldn't risk your retirement or ability to cover your end-of-life care costs.