Reply to How do people finance grad school?

Forum Index » College and University Discussion

Reply to "How do people finance grad school?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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. [/quote]

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

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.[/quote]

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. [/quote]

There are Youtube videos by med students who paid off $200,000-$400,000 loans in a matter of 2 or 3 years.  Their salary out of school will be $250,000+.  Think and live like a resident, living on less than $50,000 per year.  Save the difference - approximately $200,000 (before tax).  In 2 or 3 years, paying off med school loan is possible.  For a large loan, $400,000, the student would have to go into a lucrative subfield, surgery, neurology, dermatology, etc.  With an income of some $500,000 per year, living like a resident for the first few years, a $400,000 loan paid off in 2 years is doable. [/quote]

That's interesting. What if you want to be in a position to buy your own practice or buy into an existing practice?  My neighbor has the most amazing lifestyle as a dentist.  He had no school debt and could buy his own dental practice from an established retiring dentist 2 years out of school.  If he did nor have this freedom, he would have been stuck working for someone else and lining their pockets while drawing a salary.

For women, it also gives them flexibility to plan their family.  They can take a lighter load (and smaller salary) during prime pregnancy years.

If you can't save for grad school, that's totally fine and there are lots of good reasons for a student to have “skin in the game”.  For us, looking at everything on balance, we have decided to save so that undergrad and grad is totally covered.  [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics