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[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]

Agree.  Whenever I make this point with doctors and lawyers, they get their knickers in a knot, get angry and start yelling.

- If the cost of a program is more than 5 X expected annual salary, it's not worth it.  Doesn't matter who's paying for it.
- If you can't apply 50% of your salary towards loan payment, you are a fool.[/quote]

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