Are you going to pay for your kids' med school tuition (If they choose med)?

[LargeDocGuy2]

It seems like the logical thing to do if you have the means. Otherwise your family is just throwing away 200k+ in interest to the banks and government. If you care about your kids and helping them out that's an added bonus and they will likely appreciate it and want to help you more in your old age.

At the very least you could offer your kid a no-interest or inflation adjusted loan so the money stays in your family instead of going to uncle sam.

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[tiedyeddog]

Yes.

 

[Postictal Raiden]

Of course I would.

 

[AnthonyBourdain]

No. Undergrad yes.

Give them an interest free loan to med school? Of course.

Depending on how they manage their money, the loan may or may not have to be paid off.

Too many people have no idea how to manage money. I don't want my kids to be the type of people living in debt and barely making ends meet while making six figures because they didn't value saving or planning for the future. The last thing I want is kids that keep coming to me for money.

 

[calvnandhobbs68]

Uh inflation adjusted loan? Sure, if I have the money but we'll be laying out the repayment plan/etc. from day 1.

I'll probably open up a 529 for undergrad but only actually straight up pay for for the amount up to whatever the big in-state school tuition is. Anything over that and it'll be a loan.

Yeah I'm not into handing over money to Uncle Sam either...I already know that feel. I'm also not into just handing kids money though either.

 

[link2swim06]

At the rate it is going it will be around 1 million per year.

 

[Trogghunter]

This bubble will burst. Student debt has been slowing the economy. Since money really comes out of no where nowadays anyway, I'm hoping for a correction and a widespread default. That's more likely in the next 10yrs than me paying off my debt.

On a more serious note...would it be kosher to enroll in a community college post med school and take minimum credits to avoid having to make full payments? Re-enroll in basic bio etc.

 

[Kaustikos]

My kids aren't doing med school.

**** if I want them to do this

 

[calvnandhobbs68]

This bubble will burst. Student debt has been slowing the economy. Since money really comes out of no where nowadays anyway, I'm hoping for a correction and a widespread default. That's more likely in the next 10yrs than me paying off my debt.

On a more serious note...would it be kosher to enroll in a community college post med school and take minimum credits to avoid having to make full payments? Re-enroll in basic bio etc.

This has to be one of the dumbest ideas I've ever heard for real.

 

[siliso]

I don't anticipate having enough income and retirement savings to do that wisely, no. I have a parent who is a physician and does not pay my tuition, either. If I did have the means to do it, maybe.

 

[Dave89]

This bubble will burst. Student debt has been slowing the economy. Since money really comes out of no where nowadays anyway, I'm hoping for a correction and a widespread default. That's more likely in the next 10yrs than me paying off my debt.

On a more serious note...would it be kosher to enroll in a community college post med school and take minimum credits to avoid having to make full payments? Re-enroll in basic bio etc.

This has to be one of the dumbest ideas I've ever heard for real.

Haha, if that works legally it is a pretty creative idea.

 

[siliso]

Eventually you would get cut off for failing to make satisfactory academic progress toward a degree.

 

[Kaustikos]

This bubble will burst. Student debt has been slowing the economy. Since money really comes out of no where nowadays anyway, I'm hoping for a correction and a widespread default. That's more likely in the next 10yrs than me paying off my debt.

On a more serious note...would it be kosher to enroll in a community college post med school and take minimum credits to avoid having to make full payments? Re-enroll in basic bio etc.

Why don't you enroll in a thesis masters? That way you're actually getting a quality education and avoiding repayment.

Or you could just flee the country Wesley Snipes mode and never return.

 

[Dave89]

Eventually you would get cut off for failing to make satisfactory academic progress toward a degree.

True, but maybe this would delay certain repayment requirements until you're an attending? Not sure how these repayment plans work...

 

[notbobtrustme]

On a more serious note...would it be kosher to enroll in a community college post med school and take minimum credits to avoid having to make full payments? Re-enroll in basic bio etc.

Interest will still capitalize if you have unsubsidized loans.

 

[projectlogic]

IDK if medicine will even be a good option by that time.

 

[The Beyonder]

I would. Debt can be a huge drag on my children and Grandchildren. Why would I not help the most important people in my life.

 

[Kaustikos]

True, but maybe this would delay certain repayment requirements until you're an attending? Not sure how these repayment plans work...

But why would you? You make enough money to repay the loans... You're just adding more money to it.

Also, when would you even do this? During residency? Like that would even be an option...

"Yeah, sorry I'm late for coming in, I had an exam."

"What ****ing exam?"

"Calc I. I think I aced it."

"Sweet, now gtfo, you're fired."

 

[calvnandhobbs68]

But why would you? You make enough money to repay the loans... You're just adding more money to it.

Also, when would you even do this? During residency? Like that would even be an option...

"Yeah, sorry I'm late for coming in, I had an exam."

"What ****ing exam?"

"Calc I. I think I aced it."

"Sweet, now gtfo, you're fired."

Exactly

I mean the most obvious hole is that you have to be enrolled at least half-time to be eligible for deferment...so even at the community college level you'd be paying more just to take the useless classes than you might save making less than minimum payments on the loans.

Second, the only time I would think someone would even do this is during residency...and yeah not really an option.

 

[Stellar Clouds]

I would. Debt can be a huge drag on my children and Grandchildren. Why would I not help the most important people in my life.

+1...I will definitely help my kids pay for undergrad and medical school.

No. Undergrad yes.

Give them an interest free loan to med school? Of course.

Depending on how they manage their money, the loan may or may not have to be paid off.

Too many people have no idea how to manage money. I don't want my kids to be the type of people living in debt and barely making ends meet while making six figures because they didn't value saving or planning for the future. The last thing I want is kids that keep coming to me for money.

You can still teach your children how to manage money without putting them into crippling debt. Teaching them about managing money starts long before they get to medical school.

 

[JP2740]

Absolutely, there's other ways to make sure your kid doesn't grow up being pampered. To make sure they aren't 150-200K (not adjusted) in debt is more important than any lesson they might learn in my opinion. If I wasn't in debt right now I don't think I'd magically be a spoiled ass.

 

[calvnandhobbs68]

Absolutely, there's other ways to make sure your kid doesn't grow up being pampered. To make sure they aren't 150-200K (not adjusted) in debt is more important than any lesson they might learn in my opinion. If I wasn't in debt right now I don't think I'd magically be a spoiled ass.

Definitely. Sorry kids plan on your first car being a 5 year old Corolla not a new Audi (like some of the kids I knew in high school).

 

[johnmendes]

My kids aren't doing med school.

**** if I want them to do this

 

[gmcguitar4]

I would 100% pay for them if I could afford it. Loan interest is ridiculous Undergrad too. But they are gonna work through high school/college for their spending money. I don't want to raise spoiled little ba$*****. I hate those type of people.

 

[yehhhboiii]

I will do as much as I can. My parents were there for me and I will be there for my kids. An education is the bare minimum.

 

[ar2388]

i will pay for undergrad provided they get grades that are satisfactory for me. if the grades slip, ill give them a semseter to get their sh.it together and if they dont, i stop paying.
for med school, id rather buy them an apt or something and help out in another way. it will help minimize their debt but i don't think id pay for med school in its entirety.

 

[KDS1]

Yes, if he gets in. I'd rather he become a CPA though.

 

[deleted480308]

My first financial responsibility is my wife, not adult children. My kids can spend it when I die

 

[kautionwirez]

Only my favorite child.

 

[PrideNeverDie]

i'll pay for their NP/PA program which will be the clearly superior job

 

[cwrig14]

If possible, yes.
I have a friend who's parents opted not to pay for his undergrad, but instead for his medical schooling. The advantage being that fin aid is much better at the undergraduate level (subsidized loans, greater abundance of scholarships/grants) than professional school.
I don't really agree with this strategy because it seems like you are robbing your kids of pursuing other careers (PhD programs that pay for school + stipend for example), and it's a big assumption that your children will succeed. On the other hand, maybe it would be an extra motivator for them to succeed and further their education.
So, yeah.

 

[alpinism]

Hell No. My yacht isn't gonna pay for itself.

I'll give em some food stamps and a pack of condoms...

 

[quechua]

Undergrad: I'll pay up to instate tuition and basic cost of living. If they want an awesome spring break - they better tutor someone or some other random 5 hr/wk job. Of course the caveat is we get to monitor their academic progress.

Grad/Prof: Probably not their tuition. Primarily because I doubt I'll be in a position to do that. I would cover their cost of living though.

Then it depends on the kid too. I hate to say it, but my brother and I are very different... He's a true Van Wilder.

 

[TheWeeIceMan]

Undergrad: I'll pay up to instate tuition and basic cost of living. If they want an awesome spring break - they better tutor someone or some other random 5 hr/wk job. Of course the caveat is we get to monitor their academic progress.

Grad/Prof: Probably not their tuition. Primarily because I doubt I'll be in a position to do that. I would cover their cost of living though.

Then it depends on the kid too. I hate to say it, but my brother and I are very different... He's a true Van Wilder.

A friend of my mom's has a "child" that stayed in UG for 16 years. He had like 10 majors Imagine those student loans...

 

[Zoopeda]

IBR. Ten years at a non-profit, and it's all forgiven.

 

[rodmichael82]

wtf am I going to do with the money take it to my grave? I'm paying for my kids education all the way. It's education and there should never be any limits to it. I sure as hell don't think my kid should be taking out 6 figure loans for a medical education that's just straight up wack.

 

[evilbooyaa]

I plan to pay for my kids education within reasonable limits (I'm not enabling any Van Wilders), including medical school, if I am able to. Although I've discussed with my parents about re-paying some fraction of them (like maybe 1/2 of total cost) once I graduate (as they are paying with a 529 +/- personal loans they can payoff with minimal interest) I imagine that we will likely consider it a way to avoid the estate tax and deposit it into my savings/investments instead.

If there's two things I can do for my kids, I will do them:
1) Not turn them into spoiled brats with no regard for money (done by setting a good personal example and not buying them ridiculous things like new cars when they turn 16)
2) Let them start their professional lives without the government/loan sharks in their pocket. If they screw up once they're debt free and out of school, they are likely on their own. My parents have the same outlook for me and my brother.

 

[dirigo]

Hell no, they better pay it off on their own. I'm not raising a bunch of self entitled brats.

No but seriously I'm not too concerned because my kids are getting full rides to med school.

 

[Kaustikos]

wtf am I going to do with the money take it to my grave?

I'm currently needing sponsorship for

Care to donate?

 

[medgolfer]

id help with undergrad and maybe pay the interest on the student loans while theyre in med school, after that it would be on them

 

[cde]

Currently we are having this debate in our household as our daughter is in the midst of the application process. My husband says we always pay for education. I think she needs to have a little skin in the game. I think we are compromising by paying for tuition and letting her borrow living expenses. If she is frugal she can get away with $12,000/year.

 

[Stellar Clouds]

Currently we are having this debate in our household as our daughter is in the midst of the application process. My husband says we always pay for education. I think she needs to have a little skin in the game. I think we are compromising by paying for tuition and letting her borrow living expenses. If she is frugal she can get away with $12,000/year.

Would she be borrowing living expenses from you?

 

[bashir]

One of the issues this raises is how to treat your kids fairly if you have more than one. If one of your kids goes to medical school and the others decide to pursue less lucrative careers, are you just going to give a whole bunch of money to the one who is ultimately going to be the richest anyway? What do you do for the others?

Kind of curious how this has worked out for those med students whose parents pay their tuition. Do your siblings get equivalent financial help? If not, do they resent you?

 

[ChiDO]

I'll "loan" them money for college, basically like 5-10k/year this way when they get into the real world (if they dont choose a professional degree, they can show responisbility by paying it back).

But, I'll raise them to fiscally responsible, so it probably won't be a problem.

 

[Girfaroo]

I was fortunate enough that my parents were able to pay for my education. Their parents paid for theirs. It's the way it's worked in my family, and I'm definitely going to pay it forward to my kids if I have the money for it. Which I hope I will.

 

[TheWeeIceMan]

One of the issues this raises is how to treat your kids fairly if you have more than one. If one of your kids goes to medical school and the others decide to pursue less lucrative careers, are you just going to give a whole bunch of money to the one who is ultimately going to be the richest anyway? What do you do for the others?

Kind of curious how this has worked out for those med students whose parents pay their tuition. Do your siblings get equivalent financial help? If not, do they resent you?

Maybe take the tuition out of the child's eventual inheritance money?

 

[Stellar Clouds]

One of the issues this raises is how to treat your kids fairly if you have more than one. If one of your kids goes to medical school and the others decide to pursue less lucrative careers, are you just going to give a whole bunch of money to the one who is ultimately going to be the richest anyway? What do you do for the others?

Kind of curious how this has worked out for those med students whose parents pay their tuition. Do your siblings get equivalent financial help? If not, do they resent you?

I can field this one. I have 2 siblings. Our parents paid for all of our schooling. One sibling pursued a graduate degree. The other only has a bachelors--he has no resentment, because had he chosen to pursue further education, it would have been paid for by our parents.

I think the promise of doing the same thing is enough to withhold any resentment

 

[fancymylotus]

One of the issues this raises is how to treat your kids fairly if you have more than one. If one of your kids goes to medical school and the others decide to pursue less lucrative careers, are you just going to give a whole bunch of money to the one who is ultimately going to be the richest anyway? What do you do for the others?

Kind of curious how this has worked out for those med students whose parents pay their tuition. Do your siblings get equivalent financial help? If not, do they resent you?

All these great threads keep coming up at the top of my sdn app. Even though I don't belong in here..it's fun to respond.


I'll support my children no matter what they want to do...but **** if I am paying for an Ivy League/fancy shmancy education for a useless degree. My kids don't all need to be doctors and dentists and such, but I'm not about to drop $250k on undergrad for like, art hx. No way... They can do what they love, but i expect them to be practical about it.

My parents paid my tuition in its entirety. They also paid/are paying for my sister-that's two undergrad tuitions and two dental school tuitions. The deal they made with us was that we(my sister and I) will pay it forward and help out with my youngest siblings grad school, when he gets there. Btw the two of us, it'll be completely doable. And honestly even if they hadnt asked us to do this, I probably would have offered.

 

[oldbearprofessor]

This is what I said when this came up last month:

From the parents perspective here , my spouse and I made a decision early on that one of our primary financial goals was to ensure that our children completed their education debt-free. My parents did this for me and it represents a core value we hold. I am grateful that pediatrics is one of those medical specialties where we can do this.

I only ask my children one thing. No, it's not to be successful professionals, they will do that anyway. It is to do the same thing for their children if at all possible.


The question about fairness or equitable giving to children is not an issue for us. Although each of our children is or will be pursuing post-undergraduate degrees that come with tuition, etc, the amount of support they will need to graduate completely debt free is different. So what? The point isn't to give the same amount of money to each child, it's to ensure that they don't have educational debt. Fairness is about making sure that needs are met, not that everyone gets the same thing. Now, as old folks, when we think about our inheritance, we believe it is best to split evenly amongst our children. That is not only the simplest thing, but allows each to feel like their future needs are equally valued.

Also, although I can appreciate to some degree the sentiment that one wouldn't want to pay for a degree that might not seem to be a great one to launch a career from, I think it's important for us to support the education that our children want to obtain, not to push them into a degree they don't want. So, we would have supported any educational degree(s) they wished to pursue.

 

[CDI]

My parents paid for mine, and they plan on paying for all their grandkids too. Who am I to complain?