do people with rich parents take out loans also?

[ronaldo23]

is it almost universal for med students to all take out loans?

is it very common for people whos parents make 300K+ a year to also take out loans? even if there parents offer to pay?

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[Law2Doc]

is it almost universal for med students to all take out loans?

is it very common for people whos parents make 300K+ a year to also take out loans? even if there parents offer to pay?

I'm sure some folks have parents who make the kind of disposable income required to pay for med school tuition without loans. But I wouldn't call it "very common" -- the vast majority of med students take out six digit loans over the course of med school.

 

[StevenJ128]

I don't know if it's possible, and doubt it's legal, but I heard a story of a guy who, back in the day, went to med school already paid for. He went ahead and took out government loans at an extremely low rate, and just invested it all at a much higher rate of interest.

Then again, I think he ended up losing his license several years later for drug abuse, so I guess that's where karma kicks in.

 

[Ashers]

is it almost universal for med students to all take out loans?

is it very common for people whos parents make 300K+ a year to also take out loans? even if there parents offer to pay?

You'll probably need your parents to make a lot more than that to have them pay for you. I've taken out lots of loans.

 

[AnthonyNY]

ummm... ok, so, if the "rich parents" don't want to pay, and the kids don't have the money to pay, then the kids will probably take out loans.

if the "rich parents" offer to pay, but the kids don't want the parents' help, while also not having the money to pay, then the kids will probably take out loans...

why is this a thread?

 

[GBFKicks]

You'll probably need your parents to make a lot more than that to have them pay for you. I've taken out lots of loans.

You don't have to have a parent that makes that much more. My parents don't pay for me--although they did help out with the downpayment for my mortgage--but my girlfriend's sister is having her dad pay for all of her tuition/fees/room and board. He dad doesn't make too much over 300, but he's been making this kind of money for a long time. In any casey, my point is that your parents don't have to be filthy rich to help out a little (my case) and they don't have to be making millions to pay for it all (my girlfriend's sister's case).
Call me a fool, but I'd feel bad if my parents straight up paid for it all. There has to be some point when you get out from under their wings.

 

[MSKalltheway]

I dont think it takes a 300K salary to do it...I have known a few people whose parents still make a decent living (but not even close to 300K), but scrape every penny to get their son/daughter through without loans. That's what I call a blessing!

 

[Ashers]

You don't have to have a parent that makes that much more. My parents don't pay for me--although they did help out with the downpayment for my mortgage--but my girlfriend's sister is having her dad pay for all of her tuition/fees/room and board. He dad doesn't make too much over 300, but he's been making this kind of money for a long time. In any casey, my point is that your parents don't have to be filthy rich to help out a little (my case) and they don't have to be making millions to pay for it all (my girlfriend's sister's case).
Call me a fool, but I'd feel bad if my parents straight up paid for it all. There has to be some point when you get out from under their wings.

Helping out is way different than paying for, though. Maybe because I have 3 siblings it's a little different.

I know people who go to the financial aid place and drop off a check instead of picking one up.

 

[beegeforty4]

is it almost universal for med students to all take out loans?

is it very common for people whos parents make 300K+ a year to also take out loans? even if there parents offer to pay?

both my parents are doctors. i have no idea how much they make. i'm joining the navy to pay for the next four years (sorta like a loan)

 

[TRAMD]

My parents fit into the $300k+ category. They paid for my tuition and fees, bought me a car and helped with my downpayment on my house. I still have $120k in loans because I needed the money to pay for my mortgage, my wife's car, bills, gas, groceries, etc for me and my family. I am responsible for paying back my loans. The car and house downpayment are no-interest loans that I need to pay back to my parents someday. The tuition (a total of $60k) was a gift. The best part about having my parents help me out is that I have never owned a credit card.

 

[Cards21aceking]

My parents don't even come close to the 300K mark, but they pay for my tuition. I think I got lucky in that I'm:
- only child
- going to state school
- dad worked in hospital lab for 25 years, and part of his retirement package includes 1/2 tuition for children.

 

[2quik]

I would take out atleast the subsidized loans, rich or not...

 

[rich1234]

What kind of question is this? It depends on the person, and it depends on how rich they are...

 

[Shredder]

My family is well off, but there are certain debts that have higher interest rates than my student loans, so it makes sense for me to take loans. Low student interest rates make them attractive.

 

[BlackSails]

My great uncle put 3 children through med school on a tailor's salary. However, this was 40 years ago and he worked 18 hours a day for 15 years.

 

[sprinkibrio]

Most people who have parents with a lot of money are smart enough to realize that their kids need to start building credit. For this reason, the kids take out a loan and the parents pay it off.

 

[surprisedgirl]

Most people who have parents with a lot of money are smart enough to realize that their kids need to start building credit. For this reason, the kids take out a loan and the parents pay it off.

yup thats what i did 🙂

 

[Auron]

Most people who have parents with a lot of money are smart enough to realize that their kids need to start building credit. For this reason, the kids take out a loan and the parents pay it off.

so the parents are paying the additional interest just to build a credit history 🙄

Heres a crazy idea: get a credit card and use it to pay your recurring bills and all your other expenses. . I use my credit card in the mind set that I'm using debit - and I always pay it off in full every month. And my credit rating is "excellent". Follow this and overtime you'll develop a great credit history.

 

[Pinkertinkle]

so the parents are paying the additional interest just to build a credit history 🙄

They probably just take the subsidized loans that have no interest during school (Perkins + Stafford). That's what I do. The money that I save doing that goes into my investments. When school ends, I'll pay off those loans before I have to pay any interest or I'll just sit on them as long as possible if i can get a good interest rate.

 

[45408]

You'll probably need your parents to make a lot more than that to have them pay for you. I've taken out lots of loans.

Well, they might need to make more than that to be WILLING to pay that for you, but $300K is more than enough to put a kid through med school, heck, even two. That's over $200 grand after taxes.

 

[45408]

The best part about having my parents help me out is that I have never owned a credit card.

Not really. The best part is that you're not paying interest. My credit card earns money for me, not the other way around. I get cash back on all my purchases, so they basically are paying me to use the card. Besides, responsible use of a credit card builds a credit history. Not having a credit history is a pretty bad thing.

 

[Ashers]

Well, they might need to make more than that to be WILLING to pay that for you, but $300K is more than enough to put a kid through med school, heck, even two. That's over $200 grand after taxes.

My parents couldn't afford to put me through med school, even if they wanted to.

 

[cfdavid]

You don't have to have a parent that makes that much more. My parents don't pay for me--although they did help out with the downpayment for my mortgage--but my girlfriend's sister is having her dad pay for all of her tuition/fees/room and board. He dad doesn't make too much over 300, but he's been making this kind of money for a long time. In any casey, my point is that your parents don't have to be filthy rich to help out a little (my case) and they don't have to be making millions to pay for it all (my girlfriend's sister's case).
Call me a fool, but I'd feel bad if my parents straight up paid for it all. There has to be some point when you get out from under their wings.

This statement says it all. If you can make 200K plus for a good number of years, you can difinitely get ahead, provided you live within your means. You can live a very good life with that kind of income, and STILL save a fair amount of cash.

 

[searun]

My parents fit into the $300k+ category. They paid for my tuition and fees, bought me a car and helped with my downpayment on my house. I still have $120k in loans because I needed the money to pay for my mortgage, my wife's car, bills, gas, groceries, etc for me and my family. I am responsible for paying back my loans. The car and house downpayment are no-interest loans that I need to pay back to my parents someday. The tuition (a total of $60k) was a gift. The best part about having my parents help me out is that I have never owned a credit card.

is that you are still a child with no concept of reality, but the best part of having your parents help you out, is that you can empathize with Paris Hilton the next time she gets arrested, but still feel like she is a spoiled child, because she had more privileges than you. At least you were a man and borrowed the money to buy your wife's car. But who is making the loan payments, Mom or Dad? What a stud!

 

[breezey]

It's true. Reality happens at the point when you aren't making money choices based on morality/personal development but neccessity. But instead of trying to make the choice based on what other people seem to have done, he should be examining himself.

 

[sprinkibrio]

so the parents are paying the additional interest just to build a credit history 🙄

Heres a crazy idea: get a credit card and use it to pay your recurring bills and all your other expenses. . I use my credit card in the mind set that I'm using debit - and I always pay it off in full every month. And my credit rating is "excellent". Follow this and overtime you'll develop a great credit history.

Who do you know that has enough credit to set up their own practice out of medical school based on a credit score from paying off a credit card or two? Not saying that even with a mortgage and two school loans that I would, but things will happen years faster with all that history.

 

[MossPoh]

I'm pretty well off. If I chose to go to an instate school I would've been able to go through medschool without debt...buuuuut I didn't. While I am sure there are parents that do pay, 300k income would still lead to a bit of a decrease in the life/retirement funds for the parents. My dad is partially retired now, and has offered to pay for a part of it...but I am still planning on taking out loans. Aside from the obvious fact that it is cumbersome on the parents, it also forces you to invest a little bit of your own into the education. It is YOUR money getting spent, not someone elses. I am fortunate..maybe I'll come into an inheritance, but probably not. The debt really isn't THAT big of a deal. It gets paid off and you'll live an ok life. It won't be the bling bling porsche huge house life of docs in the past...but you'll be fine.

 

[da8s0859q]

My parents fit into the $300k+ category. They paid for my tuition and fees, bought me a car and helped with my downpayment on my house. I still have $120k in loans because I needed the money to pay for my mortgage, my wife's car, bills, gas, groceries, etc for me and my family. I am responsible for paying back my loans. The car and house downpayment are no-interest loans that I need to pay back to my parents someday. The tuition (a total of $60k) was a gift. The best part about having my parents help me out is that I have never owned a credit card.

That is not necessarily a good thing. I've got several revolving lines open that, coupled with a few authorized user listings, have helped see my FICO into high 700 territory - not too shabby for an undergrad kid.

But - but but but - the rest of what you just said is fantastic. 👍

 

[supersash]

I agree with this alot. I'm an only child, and my parents could afford to send me to the private medical school I'm attending, but they're not. They paid for undergrad, and said everything that comes after is up to me. I'm not a kid anymore, and I need to take the loans and start being an adult.

Not to say my parents wouldn't help me out in a bind, but it would still be a loan. Part of the successful process of raising a child is teaching them to be independent. If your parents are paying your way until your 26, you've never really been independent, and I think that's a bad thing!

is that you are still a child with no concept of reality, but the best part of having your parents help you out, is that you can empathize with Paris Hilton the next time she gets arrested, but still feel like she is a spoiled child, because she had more privileges than you. At least you were a man and borrowed the money to buy your wife's car. But who is making the loan payments, Mom or Dad? What a stud!

 

[sprinkibrio]

I agree with this alot. I'm an only child, and my parents could afford to send me to the private medical school I'm attending, but they're not. They paid for undergrad, and said everything that comes after is up to me. I'm not a kid anymore, and I need to take the loans and start being an adult.

Not to say my parents wouldn't help me out in a bind, but it would still be a loan. Part of the successful process of raising a child is teaching them to be independent. If your parents are paying your way until your 26, you've never really been independent, and I think that's a bad thing!

Everyone is different. A huge amount of people in Latin America and Spain live with their families until marriage (late 20s, early 30s) and that's just how it is.

 

[searun]

Everyone is different. A huge amount of people in Latin America and Spain live with their families until marriage (late 20s, early 30s) and that's just how it is.

Yeah, it is a cultural thing to some extent. But on the other hand, if I am a patient, I would feel more comfortable if the doc who is making life or death decisions for me, is not dependant on his or her mother or father to cover his or her ass financially. I would prefer that my doc is a fully capable fully functioning adult, not some kid who does not need a credit card because Pop pays all the bills. I guess I don't want Doogie Houser as my physician, give me an adult please.

 

[RokChalkJayhawk]

Well, they might need to make more than that to be WILLING to pay that for you, but $300K is more than enough to put a kid through med school, heck, even two. That's over $200 grand after taxes.

Hah, depends on where you live I guess. That and whether your parents like spending their money. Let's just say I'm doing well and my parents aren't paying for a cent of my medical school. Not even the apps.

 

[RokChalkJayhawk]

I'm also pretty sure that 300k is NOT more than 200 grand after taxes where I live.

 

[spdrcrbmw]

Yeah, it is a cultural thing to some extent. But on the other hand, if I am a patient, I would feel more comfortable if the doc who is making life or death decisions for me, is not dependant on his or her mother or father to cover his or her ass financially. I would prefer that my doc is a fully capable fully functioning adult, not some kid who does not need a credit card because Pop pays all the bills. I guess I don't want Doogie Houser as my physician, give me an adult please.

This is a pretty ignorant statement. Your telling me that you would feel more comfortable with someone making decisions that affect your health based on if they paid for their schooling or not??? I'll just leave it to those best competent in their field regardless of their background, age, sex, or any other factors.

I agree with the above statements that it's a cultural thing. My parents are well off and they paid for my undergrad and medical school tuitions. I've had the blessing of being able to focus on my education and not having to worry about those other things. And for those who say that I won't learn responsibility from this is just not sensible. First, I'm on my own when I start making money (residency). Second, Although it hasn't been discussed, when I start making good money (which will be sooner rather than later b/c I don't have debts to pay off), my parents will be taken care of, my dad can retire early, and I (the eldest male in my family) will assume the responsibility for the family's well being including my sisters. That's not to say that everyone can just freelance off those in place, it's just that you can have that security blanket always there. For my dad, he will end up paying over $200,000 for my education, but he will have the peace of mind that his family will be secure when he is gone. He probably would of paid 10 x that amount for what he's getting. And when I'm a father, I will do the exact same thing. Sorry for the rant, but I just think that there is no right/responsible way to go about it, props to those who do it by themselves and props to those that are lucky enough to not have to worry about it but still have the motivation to get through med school. Just my two cents

 

[musiclink213]

My parents can't afford to pay for my medical school, so it was never a question that I'll be taking out loans. But they will give me some money for things like food and other various things. But when I had one of my "Oh no, what have I done, I can't do this" moments, my mom said to me "You are not dropping out of school now. You already took out the loans, and G-d knows you don't have $35,000 in your bank account, and we certainly don't, so you're going to school and you're going to graduate if only to pay back those loans. We don't wnat you to be bankrupt, but we don't want to go bankrupt trying to save you from bankruptcy."

I would assume if you have rich parents, they would help you out to a greater degree than those of us whose parents are average or below average income. But I'd imagine they would still want you building credit history. We're certainly not rich, but I got a credit card in my name when I was 17 and started college for things like groceries, books, etc. I didn't use it very much, but my parents paid it off for me, starting to build up a credit history.

 

[2quik]

This is a pretty ignorant statement. Your telling me that you would feel more comfortable with someone making decisions that affect your health based on if they paid for their schooling or not??? I'll just leave it to those best competent in their field regardless of their background, age, sex, or any other factors.

I agree with the above statements that it's a cultural thing. My parents are well off and they paid for my undergrad and medical school tuitions. I've had the blessing of being able to focus on my education and not having to worry about those other things. And for those who say that I won't learn responsibility from this is just not sensible. First, I'm on my own when I start making money (residency). Second, Although it hasn't been discussed, when I start making good money (which will be sooner rather than later b/c I don't have debts to pay off), my parents will be taken care of, my dad can retire early, and I (the eldest male in my family) will assume the responsibility for the family's well being including my sisters. That's not to say that everyone can just freelance off those in place, it's just that you can have that security blanket always there. For my dad, he will end up paying over $200,000 for my education, but he will have the peace of mind that his family will be secure when he is gone. He probably would of paid 10 x that amount for what he's getting. And when I'm a father, I will do the exact same thing. Sorry for the rant, but I just think that there is no right/responsible way to go about it, props to those who do it by themselves and props to those that are lucky enough to not have to worry about it but still have the motivation to get through med school. Just my two cents

I completely agree! If your parents can afford to pay for your education, then by all means go for it. If you want to be noble and take out loans and be in debt, well, dont worry b/c there is also plenty of debt when you buy a house and start your family!

 

[RokChalkJayhawk]

This is a pretty ignorant statement. Your telling me that you would feel more comfortable with someone making decisions that affect your health based on if they paid for their schooling or not??? I'll just leave it to those best competent in their field regardless of their background, age, sex, or any other factors.

I agree with the above statements that it's a cultural thing. My parents are well off and they paid for my undergrad and medical school tuitions. I've had the blessing of being able to focus on my education and not having to worry about those other things. And for those who say that I won't learn responsibility from this is just not sensible. First, I'm on my own when I start making money (residency). Second, Although it hasn't been discussed, when I start making good money (which will be sooner rather than later b/c I don't have debts to pay off), my parents will be taken care of, my dad can retire early, and I (the eldest male in my family) will assume the responsibility for the family's well being including my sisters. That's not to say that everyone can just freelance off those in place, it's just that you can have that security blanket always there. For my dad, he will end up paying over $200,000 for my education, but he will have the peace of mind that his family will be secure when he is gone. He probably would of paid 10 x that amount for what he's getting. And when I'm a father, I will do the exact same thing. Sorry for the rant, but I just think that there is no right/responsible way to go about it, props to those who do it by themselves and props to those that are lucky enough to not have to worry about it but still have the motivation to get through med school. Just my two cents

I really doubt you will be able to take care of your whole family on a physician's salary. Just being honest with you.

Maybe your wife and kids, but not you, your family, your parents, your sisters...

 

[vize]

Well it really depends on what you mean by "rich." If income classifies as rich, then yes my parents took out loans for the very reason that we're rich. If rich means "can you pay my whole tuition cash without reaping havoc" then no. Loans are really NOT that bad if you learn how to manage it.

 

[45408]

My parents couldn't afford to put me through med school, even if they wanted to.

Well, I certainly won't argue a specific situation, because I have no idea what kinds of health bills, gambling debts, family situations, alimony, child support, etc., that one family may or may not have, but if my parents were to suddenly make $300K next year, they could definitely afford to pay my tuition.

 

[relema]

My parents could pay for my medical school with out a problem but they don't. I feel lucky that they paid my whole way through undergrad and it was understood that once i finished undergrad i was on my own. In a way as stressful as the loans can be i am completetly responsible for myself and i think at my age of 25 that is a good place to be. I also like that now my parents can really finish saving for retirement and live the kind of life they want and that they had to sacrifice for so long, to put me through private school and then undergrad.

 

[banana5]

-

 

[musiclink213]

I've actually never really understood this. My parents make enough money that, at least in undergrad, I didn't qualify for any financial aid. They'll be making the same amount of money when I go to fill out financial aid forms for med. school, so I don't anticipate to qualify then. My parents have already said that I'm on my own in terms of paying for med school.

Actually, when you fill out the forms for financial aid for med school, you are considered independent and your parent's income doesn't count for anything. That's why unless you yourself are wealthy, you get the maximum amount in loans. Some schools require your parent's infor for school loans, or school grants, but as far as federal grants go, you needn't worry.

 

[alwaysaangel]

I've actually never really understood this. My parents make enough money that, at least in undergrad, I didn't qualify for any financial aid. They'll be making the same amount of money when I go to fill out financial aid forms for med. school, so I don't anticipate to qualify then. My parents have already said that I'm on my own in terms of paying for med school.

What don't you understand? Why schools won't give you money even though your parents won't help you? Because people lie. And if you just based it on student income you have a bunch of broke 22yo all splitting a very limited amount of grant money - and some of them end up with mommy and daddy helping anyway - they just help less. Sorry, I have no pity for people who's parents make 200k+ but won't help them through medical school - you probably have a lot more inheritance coming someday than the people who's parents make 30k/year.

I can't imagine that this situation is that unusual - you only need to make a couple of hundred thousand dollars to not qualify for aid. And while that maybe sounds like a lot of money, depending on where you live and how long you've been making it, it might sound like more than it is.

Sure, but its still a lot more than 80% of the country. And it really depends on HOW you live. If a person who's parents made 150k after taxes really wanted to - they could pay for their kids med school. They might have to buy a used car and pay cash instead of take out a loan for a 45k car. Or they might have to not shop at specialty food places or have grocery stores deliver. Or maybe cancel the weekly maid service. Its doable - but most people don't want to mess with the way of life they're acostomed to.

The question is - why do people coming out of med school have such little debt? If you look at some schools' websites, they boast that their average grad has, say, $100k debt with tuition/expenses $50k/year. But if my situation is fairly common (I guess I'll have to take the full $200k out in loans), how is the average debt $100k?

The numbers include people who don't take out loans. So if you have 100 people in a med school class, and 6 are MD/PhD, 5 are on full scholarship, 5 are on partial scholarships (lets say half), 15 are being paid for by mommy and daddy.

You have 26/100 people with zero debt and 5 with half of what everyone else has. That makes a big difference when you start calculating averages.

 

[RokChalkJayhawk]

What don't you understand? Why schools won't give you money even though your parents won't help you? Because people lie. And if you just based it on student income you have a bunch of broke 22yo all splitting a very limited amount of grant money - and some of them end up with mommy and daddy helping anyway - they just help less. Sorry, I have no pity for people who's parents make 200k+ but won't help them through medical school - you probably have a lot more inheritance coming someday than the people who's parents make 30k/year.
Sure, but its still a lot more than 80% of the country. And it really depends on HOW you live. If a person who's parents made 150k after taxes really wanted to - they could pay for their kids med school. They might have to buy a used car and pay cash instead of take out a loan for a 45k car. Or they might have to not shop at specialty food places or have grocery stores deliver. Or maybe cancel the weekly maid service. Its doable - but most people don't want to mess with the way of life they're acostomed to.



The numbers include people who don't take out loans. So if you have 100 people in a med school class, and 6 are MD/PhD, 5 are on full scholarship, 5 are on partial scholarships (lets say half), 15 are being paid for by mommy and daddy.

You have 26/100 people with zero debt and 5 with half of what everyone else has. That makes a big difference when you start calculating averages.

(in my best Yoda voice) Great anger I sense in you. Seek counseling you must.

 

[alwaysaangel]

(in my best Yoda voice) Great anger I sense in you. Seek counseling you must.

Eh, not angry. Annoyed that our financial aid system is so screwed up and easy to manipulate. I know people who's parents spend hundreds of thousands gambling and taking trips, who own 3 cadillacs, a huge house in a gated community - and somehow filled out FAFSA in a way to get a full ride to undergrad (including partial living expenses); while people who actually make modest livings were honest and got nothing.

There is enough problems with the financial aid system already they don't need more by taking parental income out of consideration for medical students.

But more than anything I find it ridiculous (at this point almost in a hilarious way) how many people who's parents are well off really don't understand why they aren't put on the same level as everyone else. Just says a bit about perspective.

 

[TRAMD]

is that you are still a child with no concept of reality, but the best part of having your parents help you out, is that you can empathize with Paris Hilton the next time she gets arrested, but still feel like she is a spoiled child, because she had more privileges than you. At least you were a man and borrowed the money to buy your wife's car. But who is making the loan payments, Mom or Dad? What a stud!

I don't empathize with Paris Hilton. I could NOT see myself being arrested. I got a speeding ticket once. I didn't drink until I was 21 and then responsibly and now that I am a father I pretty much never drink. I believe it is important to appreciate the things you are given and respect those that gave them to you. My parents bought me a car because I had scholarships that more than paid for undergrad that they had told me they would pay for. These were scholarships that I was just given by the University when I agreed to go there. I didn't apply for scholarships because my parents told me to leave them for kids whom needed them more. My parents helped with my down payment because I just didn't have the cash on hand. This was $5,000 that I will have to pay back (they gave my sister $20,000 for her house that she DOESN'T have to pay back). I make all the payments on my wife's car and our house out of my residency paycheck. I am currently deferring my med school loans, but it will be me that will pay them back someday.

I have been given a lot by my parents, but I am not stupid with money. I believe that parents should expect their kids to learn by example and my parents have always been very smart with their money. They live in a $240,000 house and live far below their means. They don't drink, smoke or gamble and they eat at home most nights. I plan to budget and save and be smart about purchases and teach my kids the same while helping them out where I can. I will admit I was a little irresponsible in undergrad with my spending, but I was a single guy who liked movies, video games and eating out and it was my money that I had earned during my summer construction job or the pittance I earned tutoring.

I don't understand why you feel angry and the need to attack me. I was simply answering the OP's question.

Several of you have brought up the credit card issue. When I bought my wife's car and when I got my mortgage my credit scores were all 730-750. My parents did not co-sign for either of them. Remember that credit cards can ruin credit more easily than build it. Credit cards are fine if you pay them off every month and don't accrue interest, but in dire straights when you sometimes really need the credit card these are not always possible. I was simply stating that I am thankful to my parents that I have never been in such dire straights.

I agree that finances are a large part of independence, but there are many other decisions and actions that make up independence and being successful at it.

I doubt if any of you have read this far through my ramblings, but I admire all of you who go through med school and undergrad with no help from your parents and I wish you the best in paying off your loans. I agree with Banana5 about not understanding how average debt is so low. There must a lot of single med students or financially supportive parents or spouses out there.

 

[veenut]

I've actually never really understood this. My parents make enough money that, at least in undergrad, I didn't qualify for any financial aid. They'll be making the same amount of money when I go to fill out financial aid forms for med. school, so I don't anticipate to qualify then. My parents have already said that I'm on my own in terms of paying for med school.

I can't imagine that this situation is that unusual - you only need to make a couple of hundred thousand dollars to not qualify for aid. And while that maybe sounds like a lot of money, depending on where you live and how long you've been making it, it might sound like more than it is.

The question is - why do people coming out of med school have such little debt? If you look at some schools' websites, they boast that their average grad has, say, $100k debt with tuition/expenses $50k/year. But if my situation is fairly common (I guess I'll have to take the full $200k out in loans), how is the average debt $100k?

Because med schools will include in this so-called "average debt" figure those students that are on a full scholarship or who don't have to take out any loans b/c of their parents. This certainly brings that average debt down.

 

[RokChalkJayhawk]

Eh, not angry. Annoyed that our financial aid system is so screwed up and easy to manipulate. I know people who's parents spend hundreds of thousands gambling and taking trips, who own 3 cadillacs, a huge house in a gated community - and somehow filled out FAFSA in a way to get a full ride to undergrad (including partial living expenses); while people who actually make modest livings were honest and got nothing.

There is enough problems with the financial aid system already they don't need more by taking parental income out of consideration for medical students.

But more than anything I find it ridiculous (at this point almost in a hilarious way) how many people who's parents are well off really don't understand why they aren't put on the same level as everyone else. Just says a bit about perspective.

I don't understand what the problem is with med school. Isn't everyone considered independent -- and unless they themselves are extremely wealthy -- isn't EVERYONE eligible for full financial aid? (Staffords, Perkins, etc.)

I know I'm taking out all of those.

 

[RokChalkJayhawk]

is that you are still a child with no concept of reality, but the best part of having your parents help you out, is that you can empathize with Paris Hilton the next time she gets arrested, but still feel like she is a spoiled child, because she had more privileges than you. At least you were a man and borrowed the money to buy your wife's car. But who is making the loan payments, Mom or Dad? What a stud!

And you need to chill out. The guy put himself out there to explain his personal financial situation. I'm sure it hasn't been a bed of roses, and he and his parents have earned all of what they have.

Everyone here is going to be in the top 10% of income earners following med school + residency (most likely). Not too many doctors who are hurting for cash. Look around your town.

The loans are managable, and it's the best investment you'll probably ever make. It may not make you inordinately wealthy, but you will certainly become a person who can command a great deal of respect, and you will possess the knowledge and skill to help others. These alone should make it worth your time and money.

 

[TRAMD]

And you need to chill out. The guy put himself out there to explain his personal financial situation. I'm sure it hasn't been a bed of roses, and he and his parents have earned all of what they have.

Everyone here is going to be in the top 10% of income earners following med school + residency (most likely). Not too many doctors who are hurting for cash. Look around your town.

The loans are managable, and it's the best investment you'll probably ever make. It may not make you inordinately wealthy, but you will certainly become a person who can command a great deal of respect, and you will possess the knowledge and skill to help others. These alone should make it worth your time and money.

My hero. haha. My Dad's parents paid his way through medical school and they were NOT wealthy. He figured it was good for him and would be good for me. Thanks for backing me up.

Actually, making over $100k per year puts you in the top 5% of earners in this country and over $200k puts you in the top 1%.