How much, if any, are your parents going to support you in med school? (with Poll)

[Rafa]

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I was wondering, because it seems like the majority of us are going to go it alone. Is that the way it usually is, or is that just an SDN phenomenon? 🙄

 

[nightowl]

this is a good poll. I'm actually wondering how much I should take out considering I will be paying for everything... 😱 I am also driving a 11 year old car with almost 150,000 miles on it. Does anyone know if you can factor a monthly car note into your expenses when figuring loan money? Can you take out as much as you think you need, or does some random person control how much aid you can recieve?

 

[Messerschmitts]

I think med school tuition is just simply not within the means of most parents to support! It's not a lack of love we're talking about, but my parents for example wouldn't even be able to make a dent, with their combined salary. Well, my mom's at least, I guess (father's been out of work for awhile). Hopefully grants and loans will cover most of the tuition and uncontrollable expense; my parents may do what they can to help out with living expenses, rent, etc.

 

[jebus]

i plan to get geeked out while doing lines off some stripper's stomach while i'm in that RX 400h.

 

[Rafa]

I think med school tuition is just simply not within the means of most parents to support! It's not a lack of love we're talking about, but my parents for example wouldn't even be able to make a dent, with their combined salary. Well, my mom's at least, I guess (father's been out of work for awhile). Hopefully grants and loans will cover most of the tuition and uncontrollable expense; my parents may do what they can to help out with living expenses, rent, etc.

Oh yeah - I only meant financially, not emotionally or anything. And yup - 40k/year is kind of...steep, to say the least. It seems as if at this level, schools offer loans primarily, instead of predominantly grants & scholarships (as in undergrad). 'Tis rough.

 

[TheMightyAngus]

😱 I am also driving a 11 year old car with almost 150,000 miles on it.

What?! That's like 1995. Still practically brand new. My ride is probably older than some people starting med school next year.

 

[drmota]

i'm shocked that 20% are having everything paid for. thats crazy.
-mota

 

[TheMightyAngus]

I wonder how many parents are paying for their kid's entire application process?
MCAT prep, primary, secondaries, plane tickets, hotels...

 

[53948]

wow I'm very surprised... I always thought doctors mostly came from wealthier families and thus they were taken care of in med school...

 

[novawildcat]

even if you came from a wealthy family why would your parents pay for anything past a bachelor's degree? there is no way you should be living off of your parents dollar until your are 30 yo (even if you are rich).

 

[isobel]

even if you came from a wealthy family why would your parents pay for anything past a bachelor's degree? there is no way you should be living off of your parents dollar until your are 30 yo (even if you are rich).

i think my parents see it as saving the crazy interest on a massive loan if they pay for my schoolie. i've been out of school for 3 years and paying for everything myself but going back to school is diff. i will feel weird tho having to be asking my parents for money again...

 

[trishaaa]

I paid for most of my undergrad, and I'm paying for all of med school. My mom did lend me $100 for one of my secondaries after I overdrew my bank account for the 3rd time in one month...whoops.

 

[beefballs]

I think alot of parents, if they have the means to pay, will. They feel it is a worthwhile investment and are extremely proud. My mom says she feels terrible she can't afford to help me. It is another form of support, if I could afford to and my kid got in I would help them out with the cost no questions asked.

 

[75969]

Oh yeah - I only meant financially, not emotionally or anything. And yup - 40k/year is kind of...steep, to say the least. It seems as if at this level, schools offer loans primarily, instead of predominantly grants & scholarships (as in undergrad). 'Tis rough.

40K is steep.....veeerrrryyyy steep! Almost twice my parents (combined) income! 😱 Hence the reason I REALLY want to stay in state! 🙂

 

[BooMed]

this is a good poll. I'm actually wondering how much I should take out considering I will be paying for everything... 😱 I am also driving a 11 year old car with almost 150,000 miles on it. Does anyone know if you can factor a monthly car note into your expenses when figuring loan money? Can you take out as much as you think you need, or does some random person control how much aid you can recieve?

Car costs will be figured into "transportation" and you will probably recieve plenty of money to pay for it. If you don't get enough aid through FAFSA you can always apply for a private loan also. (Like from Sallie Mae.) Watch out though, the interest rates on those loans jump up considerably. 😱

 

[Depakote]

My dad's financial plan for supporting me through med school is a weekly powerball ticket.

God I wish I were joking.

~_~'

 

[75969]

My dad's financial plan for supporting me through med school is a weekly powerball ticket.

God I wish I were joking.

~_~'

lol....my step-dad told me 2 years ago that I should put a 1-2 hundred $$'s in the stock market...to pay for med. school. Dont think thats gunna cut it....🙂

 

[deleted77919]

I'll get help with my living expenses, but as far as tuition and fees I'm gonna be on my own (which looks like about 35-40k at most private schools . . . so borrowing $140-160k . . . that sounds really scary!)

And my parents did pay for my application expenses. I don't know how people make it through this process otherwise. Limit the number of apps and interviews? Run up massive credit card bills? I'm not aware of any "applying to med school loans" and for those still in school I think it would be tought to save enough money. Mad respect for those who manage. 👍

 

[Thundrstorm]

You're on your own for grad school in my family. My parents sent me money occasionally in college when things were tight (I worked, but only part-time), but I was mostly self-sufficient in college, and will definitely be in med school. We're adults; why should our parents pay?

Oh, and I paid for my own application expenses, but I'm staying with my parents (rent-free, but I buy my own food, etc) while working full time this year. If I had applied during my senior year, they certainly would have helped out as best they could.

 

[trishaaa]

And my parents did pay for my application expenses. I don't know how people make it through this process otherwise. Limit the number of apps and interviews? Run up massive credit card bills? I'm not aware of any "applying to med school loans" and for those still in school I think it would be tought to save enough money. Mad respect for those who manage. 👍

Big credit card bills, and working LOTS and LOTS of overtime!!!

 

[Depakote]

I figure, I'll realistically be about $270k in debt after all is said and done. Undergrad and Med school combined.

Ha Ha, interest.

 

[Pontifex Maximus]

Voted almost nothing, but I'll have no support from them except moral support. My mom is in bad financial shape. I paid for all my apps with my own cash.

 

[speranza]

Voted almost nothing. My parents aren't in any shape to contribute financially for med school, nor did they for undergrad. I'm lucky if I get the $50 bday present, haha.

 

[Saluki]

My mom's disabled, and my dad's gone. So, I'm guessing zero help. I paid for my applications by cashing in the pot of money I'd been saving for a car, and taking the Greyhound to interviews when I ran out of money for plane tickets...

 

[oneaat]

my parents probably could pay for my medical education, but aren't going to. why should they? it's my choice, and they've worked really hard to live a good life in their 50s, so it's not fair for them to take a quality-of-life hit for me to spend 4 more years escaping the real world 🙂 they will help out some on living expenses, but i'll be paying at least 90% of my costs through loans. they have paid the large majority of my expenses until now (princeton review, mcat, flights etc).
i think it's a good balance - they've helped me out a lot, but are ready to boot me out of the nest and make me be a grown-up.

 

[Classof2010]

My folks won't pay for med school, but they're willing to do the next best thing: loan as much money as my wife and I need to make ends meet (after maxing out federal loans), even if we choose to buy a house. So our med school debt will be enormous, but at least the loans from my folks will have reasonable terms and rates, and paying them back will be like making deposits into my inheritance. At least that's what I tell myself to feel better about the crazy debt...

 

[BobBarker]

My parents saved thoughout my entire life to pay for my undergrad. I didn't need that money due to having more than enough scholarship money to pay for school and room and board. They kept that money back and have added to it at their pre-undegrad pace for me to use for med school. I've paid for most of the application process with scholarship overflow, but my parents did buy me a suit for interviews for Christmas. Even with the money saved, I'll still have to have loans.

 

[Depakote]

My folks won't pay for med school, but they're willing to do the next best thing: loan as much money as my wife and I need to make ends meet (after maxing out federal loans), even if we choose to buy a house. So our med school debt will be enormous, but at least the loans from my folks will have reasonable terms and rates, and paying them back will be like making deposits into my inheritance. At least that's what I tell myself to feel better about the crazy debt...

Sure, say that now. 15 years down the line, Uncle Guido's breaking your legs and you didn't even know your family was Italian.

 

[jbone]

i'm shocked that 20% are having everything paid for. thats crazy.
-mota

word. Pretty lame. But lucky.

 

[anon-y-mouse]

word. Pretty lame. But lucky.

How is that lame?

 

[peach921]

This is a good question, but I don't quite know the answer. I'm Indian, and my parents always promised to pay for all my education period. They're both doctors, so theoretically they should be able to. However, my dad constantly telling me a failure and a waste of money has made me question whether I want anything to do with their money. The kicker is that I had free tuition to UGA because of HOPE, plus I got a scholarship that would more than have paid for my room, board, and any other expenses, but my parents insisted that I go to Emory and not worry about the money. They have paid for 95% of my expenses thus far, but I think I'll be taking loans for med school just so they won't try to control me anymore. I will likely have them cosign on housing though.....it'll be bittersweet when I become their favorite kid who is amazing if I get into medical school....I'd say my parents have been there financially, but definitely no emotional support...

 

[riceman04]

I wonder how many parents are paying for their kid's entire application process?
MCAT prep, primary, secondaries, plane tickets, hotels...

My parents are going to help pay for the app process b/c they want to. I have been telling them for the longest time now that I have been saving up enough money (via working during college and afterwards), but they insist. I wont say no anymore though.

My parents also want to help me with living expenses while in med school. Tuition is all on me though (for which I am totally fine paying by myself).

 

[anon-y-mouse]

This is a good question, but I don't quite know the answer. I'm Indian, and my parents always promised to pay for all my education period. They're both doctors, so theoretically they should be able to. However, my dad constantly telling me a failure and a waste of money has made me question whether I want anything to do with their money. The kicker is that I had free tuition to UGA because of HOPE, plus I got a scholarship that would more than have paid for my room, board, and any other expenses, but my parents insisted that I go to Emory and not worry about the money. They have paid for 95% of my expenses thus far, but I think I'll be taking loans for med school just so they won't try to control me anymore. I will likely have them cosign on housing though.....it'll be bittersweet when I become their favorite kid who is amazing if I get into medical school....I'd say my parents have been there financially, but definitely no emotional support...

That's a really sad story... :\ will the emotional tune change if you get into med school?

 

[isobel]

How is that lame?

yeah. i think if everyone's parents could easily pay for school without taking a hit to their standard of living, the numbers would be much higher for having parents pay everything even if people are saying they wouldn't take the money.

 

[ddog01]

I was wondering, because it seems like the majority of us are going to go it alone. Is that the way it usually is, or is that just an SDN phenomenon? 🙄

Mom paid for about 75% of undergrad, rest are loans. Grad school was all me and loan (I got a good stipend anyway, so not much loan in grad. school). Med school- Hopefully the US Government will pay for it! HPSP or USUHS. Or perhaps the Financial Assistance program through the military after med. school but before residency. Either way, it's all me. I'm wondering about what kind of loan check I could expect from the government every month. Is is possible to get $1500/month on a Subsidized Stafford Loan/Ford Federal Direct Loan? Is getting a 2BR apartment with just one other person feasible on only a federal loan check? Any ideas from current med. students or others who would know welcome....

-D

 

[riceman04]

yeah. i think if everyone's parents could easily pay for school without taking a hit to their standard of living, the numbers would be much higher for having parents pay everything even if people are saying they wouldn't take the money.

I think a parent should personally feel obligated to provide for a college education. And it is during this period that we should establish some independence from our parents and demonstrate our own growth and responsibility. By the end of we are usually full fledged adults with a complete college education. As an adult we should break away (at least when it comes to paying for our own higher education...parents should not have that responsibility)

 

[ahumdinger]

My folks won't pay for med school, but they're willing to do the next best thing: loan as much money as my wife and I need to make ends meet (after maxing out federal loans), even if we choose to buy a house. So our med school debt will be enormous, but at least the loans from my folks will have reasonable terms and rates, and paying them back will be like making deposits into my inheritance. At least that's what I tell myself to feel better about the crazy debt...

There should be another option on the poll: loans from parents.

I'm Chinese, and I think that for many Chinese immigrants who come to the States as academics, it is almost expected that they have enough saved up for their child's undergraduate tuition because they have come to this country for academic pursuit, both for themselves and for their children. Beyond undergrad, however, some parents just can't afford it, but I'd imagine most will still support living and book expenses.

When I was in high school, my dad said he'd pay for everything as long as I stayed in school. I could have gone to WashU for free (wonderful employee benefits-- child goes for free!) but they decided to leave WashU and move to the west coast!! I thought it was a pretty stupid decision, but hey, it's their money, and I didn't have the hots for washU anyway. So I went to Chicago and they chalked up 40k a year for my tuition. I always hated to ask my parents for money, so I worked part time, but my mom still sent me a check from time to time. I also graduated early to try to save them money. Since then, I've been working full time, living on my own, and completely financially independent. (albeit with a mountain of credit card bills!)

Now it seems that my dad's original promise has changed slightly (perhaps due to the 40K a year for 3.3 years?)-- they are willing to loan me the money for med school--which is still pretty awesome. I read somewhere that an average student from Yale ends up paying about 500k for their med school tuition. I'd love to save on that interest.

I think my parents decided to loan me the money because they know I hate to ask for money, and they want me to be independent. Since they can afford the costs, it would be stupid to make me rack up interest. Whatever parents choose to do, it's generally in our best interest. I think very few parents who can afford to pay will let their child pay off high-interest loans for years and years.

 

[EZMcFlo]

Given that my parents' standard of living wouldn't change if they paid for everything, and I would be in severe debt, they would feel horrible standing by and doing nothing to help. This is why they have paid for all my application expenses and will be paying for my tuition. I will retain some sense of responsibility by paying for my cost of living on my own, and I contributed $10,000 of my savings toward my undergrad education as well.
Right now, while I am out of school and living on my own, I have no financial support from them (other than app. expenses). If supporting me would compromise my parents' situation, then I would insist that I support myself through loans, etc. and not accept their help. However, I agree with them that it is absolutely silly that I be in debt while they're just sitting on the money that could help me.

 

[isobel]

I think it is a parent's responsibility to provide for a college education. And it is during this period that we should establish some independence from our parents and demonstrate our own growth and responsibility. By the end of we are usually full fledged adults with a complete college education. As an adult we should break away (at least when it comes to paying for our own higher education...parents should not have that responsibility)

i never said that paying for med school should be a parent's responsibility, did i?

then again, one could also argue that students should be full fledged adults at graduation from high school and should be on their own for college and those who let their parents pay for it are mooches.

i don't think it is a parent's responsibility to pay for either college or medical school (most can't at all and obviously there is no fault in that) but if a parent can pay easily and wants to do so i see no problem with taking the option that saves a ton of money in interest and relieves stress about being massively in debt for years.

 

[uvce]

The $40K per year would be after taxes, so the parents' income level would have to be pretty high to afford it without any pain. I think that this underscores the importance of not spending a fortune for undergrad - the money is better spent for med school, without getting into a big hole with loans. Even though I am at a private school for undergrad, I am fortunate to have some scholarships which makes it cost about the same as a state school, so my parents were able to manage. My parents will be helping out with the application costs this year, but I will be on my own afterwards. So the financial aid package will be of the most interest to me.

 

[stiffany]

I haven't had any guardian support since I graduated high school, so in addition to college and grad school on my own (plus all those pesky living expenses), I'll certainly continue that trend in med school...I'm kind of surprised it's become somewhat of a parent responsibility to keep supporting their kids as they get older and older. Assuming I get into med school the first year I apply, I'll be 29 by the time I graduate. Certainly most people should be fully independent by then???

 

[SuzieQ3417]

My parents saved thoughout my entire life to pay for my undergrad. I didn't need that money due to having more than enough scholarship money to pay for school and room and board. They kept that money back and have added to it at their pre-undegrad pace for me to use for med school. I've paid for most of the application process with scholarship overflow, but my parents did buy me a suit for interviews for Christmas. Even with the money saved, I'll still have to have loans.

This is sort of the situation I am in. My parents invested in a college fund which I did not touch in undergrad thanks to good scholarships and in-state tuition. They did help me out in living expenses, but even scholarships covered part of that (until they raised tuition 20% one semester...then it was part-time work on my part to make up the difference). I'm lucky to have that college fund, but when you are talking about $30-60K a year depending on the school (that includes living expenses obviously), my little savings is barely going to put a dent in the whole thing. I always just anticipated taking out loans (hence picking the state school for undergrad to save some cash), but I am also surprised by the high number of people whose parents will pay for everything. Even if my parents had the means, I don't think they would. There is a time when eventually you have to be independent, and a big part of that comes with financial independence. I guess its not as bad if your parents give you the money as a loan, but from a financial investment perspective that doesn't seem very smart on their part. That money could get a much better return just by investing it properly. Its great that some parents are willing to do that, but I would never ask my parents to take money out of their retirement savings to loan to me at a lower rate than they were originally getting.

 

[isobel]

Given that my parents' standard of living wouldn't change if they paid for everything, and I would be in severe debt, they would feel horrible standing by and doing nothing to help. This is why they have paid for all my application expenses and will be paying for my tuition. I will retain some sense of responsibility by paying for my cost of living on my own, and I contributed $10,000 of my savings toward my undergrad education as well.
Right now, while I am out of school and living on my own, I have no financial support from them (other than app. expenses). If supporting me would compromise my parents' situation, then I would insist that I support myself through loans, etc. and not accept their help. However, I agree with them that it is absolutely silly that I be in debt while they're just sitting on the money that could help me.

totally agree. my parents are doctors. they had a very very rough time in residency and then moving to the US with 2 young daughters and tiny paychecks. they know how hard my life will be for a good number of years to come so they figure they will save me the stress of being massively in debt.

 

[angietron3000]

My boyfriend says he'll pay the rent, unless I have to move to Ohio, then I guess all bets are off.. My dad told me (when he was drunk at a christmas party) that he'd pay for as much as he could, as long as I don't tell my mother, oh boy 🙄

 

[Chris127]

My dad is an MD, but he really doesnt do anything clinical. All he does is research, and the only patients he sees are for research. Anyway, I am hoping one day, if I ever get in, that he could help me pay for some of it.

As of now, in my pre med career, I had had just about enough of the dorm last semster. What did I do? Went out into the world over Christmas break, looking for two things = A) A job, and B) An apartment.

I found a job at a local cardiology clinic, and I go there 3 days a week and file/pull medical records (thurs afternoon, fridays, and saturdays). If I put in more than 5 hours the days I am there, then I get payed for a full days work @ $12 an hour.

I have also found an apartment. Granted, the rent is only $350/month, so you can guess what kind of place it is. But it really feels great at 19 to be able to completely support yourself, as you really appreciate and feel proud of what you have.

 

[wildcatbio06]

Can you take out as much as you think you need, or does some random person control how much aid you can recieve?

I think that the school figures out a student budget and that is the largest amount that the federal government will allow you to loan from them. You can take out as much as you want in private loans but interest rates tend to be higher in that case.

 

[Rafa]

So when you apply for finaid (I presume you use the FAFSA), and the gov't and school are calculating how much to give you in grants and loans, will you still have to enter your parents' income information and have them submit their tax returns to the school? Because I've been doing that throughout undergrad, and it would be nice if I didn't have to ask them for the info every year in med school as well.

 

[45408]

hmmmmm, no money for undergrad (and they're too rich for me to get financial aid).....definitely not going to get money for med school!

This is where the WIFE comes into play! :w00t: getting married in four and a half months

 

[UserNameNeeded]

i'm shocked that 20% are having everything paid for. thats crazy.
-mota

That's not shocking at all considering a HUGE proportion of med school applicants, and more tellingly, matriculants are the pampered, bratty offspring of well-to-do physicians.

 

[DoctorPardi]

I am still living at home right now but buy all of my own stuff, food, toiletries, gas, pay for my car. But I work two jobs ~ 40 hours a week. In medical school I guess I'll just have loans comming out my butt.

So I think the plan is, since I am still here and I am a junior I figure I'll just stay at home until I graduate and move out for medical school.

My parents definitely will not contribute to my actual medical school tuition, however I will probably wash my clothes over my mom's house, and come by and get free food a few times a week (considering the house is located close to where I plan on going to med school). Also, if I get an apartment down town I can probably walk to classes, so I wont need to pay nearly as much for gas as I do now.