My parents make a total of around 400K a year -
I am considering going to medical school - which I heard has a huge amount of debt - Would this be a problem if my parents can pay it off?
is it usually a problem only for low-income families?
thanks!
Definitely something you want to talk to your parents about. How much of the cost are they willing to pay? Medical school only leads to debt if you cannot pay the costs (talking 50 or 60 thousand a year) and therefore have to take out loans.
If your parents are willing to pay you through medical school, then debt should not be a problem.
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am considering going to medical school - which I heard has a huge amount of debt - Would this be a problem if my parents can pay it off?
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Strange question. Why would it be a problem if your parents will pay the debt or will pay the direct med school costs??
You strike me as quite young when I read your question. You need to talk to your parents to see how much support they are willing to give you for your higher education. 400K/year income may seem like a lot but your family’s wealth may not be as much as you think. Its very likely for example that your parents did not make 400K a year while they were in their 20’s and 30’s. Where you live also affects your cost of living as 4000K may not go as far as you think if you live in a city on the coasts. How many siblings you have may also affect your parent’s ability to help fund your schooling. College and Medical school may cost as much as 600K combined and thats a lot of post tax dollars for almost anyone.
Why do you expect your parents to pay for med school for you?
@intparent Many affluent parents do pay for med school. Maybe not all, but many do.
If this student has been told that his parents will pay either directly or will pay the loans, then that’s not surprising.
I am paying my son’s med school costs, but that’s because he got a near free ride for undergrad.
I know a few parents do… but it honestly struck as a bit of an entitled assumption (the whole post struck me as entitled). Many (I bet most) med students are handling it on their own with large loans, and/or jobs after graduation that give them some debt relief. That is an option for the OP, too. And we have no idea whether his/her parents want to pay for med school, or even can given the number of other siblings, cost of living, family health issues, etc.
16% of medical students graduate with zero educational debt. (https://members.aamc.org/eweb/upload/2014%20DFC_%20vertical.pdf) That has to be mostly family money as grants and/or merit aid for med school is extremely hard to come by.
I will be paying off my medical school loans well into my late 60s. That being said, I think of medical school debt as similar to any small business start up loan. And very few of us actually default. So I do not mind the debt. However, the best medical school is always the one that leaves you with the least amount of debt. By the time you are out of medical school and residency and fellowship, you may not want you parents to pay it off for you. Sometimes as we grow up, it is nice to take responsibility for yourself.
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I will be paying off my medical school loans well into my late 60s. That being said, I think of medical school debt as similar to any small business start up loan. And very few of us actually default. So I do not mind the d
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Yikes! How old were you when you got your MD?
@intparent Yes, most med students are borrowing most/all costs. The OP’s question and my answer was dealing with very affluent parents…a different situation.
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However, the best medical school is always the one that leaves you with the least amount of debt.
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I agree. If a student can go to his instate public for $200k or less, that’s better than going to a private for $350k…when most/all will be debt.
When I see high school kids posting that the want to go to a “top med school,” that usually means that they want a top private. They have no idea that attending those schools (or nearly any private) can mean a huge amount of debt.