applesandangels
New member
@richardnm Is there a reliable website for this? My income is around $300k so my child would not qualify for financial aid.
Pay for child's med school or invest money?
- Thread starter applesandangels
- Start date
sowingbird
New member
@applesandangels Your income doesn't affect grad school loans.
@sowingbird It affects FinAid.
sowingbird
New member
@richardnm Not for graduate school. Only undergraduate
@sowingbird good to know!
@applesandangels Gottcha. I've been away from the application process for a while, some were not dependent on my father's income-- but this was in the late 90s. I did this independently.
The good news: your child could 100% qualify for Scholarships. A Bing search could really help. I'm not sure where you live but Librarians also help students with those resources as well.
Completely curious, is there a reason why you might not want to send your child to a 2-year as a starter?
EDIT: Removed Grant info that might be dated, and clarity
The good news: your child could 100% qualify for Scholarships. A Bing search could really help. I'm not sure where you live but Librarians also help students with those resources as well.
Completely curious, is there a reason why you might not want to send your child to a 2-year as a starter?
EDIT: Removed Grant info that might be dated, and clarity
@richardnm I think you completely missed that OP‘s child has a strong enough college background that they have been admitted to medical school.
@richardnm Friend, his/her/their kid has already done at least 4 years of a Bachelors degree in undergrad. They’re going to med school now which is another 4 years and you end up with a doctorate in medicine 
Reading is not a strong point for you is it.
Reading is not a strong point for you is it.@tobigat For transparency, I don't know how medical school works- I'm deep in the tech world though; I jumped into a conversation on schooling in a field I know nothing about hoping to offer what I know/have been through.
Starting medical school to a layman, like me means they were beginning undergrad. My bad!
OP /@applesandangels sounds like you got some great opinions from this thread, best of luck to you and nicely done on the retirement plan.
Starting medical school to a layman, like me means they were beginning undergrad. My bad!
OP /@applesandangels sounds like you got some great opinions from this thread, best of luck to you and nicely done on the retirement plan.
@richardnm I feel like merit-based scholarships are not nearly as prevalent for medical school as for undergrad or even other graduate programs. Since the people getting into medical school are all going to have great grades and resumes and you can’t give a scholarship to all of them.
@richardnm There’s not much for med school, at least in the US. I searched far and wide and got $3k
@applesandangels You can take out a loan for Med School, you can’t take out a loan for retirement. Make sure your retirement is secure first.
abbasarmes
New member
@applesandangels Have them apply for a bunch of scholarships and grants. I know years ago they had random stuff like if you are 6 feet or taller or other random ones that many people qualify for. Also how about buy a property near the med school for your kid to live for free at so that would save rent and be a long term investment
@applesandangels Something to think about.
Buy a house for your kid to live in. Charge them rent. Their student loans can go towards your payments. Then when they get done you can sell the house and the profits can go towards paying off the student loans
Buy a house for your kid to live in. Charge them rent. Their student loans can go towards your payments. Then when they get done you can sell the house and the profits can go towards paying off the student loans
stargazzer
New member
@applesandangels Have you talked to a military recruiter? They will pay for all of your child’s medical school in exchange for a 1:1 year of military service. If they spend 4 years in school they only owe 4 years in the military as a physician. I know a few doctors that spent 8 years in school and residency to specialize and they had to stay longer. It’s a great way to gain experience and not have any student loans to worry about.
@applesandangels Opportunity cost is an essential concept that should be considered when making financial decisions. For instance, if you have a sum of money and are deciding between investing it or paying for your child's education, you should evaluate the potential returns of each option. In the case of investing, you need to assess the expected return on investment, while for education, you should consider the interest rate on financial aid. It's important to note that investing in the current economic climate can be risky, and you may experience losses.
Therefore, it may be wiser to prioritize investing in your child's education. By doing so, you can secure their future and provide them with a valuable asset that can benefit them in the long term.
Therefore, it may be wiser to prioritize investing in your child's education. By doing so, you can secure their future and provide them with a valuable asset that can benefit them in the long term.
applesandangels
New member
resjudicata
New member
@applesandangels Yes, because it builds cash value quickly and then you have a surrender period where you can take out huge chunks of money tax free, and then you still have a death benefit. It’s amazing. Again, I am not a financial professional but this is absolutely what people do. There may be better options that I am unaware of.
mikejeshurun
New member
@applesandangels If I am the child, I won't even chose to go to med school, 400k in debt? Such a burden in life, student loans interest is even higher than buying houses.
robergrindhoff
New member
@mikejeshurun And then people complain about how much doctors make. They don’t realize doctors graduate and owe hundreds of thousands in debt and not even mention interest.