*** 2020-2021 Medical Applicants and Their Parents

@UMD2021_2023 Congratulations to your daughter.

I always recommend taking the money. In the end, how well you do in medical school depends on how motivated the student is and how the student finds opportunities for themselves. All that other stuff associated with the school itself, may be of little value other than name of the school. The student has to play the game each school sets out since they are the same rules at that school for everyone.

It is not always easy to play one school against another unless you have a drawn out process for scholarships. One has to look at how the school is valuing one student over another and they are not persuaded by one getting a scholarship at one school to give a similar offer to compete. Their admit rates in most cases are already at 10% or less and they dont need to compete for a student.

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DS was notified he will be receiving a merit scholarship of $15k a year ($60k over 4 years). He also confirmed the school is allowing him to use most of the institutional funds from year 4 of his undergraduate scholarship ($20k) toward med school year 1.

Billed costs from his med school (tuition and fees only) are approximately $45k annually for in-state students, or $180k over 4 years. So the scholarships will knock that down to about $100k over 4 years. Very happy with that result, especially since he had a full ride for undergrad. Hopeful now we can help him graduate with no debt.

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@LOUKYDAD congratulations and that is terrific!

Who is paying his living expenses for four years of medical school? That can easily add a large chunk of money on to the costs.

Congratulations @LOUKYDAD. It looks like your instate tuition and fees are quite high and so cutting it down from 45k to 25k per year is quite good. Normally they estimate another 20k at least in living costs per year and as @thumper1 mentions above, you need to factor that in for costs?

@thumper1 @texaspg Agreed on the living costs and yes about 20k is what the school lists in the COA. Actual living expenses could evolve a bit as he goes along. This current school year (undergrad year 3) he moved into a house close to campus with 3 friends. He has a serious girlfriend he has been dating for over a year now and she lives close by with 3 friends also. The friend group pretty much are all returning for undergrad year 4, so year 1 at least the plan seems to be to live in same situation as this year. While he does this style of living, I think it will come in less than 20k for year 1 at least. He has been careful with money and budgeting and has saved enough on his own where he may be able to live out of what he has saved for year one.

You never know what will evolve I guess, but he and engineer major girlfriend are talking about getting married after she graduates and starts working. She has done a couple of coops with same company, likes it and is hoping to work for them after she graduates. Weā€™ll see what happens there :wink: .

I have funded a 529 plan account for him at about $100k. If he needs to use some of it for living expenses I am perfectly fine with that, and that seems likely to get him through the first two or three years at least. I will add more later as it becomes clearer how much is needed. Given I didnā€™t pay for undergrad, I am good with this.

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@LOUKYDAD would be engineer spouse supporting would be doctor husband sounds like a great idea. Totally eliminates parents feeling guilty!

With the current thinking about student loans, I feel a bit sad that I didnā€™t encourage some student debt for my kids (still a chance with the younger one!). I keep seeing a tacit approval for 10k waiver from the administration while many legislators are pushing for 50k waiver.

@LOUKYDAD Congratulations. Smart planning and living by Dad & Son, way to go.
If you donā€™t have other younger kids at home, try to deplete 529 first for any eligible expenses.

Wow, so wonderful for you and your son. That cost is amazing for med school! Congratulations

@LOUKYDAD

Could you clarify pleaseā€¦is this an instate public medical school, and OOS public medical school, or a private one?

They will probably put parental income limits on loan waivers.

Congrats :tada:

In state public

Thatā€™s pricey tuition only. My kid went to a private place and her tuition was $42,000 a year. Wow!

I am not so sure since the loan will be in kids name and they are the ones filing taxes. We didnā€™t even file a parental income fafsa for medical school in state.

@texaspg some medical schools require parent incomes included in the FAFSA for their students until way older. Some to 30. We did them until age 26. Required or our kid would not have been eligible for the federally funded loans in her name.

@thumper1 right, i expect the private schools to do so.

However, graduate loans end up primarily with students where parents donā€™t need to cosign. Not sure how the government can means test the parent if the loan is entirely owned by the student?

Honestly, I donā€™t think medical school loans have any chance of being forgivenā€¦so itā€™s sort of a moot point.

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I looked at little more closely at the breakdown, and the 45k I quoted includes books and supplies, technology fees (which covers the cost of a Mac computer I recall him saying), the cost of ā€œNB examsā€, and also a ā€œResidency Applicationā€.

Actual tuition is 42k, level all four years. Yes it is a lot!

I was surprised by some of the in-state tuition fees for medical schools. CA is not bad when compared to other states but we pay high state in-come tax.

I dont have a crystal ball and I am not saying I wont be wrong. I just want to see what people think about how it will play out without getting into whether the policy is right or wrong.

There is 1.7 trillion in student debt. At 50k, it will wipe out debt for a lot of people but it probably wont happen. However, there is drive to show that the party in power is doing something for their base and all indications are 10k is a starting palatable number.

If it is a national policy to forgive a loan, no different than giving out checks for people during pandemic, it only depends on what the rules are around it. I am guessing no one will say medical school loans wont qualify but a PhD or 2000 hours needed in California to work in a hair salon does. It is quite possible there will be a means test but does that extend to parents is a good question.