Post undergrad?

720 Views | 8 Replies | Last: 3 days ago by Aggie_Boomin 21
Aggie95
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AG
With today's cost of mba's, law school, med school etc...is there a study that shows how students are paying for these advanced degrees?

I have a soph and senior in college ...one has a desire to attend a nursing program (costs about $60k/yr for 2 years) and the other wants med school (maybe $70k/yr for 4 years). Costs are my assumption based on little research

Question ... are the VAST majority of the students leaving school with $120k - $240k in loan debt or are there any offsets (scholarships, lower cost schools, etc) that reduce the need to rack up that kind of debt?
HECUBUS
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Ours is doing in state MD/MBA and that's $100k/$60k total tuition cost. Texas MD schools are around $25k/year for residents. The med school debt can "go away" depending on where they end up practicing. The one year MBA is overpriced.
AggieDruggist89
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Anecdote here.

Daughters law school graduation is in 2 days. We are all here in Ithaca for the celebration. When applying, she was offered full tuition for 3 years at some CA in state schools. Cornell ($90k per year) gave her $20k per year, and we funded her living expenses. She's graduating with $150k loans.

Come on Biden... Forgive those too....

I kid.

Maybe. Not.
Another Doug
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Aggie95 said:

With today's cost of mba's, law school, med school etc...is there a study that shows how students are paying for these advanced degrees?

I have a soph and senior in college ...one has a desire to attend a nursing program (costs about $60k/yr for 2 years) and the other wants med school (maybe $70k/yr for 4 years). Costs are my assumption based on little research

Question ... are the VAST majority of the students leaving school with $120k - $240k in loan debt or are there any offsets (scholarships, lower cost schools, etc) that reduce the need to rack up that kind of debt?
A lot of schools have fast track programs so you can begin post grad stuff before you finish undergrad, but it depends on the school and major. You can use that to possibly shave a year off the bill. My kid's full ride scholarship expires next May, by then she will be a semester or two away from a masters. I am told there are other scholarships you can get at that point.
94chem
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I went to grad school instead of professional school. Made money instead of paying it.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
The Grinder (99)
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I can answer most any question you have about med school.

In general I'd say there are no scholarships. There are a few rare exceptions.

One: you could get an MD/PhD and possibly get paid a small amount and tuition covered. This is probably a costlier route than you may think as it will add many years to your degree. The lost income here would bet very costly.

Two: you could do a variety of military options and have it paid for (fully or partially depending on the route you take (reserve, join before, join before and go the the military's med school, join afterward for a jump sum). This obviously comes with the requirement that you're then committed to the armed services. Also, you generally get paid less after graduation that you would in the private sector.

3: you could go to one of the rare med schools that covers tuition (NYU I believe)

4: some small towns will pay for you to go to med school if you guarantee to come back and practice there. They may require you to be one of a few specialties

5: Indian health services may do the same as 4 but work for the IHS

6: go and take out loans and work at a non profit and have loans repaid through the public service loan forgiveness program. Risk here, the program could go away or change and not cover MD's. You may also not be able to or not want to work at a non profit after graduating residency. The deal is, work at a non profit for 10 years and make minimum payment. For most residents the place you do residency is non profit (this is basically universally true) and you make so little your minimum payment is prob 0$. So it's just a matter of getting a job after residency at a non profit and making a few years of payments (so long as the program is still there)


There may be others but these are the k es that come to mind

As stated above, tuition isn't the biggest problem, (at least not at public in state schools) It's the cost of living. Generally people find this harder that undergrad. All your same age peers are working their first jobs and you have no money to do anything so you use loans to do it (take a ski trip, go to a friends wedding, etc…).

There is really no way to work in med school so you're paying for everything

If you can live cheap and keep loans down and go to instste oubkic school you can easily keep it down enough to pay it off in a few years after you graduate residency if you're intentional. Problem is, you live cheap for a long time.

For me, I went to undergrad 4 years, med school 4 years, residency and fellowship for 6 years. I was married with 2 kids by the time I was done. At that point you're 32 and are finally able to START paying down the debt.

I was intentional and got it knocked out pretty quick by working more.

I'm glad I did it and would do it again, but a lot say otherwise.

Kool
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You make a lot of good points here. I finished with debt from med school and paid it off as soon as I could. That being said, the amount of debt new graduates are reportedly coming out with is absolutely astounding (and, I am sure, crippling). Couple that with a future of decreasing reimbursements and I really don't think the ROI is there financially. I went through TAMU in 3 years, but then did 4 years of med school, 6 years of residency, and did an extra year of fellowship. Being 32 before your first real paycheck and tens of thousands of dollars in debt (in my case) wasn't that much fun. I am astounded at how many kids are wanting to go into medicine these days. God love 'em.
Avoid the rush. Start hating Socialism now.
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aggie93
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My youngest wants to major in Biomedical Engineering and is considering either going pure Engineering or Medicine. He's got a real passion for both. He is very excited about the EnMed program and is planning to apply for a program they have that pre admits a few HS students who plan to attend A&M in Engineering and so long as they meet certain requirements they will be admitted. That said it's a tough call to go the medical route vs Engineering. I just hope he can keep working hard and keep up his grades and have those options. The costs though scare the hell out of me.
"The most terrifying words in the English language are: I'm from the government and I'm here to help."

Ronald Reagan
Aggie_Boomin 21
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$60k a year for nursing school seems unnecessarily expensive
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