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How to help your kid pay for grad school without wrecking your retirement
My kid just got into medical school. Can I help pay for it or will it wreck my retirement? Great question. You can absolutely do both but it does require another level of planning. And answering “can you” vs “should you” is also an interesting discussion. Four years of medical school can now run between $300k - $400k. Then add 3 to 7 years of residency or longer depending on specialty. They could be 33 or older with a mortgage sized loan before they start seeing real doctor income. That's a long runway, and you still have your own retirement and other goals to fund. Here are some specific steps to take before you commit to anything. Model what retirement looks like with and without different levels of contributions. Prioritize your retirement income to make sure any additional med school support doesn’t reduce your future projected income. Remember the old saying, you can borrow for school, but you can’t borrow for retirement. And banks love future doctors. Understand the different type of student loan repayment options that are available including Income Driven Repayment and the Public Service Loan Forgiveness program if they're heading into hospital or nonprofit work. The right strategy depends on the specialty, the school, and the career path. Plan as early as you can. If your kid is even considering this path, have these discussions well before filling out Med School applications. Last, if the math works, then you can decide how much you want to help carry the load. And set those expectations early. Your kids having a lot of skin in the game can be the best motivator for them as they start down this path. If you're in this moment right now, send us a message. Link in bio. #MedSchool #FinancialPlanning #CollegeFunding #MedicalSchoolLoans #FamilyFinances #RetirementPlanning
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