Question about kids, college and the medical field

[moneybags]

There is no way we are paying for her entire grad school. That's why I'm asking now. How to help her, help herself. Both hubs and I got full scholarships for undergrad. If she follows our path the money we have set for that will go to her gradschool.

We paid for almost all of DDs undergrad. She's now in grad school on full scholarship plus a stipend. Depending on the field you go into, you can get fully funded (not sure about vet school), especially if you go for a PHd.

[Snydley]

Quote:
Originally Posted by Jennsnoopy View Post
There is no way we are paying for her entire grad school. That's why I'm asking now. How to help her, help herself. Both hubs and I got full scholarships for undergrad. If she follows our path the money we have set for that will go to her gradschool.
We paid for almost all of DDs undergrad. She's now in grad school on full scholarship plus a stipend. Depending on the field you go into, you can get fully funded (not sure about vet school), especially if you go for a PHd.

PhD programs in the biomedical sciences cover 100% of tuition and pay a stipend but not vet school. She could apply for DVM/PhD dual programs which would cover the cost of the DVM. But we are talking about an 11 year old and with vet school (from my understanding) considerably more difficult to get into that MD programs..well I would call it "impossibly competitive" to get into vet school these days. This girl could sacrifice most if not all of the fun of childhood/teenage years, have near perfect to perfect test scores and grades, and still not get in. Personally, if it was my daughter, I wouldn't be talking up vet school at all at this point with her (if she was showing interest at age 11). I'd just let her be, let her figure it out, let her be a kid and choose a career path later.

[LivingAlmostLarge]

Valid I had a friend who applied 3 years in a row for vet school. She finally got in and went. But with her grades and she was working at 3 different vet clinics in college she had scores that would have gotten her into medical school, trust me more than 1 counselor told her. But she interviewed terribly. It's hard. But those who want it find a way.

[Joan.of.the.Arch]

I don't know if this is pertinent, but years ago, I had a lab partner in two classes who was on a second undergrad degree and was applying for veterinary school. His recreational reading was text books on animal anatomy, physiology, and such. I remember him reading a text just on the digestive systems of cows, and he had not yet even been accepted to vet school. He might have been motivated by knowing that not only was there a lot to learn, but competition was tough. So if your daughter seems to sincerely want to do this, I understand starting so early toward the goal.

(And have you ever met a vet who did not seem like just a really nice person? )

[sv2007]

...
While we have college savings set up for both kids, there is no way we will have whatever is equivalent to $100k (vs $200k out of state) by the time she is ready for vet school.

How would you plan for this? Our daughter has already spoken to over half a dozen vets and wants to specialize in a certain area in order to be "marketable". (I can't believe my 11 year old even knows that word).

Maybe I need to teach her how to be frugal with her allowance so she can learn habits to repay money she needs to borrow?

Thoughts?

Please no "she's a kid, she will change her mind.". You don't know this girl and what she has overcome already.

We are just trying to figure out how to be proactive with this while paying off our mortgage early, making good retirement decisions for us and setting up how to help our special needs son with his goals and life plans (he is younger than his sister but it's unclear if he will be able to live independently as an adult).

Thanks.

Sounds like you want more money. In that case, I think you should stop paying off your mortgage early and have that money outside. You should invest it of course (you work hard so make your money work hard). Having the money outside of the house gives you flexibility.

One thing I don't understand is people paying off their house (I'd only pay it off if I just have nothing to use the money for or if the house loan is small and causing a pain to remember it). It's kind of short sighted.

[Jennsnoopy]

Thanks for all the financial suggestions.

As far as parenting advice, I'm not talking up vet school, she is, and frankly I want to be prepared. I'm not worried about her getting in if this is what she truly decides to do, I'm trying to determine the best path financially to help if this is where her journey leads.

As far as "letting her be a kid", we aren't pushing her at all. Unfortunately, part of her "being a kid" is long gone. She is much more focused than any middle schooler I've met. Getting cancer at 5 and dealing with chemotherapy for 2 1/2 years tends to mature one quite quickly.