I’m assuming that if your husband is considering going back to school to study medicine, he understands the dedication and time line that entails. I’m in dental school, and I have a lot of close friends in medical school. If you don’t mind me asking, what state would be considered his home state? Just because 400k seems to be quite a lot, even considering in-state tuition. If tuition and fees for 4 years alone would add up to 400k, then it may be worth it to move to Texas, work for a year, and qualify for instate tuition. There are 7 MD Schools and 1 D.O school, I believe, and practically all have some of the cheapest tuitions in the entire country.
<br />I think its always best to pursue the cheapest tuition route, because as competitive as dental and medical schools are, one just never knows if your class rank/board scores/AOA/ Research, will be great enough to match into a super high paying specialty.<br />However, there is always the option of working in an underserved area for a few years, HRSA clinics, or Indian Health Service Centers, which will pay towards your loans depending on how many years he works in those regions.
<br />I also have friends who joined the Navy as medical and dental students, and in turn the Navy pays their tuition and fees, and even gives them a nice stipend for living expenses while they are in school. These are the students that can afford to buy homes as students because they always have extra money lying around, lol.<br />Also, if he does decide to pursue surgery or anesthesiology, and decides to sign up with the Navy or Army, the Navy and Army have their own residency spots entirely. And I’ve heard from some medical school friends that its slightly easier to match into surgery and anesthesiology under the pretence of pursuing that residency training within the Army/while serving your country.<br />I say all this because there are options, and if he is willing to make smart decisions now, healthcare is one of the most stable and reliable fields one can be in. <br />As far as being responsible for his 400k loans, if yall choose to pursue any of the options I mentioned, that shouldnt be a problem.
<br />If he is interested in primary care-work in an underserved area and have the government cover his loans.<br />If he is interested in a surgical specialty-army or navy may be a valid option.<br />If he isnt sure, it may be worth obtaining residency in a cheaper state, like Texas.
As far as co-signing for loans go, the most I’ve ever taken out in 1 yr is about 40k, and that was all covered under the Federal Unsubsidized loans. My parents have never had to co-sign on any of my loans. My friends who attend much more expensive dental and medical schools have told me that they were offered the HPSL Loan-Health Professional Students Loan, that is at a slightly higher interest rate than the federal loans. Between those options, I wonder if you would still have to co-sign..
<br />I am a firm believer one can do anything you put your mind to. Whether or not mom and dad can pay for your education is not an issue, as long as you are smart about the decisions you make. I personally got a full ride through undergrad, and my dental school loans will be around 120k after graduation, not counting interest during residency(if I match). But I know there are places I can work and serve after residency if I’m eager to get rid of that financial burden ASAP. So don’t be discouraged, just sit down with hubby and discuss these options with him 🙂