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>Starting this fall, Johns Hopkins will offer medical school students free tuition — normally about $65,000 a year for four years — for those whose families ear
by 999900000999 2y ago
>Starting this fall, Johns Hopkins will offer medical school students free tuition — normally about $65,000 a year for four years — for those whose families earn less than $300,000 a year.
So if your in a household with two high income parents, someone needs to quit to get under the cap.
Hypothetically a family of 4 in NYC making 300k only keeps around 180 to 200k after taxes and deductions. If you have a kid attending that's 65k just for tuition. I can't imagine putting a 3rd of a family's income into a student's education.
- pfisch 2y agoI mean it seems like a good investment so why not?
- 999900000999 2y agoThis assumes the kid gets through all 3 years and you have a spare 65k a year to spend. If they quit after 2 years or can't get though residency you just wasted a ton of money. Let's say Billy and Bob have an adopted son named Dave. Billy and Bob both make around 160k. Arguably Bob should just quit the year before Dave starts attending, the family would probably break even.
- deleted 2y ago[deleted]
- eitally 2y agoThe vast majority take out loans, so there's no reason wealthier families should be exempt from this "requirement". Stanford does the same for undergrad -- free for students with HHI <$250k/yr. It's perfectly reasonable.
- 999900000999 2y agoThere's an argument to be made you're encouraging people to just reduce their own income up front. I'd have to look at their financial aid calculator, but I suspect a high income earning family could just reduce their income a bit and qualify for vastly more aid.
- j7ake 2y agoIt’s assessed to show income is less than Y over X number of years. So reducing income right before going to Johns Hopkins would not normally qualify.
- 999900000999 2y agoWell let's flip it around. Your Mom gets laid before you enroll. Do you just find 65k even though your family had a massive reduction in income. I don't like the financial aid system in general, it's really bad for young adults with rough backgrounds. Not everyone has a good relationship with their parents.
- vidanay 2y agoDr Freud would be proud.
- ramenbytes 2y ago> I don't like the financial aid system in general, it's really bad for young adults with rough backgrounds. Not everyone has a good relationship with their parents. Having gone through the community college and state university system, it wasn't that uncommon to hear students say "my parents make too much for me to get aid, but they don't contribute to my schooling" when discussing financial stuff.
- redserk 2y agoThis seems like an edge case though. Unless this is the actual-norm, why optimize for something happening infrequently? There is no 100.000% perfect solution, but a 99.9995% one isn't terrible.
- ofcourseyoudo 2y agoYes along with the risk you take in reducing your income... you quit a job (leaving a hole in your resume), or you ask for a pay decrease (hurting your future earning potential)?
- Suppafly 2y ago>Stanford does the same for undergrad -- free for students with HHI <$250k/yr. It's perfectly reasonable. Lots of highly ranked schools and Ivy's have similar policies. It's often cheaper for a middle class family to have their kid go to an Ivy for essentially free than it is to deal with tuition for a state school, even with grants and scholarships and such.
- anytime5704 2y agoTo be fair, most parents who anticipate sending their kids to college and/or graduate school start saving well before that happens. So, it’s not like 1/4 of your income just disappears the day they enroll.
- wongarsu 2y ago$65k over 4 years are just favorable payment terms for a one-time $260k investment. A household making $300k can easily afford a $260k investment, whether by saving up for it or by taking out a loan.
- radpanda 2y agoDeferred compensation plans exist partially for this reason (although obviously not every employer offers them).
- unyttigfjelltol 2y agoThey're capping the wrong side. As philanthropy, they should be forgiving a loan unless the recipient makes more than x per year. By the time people are in medical school there is minimal reason to expect their parents (staring down retirement) to foot any of the bill except out of the goodness of their hearts. Mike has somehow managed to make his well-meaning donation extremely controversial.
- wongarsu 2y agoThat would set up bad incentives. Students might be more tempted to keep their salary under the threshold until the loan expires, or even to temporarily drop out of the field altogether (e.g. to raise children). Expecting the parents to pay for their children also comes with issues, but in general successful parents do want to have successful children.
- hnburnsy 2y agoGrad students are considered independent for financial aid purposes so family income in most cases won't apply.
- 999900000999 2y agoIt depends on the financial aid program . The FAFSA for example only looks at the parent you're living with, but I believe Harvard's financial aid will want income information from both parents. I can't imagine most grad students already having an income of $300,000 per year. In that case why go to med school?
- hnburnsy 2y agoGood point, does the CSS consider parents income for grad students at private schools?
- ortusdux 2y agoIs it family or household income? Divorce would be easier if it's the latter.
- Kon-Peki 2y ago> So if your in a household with two high income parents, someone needs to quit to get under the cap. This is already a thing that happens. You also see plenty of highly-educated parents working fairly menial jobs at highly-ranked universities - so their kids get free/half-price tuition.
- warkdarrior 2y agoIt's not nice to talk about college professors like this.
- 39896880 2y agoIs it binary, no aid vs 100%? Or does it scale based on income?
- shitpostbot 2y ago[dead]