Isabella recently gave up ballet to focus on her studies, her mother says. When she asked her daughter if she was sure about quitting ballet, Isabella responded that while she loves to dance, she wants to get into medical school and has to study. Feinauer and her husband are already looking into programs for their child to earn college credits in high school to trim costs.
But if scholarships don't appear, undergraduate schooling is much cheaper than medical school and students have subsidized federal student loan options, Featherngill says. It's best to let the money continue to grow untouched.
[Attend medical school on the fast track.]
4. Don't aim to pay for everything: Trying to pay for all expenses incurred in medical school is daunting. "As parents, we're doing everything we can, but we know she'll probably need to borrow some student loans," says Feinauer.
A 529 plan can be used to pay for expenses such as tuition and fees as well as for medical supplies required for study, Featherngill says. The Georgetown University School of Medicine, for example, lists costs of nearly $3,000 for books, supplies, equipment and boards for first year medical students.
Trying to fund your education? Get tips and more in the U.S. News Paying for Graduate School center.