529 Plan and College Savings

Archive for July, 2006

Question: Is 4year undergrad for a bachelors degree and med. school done in the same college or at 2 diffrent colleges?

Kso my question if it’ll just be like 8 years in the same school or will i have to apply to a diffrent school (med. school) after i complete 4 years and get a bachelors? and i would also like to know how much these 8 years in college (undergrad and med. school) will cost.
The thing is i want to become a doctor (a dermatologist to be exact) and im currently in 8th grade i want to apply for a 529 college savings plan in maryland but the problem is that they’ll only let u save up for 5 years and so what about the other 3 years? And i want to make sure i have full coverage so i dont have a huge loan after college? btw does a 529 Plan even cover my whole college expense or just part of it!?!? if it helps here their website: http://www.collegesavingsmd.org/plan-com…

Thank you so much u guys dont know how much help ur answers will give me thanksss!(:

Answer: Some people do their pre-med and med work at the same school and some go to different schools. Even if you choose to do it at the same school you will still be re-applying for admission to the med school. Simply going to undergrad there doesn’t guarantee you a spot in med school.
A 529 savings plan is just a savings plan. It will cover your whole tuition if you’ve saved enough. If you don’t bother saving any of your own money then no it won’t begin to cover any of your tuition. You will never save enough to go to med school. Unless you join the army you will finish med school with a huge amount of debt. A 529 savings plan won’t help you with that.

College Savings Plans of Maryland 3 of 5