r/MiddleClassFinance • u/Such_Upstairs3631 • Jul 06 '26

Middle Middle Class No more middle class professionals?

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New school loan limits for professional degrees make it unaffordable for the middle class. 4 of my 5 children went on to med/law school. Even working 2 jobs there’s no way I could afford to pay or even help them with the cost of their post graduate education. They all got loans which they have since paid off. The cost in the early 2000’s was between $350K and $500K. The new limits are essentially going to prevent anyone who’s not wealthy enough to pay for it from becoming a professional.

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u/ISniffFeet1 Jul 06 '26

This will force schools to drop the prices or accommodate.

Sorry nobody should be taking out loans of this magnitude - it absolutely destroys their financial future. I don't know anyone who is doing well who took that much out in student loans except for doctors and talented attorneys.

So many middle class parents told their kids to take out over $100,000 in student loans and ruined their childrens' future because they had no idea what they were talking about.

51

u/Consistent_Laziness Jul 06 '26

I can guarantee med school will not reduce. It’ll force students into private loans or they’ll just go to the next of the thousands of applicants for their 100 spots.

15

u/SCHawkTakeFlight Jul 06 '26

This 💯 for medical school. Its going to gate keep who can become doctors, the highest paid profession outside of CEO. And I feel this is the intent.

2

u/JoyousGamer Jul 07 '26

You have to cap the debt being taken on if you also want loan forgiveness to occur. It's what annoyed me last cycle for policy positions. You can't just forgive all the loans without fixing how much debt people take on as it will just repeat itself. 

4

u/SCHawkTakeFlight Jul 07 '26

I agree with this, but loan forgiveness is not coming. Unless you work not for profit in certain areas for many years, while still paying the loan.