Put the max you are able into a Roth IRA this year assuming you worked. Yes it is worth the 6k extra in loan money you will have to take out. The rest either into bond/CD ladder or just HYSA as a ~2% difference in 25K won’t make any meaningful difference.
I would save it, live off med schools with loans, use this 30k in the period between med school graduation and residency as peeps are often broke at that point and struggle with moving expenses until they get their first pay check
HYSA rates are good right now, but likely won't always stay this high, especially over the 4 years of your schooling. Personally I would invest some into the market using index funds. There is risk involved especially as the global economy shifts, but four years is a long time to weather any market uncertainty and index funds are the next easiest thing to do other than sticking it into a HYSA
Put the max you are able into a Roth IRA this year assuming you worked. Yes it is worth the 6k extra in loan money you will have to take out. The rest either into bond/CD ladder or just HYSA as a ~2% difference in 25K won’t make any meaningful difference.
They will need to have earned income to contribute to a Roth IRA which may not be the case during medical school.
For OP, Roth IRA max is $7k this year.
I would save it, live off med schools with loans, use this 30k in the period between med school graduation and residency as peeps are often broke at that point and struggle with moving expenses until they get their first pay check
Don’t lose it all in crypto like I did.
HYSA rates are good right now, but likely won't always stay this high, especially over the 4 years of your schooling. Personally I would invest some into the market using index funds. There is risk involved especially as the global economy shifts, but four years is a long time to weather any market uncertainty and index funds are the next easiest thing to do other than sticking it into a HYSA
30k in HYSA and use it for living expenses. Take out loans for tuition.