<p>Ok, Is this a common thing? My Financial Aid package came today, and I will need about $20,000 in loans per year to cover my tuition. That's $80,000 dollars by the time I graduate. My mother said that that's insane, because an Undergraduate degree is basically worthless (she has a Master's). She said she didn't even rack up that much in graduate school, and that that's more debt than someone who doesn't attend graduate school after undergrad would be able to easily pay off. My question is if this is fairly common. Are many of you racking up that much in loands just for an undegraduate degree?</p>
<p>So is this half of your cost? What were you expecting? It sounds as if your mom thought you'd be borrowing less as that is why you applied? You can easily determine what the payback will be.</p>
<p>I will be paying approximately 20k in loans per year too, though I'm only going for 2 years as I attended a cheaper college (CC) first. 80k in debt followed by grad school really is crazy, but it's relative to what you project you'll be making later. There's a reason doctors go in debt up to their eyeballs to get an excellent degree and make major bucks later.</p>
<p>Unfortunately, most private schools WILL cost you in excess of $20k/yr... if you got to a state school, you'll get away with far fewer loans but miss out on what makes a given private school unique...</p>
<p>As said early...you need to weigh the debt against what you'll be making later on...check out the occupational outlook handbook (US Dept of Labor) for more information...</p>
<p>Well I plan to go to medical school, but that will net me another $200,000+ in loans, for a total of nearly $300,000. I'm just wondering who else on here (if anyone) will have $80,000 in loans by the time they get their undergraduate degree.</p>
<p>I think you ask the wrong question. Once you finish medical school there are jobs you can take that will pay your debt for medical school. This isn't so hard to find. If that is your issue......look it up now.
One example:
[quote]
**NHSC Loan Repayment Program</p>
<p>These loans are targeted at fully-trained and licensed MDs and DOs with specialties of FP, INT, OBG, PED, or PSY, Certified Nurse Midwives, Primary Care Physician Assistants, Dentists, Dental Hygienists, GP, Primary Care Nurse Practitioner and selected Mental Health Professionals. Service stipulations include a 2-year minimum service requirement at an eligible site located in a federally designated Health Professional Shortage Area. It is possible to extend beyond 2 years for 1 year at a time if the individual and his/her site continue to meet eligibility requirements. Key eligibility requirements and/or restrictions include being a US Citizen; fully-trained; licensed in State where you intend to practice; be free of any judgement liens for Federal debts; not in breach to a government entity; no other outstanding contractual obligations for service. The are not necessarily comprehensive. The amount of repayment per year of service is up to $25,000 per year for the first 2 years; up to $35,000 per year for the 3rd and successive years.</p>
<p>Loan Repayment Programs Branch
Division of Scholarships and Loan Repayments
Bureau of Primary Health Care, Health Resources and Services Administration
Department of Health and Human Services
4350 East-West Highway, 10th Floor
Bethesda, MD 20814
Telephone: (800) 221-9393 for applications
(800) 435-6464; fax: (301) 594-4981
[/quote]
**</p>
<p>I'm attending a state school and I'm paying about 16-18k per year in loans. That will decrease when I leave the dorms by maybe 1-2k, depending on how I live. I'll agree with your mother that it is insane, but sometimes there is nothing you can do. You said you plan on going to med school? Your degree literally means -ugh, again with the no-cussing allowed- "nothing." YOu just need to ace every class and do well on tests to compete for those med school slots. </p>
<p>I would advise you to look into a state school, if you haven't done so already. If reputation is something you are going for, look into the "flagship" schools.</p>
<p>It could be said........others will say pick the finest school and pay up. Much of this boils down to how sure are you that you can make it into medical school.</p>
<p>Well..I live in West Virginia, so going to an in-state school isn't an option, unless I want to attend WVU and be stuck in this horrible state any longer. I'm originally from North Carolina, and we moved ONE year before time for me to apply to college..meaning my UNC acceptance rate went from about 45% to about 10%. I've actually sent in my deposit to the Univeristy of Connecticut, which looks like a nice public school. It's still $31,000 with fees, dorms, ect. Being oos, my financial aid was only like $11,000 so hence the $20,000 in loans. It just..kinda sucks and I'm not sure what to do.</p>
<p>Dude, I've been saying the same thing as your mom. Unless you're going into Engineering, your Bachelor's degree will put you in the same pool as several thousand other graduates. You don't need to rack up that much debt just for an undergrad. I'd hold off on taking out huge loans until I absolutely had no choice, and that would be only for an advanced degree. But 80k is, in my opinion, overvaluing a Bachelor's degree.</p>
<p>80K is a lot of debt for undergrad unless that will be your terminal degree and you are majoring in a field likely to be lucrative. UConn is a fine school, but I'm guessing you could find a public U to attend at lower cost. If you are in at WVU and the cost is cheap, I'd seriously consider going there and striving for excellent grades and looking for opportunities to work in labs, etc. When it comes time for med school apps, a sterling GPA will work in your favor.</p>
<p>I fully understand your desire to get out of state, but $80K is a high price to pay just for crossing the border.</p>
<p>you can take your pre-med classes anywhere and get a basic biology or chemistry degree....i'd stay in state. You might get more scholarships from an in state school too, if you have decent grades. Its what I'm currently doing, going pre-vet
my undergrad loans will equal about $16,000 total, and then vet school will probably be $100,000 total if I get into a contract state, more if I go to a non-contract state. Its so depressing to think about sometime...</p>
<p>Even with a 50% athletic scholarships, I'm going to be almost $100,000 in debt for five years of undergrad (unless they bump it up to a full scholarship, which I'm pushing for). I don't understand it, because I know I'm easily in the poorest 5% of people at this school and this school gives out financial aid like it's candy. It really sucks, but I'm not planning on grad. school so I figure this better be worth it. I honestly don't know how I'm ever going to pay it back.</p>
<p>Thanks everyone..and I know this is going to sound odd, but I got a full scholarship at WVU, yet I refuse to go. It is full of nthing but rednecks, and West Virginia is a horrible state. The campus is hideous, dangerous, and 99% of the students care more about partying. If you look at the stats, it's only 51% in-state students, despite offering free tuition to any West Virginia resident with a 3.0 or higher. That's because the people that live here actually know how bad it is. Besides UConn, my second option would be the University of New Hampshire. I don't know much about it, but I would only have to pay about $9,000 a year, for a total of $36,000...less than half of UConn's cost.</p>
<p>Why would you apply to a school you don't want to go to? I don't understand why people do that.</p>
<p>Because their parents insist that at least one affordable in-state school is in the mix. That way, it's an option when it comes decision time. (From mom who did that.....D is going OOS, btw!)</p>
<p>astrophysicsmom hit the nail on the head. lol.</p>