<p>^good piece of advice.</p>
<p>Rutger's honors program is pretty big, not nearly as big as the Duke average entering class, but its pretty big...its an automatic scholarship meant to keep smart kids in NJ and to stop them from going to schools like Princeton or Duke or Penn or Cornell etc.</p>
<p>Just so everyone knows, its not quite the same as Schreyers at PSU which is much better than the average PSU, as the Rutgers honors college isn't significantly better or more advantageous than the normal school</p>
<p>This is the link for the RU honors program.</p>
<p><a href="http://rchonors.rutgers.edu/%5B/url%5D">http://rchonors.rutgers.edu/</a></p>
<p>Generally, if you are smart enough to get into Duke, you don't need Duke. Go to Rutgers.</p>
<p>Well, at the same time, dont discount your future. If you think you can be in the top of the pool at Duke you may find yourself in a significantly better position to do what you really what and maybe even at someone elses expense (for grad etc)</p>
<p>They said that a top education at Duke would be better because it's easier for me to go to an outstanding graduate school such as HYPSMs than from the Rutgers Honors Program, where you did have to be the top student in your class. They also said that Duke is safer when regarding the fact that if I can't be placed into a good grad school, I can rely on my undergrad brandname. </p>
<p>how would it be easier? HYPSM has the same standards for duke applicants as they do with rutgers'</p>
<p>Have you visited Rutgers, or talked with some of the kids in the honors program?
My son will be attending Rutgers in the Fall. He just missed the honors program cutoff, but knows classmates who will be attending. I admit, Rutgers was not his first choice school, but due to practical considerations (money) we decided that for our family, big State U was going to be it.
We attended orientation in May. As a family, we were all impressed with the welcome we received from the administration, the organization of the whole process, the fact that the university is broken into much smaller units, (individual colleges). The facilities are wonderful, the course catalog is mind-blowing in its variety of offerings. My husband knows about such things and checked the professors in a certain department and couldn't believe the caliber of professor who is teaching there! I could go on, but suffice it to say that we all felt really good about the choice my son had made.<br>
Since then I have heard from many people who have relatives or friends who have attended Rutgers, many have raved, including one whose daughter pioneered a major there, performed major research, and is now working toward her Ph.D. in New Haven.
Lastly, during orientation, my son had the opportunity to meet and talk with many "red shirts" (freshmen at RU who hosted the event.) He found out that he was far from alone in having to choose his state university over schools like NYU and Boston College due to monetary considerations.</p>
<p>Go to Rutgers. The debt you'd incur at Duke is not worth it. If your parents want you to choose Duke over a free ride at Rutgers, then they should be willing to pay for it. No way should you take on $120,000 undergrad debt if you're planning on grad school.</p>
<p>It seems that a lot of people were recommend me to go to Rutgers because of the money issue, which I don't think is a big deal. I personally don't see $120,000 as a huge debt, first because I have a lifetime to pay it off, and second, because my major BME is very lucrative in the long run. </p>
<p>Anyways, one of my closest friends said that I can't go wrong with any of the choices. Since I am little late with the Rutgers material, I will continue my plans for an education at Duke until some other major issue or point rises up, causing me to look at Rutgers once more. </p>
<p>I also have MIT to consider. I am still in their waitlist.</p>
<p>
[quote]
I personally don't see $120,000 as a huge debt, first because I have a lifetime to pay it off, and second, because my major BME is very lucrative in the long run.
[/quote]
</p>
<p>I know at 18, 10 years seems like a life time (the average life of a loan)</p>
<p>if you have student debt of 120,000 @ 6.8% interest (and interest is going up) and had to make payments over 10 years, your monthly payments would be </p>
<p>Monthly Loan Payment: $1,380.96 </p>
<p>Cumulative Payments: $165,715.88<br>
Total Interest Paid: $45,715.88 </p>
<p>Loan Balance: $120,000.00<br>
Loan Interest Rate: 6.80%
Loan Term: 20 years
Minimum Payment: $50.00 </p>
<p>Monthly Loan Payment: $916.01<br>
Number of Payments: 240 </p>
<p>Cumulative Payments: $219,841.10<br>
Total Interest Paid: $99,841.10 </p>
<p>Unless you plan on living at home with your parents it will take you a while before you make these big bucks over the long range while balancing student loan payments. As a starting engineer, after paying taxes, social security, medical benefits and student loans, learn how to be really happy living in your current bedroom because you will not be able to afford anything else for a while.</p>
<p>Biomedical Engineers</p>
<p>Biomedical engineers held about 8,900 jobs in 2003. Manufacturing industries employed 38% of all biomedical engineers, primarily in the medical instruments and supplies industries. Many others worked for health services. Some also work on a contract basis for government agencies or as independent consultants.</p>
<p>Employment Outlook
Employment of biomedical engineers is expected to increase faster than the average for most occupations through 2009. The aging population and the focus on health issues will increase the demand for better medical devices and systems. For example, computer-assisted surgery and cellular and tissue engineering are being more heavily researched and are developing rapidly. In addition, the rehabilitation and orthopedic engineering specialties are growing quickly, increasing the need for more biomedical engineers. Along with the demand for more sophisticated medical equipment and procedures is an increased concern for cost efficiency and effectiveness that also will increase the need for biomedical engineers.</p>
<p>Salaries
The middle 50% earned between $48,760 and $77,820. The lowest 10% earned less han $38,860 and the highest 10% earned more than $97,530. </p>
<p>Starting salaries in 2003 for BS grads in biomedical engineering averaged $49,815 and MS candidates were offered $61,605. PhD candidates averaged $69,320. West coast manufactuers offered the highest starting salaries for new grads. and east coast employers provided the highest salaries for experienced engineers and managers.</p>
<p>The loan has a 6.8 interest rate? dayam</p>
<p>I used the loan calculator at Finaid.org</p>
<p>This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.) </p>
<p>This loan calculator assumes that the interest rate remains constant throughout the life of the loan. The Federal Stafford Loan has a fixed interest rate of 6.8% and the Federal PLUS loan has a fixed rate of 8.5%. (Perkins loans have a fixed interest rate of 5%.) </p>
<p>accoring to the Bureau of Labor statistics:</p>
<p>Biomedical engineers are expected to have employment growth that is much faster than the average for all occupations through 2014. The aging of the population and the focus on health issues will drive demand for better medical devices and equipment designed by biomedical engineers. Along with the demand for more sophisticated medical equipment and procedures, an increased concern for cost- effectiveness will boost demand for biomedical engineers, particularly in pharmaceutical manufacturing and related industries. However, because of the growing interest in this field, the number of degrees granted in biomedical engineering has increased greatly. Biomedical engineers, particularly those with only a bachelors degree, may face competition for jobs. Unlike the case for many other engineering specialties, a graduate degree is recommended or required for many entry-level jobs. </p>
<p>salaries</p>
<p>Bioengineering & biomedical -48,503 Bachelors 59,667 Masters
<a href="http://www.bls.gov/oco/ocos027.htm%5B/url%5D">http://www.bls.gov/oco/ocos027.htm</a></p>
<p>Rutgers...</p>
<p>I'm in the Rutgers Honors Program now and I think you would thank yourself if you go to Rutgers next year. I know I'm thanking myself that I won't need to pay for a large chunk of med school since my parents can now help me out instead of paying for Hopkins or Northwestern undergrad.</p>
<p>I think you're mistaken if you think that Duke will automatically give you an advantage in life. So many people think that in high school but it's just wrong. If you do well at Rutgers (you almost definitely will) and get involved with the huge amount of research or internships available here, you will be just as attractive to a grad school as if you had came from Duke. </p>
<p>And to the person who said that Schreyer@PSU is much beter than RU's honors program, I don't really see any evidence for that. The honors program student body is quite good actually... the avg SAT score is probably around what Duke's is (mid 1400s or so). Remember that you also get to live in honors housing, so that you do live in an environment that is more academically serious and ambitious.</p>
<p>RU's honor program mean SATs are mid-1300's, Schreyers is upper 1300's </p>
<p>Duke's 25-75 is 1380-1550</p>
<p>Like I said and others have, if you got into Duke you'd probably be one of the superstars at Rutgers...</p>
<p>Thethoughtprocess-- No, the average is in the 1400s... The minimum SAT score to get into the honors program is 1350. So unless everyone in the honors program got around 1350-1370 (most def not the case) the avg SAT score HAS to be higher than that.</p>
<p><a href="http://rchonors.rutgers.edu/applying.htm%5B/url%5D">http://rchonors.rutgers.edu/applying.htm</a></p>
<p>I don't see the avg SAT on the website anywhere, but low-mid 1400s-- i forget exactly what it was-- is what they tell Honors program ambassadors (we go to our HS's over winter break to give talks, do a phone-a-thon in the spring, host scholar's days for prospective students, etc.) By the way-- proelite, you would probably be more enthusiastic about Rutgers if you had attended a scholar's day in the Spring :)</p>
<br>
<p>I personally don't see $120,000 as a huge debt</p>
<br>
<p>This is OBJECTIVELY a huge amount of debt. If you want to take it on, that's your call, but I urge you not to underestimate what a burden this is going to be. Do you know how much income tax you'll be paying even if you DO get a great job in 5-10 years? Do you understand that money spent paying down that loan could instead be invested in your home and give you security in the future?</p>
<p>How is the loan interest-free? If your parents are in a positon to hand over that kind of money, why would they make you pay it back?</p>
<p>In retrospect, your dilemma isnt exactly common. In most instances the family supports the student to some degree... </p>
<p>To the people that weigh more heavily on the money, when do you feel a debt of this kind would be mangeable? Sure, for several years after he goes to college he'll have to pay off the loans - that's a tradeoff. </p>
<p>However, if he goes to Duke doesnt he have the potential to make more money? </p>
<p>I just feel a lot of people on this board are selling him short. The low-risk route is to simply go to Rutgers, and if you happen to not do so well you've lost close to nothing. But you never know if someday a Duke education will pay back in spades. Not that Rutgers can't either.</p>
<p>"However, if he goes to Duke doesnt he have the potential to make more money?"</p>
<p>No. His Duke degree might give him a slight edge when trying to get a job but it won't improve his salary. How much money a person make depends on how much work experience they have, not the name on the degree. So, basically a person with a degree from Duke will be making the same money as a kid from a "third tier" university when they get out of college.</p>
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<p>when do you feel a debt of this kind would be mangeable?</p>
<br>
<p>When it's taken on to pay for a top-10 law or business school that virtually guarantees a six-figure salary the first year out of school if you want it. Ditto a respected med school.</p>
<p>For undergrad? Probably never. Certainly not if you're going to go to grad school. If you can get into a school that's worth $120,000, you're going to have options that are much cheaper and make more sense. No matter how sure you are at age 18 of what you want to do with your life, a good college SHOULD introduce you to new ideas and goals. With that kind of debt burden, you won't have the freedom to explore alternatives that every college student should have.</p>
<p>Remember, I say this as someone who went to a very expensive college and valued that experience immensely. It's totally worth the money if you have it, but it is NOT worth starting out at age 22 $120k in the hole. IMHO, it isn't smart to restrict your options that way.</p>