My son got accepted into Rice University ED however it comes with approximately 110k in student loans. As a parent I’m very proud of his accomplishments however have a hard time recommending that kind of debt.
He’s not quite sure what he wants to major in, but it will be something stem/pre med.
He’s leaning to staying instate(Louisiana) going to La. Tech with no debt. If he doesn’t go to med school he will definitely go to grad school
Looking for anyone with similar situations and comments. Thanks
So…$110,000 in undergrad debt. And if he ends up going to medical school, you can add $200,000 or more onto that amount. This kid could end up with a staggering amount of debt.
Medical school will likely be paid for with loans loan and more loans. Don’t take out $110,000 in loans for undergrad.
Definitely not worth it. I’d go so far as to say that no school is worth that kind of debt.
Especially not with med school as a possibility.
Run to La Tech and enjoy!!
IMHO I don’t believe that $110k in undergraduate student loans at any school would have a return that outweighs the benefit of graduating debt free. Save it for med school or real estate.
The maximum student loans for this kid for undergrad would be $5500 for freshman, $6500 for sophomore and $7500 each for junior and senior year…with any remaining loans as Parent Plus Loans.
Thanks for all the comments. Exactly what I was thinking
The 110 amount is what’s left after the financial package rice offered.
It stinks for kids from middle income families. Make too much for significant aid however not enough to write a check.
110K is indeed a lot of debt. I would like to point out that most graduate students in a stem field usually get a stipend (just) enough for tuition and living expenses, so your son would not need to worry about cost of attendance in grad school.
But, if I’m understanding you correctly, that’s $110K after grant money, subsidized loans and possible work-study - all of which would be the child’s responsibility. What exactly were you expecting to pay for four years of private college?
You can’t afford Rice, especially if he wants to go to a medical school someday.
I think one year salary is the maximum amount to have as student loans.
Not worth it and my son attends a very expensive school which has been great but no way I would have let him take out that kind of money in loans for it. We always had the idea of no more than his likely starting salary in loans total.
No debt is good debt . If he stays local. So when he graduates he won’t have the $1,200/month debt payment. Kids don’t understand what that truly means. If your of the means and you can put away $2,500-5,000/year for him he could graduate with $10,000-20,000 in the bank to start his life. That to me is a wiser investment. Graduating with no to very low school debt is the best gift you can give your child. Teaching him to go into 6 figure debt at 22 to me is not.
Just curious why his other option is Lousiana tech? Why not LSU? Much better school academically. If he got into Rice, wouldn’t he be able to get into LSU? While med school admission is mostly based on GPA and MCATs, coming from a better school (especially if he can do research) can make a difference for both Med School and grad school.
Has he applied anywhere else?
And some master’s programs, even in STEM fields, do not provide full tuition grants or stipends. PhDs yes.
. If he stays local. So when he graduates he won’t have the $1,200/month debt payment. Kids don’t understand what that truly means. If your of the means and you can put away $2,500-5,000/year for him he could graduate with $10,000-20,000 in the bank to start his life. That to me is a wiser investment. Graduating with no to very low school debt is the best gift you can give your child. Teaching him to go into 6 figure debt at 22 to me is not.