<p>Last year I went through Sallie Mae, but it is hard for me to believe that there is no other private loan company that will provide a loan w/o such a high interest rate. Last year my interest rate was at around 9.25% so I am wondering where I can take out upwards of 20,000 with an interest rate much lower.</p>
<p>Thanks</p>
<p>how much are you borrowing?</p>
<p>how much debt will you have when you get your undergrad degree?</p>
<p>Are you tranferring now to a more expensive school?</p>
<p>In another thread you mention applying to med school in the future. Is that true?</p>
<p>Depends on how much my grandma gives me exactly, but I am guessing I will need to take out around 20,000-25,000 a yr for the next 3 years. </p>
<p>Around 80k.</p>
<p>If all goes well at UW in Biomedical Engineering. Yes.</p>
<p>That is a lot of debt, on top of future BIG med school debt.</p>
<p>You will not find any significantly lower interest rates. You (not personally, but as a college student) are a very poor credit risk, and interest rates on loans to you will be priced accordingly. I’m surprised you were even able to borrow that much under your own name.</p>
<p>Yes, but I will graduate with many recs and hopefully internships as well which will provide a well paying job after if I decide to stay in Biomed. Engineering. If I do decide to go to med school, you also have to look at the starting salaries coming out of med school. </p>
<p>I understand that the debt I will be in is hefty but I also know that I will do whatever it takes to succeed academically as well as in the workplace and thus, eventually pay my loans off and have a great career in the long run.</p>
<p>@polarscribe, I am able to borrow that much money because my parents cosign the loan for me. Also, is there an option for my parents to take the loan out under their name for much lower interest rates? They also, trust me to be able to pay off these loans judging by my work ethic and determination.</p>
<p>Bump---------------</p>
<p>*If I do decide to go to med school, you also have to look at the starting salaries coming out of med school. *</p>
<p>And…just what do you think those starting salaries are…coming out of MED school???</p>
<p>which will provide a well paying job after if I decide to stay in Biomed. Engineering.</p>
<p>And…how much do you think you’d start at with a BS in Biomed engineering???</p>
<p>This is such a BAD plan…a seriously bad plan. What are your parents thinking???</p>
<p>50-60k for BS in Biomedical
90-150k for a Neuroligist (What I would go to med school for)</p>
<p>I want to go to a high quality institution. I am from Illinois and the best engineering university is U of I which still chargest almost 30k for in state students. UW Madison is only around 7k more so I am forfeiting around 20k after graduation by attending there instead of U of I. </p>
<p>What do you suggest that I do then?</p>
<p>You think you can pay off $100,000 in loans on a $50,000 salary, assuming you’re able to find a job making that much right out of school?</p>
<p>You need to run loan calculators, because I think you will be unpleasantly surprised by the monthly payments on that much debt with such high interest rates.</p>
<p>I would suggest that you attend a more affordable school, or go to community college for two years and then transfer. Even staying in-state at UIUC is a $21,000 savings - I don’t understand why you blow that off like it’s nothing. You could buy a car with that much money.</p>
<p>“90-150k for a Neuroligist (What I would go to med school for)”</p>
<p>But that’s not what you make coming out of med school. Check neurology residency salaries,</p>
<p>Just reviewed my social security earnings… earned $34k first year out of medical school in 84.</p>
<p>A quick lesson in student debt: as a GS-5 Step 1 park ranger, I make about $32,000 per year, gross. After taxes and quarters deduction (I live in government-provided housing) my take-home pay is about $2,300 per month. My student loan payments are $220 per month, on $19,000 in Stafford loans (read: low-interest, relatively speaking). That’s about 10 percent of my take-home.</p>
<p>If you borrow $100,000 at 9.25 percent, your monthly payments will be $1,280.</p>
<p>Yes, $1,280 per month, every month, for the next 120 months.</p>
<p>Even if you get a job making $50,000 per year straight out of college, taking home maybe $3,300 per month, about 30 percent of your entire take-home pay is already spoken for, and will be so claimed for the next decade of your life.</p>
<p>God forbid you go to med school, because all those loans are going to be sitting there in deferral, accruing interest at almost 10% per month, for four years or more. Add med school debt and you’ll be paying off student loans until you’re in your forties.</p>
<p>*50-60k for BS in Biomedical
90-150k for a Neuroligist (What I would go to med school for)</p>
<p>I want to go to a high quality institution. I am from Illinois and the best engineering university is U of I which still chargest almost 30k for in state students. UW Madison is only around 7k more so I am forfeiting around 20k after graduation by attending there instead of U of I.</p>
<p>What do you suggest that I do then?*</p>
<p>What year are you now in school? Did you just finish your frosh year somewhere? If so, either continue there or go to a community college.</p>
<p>Then apply to UIUC and UIC.</p>
<p>UIUC - In-state tuition and fees: $13,096</p>
<p>UIChicago - In-state tuition and fees: $12,056</p>
<p>UWisc-M - Out-of-state tuition and fees: $24,233</p>
<p>You can’t “pooh pooh” the difference in price WHEN YOU DON’T HAVE THE MONEY and it must be BORROWED - especially when it involves private loan since you’re already maxing-out federal loans! </p>
<p>*Depends on how much my grandma gives me exactly, but I am guessing I will need to take out around 20,000-25,000 a yr for the next 3 years. *</p>
<p>How much is Grandma giving you? Use that for instate.</p>
<p>Not to keep piling on, but maybe the shock system will work.</p>
<p>If you made $50,000 gross and owed $1,280 per month in student loans, your net income after taxes and loan payments would be about the same as my net income, even though your salary would be $18,000 higher.</p>
<p>The point of all this: Please, please, please rethink your plan. It’s just not sensible, financially sound or necessary. You can get a great education for way less money.</p>
<p>I am a rising sophomore and am already committed to UW (Have already signed a lease for my apartment). I am contemplating taking a year off from school after my sophomore year to work and then receive in state tuition thereafter. Does anyone have experience with doing this ? What is the probability you will be accepted into the program you were in as long as grades are good ? </p>
<p>With respect to UIUC, my sister attends there and says that she ends up taking out loans to equal around 29k said and done.</p>
<p>You cannot do what you’re thinking of doing - you will likely not qualify for in-state tuition at Wisconsin.</p>
<p>See <a href=“http://registrar.wisc.edu/residence.htm[/url]”>http://registrar.wisc.edu/residence.htm</a></p>
<p>In order to qualify, you would have to quit school for an entire year, rent an apartment, have a job, file a tax return, show financial independence and prove that you did not enter Wisconsin originally for educational purposes.</p>
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<p>This is a very common theme on CC, thinking that it’s easy for an OOS student to walk in and start paying in-state rates. It’s not. Public universities are VERY strict about their residency requirements.</p>
<p>Your saying that I can not take a year off from school and work for a year and then obtain in state tuition? I thought I had a conversation with financial aid at UW that said otherwise. I actually have a friend who is doing this very thing this year.</p>
<p>*With respect to UIUC, my sister attends there and says that she ends up taking out loans to equal around 29k said and done. *</p>
<p>Who the heck is co-signing all these loans…and what’s going to happen when in the near future the banks tell the co-signers…sorry, you can’t co-sign anymore because you’re now responsible for too much debt.</p>
<p>Where are the clear-thinking adults in this family???</p>
<p>and…no…you can’t go to school at UW…take a year off…get residency…and then pay instate. You’re under age 24, your residency is where your parents are.</p>
<p>So if I don’t go to school this year and find a job for a year now I will be able to attend Wisconsin with in state tuition the following year? Will I still be able to attend Wisconsin? Is there an amount of hours that I need to work to be able to make this happen?</p>
<p>I didn’t mean that she is taking 29k out a year… Im saying thats how much money needs to be accounted for a year, not necessarily out of her pocket.</p>
<p>Each university posts it’s policy about in-state residence right on its website. You need to read your university’s policy. Then you need to call them, or pay a visit in person, and ask all of your questions. You need to speak with one of the officers, not with a student who works in that office.</p>
<p>Normally it is very hard to establish residence on your own. You would need to make enough money to support yourself. In some states that means FULLY supporting yourself without help from your family.</p>
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<p>In other words: you cannot move to Wisconsin for the purposes of qualifying for in-state tuition EVEN IF YOU have lived in the state for a year or more.</p>