<p>Hi, I have a small dilemma.</p>
<p>I have to decide on colleges today. I am probably going to major in some sort of biological science in then go to medical school. </p>
<p>My first option is duke, which I like better, but would put me $20,000 into debt after four years.</p>
<p>I think that Vanderbilt would be $5000 cheaper per year, unless I am misunderstanding how they award the national merit finalist scholarship. If I am right, I would not go into debt.</p>
<p>Is there one choice that would be better?</p>
<p>Both are excellent schools. I would suggest figuring out exactly how your scholarship works at Vandy before making a decision. Which school would you prefer if finances weren’t an issue?</p>
<p>Both of them are great schools, and personally, I think Duke is worth $20K in debt. So if you like it better, I would go there.</p>
<p>NO debt is worth it if you’re planning to go to medical school! That will be expensive enough by itself.</p>
<p>But contact Vanderbilt and make sure you understand your scholarship before you make a decision.</p>
<p>What is your family financial situation? If your parents are in comfortable enough shape that they can give you a hand with medical school and your loans if you run into some problems. $20K over 4 years is not a problem, The other essential question is how much in loans do you have without that $20K? Is your package otherwise loan free? </p>
<p>I love it when kids get to go to their first choice schools and some debt is worth it. WHere I get really antsy and say, “no way” is when some kid is contemplating putting self and family into large amounts of debt when the family is already in trouble financially. That is just plain wrong, foolish and disasterous. It can ruin prospects and devastate a family financially. But if you are looking at whether the Staffords are worth taking for your first choice of school, I’d say, yes, unless there really isn’t that much of a difference between schools. </p>
<p>Medical school is far away and just a possibility right now. You may not even end up there. </p>
<p>Do check whether you even have that award with Vanderbilt. You would really be sorry if you turned down Duke, your first choice, on that basis and then found out that the cost was really exactly the same.</p>
<p>If he’s paying for med school himself, another $20K will be a drop in the bucket.</p>
<p>Well, Waverly, it won’t be $20K after interest accruals and increases over the next 4 years, but I know what you mean.</p>
<p>IMO Duke and Vandy are peer schools. Why would you pay $20K for the same thing that is free?</p>
<p>Wow, well I really need help now. </p>
<p>I just found out that the scholarship that I assumed would help Vanderbilt be much cheaper, is actually just going to be taken out of my need based financial aid. Both of the schools will be about the same cost.</p>
<p>Vanderbilt is still about $2000 cheaper per year, and their package is all grants. Duke’s package has 2000 of work study in it, as well as a 2000 loan. Does the loan that they provide make me able to take out less federal loans, or is it separate?</p>
<p>It seems like duke also might go slightly over the federal loan per year limit, so I might have to take a very small private loan if I went there. Are there any ways to limit costs in college, like having a worse room or smaller meal plan, or does this just affect my aid?</p>
<p>Overall, I am just wondering whether it is still important that I go to vanderbilt over duke because of the cost.</p>
<p>Don’t you have to accept Duke’s offer by May 1st? Just curious.</p>
<p>It’s sort of a confusing situation. I sent my matriculation letter to vanderbilt, but could always not go there. I called the duke undergraduate admissions office, and they told me I could respond to the offer today, but I have to hurry before they start drawing kids from the waitlist.</p>
<p>I work with many young MDs at a Harvard Teaching hospital
They universally lament the amount of debt they are in as a young doc about 4 years out of fellowship
Many owe 200K +, cannot buy homes yet, delay child bearing
Go to Vandy and do not carry debt</p>
<p>Vanderbilt is still about $2000 cheaper per year, and their package is all grants. Duke’s package has 2000 of work study in it, as well as a 2000 loan. Does the loan that they provide make me able to take out less federal loans, or is it separate?</p>
<p>Not sure what you’re asking…the loan is likely a federal loan.</p>
<p>Since the Vandy offer is all grants, that’s the better deal.</p>