<p>yes im withdrawing from rice. do i really need to take out a plus loan to cover the 20k? is there a better loan that i can use? like a 3rd party loan or something.</p>
<p>tomorrow ill call those suny schools to see if theyre accepting applications. i think my parents will be more able to pay the balance of the costs for these suny schools.</p>
<p>Rice? there are many reasons why i decided not to attend there anymore. </p>
<p>Yes, ill take care of Rice asap. but no i havent accepted aid from rice yet.</p>
<p>YOU will not be able to take out ANY loan for $20,000 alone. You will need a cosigner. And remember that this $20K loan is in ADDITION to the Stafford loans. Your debt for one year will be in excess of $25,000…and that is IF you can find a cosigner for your the private loan. </p>
<p>The Plus Loan is one your parents would take and then use for your college expenses. The interest rate on it is usually MUCH more favorable than any other private loan. Repayment can be deferred until after you graduate (but interest does begin to accrue immediately upon dispersal). </p>
<p>However, you need to be aware that this is a LOT of debt…a LOT. I don’t know your family financial situation, but if your EFC is about $19,000, your family income is near $90,000 or so. Your family may qualify for a PLUS loan for the first year…or two…but after that, will they continue to qualify for these loans? I don’t know. After four years, someone would be paying back $100K in loans…is that going to be possible?</p>
<p>In addition, if your family has other children in the mix who will be (or already have) attended college, they may not be in the position to take out large loans or cosign them on your behalf.</p>
<p>Before you do ANYTHING else…sit down and have a talk about college finances with your family. You cannot make a decision about college without knowing how much your family can and will contribute…or not. Once you have that information, start to look for options that are affordable to you.</p>
<p>Something you may want to consider is a meaningful gap year. If you had the good stats to get into Rice, it is very possible there are some great schools out there where you might garner aid as an incoming freshman.</p>
<p>hey, i said i would definitely get cosigners with as many loans as possible. so for that 20,000 private loan, ill have a cosigner. will this be a better idea than a Plus loan?</p>
<p>It doesn’t matter whether you can or cannot get private co-signed loans. YOU CAN’T afford to pay them back - ESPECIALLY if you go to med school.</p>
<p>Let’s do the math.</p>
<p>Right now, you’re on track of borrowing $30k for undergrad with Stafford and Perkins.</p>
<p>How much are you thinking of borrowing for your shortfall? Multiply that by 4. </p>
<p>Then, you’ll need to borrow AT LEAST $180k for med school - even if you go to an instate public med school (and no one knows if you’ll be accepted).</p>
<p>So, how much total are you talking of borrowing? </p>
<p>I’m guessing that you’re thinking of borrowing about $300k. Do you have ANY IDEA how had that will be to pay back?</p>
<p>Your payments will be about $4,000 per month!!! Do you realize that? Do you realize how long it takes for physicians to begin making a lot of money? Many, many years. How will you pay your loans back???</p>
<p>You need to quickly apply to some SUNY’s and maybe a couple of privates that might still give you big merit.</p>
<p>You need to pause and think very clearly about your future.</p>
<p>You want to be a doctor. That will require at least $180k in loans. Even without the extra private loans, you’ll be borrowing $30k in your FA package. That will leave you with over $200k in loans. These will mostly be unsubsidized…which means they will accrue interest while you’re in school. </p>
<p>That alone is a LOT to borrow for a future doctor. The dream is to become a doctor. That dream will be a nightmare if you’re drowning in debt.</p>
<p>You need to go to a cheaper school. You need to forget about private loans, co-signed loans, etc. </p>
<p>As a last ditch effort, you need to quickly apply to some other schools. You can also try to see if some schools might still offer you merit for your stats.</p>
<p>Perhaps you should have considered Harvard SCEA if finances were that much of a concern. Assume you realize ED is binding. If you needed more aid, it might not have been a wise choice. That said, if you are not able to afford Rice, you need to withdraw ASAP. Posters have explained that Canisius’s package is virtually identical. What other options do you have? It is a bit late in the game for this coming year.</p>
<p>Just an FYI…you say you didn’t accept Rice’s financial aid award? If that is the case, it may be too late to do so…even if you WANT to. Did you get an extension on your decision timeline?</p>
<p>Of course you can negotiate with Canisus. Maybe they will increase your merit awards. Maybe not. That is up to the Canisus financial aid office. They also might just give you a small increase, just offer more loans, or not be able to offer you anymore.</p>
<p>Does your mom really think your uncle is going to want to be on the hook for $80K in loans? I can’t even imagine asking someone to do that for my child! I posted the link to the Space Availability survey that most of the SUNY’s use. Did you look at it? It’s highly unlikely that Binghamton or Geneseo are under enrolled and they are NOT on that list! In any case, I seem to remember that Bing does not offer merit aid to freshmen and Geneseo doesn’t offer merit aid period. Your entire college planning seems to be one unrealistic event after another - it’s time to stop that and FOCUS! There are great SUNY’s that do offer merit aid, including UB and Stony Brook, and also have great pre-med advising. However I believe you have missed the cutoffs for next year and both schools already have waitlists in place. My advice would be to target the SUNY’s who do have space and FA available first if you’re determined to start school in the fall. But, please also consider that a full tuition scholarship would mean that your parent’s could pay their intended $7K, you could take normal student loans and work a bit, and everyone could avoid a lot of stress for the next four years.</p>
<p>There are great SUNY’s that do offer merit aid, including UB and Stony Brook, and also have great pre-med advising. However I believe you have missed the cutoffs for next year and both schools already have waitlists in place.</p>
<p>This may be so. However, some schools will make exceptions for kids with high stats. I’m not saying UB or Stony would do so, however, it wouldn’t hurt to ask.</p>
<p>LeMoyne and Marist might make you a good offer.</p>
<p>I know that UA Huntsville would likely make this student a VERY attractive offer. UAH does a fine job with pre-med students because of its strengths in bio, chem, math, physics. It’s a lovely campus with many new dorms and new buildings.</p>
<p>I agree that this student needs to focus and regroup. She was very poorly advised considering her financial situation and her academic stats. I will PM or email her.</p>