<p>Ok so this is the story. I've gotten into all the schools i applied to except for NYU. But im planning to stay in NYC. My choices are Fordham, Stony Brook, and the CUNY schools. My parents can pay for stony brook and cunys, but i REALLY want to go to Fordham, thats my number 1 choice. </p>
<p>Im not going to get any type of aid or scholarships. My tuition will most likely be around 30k, possibly a little more. I have already contacted the school and basically thats what it is. </p>
<p>I have talked to some teachers about it, there telling me its not worth coming out of school with debts. Some are telling me that Fordham would be worth it for their education and that i should take out the debt, and since im going into the Medical path: 1) i wont have to pay until my school is completed, 2) The interest rate is fixed i can pay it off slowley, and there are many Loan forgiveness programs that i can get to chop my loans away.</p>
<p>What do you guys think? should i take student loans? according to my parents, they can pay the 1st year and a half to 2 years with no problem, and then they will most likely have to take loans for the 3rd and 4th year. Assuming i get into a United States medical school, they or I will then also have to take loans to study.</p>
<p>They both have good credit and all and are planning to do the loans through a bank ofcourse. What do you guys think i should do? (They also do wish for me to go to Fordham)</p>
<p>You are looking at a great deal of debt. Stonybrook is an outstanding school. I don't know anything about the CUNY schools. If you are looking at huge debts for medical school, I think I would suggest the Stonybrook option.</p>
<p>Are your parents willing to assume that amount of debt? Ultimately it's their decision because the loans will be in their names.</p>
<p>They dont seem to have an extreme problem with it, i mean the interest rates dont go up and there very little, and assuming that i get a reputable or a medical job, though it will take a few years to pay off my debts. Also there are loan forgiveness programs not only for medical but teaching, and im sure even major research job companies help pay off student loans.</p>
<p>I agree Stony is a good school also but the thing is, i just cannot learn in a lecture hall filled with 800 people +. And if im not learning anything there, its just a waste of money.</p>
<p>If your parents say they can pay for the first two years "with no problem," it sounds like they're in pretty good shape financially. While I wouldn't recommend that a student burden himself with with hefty college debt, its a different matter when the student's parents are willing and able to shoulder much of the cost.</p>
<p>So I'd take them up on their offer to cover the first couple years, and start working/saving so you can help with years 3 and 4, with an assumption that their assistance will continue to a large degree during those years. Talk with them about that, though.</p>
<p>Yeah but, they say they can pay for the first two years, and not sure how much loans they can take from the bank. They both have good credit ratings and all. The thing is they think that after 2 years, if they cant get sufficient loans, I will have to transfer to a much cheaper college like CUNY.</p>
<p>So what is the point in going to Fordham if i cant get my degree from there? Is there a limit to the amount of money you can borrow for student loans?</p>
<p>If you are planning to go to medical school then the least debt you can graduate from undergrad school with the better. </p>
<p>Say you have to borrow $30,000 for each of the last two years of undergrad and are planning to defer the payments and the interest until after you finish medical school. Medical school is 4 years. So for your undergraduate debt alone you face the following scenario (assuming a 6.8% interest rate).</p>
<p>Year 3 of undergrad. You borrow $30,000. You capitalize the interest. $30,000 x 6.8% = 2040.
Year 4 of undergrad. You borrow an additional $30,000 $30,000+30,000+2040=62040 x 6.8% = $4218
Year 1 of medical school your undergrad debt starts at 66258. By capitalizing the interest for another 4 years your original $60,000 debt will grow to @ $86,000. And that is just undergrad - on top of that you will have medical school debt. Plus the 1st few years after med school as an intern then specializing, if you choose to do so, you will not be earning that much so the debt will continue to grow. The medical school debt is probably hard to avoid - if you can avoid the other - well enough said.</p>
<p>finaid.org has a loan calculators that show you how much your monthly repayments would be and what your recommended salary needs to be. It is quite an opener.</p>
<p>If you have an option for an acceptable school that would allow you to graduate without undergraduate debt I think you should seriously consider it. Instead of thinking of just the next 4 years and how you would like to go to Fordham think about the 10-20 years after you graduate and how much that additional $80k of debt will restrict your options. </p>
<p>Just my 2 cents worth. </p>
<p>Good luck with your decisions. And think long term.</p>
<p>^ if thats what i decide obviously i would try to decrease that number. But are loan forgiveness programs uncommon or rare? or is it very likely and something that can be easily received</p>
<p>that lists some loan forgiveness programs. They all require a certain number of years of service - often in rural or underserved areas. The few I looked at had limits to how much loan they would pay. $60k on one I looked at, $70k on another, $100,000 on another. That is just one site and I can't pretend that it is a subject I am that knowledgeable about. I would suggest you research it a bit to find out what programs there are and what the expectations are now rather than 11 years and $300,000 in debt!</p>
<p>There is a pre-med forum on CC with some helpful posters that you could ask for information.</p>
<p>By the way my daughter is pre-med - she opted for the almost free ride at our flagship State U and the money we had put aside for undergrad will be hers for medical school (or grad school if she changes directions). She wants as little debt as possible so she has more freedom to choose the options she wants after her education is complete. That is her personal choice. </p>
<p>My son's girlfriends dad is a doctor - he is still paying his student loans and now has 2 kids in college - plus 1 about to graduate HS and 3 more that are younger.</p>
<p>There are MANY loan forgiveness programs but the restrictions are numerous. It is for medical school debt, not undergrad(maybe for some teaching positions in low income areas)and some other health professions as well. google AMA + loan +forgiveness + programs. My copy paste isnt working or would have pasted the link for you.</p>
<p>How about the reverse go to SUNY for two years transfer to Fordham to get the Fordfham degree.</p>
<p>Yes there is a limit on Student loans, total 4 years undergrad is I believe 23K for a total, not each year. Just keep in mind the limit of 23K is that for a reason, that is the amount that is reasonable to comfortably pay off after you graduate without having to eat PBJ for years on end.</p>
<p>On dealing with huge classes: I am not familiar with CUNY or with the community college system in New York State. I am, however, familiar with community colleges in other states and can tell you that the classes I've taught and taken at Community Colleges have never had an enrollment larger than 25. If you are definitely pre-Med, the course sequence is essentially the same anywhere in the USA. General Bio, General Chem, Organic Chemistry, etc. really do not change that much from school to school. </p>
<p>Loan forgiveness programs: Those depend on you finding them and being able/willing to work off the loan under their term(s). I've a cousin in Iraq working off the terms of his medical studies that were paid for by the US Army. Do you want to do that? </p>
<p>Big loans for your parents: If you have your parents take out loans for your education and/or cosign loans that you take out, and anything happens to you before you pay those loans back, your parents will be on the hook for it. Just think of what that amount of loan money hanging over their heads would be like if you were say to end up in need of serious medical care yourself.</p>
<p>hmm ok, thanks a lot guys. As of right now, are there any scholarships that have still not passed the deadline? ($1000+ range)</p>
<p>I was also looking into the Sallie Mae fund for signature loans. Anyone know anything about that?</p>
<p>Im considering the other schools also, dont get me wrong. Its just that i go to a non-competitive public school that has probably shattered a lot of chances for me, and i dont want the same to happen in the future. Which is why im pretty satisfied with Fordham, im trying to explore all the options until i make my decision 100%</p>
<p>flamingspirits, tuition and fees at Fordham for 2008-2009 is nearly $35,000 not $30,000. Do you need room and board also or will you commute? All told, COA (without books or spending money) could be over $48,000. Fordham is a GREAT school and I completely understand falling in love with it. Good luck in your decision.</p>
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I was also looking into the Sallie Mae fund for signature loans. Anyone know anything about that?
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<p>Not a good deal. First you need really good credit or a co-signer. If you default then they go after the co-signer.
You probably need to pay at least the interest while you are in school. If you get the interest deferred then it still accumulates.
You end up owing wayyyy more than what you borrowed.</p>
<p>Dont be bitter about your "non-competitive" public high school. You life is not ruined. Same with your college choice - didn't you see what I wrote about Colin Powell being a CUNY grad? didn't hold him back. There is nothing wrong with Stonybrook - that is a good school.
Somehow bright kids think that you have to be dumb to go to state schools - not true at all. Life is what you make it - not the school you attend.</p>
<p>No, my tuition to fordham after all the calculations of aid is going to be a bit less than 30. I would be a commuter.</p>
<p>My councelor has told me that sallie mae does not charge interest until after, and that though it says variable, you can get the rate fixed.</p>
<p>JustAMomOf4, thanks a lot i appreciate it. Its just that my brothers, cousins have all went to cuny. With the exception of 1 cousin last year whos going to some what of a competitive school, and for me, Fordham would have done it. Also if i had to choose between cuny and suny i would rather go to cuny. I cannot deal with the 1000+ people in lecture halls (all my friends who are freshman -sophmore have told me this). Also i have heard so many others of family friends going to cuny, yet rejected from med schools in lack of the preparation.</p>
<p>I guess in a sense im trying to do what ever i can because i have wanted to attend fordham for a while now. Still not sure.</p>