<p>Is being $30,000 in debt from college too much? I'm not really sure where else to look for an answer to this. I'd like to be a doctor or maybe just go on to get my masters, but is 30k in debt too much for one person, or is it manageable?</p>
<p>Thanks to anyone who has some input as I'm rather clueless about this :P</p>
<p>Will these be federal loans or private loans?</p>
<p>Will this be $30k total for 4 years?</p>
<p>If you plan on med school, then $30k in debt is really the very most that you should borrow since you’ll need to borrow a LOT for med school.</p>
<p>Are you in high school or are you in college now? If you’re still in high school, then what schools are you considering? Are there any options that won’t require as much debt? What are your stats?</p>
<p>I’m in college now (I’m a Sophomore). I have a 4.0 GPA, 2060 SAT, and 33 ACT. I have my heart set on McGill in Canada, and if I get in there next year I’m definitely going (yes, I’m stubborn…) I’m not only considering med school right now. Another option I’m considering is to get my undergrad degree and then work for a while (possibly trying to get Canadian citizenship) and then go back to school with the cheaper Canadian tuition lol. I think the loans would be a combination of federal and private? I’m not really sure at the moment, I’m in the process of researching this. Oh, and the 30k will be for three years of school. That amount may also go down a little if I am able to get some in course scholarships while at McGill.</p>
<p>I think $30K is the limit, honestly, from where loans go from relatively manageable to difficult.</p>
<p>But then it also depends on what you plan on doing next. If you want to be a physician, you’re going to add another $200-300K in loans on top of that. If you want a master’s in a non-funded field (which is most of them) you may add another $100K.</p>
<p>You should also investigate whether you can use federal Stafford loans for Canadian universities; I don’t know for sure either way but it would be something to check on before you lay plans.</p>
<p>According to Mcgill (the college I’d like to attend) I can get stafford loans. How would that be any more beneficial than a private loan?</p>
<p>The interest on the loans is usually better than what most people can get without strong cosigners. If you die, the federal loans are forgiven. Oh, and if you have a low enough income you might get subsidized loans, which don’t charge you interest until a certain period of time after you graduate from college.</p>
<p>i think americans can get stafford loans if they go to a canadian university</p>
<p>@paigems
stafford loans have lower interest rates (usually between 6.5 and 7.5% as opposed to between 8.5 and 21.5% for private loans), better terms, lower default rates (well kinda), and are very easily deferred</p>
<p>Federal loans also may offer better repayment terms as they’re eligible for Income Based Repayment, Income Contingent Repayment, and public service loan forgiveness. Private loans will not qualify for these programs. Finaid.org has a lot of good loan info and calculators.</p>
<p>What about parent plus loans? Are those also as good as stafford loans?</p>
<p>No they’re not. Trust me on this; they’re completely unsubsidized, the interest starts getting charged immediately upon disbursement, and your parents have to qualify for them each and every year. If you can avoid a Parent PLUS loan, you should. It’s not as bad as a loan from the Mafia, but it’s pretty high up there in the crap list.</p>
<p>they’re still not as bad as private loans…</p>
<p>What about 40k in loans? Still manageable or no? Also, does anyone know how likely students are to get loans once they are enrolled in the college? Like each year as long they maintain very good grades?</p>
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<p>There are some people with exceptionally good credit scores who have gotten lower fixed interest rates on bank loans or have used their home equity. In those cases, the Parent PLUS loan would be a worse deal. However, this isn’t true for most people who post on here, although if you get right down to it taking out two </p>
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<p>I wouldn’t, but it’s not the worst amount I’ve ever seen on here.</p>
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<p>It has nothing to do with high grades though. Eligibility for unsubsidized loans is based on filling out the FAFSA, and your EFC from the FAFSA determines if you are qualified for subsidized loans. There’s a credit check for Parent PLUS and private loans.</p>
<p>“It has nothing to do with high grades though. Eligibility for unsubsidized loans is based on filling out the FAFSA, and your EFC from the FAFSA determines if you are qualified for subsidized loans. There’s a credit check for Parent PLUS and private loans.”</p>
<p>When I was referring to my grades I wasn’t referring to loans (sorry I mistyped that), I was referring to in course scholarships at the school…</p>
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<p>You’ll have to check with the school, but most scholarships require you to maintain a certain GPA and some have other requirements (community service). There are some scholarships that are for 1 year or 2 years only though, so make sure you know if the one you’re accepting is one of those. They should tell you this when you accept the scholarship, but if they don’t you should ask them and make sure you know what you need to do.</p>
<p>Many schools do not give transfer scholarships. The transfer scholarships that some schools offer are usually small.</p>
<p>What is your current financial situation?</p>
<p>How much will your parents pay each year if you transfer?</p>
<p>Where do you go to school NOW…how much are you paying to go to your current school? Do you have merit scholarships at your current school?</p>
<p>Mcgill (The college I want to go to) doesn’t give transfer entrance scholarships, but once I am there I will be eligible for in course scholarships. Right now I’m attending community college, and by the time I transfer I’ll have about 68k total, and that includes everything I’ll get from my parents for all of college. I’m not paying for my current school, my parents have offered to pay for my classes as long as I take them at this community college. Merit Scholarships at my current school…no not really…just some random scholarships that just seem to be awarded by chance.</p>
<p>*Right now I’m attending community college, and by the time I transfer I’ll have about 68k total, and that includes everything I’ll get from my parents for all of college. *</p>
<p>Do you mean that you’ll have $68k from your parents to pay for your junior and senior years? Or are you including scholarship money? Will you get those scholarships if you transfer out of the country?</p>
<p>Can American students get federal student loans to go to college out of the country? Just wondering. Or, are these loans only for going to school in the US?</p>
<p>The 68k is from my parents, and money I have made from my job. Americans can get Stafford and Parent plus loans to use towards the cost of attending McGill</p>
<p>mcgill isnt that expensive to be honest…if you have $68k in cash, you’re set and will have lots of money left over</p>