I am considering pursuing a PhD after undergrad, I plan on majoring in Physics.
I’ve been accepted to two colleges for undergrad–after Stafford loans are taken out (5500/yr for freshman year) and 2200/yr work-study, net price at School 1 is 10,000/yr and at School 2 it is 15,000/yr.
However, School 2 has not finalized their FA offer yet. They used 2013 tax information to create their estimate. School 2 told me they will finalize the estimate using 2014 information after I give a deposit, but I talked to them and they have agreed to finalize it before we give them the enrollment deposit so I can decide between these schools with the financials taken into account. This is important because because my noncustodial parent made ~$13,000 in 2013 and only $3,000 in 2014. I have not yet received their updated cost, but it should come soon. If the net price calculators are accurate for School 2 (and I had run them twice appropriately and added the two resulting net prices) it should be around $12,000-13,000/yr after Stafford loans and work-study, but I cannot give a concrete number yet as they have not gotten back to me on the updated cost.
Taking this all into account, we can reasonably spawn 8,000/year in raw cash to pay for this. The rest will need to be covered in loans. I want to earn a PhD in the future but I am unsure how much undergrad debt would be too much to live on with a PhD student stipend. I prefer School 2 to School 1 but if the extra debt would mean I live on dumpster-diving rather than Ramen noodles in grad school, I will go with School 1.
Also keep in mind there are no other schools on the table. 1, 2, or bust.
I apologize for the lengthy explanation but I have historically found it necessary to create a lengthy explanation else someone latches onto some incorrect technical detail in my post and I have to explain it further in a latter post, delaying the answering of the real question here.
I don’t think you can count on making any loan payments when you are a PhD student, often you are just getting enough to eek out a living as a poor student. CS students can make a ;ot during summer but if might be at the expense of PhD research and that is a problem and getting through a PhD is very difficult. I have to say that since you have not done research in a college setting your really don’t know yet if committing to a PhD is what you want and is also wise. Even as a Jr in college that is hard to really know.
I can’t tell from your post if your cost is after student loan or before student loan. And the parent will have to take any excess loans, can they do that and make payments? Did you calculate it all out what it is going to cost in the end?
Your post is a little confusing. How much do you expect to borrow? Do you anticipate $40,000-$60,000 in loans? Wouldn’t some of your loan payments be deferred while in a full time PhD program?
First, you were right to ask school 2 to calculate your FA, as their claiming they won’t until you deposit is against the NACAC rules. Serious no-no.
Second, I agree with the poster who asked about the caliber of the physics programs at the 2 schools. Without knowing which programs you are considering, since you plan to go on for a doctorate, its hard to opine about the potential cost difference, IMO.
A PhD in the sciences should be fully funded, so you would be making enough money to live on provided you are willing to live like a starving grad student. Student loans can be deferred while you study, but interest will continue to accumulate. If you have any spare change at the end of the month or year, paying off that interest each month or year might be possible.
When you finish your PhD, you will probably spend a few years as a very badly paid post-doctoral student. Your salary will be better than a grad student’s stipend, but your benefits will be lousy, and those student loans will be coming due. After your post-doc, if you aren’t head-hunted by industry, and you aren’t one of the lucky few to get a tenure-track position at a college or university, you will find yourself teaching as a part-time adjunct instructor at two or three or four or more different colleges and universities. Yes, that happens to Physicists too, not just people with a PhD in English Literature. In other words, living on Ramen noodles can last well past the grad school stage.
Unless #1 has never sent a Physics major on to a decent PhD program, save your money and start there.
@happymomof1
Yes, this is another matter of concern for me. I don’t want too much debt if I’ll be living in near-poverty for half of my life.
@jym626
The schools are fairly comparable in terms of physics program quality, I think. I’ll reveal them in a PM if you ask me. Both are in the top 15 in the nation in % of grads who earn PhDs in the sciences. Both are LACs. #2 may be marginally better and it is easier for me to pursue other interests there as well. And it’s closer: 5 hour drive vs 9 hour drive.
@LBowie
I won’t comment on School 2 until financials are finalized. But in the case of school 1, if we pay 8k/yr I’d be looking at, over 4 years, 27k in stafford loans (19k of which are subsidized), and 8k in 3rd party loans. So like ~35k at school 1.
Thanks for the PM. Agree the schools are pretty comparable.I’d have to look at some other info to see if one school’s department is considered any stronger than the other, but its unlikely. Since finances are a concern, wit until you get the #s from school 2 (I am still quite surprised they tried to violate the NACAC rules and not tell you until you accepted- thats really shocking), and then decide. Proximity to home/travel time is an important variable too.
Both schools are Profile schools and both require the noncustodial parent info. As Thumper is suggesting, each school will have its own award calculation. Hopefully you will hear soon.
Net price calculators were accurate when I ran them for each household and combined the net prices.
Yes I will have a co signer for the additional loans as well.
I will chime in again with updated info.
Also, did they really violate something? We had gotten a financial aid estimate using 2013 data (which was what they had asked for up to that point) and indicated in the letter that it was not yet finalized. After emailing and asking them when they finalize awards using 2014 data, they said after we submit the deposit, but that I could e-mail/mail 2014 data and have it looked over prior to May 1.
They may need time to reprocess with the new 2014 numbers, but according to policy, they have to tell you before May 1. They can do a review/revised award, and schools routinely will, but your post makes it sound like they will withhold the final, adjusted numbers until you commit. Thats not ok.
It is highly unlikely you will be able to make any loan payments while working on a PhD. The “living stipend” is generally not enough to fully cover everything…particularly since many PhD granting univs seem to be in areas where rent is highish. Even if you share a 2BR apt with someone, you will likely find that JUST your housing costs will be $1000+ per month (your half of rent, utilities, cable, internet, etc)…then add on food, clothing, cell phone, car expenses, etc.
Of course I was not planning on paying any of it off in grad school, but since interest may accumulate for some part of these loans while I am in grad school, I just want to know what is a reasonable amount to borrow if I plan on doing a PhD in the sciences and pursuing the masochistic, hopeless postdoc -> tenured professor route. In other words, I wouldn’t be making a decent salary for a long time. I apologize if my original post was poorly worded in that aspect.
For those who wish to bring it up–I know my path and interests may change, but I want to keep as many doors open for me as possible.
As happymomof1 mentioned, a PhD program in the sciences should be fully funded. So confused there. My DD#1 is in such a program now. She was lucky enough to get an NSF grant and has enough money to live frugally and to start paying off loans so that interest will not accrue for her. She shares an apartment with two other grad students and doesn’t have to eat ramen noodles.
