<p>I just finished my second year as an undergrad and I'm considering my options as a transfer (current institution is limited in their degree offerings).</p>
<p>After applying to a few schools earlier this year, I'm now down to my safety school (my instate option) and a school I want to attend in NY. I thought I had a good list of schools that would give good aid but in the end, I ended up crossing most of them because they didn't pass my "no more private loan" rule.</p>
<p>I’m not financially fit to attend the institution in NY, but my parents have expressed their willingness to take out extra loans. Attending the NY institution would require me to take out approximately $6000 in extra loans (in addition to taking full amount in direct loan). As a pre-med student, the idea of taking out a private loan does not fit my liking even though my parents are willing. Attending an OOS college (and experiencing life outside my current state) however, is something I've always wanted to do so I haven't crossed this school off yet. </p>
<p>My instate option would only require me to take out full amount in direct loans.</p>
<p>As the deadlines to respond to both institutions approach, I recently thought about refraining to attend either of these options this fall. Instead, I would attend a local college for a semester (or work) and send in apps to cheaper alternatives (if they exist) for entrance in the spring. Goal is to complete an undergraduate degree with less debt than my current options.</p>
<p>1) Are there options for me that will be cheaper than my current options? </p>
<p>2) As a transfer student, how would I make a list of schools that would be affordable to attend? </p>
<p>3) Are those highly competitive transfer seats at “elite schools” likely to give me better aid (if I’m admitted)?</p>
<p>Currently have a 4.0 GPA. Dependent student. Parents make between $62,000 and $67,000 per year combined. No "significant"assets/home/business. Sibling in college, FAFSA EFC is approx. 02500 (can’t remember exact numbers). For the PROFILE schools I applied to, contributions seem to be consistent with about $2500/year as a student and $ 3500/year calculated parental contribution…if this information helps gauge what schools might give me better aid. </p>
<p>“”""Attending the NY institution would require me to take out approximately $6000 in extra loans (in addition to taking full amount in direct loan). As a pre-med student, the idea of taking out a private loan does not fit my liking even though my parents are willing. </p>
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<p>No, you shouldnt borrow the extra money. your parents are trying to help, but they are being dangerously naive.</p>
<p>Haven’t taken a standardized test, current school didn’t need them. Would taking it two years out of HS make me a more competitive transfer applicant?</p>
<p>As far as taking a gap year, any reason why you’d recommend that over a semester gap?</p>
<p>You are in hawaii, right? at this point, you need to finish at a HI school. apply elsewhere for med schools if you want, but also apply to HI med school(s)…is there more than one?</p>
<p>The NY school may only cost $6000 more in tuition, but you are going to spend three times that amount in travel, winter clothing, buying things that cost more to ship than to buy new.</p>
<p>Stay in HI. You can get a job to pay off loans early or save toward the next semester.</p>
<p>There is a thread with a list of schools <$25K at the top of this forum. Most of them are in cold locations like the Dakotas. You can look there to see if any are less expensive than where you are now.</p>
<p>The WICHE/WUE scholarships are not automatic. Many are very limited. Being from Hawaii gives him a good hook, but there are many WUE scholars at U Northern Colorado, so that may be full. Also, most of the scholarships are only available to freshman.</p>
<p>FIrst of all, I agree with Mom2, that the most cost effective and pragmatic thing to do is finish up college in HI.</p>
<p>In order to come up with other alternatives which still would likely be pricier, we would need a lot more info, and it would take a lot of research and effort to get your cost down. I am confused as to how you are relating a PROFILE school expected contribution from you and your family of $6K a year as need for a private loan. Are you saying that neither you nor your family can pay a single cent out savings and current income for college, so you have to borrow that combined student and parent expected contribution? If that is the case, NO, absolutely not–you should not be borrowing when you and your family have absolutely ZERO money put away that can be used for college and cannot come up with ANY money out of current income for it either. Where the heck do you think you and your parents are going to get the money to PAY Back the loan, when you cannot come up with the amounts that you are currently expected to pay? Any loans you take, are highly unlikely to be at favorable rates since you already have the Student Direct Loans in your aid package. </p>
<p>To count on getting into medical school and put off repaying those ug loans with the interest meter ticking at earliest 6-8 years is risky. Most aspiring doctors fall by the wayside–not saying you will, but them’s the odds. A lot can happen before you get your first paycehck as a physician, and you’ll be owing a lot of money by then.</p>
<p>The problem with WUE and similar schools is that they are usually only affordable to those who can pay because you are still OOS for aid, and many schools will not award much/any 4-year merit to those with the WUE discounts… This modest income student also has to deal with Hawaii to Mainland transportation costs which are super high.</p>
<p>And as mentioned, transfers are less likely going to get the special rates anyway. </p>
<p>I cant imagine that they would be less expensive than a HI public.</p>
<p>If this student is a serious premed, then minimizing costs should be important. </p>
Nope, EVERYTHING is accounted for, including everything you mentioned. I researched costs by doing a lot of inquiring, and took a lot of notes… 6K is what I came up with. Some parents might claim that the FA I received from the NY school is enough, but the $6000 loan would make me to feel more comfortable attending (without the burden of me always thinking about what I should eat for my next meal, or how/when I should do this or that, etc.).</p>
<p>If I find a job early on, I may not even need the entire loan (or may need to borrow only half of that). Thinking on, $6K = $3K per semester dispersed. If I am able to find a job early on, I’m wondering if I’d be able to pay off each semester’s portion after each semester? A job may not be a guarantee from the get-go is what I’m thinking, which is why I’m trying to cover all grounds by considering this loan. </p>
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Thanks Erin’s Dad. I’ll check that link in a bit.</p>
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Thanks WOWM, I’ve actually started a list of WUE schools. I’ve even thought of contacting some of them to see if they’ll accept an app this late in the summer (for both WUE tuition and admission this fall). Doubt they’ll still be able to offer WUE tuition this late but I’ll ask anyway, might consider spring entrance if FA looks good. I’ll do some more research in the next week and see what I come up with.</p>
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For some schools it does seem to be automatic (checked websites). They seem to be automatic for the WUE schools that aren’t nationally known by name.</p>
What additional information do you need? To hopefully clear your confusion, take the expected contribution info in context with my three original questions in OP. The PROFILE expected contribution information was given to inquire if there’s a link in how much a ‘PROFILE school’ might be able to give me (if estimated calculations exist; just as EFC somewhat gauges this for “FAFSA-only schools,” if I understand correctly). </p>
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Nope, I have money saved up for flights, which will cost about $1.5K RT, and will have about $1000 extra spending in savings. $6K serves somewhat as an inflated cushion, might end up needing even less but won’t know how much I’ll actually need until I get there. </p>
<p>To get this $6K amount, I took the COA and adjusted each line amount accordingly after I did some research and inquiring on “actual” estimated costs. I increased the amounts for room, board, and personal expenses. Adjusted COA minus financial aid award (WS taken out of this amount because it isn’t a guarantee) = approx. $6K.</p>
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Parents were offered PLUS, but have been also considering a personal loan from my bank that’s less than half the rate of the PLUS loan rate (if I’m looking at current rates correctly). </p>
<p>As far as repayment, and to repeat from above as option one, $6K = $3K per semester dispersed (my thinking, anyway). If I am able to work early on, I’m wondering if I’d be able to pay off each semester after each semester.</p>
<p>Option two, is something I might have mentioned in another thread. I specifically want to work before applying to and attending med school to pay off UG debt. </p>
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Aware. That’s why I’m inquiring if there’s a cheaper alternative to my two options. Still thinking of a backup plan…should know more about the pathway I want to take with my degree after my third year.</p>
<p>To be up front with taking a year off (instead of a semester), the idea might be too much for me (personal concerns and parental standards). The only way for me to go with a full year gap, is if the trade-off is considerably less than the cost of my IS option.</p>
<p>I also want to add that the recommendation to stay in HI isn’t falling on deaf ears. With about 48 hours left until I need to submit a decision–with HEAVY reluctance–I’m leaning towards staying in HI. </p>
<p>Currently exploring WUE schools and the link that Erin’s Dad mentioned; might also look into some schools that meet need for freshman (hoping that they also give good aid to transfers), just to see if any of them could be cheaper.</p>
<p>The freshmen aid is offered to entice students to enter a college as freshmen. No matter the calculations, you’ll have unexpected expenses and they’ll add up. It’s just not worth it in the long run to transfer OOS.</p>
Such as? If your statement isn’t just to entice me to stay IS, I’d like to hear them… just in case I need to consider these costs for my next two years. </p>
<p>The calculations that I stand by are backed by all expenses I’ve had as a second year college student (I keep all my receipts), and have even inquired with folks who know the NY school well (to get more accurate numbers and “school/location-specific expenses”).</p>
<p>Your biggest expense will be transportation if you want to fly back to HI. The costs of airfare can be so very unpredictable. Plus you will be traveling at peak price times. For example…when my DD started college across the country, we could get her a round trip ticket at Thanksgiving for $200. That same ticket cost $400 her second year.</p>
<p>What will you do for health insurance? Is that included in your estimated expenses? </p>
<p>And lastly, can you pay the extra amount the NY school will cost you?</p>
<p>Just make sure you have more than one option in your transfer applications so you can really look at the bottom line net costs.</p>
<p>Kane, You seem to be thorough in making a budget. The parents who’ve already been posting here are very wise, so it is prudent to listen to their wise advice.</p>
<p>Some unexpected expenses that my kids have encountered in college are visits to the doctors, as the wintery weather always seems to precipitate things like bronchitis, sore throat, coughs, etc. In each case, they did go first to the school infirmary, but the infirmary didn’t really help much and they went off campus to a regular doctor. They have our medical insurance, but there was still the copay, prescriptions, OTC meds, tissues and extra chicken soup. We did cover these, but they are an example of some costs as you ask. </p>
<p>I think you could definitely count on this as a budgeted item, as my kids were sick several times in the closed environment of dorms and adding in the wintry weather (that is not in Hawaii).</p>
<p>Also in travel budget, don’t forget the transportation cost to/from the airport. Some colleges have a free shuttle, others you have to pay.</p>