Is USC worth full tuition?

Colleges and Universities A-Z University of Southern California
1

<p>I just received my financial aid package and USC gave me no need-based aid. I will have to pay roughly $53,000 a year to attend, and that does not include plane tickets. This is the worst package from all of my schools. </p>

<p>If I attend USC, I run the risk of emerging from my undergraduate education about $60,000 in debt. At any of the other schools I got into, which I do not like as much as USC and do not fit me as well, I would emerge debt-free. I intend to go to medical school, so I will inevitably have a significant amount of debt when I enter the work force. But the difference is that if I go to USC, I will have to tack on additional debt from my undergrad years. </p>

<p>My dad has told me that he may be able to finance the additional $60,000 from money he has invested in our house, but this would leave him with virtually nothing in the way of retirement funds. I of course appreciate this very generous offer my dad has made, but I worry that perhaps USC is not worth $200,000+ over four years.</p>

<p>Any input? I am majoring in biology, possibly switching to global health and focusing on international research for cancer. I also am considering minoring in biotechnology. USC is one of the best international institutions, and has connections across seas that none of my other undergrad options have. USC is a great fit for me academically and socially, but I'm not sure that it's lackluster reputation in the East (I am from CT) makes it worth the tuition cost. It would be entirely different if this were Harvard, where obviously the degree is worth the financial strain and the debt.</p>

2

<p>u might just wanna talk to teh FA office…i honestly dont think its worth spending 50k for any college, but tahts just me…</p>

3

<p>What are your other school choices? maybe we can help you make a decision based on other options.</p>

4

<p>I wouldn’t recommend it.</p>

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<p>I wouldn’t recommend it even for Harvard. Harvard is an amazing school, but graduating with up to a max of about $200,000 in debt with the intention of continuing onto medical school (which will unleash more debt) is just an awful idea. It might not even be possible, since there actually is an upper limit on how much you can borrow in student loans from the feds and there is always the risk that you’ll be denied from private loans if you start failing credit checks.</p>

<p>You can easily do undergrad at a cheaper school and go to a more prestigious medical school. I’ve never known the undergraduate schools of any of the doctors I’ve ever met, and once you start medical school you’ll find that all you need is a solid foundation to be successful at pretty much any career.</p>

5

<p>Were you a recipient of one of the big scholarships (Trustee, Presidential, and Deans)? It seems as if a lot of people who received these scholarships got their Financial Aid info today with just the scholarship and no financial aid. Someone here I think even called the Financial Aid office and they agreed with this statement. Wait it out a few more days, it should be posted up. I also got scared when I was expected to pay that much.</p>

6

<p>^ Yup, I called.</p>

<p>They only have the scholarship info up, they’re still working out need-based.</p>

<p>or so the rep told me, anyway.</p>

7

<p>I’m not a scholarship recipient.</p>

<p>My other options are University of Richmond, where I got a $10,000 grant, and Virginia Tech, where I got a $5,000 grant. I really don’t want to go to Virginia Tech, so right now its looking like Richmond. However, I really didn’t want to go to such a small school that is so homogeneous. Basically its the exact opposite of USC. :/</p>

<p>The plus of Richmond is I might stand a better chance of transferring to UVA or UNC Chapel Hill (where I could get in-state since my mom will be moving to VA or NC in the next year) since there is more hands-on attention. </p>

<p>I’m also on the waitlists of Georgetown, Emory, and WashU.</p>

8

<p>^ Im in the same situation as you! The program I’m in takes five years, so without financial aid or scholarships, it would be around a quarter of a million dollars! I really want to go to USC though…I also really need to work something out. Hopefully I can get scholarships as a current student if I go. :/</p>

9

<p>“Hopefully I can get scholarships as a current student”</p>

<p>Is this possible? Are there many opportunities for students to get scholarships?</p>

10

<p>Umm, well I was looking at a USC brochure for the school I applied to, and there were a list of scholarships for my major. But another is, I dont know how difficult it is to get them.</p>

11

<p>I’d say save that money for going to grad school at USC.
Grad school prestige > undergrad prestige. Take it from anyone.</p>

12

<p>^ Hmm, what you said is quite true. But what if you’re getting a professional degree, and grad school is, I guess, more optional than for some other careers?</p>

13

<p>Well of course in that case you should consider! It all does depend on what field you want to go in. For business, undergrad may be slightly more important. For med, undergrad is not too much of a concern (as long as you ace your MCATs). Engineering/artchitects may want to also consider their program’s prestige as well. Same thing with cinematic arts. It all does depend on what you want to be later on.</p>

14

<p>If you are going on to med school, undergrad will only the first of your debts. Basic Biology is the same at any school. While there might be some internship at USC that isn’t available at your other schools, you’re making a huge financial bet that you’ll find and get access to it. In short, there is nothing you will learn at USC in the field of Biology/Science that is worth $200,000 with $60,000 of it being debt. No school is worth that premium, not even fair Harvard. </p>

<p>If fit to you means how much you’re going to enjoy your undergrad years that’s fine. Just realize that you are essentially deciding to spend $200,000 for a “good feeling”. Most of us can have a good time for far less money. My suggestion to you is to go to the cheapest school on your list and do very well there; after a semester or even two, if you still feel strongly that you would be happier someplace else then look into transferring. With a strong track record there may be more fin aid available to you at that point. Give whichever school you choose a fair chance, you may be surprised how much you like it. Don’t build 'SC into the perfect girl, believe it or not it has flaws as well, everyplace does.</p>

15

<p>Our kids’ HS Val stayed at in-state flagship because she wants to go to med school & didn’t get the aid packages she hoped for. We all admired her & thought she had made a VERY WISE choise. If you are going on to grad school, that will be the name of the school that you will be remembered for, NOT your undergrad school (for example, what undergrad school did your docs attend?)</p>

<p>USC is a great place, but graduating from undergrad with significant debt and depleting your parents’ retirement savings is a VERY BAD plan, especially if you’re thinking of going on to grad school.</p>

<p>One more thing to think about is that many kids do take longer than 4 years to graduate. If your heart is still set on USC, you could always go to less expensive schools & transfer so your degree is from WHICHEVER school you & your family have heart set on. Really, though, it’s where you get your hightest/final degree that matters, not where you go to undergrad.</p>

16

<p>Personally, I would say it doesn’t make sense to be in that much debt for your undergraduate education. I have to agree with what HImom said in post #15. It would be a shame for your parents to deplete their retirement savings, not to mention all the loans that you’ll accrue before grad school. And medical school is not cheap, either.</p>

17

<p>Where you go to medical school and HOW WELL you do will determine where you get an internship. These are the 2 key factors that you should concentrate on. (medical school and internship) These are what are important, not where you went to undergrad (as long as it is a good school). If you want to go to Chapel Hill, IMO, you will be better off going to one of your schools on the east coast. If you want to go to a medical school in California, then USC may be a better choice. The other advantage of USC is that they will accept you into their medical school with a lower GPA than you would otherwise need if you are in their pre-med program. That is a plus.</p>

<p>My Nephew is finishing his first year of medical school and he has calculated that his loans will be about $120,000 when he finishes. Add that to $200,000 in undergrad loans that you will have from USC. Do you really want to put yourself under that kind of financial stress when you are just starting your career? I calculated the cost of your loan below from a financial aid site. You will be paying nearly $200,000 in interest! The loan payment is equal to or more than a mortgage payment! Of course, the monthly payment will be less if you take longer to pay off the loan, but then you will be paying even more interest.</p>

<p>USC and Medical School loans
Loan Balance: $320,000.00<br>
Adjusted Loan Balance: $320,000.00<br>
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 15 years
Minimum Payment: $0.00 </p>

<p>Monthly Loan Payment: $2,840.59<br>
Number of Payments: 180 </p>

<p>Cumulative Payments: $511,305.74<br>
Total Interest Paid: $191,305.74 </p>

<p>Medical School alone
Loan Balance: $120,000.00<br>
Adjusted Loan Balance: $120,000.00<br>
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 15 years
Minimum Payment: $0.00 </p>

<p>Monthly Loan Payment: $1,065.22<br>
Number of Payments: 180 </p>

<p>Cumulative Payments: $191,739.82<br>
Total Interest Paid: $71,739.82 </p>

<p>I can also tell you that the more prestigious the internship/residency program, the LESS they pay. My husband went to UCSB undergrad, UCD for medical school, UCLA for Intern/Res. and UCSD for a GI Fellowship. At the time, UCLA only took students who graduated in the top 3 spots in their medical school classes. Hence, they did not compensate them very well.</p>

<p>When my husband was an intern, he made $1000/month or $12,000/year (2days/month off) . First year of residency - $24,000 (3 days/month off)- second year of residency - $36,000 (4 days/month off) - Gastroenterology Fellowship - can’t remember, but around $40,000. This was 25 years ago, so you need to adjust for inflation. He did supplement with extra money during his second year of residency and fellowship by moonlighting in urgent care clinics. He did this on 2 of his 4 days/month off. During his last year of fellowship, we had 5 jobs between us and we made $56,000. The only debt that we had was our mortgage and it was still tough living in San Diego. </p>

<p>But, the point is that he was 30 when he went into practice and started to make decent money. Physicians do not make the kind of income that you are going to need to service that debt for years. It will be a stone around your neck. </p>

<p>With the new National HealthCare plan, who knows what physicians will be making in the future. My husband thinks that there will be a great need for primary care doctors and they are paid less than specialists. Medical doctors tend to make less than surgeons. These are all things that you need to consider.</p>

18

<p>SDMom56, what an informative post. A reality-check is often missing when students are weighing the idea of a dream school. Although the OP wrote that she would have only $60,000 in debt after 4-years UG at USC (and your post listed $200K), it is still a significant amount. If no parent will be able to help with that debt or help with medical school expenses, it’s a cold splash.</p>

<p>It’s a hard decision and best of luck to OP.</p>

19

<p>Thank you SDMom56, like madbean said that post was very informative! I actually have already decided to attend USC. Some of my parents finances have changed, and I will not be coming out of undergrad with any debt. Paying for medical school will be my own responsibility, however.</p>

20

<p>Good for you! :slight_smile: If USC is your dream school and you can get the expense underwritten, I think it is great. I know it feels good to have finally made a decision. I’m sorry that I misunderstood your earlier post.</p>