<<<
don’t think it’s worth a loss of a year’s professional salary to avoid something like $40K of debt in the scheme of things.
<<<
While I totally agree that a loss of a year’s pro salary may not be worth avoiding $40k of debt, I don’t think that’s the number in question here.
This student is already going to be facing about $30k of debt plus contributing from work, even if his need were met…since he’s abroad and his parents can’t come close to paying their EFC.
Don’t forget, nearly all colleges will include full loans as part of need. (Vandy won’t)
The situation that you’re suggesting could easily mean $80k+ of debt…which is not wise and likely his parents wouldn’t cosign or can’t cosign anyway.
You have deal with the cards you’re dealt.
And, you and I both know, that many eng’g or premed freshmen, end up in different career paths that often pay less. Making bigger debt decisions based on the desires of a high school senior is risky.
That said, if he makes it as a premed with $30k of GROWING undergrad debt, then takes on $300k of med school debt, that growing amount is going to be a rough situation…so not wise to add on another $40k+
If this student can’t get enough huge merit for fall 2017, then a gap year is a good idea.