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If your EFC is 0, then I'm assuming that your parents aren't willing to shell out any of it for you?
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<p>Huh? He's getting no financial aid...quite the opposite. And even if the parents want him to work for himself, having a family safety net is more important than it might seem. Taking on even $400k in debt (which is an exaggeration for the reasons previously mentioned) isn't really so much if you're from a situation that qualifies for zero financial aid at a school that costs $45,000 a year.</p>
<p>My annual EFC works out to about 5% of our net worth, which I think is a fair rough estimate. If someone qualifies for zero aid, that means they have a minimum asset value of about $1 million. Does borrowing $400k long-term still seem so bad?</p>
<p>And even if it does, consider this: the best doctors don't choose their specialties and practice areas for money; they choose what they love to do (oversimplification, but you get the point). College is the same way. The most satisfied students aren't fixated and on the end result: earnings potential, grad school, etc. and they don't choose their school for those things. They're at the school they love.</p>
<p>If you love Miami, forget Columbia's prestige. If you love Columbia, forget the guaranteed career track.</p>
<p>I think it's as simple as that. The way you spend four years of your life (or with med school and residency, 9 or 10) is priceless.</p>
<p>"Finally, brand name counts soo much for getting into a good grad/med school."</p>
<p>Very very untrue, especially for med school.</p>
<p>"Huh? He's getting no financial aid...quite the opposite. And even if the parents want him to work for himself, having a family safety net is more important than it might seem. Taking on even $400k in debt (which is an exaggeration for the reasons previously mentioned) isn't really so much if you're from a situation that qualifies for zero financial aid at a school that costs $45,000 a year."</p>
<p>I'm not sure how need-based financial awards are given out, but if he is expected to fund his entire years, doesn't that mean he has money in the bank to use on his education? Regardless of the situation, the point is that he has to pay his way using loans.</p>
<p>$200k in loans means that you have to pay ~2000$ a month for 10 years. Or ~1500$ a month for 30 years. That's a lot of money. You can use that to buy a looootttttt of Xboxes or completely fund both of your kids' educations with money left over for buying Xboxes.</p>
<p>Think about whether or not 4 years of college is worth these future expenses. Good luck wherever you end up and I'm sure you'll do fine.</p>
<p>No, its true, brand name *does[\i] count. For example, people who graduate from schools such as "MIT" and "Columbia" tend to have an advantage over those who graduate from unknown schools. </p>
<p>Yes, you would have to work hard in any school, any place, but you'd probably have to work *a lot[\i] harder at an "unknown" institution. </p>
<p>In the end its all up to you, how hard you work, but the environment, the people, the professors, and the education also play an impt role so.</p>
<p>"If someone qualifies for zero aid, that means they have a minimum asset value of about $1 million."</p>
<p>That would only be true if his family income was 0. If you're family income is over 100,000 (admittedly high, but not millionaire territory) you also quite likely will not qualify for aid, even with 0 assets.</p>
<p>True, but most families with income over $100,000 have assets of at least $1 million, or they will in the very near future. The point is, if you don't qualify for financial aid at all at an expensive school, you're very well off.</p>
<p>Yeah, the only way he could possibly have 200k in loans by the end is if he spends 50,000 per year and his parents refuse to pay any of it and he refuses to earn any money. If he didn't get aid at Columbia, then his parents can supposedly afford to pay for some/most/all of the costs of Columbia out of income and savings. The point is, it's impossible to have 200k in loans unless he earns no money and his parents pay no money. WillyShakes was just saying how he and his family will eventually spend 200k in some form or another on college if he goes to Columbia. He was just asking if he should pay that or not.</p>
<p>I like to think of college as less career-training. So I would never choose a college based on some career I want, but instead based on the experience I want. That's also why I would never go to business school, or hotel school, or pharmacy school, or anything like that. I'd look at the whole experience, like whether I'd still learn all the different things I'm interested in, which location is better, which people are better, which campus is better. . . .</p>
<p>Hey,
First off, thank you all for helping me! I really appreciate it. I just wrote a really long post about this in the parent's forum (because I basically posted my question everywhere since I was so confused, lol), but I decided to just stick with my original choice and go to Miami. I'm probably going to regret missing out on Columbia for a while, but eventually I'll get over it (hopefully). I really love the school, the city, the core, everything, but the financial burden would be too much on my parents and me. I have two younger siblings, and my parents also have to support my family in India, and though we might not qualify for financial aid we certainly can't truly "afford" that much of a cost. I hate that it has to come down to money, but I guess that's a fact of life. Also, even though I agree with what you said, Jono, about choosing a college for the "whole experience" and not just a career choice, since I know that I definately want to go into medicine, I think the more practical and secure choice is Miami. Hopefully I won't regret my decision!</p>
<p>You made a really mature decision. It bodes well for you as a doctor! Best of luck to you, I am sure you will make the most of your great opportunity.</p>