The financial aid predicament. Help me out?

Paying for College
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<p>Hello all. I have a big decision to make, I hope that I may tap you all for some experience and advice.</p>

<p>I am 27 years old. I have a rocky academic and financial background. Something like a 1.8 in high school, and my first academic year in college (2003-04), I had a 0.8 gpa. Also, Bad credit history until ~2009. Clearly I wasn't ready for the responsibility, or something along those lines, you can pick your excuse of choice. In any offense, in 2010, I made a big move, re enrolled in a community college, worked full time and have a 4.0 over 70+ credit hours. Retaken sat for 2300 score. I really have found my passion and stride. A handful of science related/honors related extracurriculars as well. What really triggered my spark of motivation was being employed in the medical field. For the last 4 years, the hospitals I have worked at have changed my life. Ive been current on all my ills and debts for 3 years and ive paid off a few of my major debts. I'm planning on applying for medical school (md/phd programs) in a couple years. Although all student believe they are qualified in the sciences and healthcare, I believe I am REALLY good. Almost all 100% in my science classes, a high knowledge and involvement in many serious medical emergencies, ect. Basically I LOVE LOVE LOVE my studies, work and the research opportunities I've had.</p>

<p>So now comes the pickle. I applied to 7 schools to transfer. I made certain criteria, the main point being good financial aid reputations, because I don't have good financial means to pay. I applied to one state school as a backup, being a cheap alternative, and it's a decent school. 4 other schools i didnt get into, but I got accepted to Columbia school of general studies, which is an ivy league route for non traditional students. Unfortunately, I came to find out that Columbia g&s has not such good financial aid. I got a 10k scholarship and 18k in federal funding with an increase of scholarship of at least 7k for next year if I do well.</p>

<p>So obviously Columbia is where I want to go, but I will have to take out large private student loans. Probably 20-25k for the first year, and less for the second year if I do well (and also if I can get other funding somehow, which is clearly not guaranteed). At the state school, I would pay probably no more than 6-7k, not even taking into account any financial aid (of which I haven't checked, but am pursuing in the next few days)</p>

<p>I have a consigner and Columbia is obtainable, but I need advice. Obviously I want Columbia. But am I being hasty/irrational? I have myself convinced that Columbia will offer me more opportunities, especially in biomedical research fields, than the state school and overall a better education, but I cannot tell mysel as to how much that will advantage me for my md/phd apps.</p>

<p>Also, something to consider; md/phd programs pay for the students as well as giving stipends and subsidized housing. So if things go the right way (although I'm scared to ASSUME they will) I will not be paying for grad school.</p>

<p>So help me out. Am I being self-convincing? Am I being too greedy? feel free to ask for more details. I'm really not sure how to decide. I've asked almost every trusted source I know to help find pros and cons.</p>

<p>Thanks a ton.</p>

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<p>IT’S NOT WORTH IT.</p>

<p>And I rarely use cap’s . . . but, really, there’s no way that getting yourself ~%50k in debt can turn out well. Medical school is hard enough without going into it carrying that kind of burden.</p>

<p>How qualified you are for medical school depends on you and the grades you get from here on in, not on the name of the school you attend. So go to the school that’s affordable, kick a$$, and get into med school. With minimal debt!</p>

<p>Good luck!!!</p>

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<p>It is way too much debt. Especially as I am guessing the $18,000 “federal funding” is also mainly$ loans as there is no federal grant that comes anywhere near $18k.</p>

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<p>Parent of a professional school student here. There is no, no, no way that I would allow my child to borrow or I would borrow 40k a year for undergrad if professional school is on the horizion.</p>

<p>No, you should not be borrowing over 40k a year to attend Columbia School of General Studies.</p>

<p>I think the simplest terms to put it in is to say this;take your pick:</p>

<p>Either go to Columbia and not go to med school.</p>

<p>Take the affordable in-state option and go to med school.</p>

<p>Look at your situation;</p>

<p>Columbia has maxed you out on stafford/direct loans. You need a co-signer (because you are not deemed creditworthy enough to take the money out on your own) in order to borrow the additional 20/25k this year to make it work.</p>

<p>Year 2: </p>

<p>Even with the best case scenario and you receive an additional 7 K loan, you will still be maxed out on stafford loans 18k. It is not guaranteed that the co-signer that you have this year will be eligible to co-sign for you next year because they are already in for 20/25k). Even if they are able to co-sign for you, can you say for certain, that they want to be attached to you to the tune of almost 50k?</p>

<p>Even if you go to med school, the max stafford direct loans you will be able to borrow 40,500. This will not even cover med school tuition. Then you will need another ~30k year for balance of tuition and living expenses. While you can borrow up to the entire cost of your education as a Gradplus loan, you will need a co-signer to do this if you are not deemed credit worthy. Is your co-signer willing to take on this debt also?</p>

<p>There is also a lot of expenses just in the med school application process, application fees, test fees, cost of plane/hotel to go to interviews, etc. How are you proposing to pay for this?</p>

<p>My receommendation for you is to attend the most affordable school that you have been accepted to. Get a part time or even a full time job to finish paying off the balance of your debt and build your credit so that you will be in a position to pay for med school.</p>

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<p>Congrats on turning your situation around.</p>

<p>My child is applying to med schools this summer. There is NO WAY that I would allow him to have undergrad debt (especially THAT MUCH). Med school is toooooo expensive. Newish doctors don’t earn that much. </p>

<p>Will that undergrad private loan require payments while you’re in med school? If not, then that debt will be even larger once you get thru med school and residency. Plus you’ll have another 200-300k of debt for med school.</p>

<p>And, acceptance into med school is iffy for everyone. Acceptance rates are very, very low.</p>

<p>There’s no guarantee that you’d even be accepted to med school since ALL OF YOUR grades will be considered…even those old very bad grades. Even classes that you retook will get counted. Your GPA will be negatively affected by those grades. </p>

<p>What will your GPA be once you average in that 0.8 GPA? </p>

<p>*Probably 20-25k for the first year, and less for the second year if I do well (and also if I can get other funding somehow, which is clearly not guaranteed). *</p>

<p>I highly doubt you’d get more aid if you get good grades. It doesn’t work like that. You’d need to borrow the same or more the following year.</p>

<p>Columbia School of General Studies will NOT impress med schools. Your state school is definitely good enough for med schools (if you get accepted).</p>

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<p>Garbs…Agree with the other posters completely. Congratulations on overcoming your previoius struggles. You’ve done a great job of turning things around and getting your life on a positive track towards success. Don’t endanger all the good progress you’ve made by encumbering yourself with serious, unnecessary debt. Columbia is indeed a fantastic school, but no school is worth that level of debt especially when you have plans to attend med school. Take the affordable undergrad option, keep up the fantastic recent academic performance you’ve achieved, and strive for a top-tier med school. Congrats again on getting everything back on track, and good luck with your med school plans!!</p>

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<p>First, congratulations on your achievement. </p>

<p>Second, please follow advise given here and go to a state school. Concentrate on maintaining high GPA, which is very important for Med. School admissions.</p>

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<p>strive for a top-tier med school</p>

<p>That’s all good and fine, but please do NOT focus on that. </p>

<p>Med schools are NOT like undergrad schools. EVERY single MD med school in this country is EXCELLENT. Even the ones that are on campuses of lowly ranked undergrads. There are no “just ok med schools” and there are no “subpar ones.” All the US med schools follow the same guidelines, they use the same curriculum, same books, etc. </p>

<p>Anyone excepted to ONE med school in the US is LUCKY, no matter where it’s located. Never focus on “top tier” med schools as any kind of goal. Besides, your residency is more important.</p>

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<p>Wow, thanks for all the input. It’s really appreciated, (especially the compliments :D) Let me address some specific points:</p>

<p>Swim cats mom: yes the federal aid is largely loans, all except 3000.</p>

<p>Sybbie719: As for my consigner, I don’t know if I would get approved, but I know that she would get me a better interest either way. It’s my mother, btw.</p>

<p>As for year two, that’s a great point to be considered, i didnt factor in the additional amounts that i would need to borrow. I will explore that topic. </p>

<p>Consigner release IS a big factor, I might add. I have seen that some lenders offer the benefit of consigner release after 24 consecutive payments. My mother has consigned for me before for longer periods (longer than 24 months) and my payment history was flawless. So she trusts me, albeit to a reasonable extent.</p>

<p>Mom2collegekids: I’ll need to check deferment options on private loans. The extra interest would be very rough.</p>

<p>And EESH! You’re right, med school is daunting. I’m going to evaluate my GPA with old grades tonight. One thing that is going for me is that my falling semesters were largely not science courses. I’m not sure if that makes a huge difference, but I’ll work the figures.</p>

<p>Columbia G&S specifically told me that continuing student gets more aid. The paraphrase of what I was told is that if I did well 7k is a very lowball estimate of what my scholarship would increase by next year. I take that somewhat with a grain of salt, though, because I can’t control the future.</p>

<p>A general reply: Are you all factoring in that I want to apply for an MD/PhD? In this scenario, your body of research work is VERY important. State school has research, no doubt, but with a student boDy of 40k, Im not sure what to expect as far as getting the opportunities that I would like. Compare this to Columbia with a 10k student body and larger body of research concentrations. Something like 80+% of Columbia students get paid summer internships in biological sciences. Consider that last summer, when I applied to summer internships, the acceptance rates were hovering in the 7-10% range. Being from a CC (a big downside, I found) and having limited research experience (due to limited school resources), I didn’t get accepted to any.</p>

<p>As well as body of research, your mentors are big factors. Doing research under a post-doc vs a primary investigator with a Nobel prize makes a huge difference (from all that I have read). Columbia has Nobel prize winners in the neurosciences, which is the area of research I want to explore.</p>

<p>Still none of these factors are guaranteed. I have to weigh risk vs reward. And therein lies the problem.</p>

<p>Last point. Let’s say I don’t get accepted to medical school. A very real scenario at this point. I won’t wrap up school. I love learning too much. I would apply for a PhD or masters program. At that point, body of research becomes a factor once again.</p>

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<p>OP says- Also, something to consider; md/phd programs pay for the students as well as giving stipends and subsidized housing. So if things go the right way (although I’m scared to ASSUME they will) I will not be paying for grad school.</p>

<p>Nobody has commented on this but I do not think this is true. Maybe someone who has a kid going to med school can comment. I have always heard med students have huge loans- not that med students go fo free.</p>

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<p>^An MD/PhD program is not the same as an MD program.</p>

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<p>You must apply to both programs separately. While you may get funding for the PhD part, you will still have to pay for the med school part. In exchange for your tuition/stipend keep in mind that you will have to work as a grad assistant or TA so you will also have to balance that with your classes.</p>

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<p>You attend the school of general studies. You can not look at the numbers that come out of Columbia College or Fu because you do not attend those schools.</p>

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<p>You didn’t say which state school you are considering. Columbia is in NY. Are you thinking of one of the New York state schools? If so, you’ve got some great options. </p>

<p>I strongly agree with others, Now is NOT the time to rack up big student loans.
If you can get stellar grades at state school for undergrad, you might get a strong aid package for grad school, or even a full ride. But if you only get a middling package for grad school, you will need to take those student loans later on. </p>

<p>It may be that you are heart-set on Columbia because of its great brand name, but don’t forget, you are in it for the long haul. As an undergrad, you need rock solid grades. The prestigious grad schools and residencies will come later. To get additional research opportunities, no matter what school you attend, its mostly up to you to make friends with the professors, researchers and investigators. </p>

<p>Good luck!</p>

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<p>Kela10: MD/PhD programs are essentially “free”. There are resources to back this up. Check this site out: [MD</a> PhDs.org - Resource for prospective and current MSTP / MDPhD Students](<a href=“http://www.mdphds.org/]MD”>http://www.mdphds.org/)</p>

<p>Don’t be mistaken, the “free” isn’t my motivation, but surely a factor.</p>

<p>Sybbie739: that’s not correct as far as I understand. As a researching graduate student, the compensation is a graduate education, on the university. I’m well aware that as a PhD student, certain roles accompany such a designation. In the application process, you can apply for md only, md/phd and/or phd only. Although they are essentially two different application processes, if you accepted, you are excepted as a joint student. If one grad program accepts you, but not the other, you have a choice to attend the accepting school, IF you choose to apply as such.</p>

<p>With regard to internships, the figure I am paraphrasing is for biological fields. I doubt that students in the fu school of engineering would be applying for biology internships. Maybe some (biomed engineering?), though. The figure is a Columbia university figure. The school of general studies is under the Columbia university umbrella.</p>

<p>Mars5555: the state school is in Florida.</p>

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<p>I know for a fact, than University of Minnesota pays MD part of the Phd/MD program, if the student was accepted into that program from the beginning (as opposed to starting MD and then applying to Phd option). I think it varies by school. </p>

<p>Also, sometimes it is easier to get into Phd program and then join MD part of it, if you are not accepted to MD from the beginning. A friend of mine was kicked out of UCLA because he let a friend to cheat of him. When he finally graduated with BS from a much lesser ranked college, he could not get accepted to any medical schools, but was offered a spot in PhD program. He took the spot and after one year was accepted to MD program to complete MD/PhD. He is now teaching at one of the colleges, but he used to run ER for one of the hospitals in WI.</p>

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<p>Columbia has awesome aid … your post really surprises me. What is your FAFSA EFC? Did you have self-employment earnings in 2011? I know kids who transferred there and got amazing aid packages. I am truly puzzled.</p>

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<p>Op does not go to Columbia College or Fu. Op has been admitted to the school of general studies (which is geared toward non traditional students). They do not meet 100% demonstrated need. Most of the people that I know who attended SGS, had employer paid tuition/tuition reimbursement. I also know plenty of Columbia employees who receive free tuition as a benefit.</p>

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<p>Kelsmom…Columbia General Studies does NOT have the awesome aid that the rest of the school does. It’s kind of separate and (I think) those students’ stats aren’t included included in Columbia’s reported stats.</p>

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<p>Ah, sorry … I didn’t realize that there was an “alternate” school at CU.</p>