<p>I'm currently in high school, and I'm planning on going into medicine. I am planning on going to Michigan State next year. My parents aren't poor, and they aren't rich. Long story short- I'm on my own. Room/board and tuition are about $20,000 a year. I would go to community college to avoid massive amounts of debt. However, the classes at my local community college do not offer all of the classes I want. </p>
<p>I'm not planning on getting any scholarships (no expections = no let downs). </p>
<p>I've been trying to get a job to help save up for college, but I'm in michigan - enough said. lol.</p>
<p>Next year, I'm planning on getting a on campus job- but I'll only be making about $3,000 a year. </p>
<p>So heres what I'm asking..
Is it worth it to possible take on $80,000 in debt for undergrad? I know I would be getting a great education...but $80,000 is still a lot of money! I know I could pay it off eventually (after med school & a residency). But I'm also going to have to take out loans for med school. This is really stressing me out.</p>
<p>Since a large part of your med school education will consist of loans, it is not wise for you to take out a large amount of undergraduate debt. There are caps to the amount of loans you can take out as an undergrad. </p>
<p>The bigger question is who is going to loan a teenager 80k without a co-signer?</p>
<p>Some med schools will look at your large debt as a negative because whty will not want to admit a student who cannot get financing or afford to pay for school. </p>
<p>When you think about $80,000 + another 250k for med school, that is a staggering amount of debt no matter how you slice it. This large amount of debt will affect your quality of life for a long time as you pay it back.</p>
<p>What are your stats? I’d look for a cheaper option… some public universities offer great automatic scholarships (I’m applying to the University of Alabama for their 2/3 ride)</p>
<p>Your community college should offer the first two years a degree program that will transfer directly into the university you want to attend. Yes, you can’t take everything you want at the community college, but you should be able to get all of your general education coursework out of the way as well as most of the pre-requisites for the 3rd and 4th year courses in your major. Chances are that you can check off most (if not all) of the pre-med sequence there too.</p>
<p>If you are paying for your education entirely on your own, starting at your community college is one of your best options.</p>
<p>Sybbie knows A LOT about colleges and financing. Listen closely to her. :)</p>
<p>My son is in a similar position (altho we are helping with undergrad costs). He knows not to have big debt for undergrad, because he’ll have big debt for med school. He did take the Alabama scholarship and is double majoring in Chemical engineering and Biology - which he’s been told will make him an attractive applicant for med school - as long as his grades are high and his MCAT is strong.</p>
<p>There are other schools that also offer scholarships. What are your stats? Maybe we can suggest some schools for you. (You sound like a very nice and sound-thinking student!!! )</p>
<p>Co-signing isn’t the main issue. **Will THEY pay back **those undergrad loans, or will you be expected to? </p>
<p>If you’ll be expected to pay back $80k in undergrad loans AND $250k in med school loans, you’ll owe over $330k. </p>
<p>First, of all, no one is going to lend you that much, so you’ll run out of funding before you finish med school. **</p>
<p>Secondly, youngish doctors don’t earn enough to make the $4,000 PER MONTH you’d have to pay back each month! **</p>
<p>If you’re going to have to borrow for med school (which you will), then you need to borrow VERY LITTLE for undergrad (if you’ll have to pay it back.). There are limits to how much TOTAL a student can borrow for undergrad and med school. The total is about the amount that med school costs.</p>
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<p>What are your stats? Where are you applying? How much will your parents contribute each year?</p>
(You sound like a very nice and sound-thinking student!!!