<p>My son is accepted for Bio-medical engineering undergraduate program at Drexel univeristy Philadelphia and Pennsylvania State university (2+2 program. 2 years in local campus and 2 years in main campus).
Drexel University total tution fee including room and boarding is about 57000/year in 2012.
and after scholarships and grants he has to get about 33000/year in loans.($132000 +interest for 4 years)
His Pennstate fees after scholarships and grants will be $4500/year(Ofcourse he can commute for 2 years).
My son thinks that joining Drexel University is a wise decision because of their co-op program and a Bio-medical engineer make about $80000/year after graduation.
As a parent I am not happy with the $200000 debt on my sons head. So I adviced him to join Pennstate.
Do you think that I am thinking in right direction?</p>
<p>Absolutely.</p>
<p>That kind of debt is crippling.</p>
<p>have heard the rule of thumb on loans is one years salary. have you shown him what the payment would be per month if he (actually you as he cant borrow that much) takes on that type of debt?</p>
<p>Your son can only borrow about $24,000 total over 4 years. Anything above that will be your debt…either on your own or as a co-signer with your son.</p>
<p>Do you want to be responsible for massive debt? It is really not your son’s decision but yours.</p>
<p>Your child would, in any case, not be able to assume that much debt, as you must know. Over and above any student loans he gets through the fed, you would have to cosign. It would be highly imprudent for you to co-sign that much in loans. </p>
<p>I’m acting as if your post describes a real dilemma, even though it is hard to believe that anyone would consider this a choice. “Hmm. Should I take out $132K in loans to go to a high-priced private school when my well-regarded in-state option, which most people would consider a better school, is nearly eight times cheaper? What to do, what to do?”</p>
<p>P.S. I edited assuming the lower $132K debt; not sure where this $200K amount came from. Is the OP rounding up? There’s a rather big difference between $132K and $200K, not that it matters for the purpose of this discussion. Either way it’s an outrageous amount of debt. I’d say the same thing even if the amount in play was significantly less than either of these figures!</p>
<p>I agree, your son can’t borrow that kind of money, YOU have to borrow that (co-signer or PLUS loans). NO WAY would I borrow that kind of money for any school. Also, if he is really taking the Penn State program at Drexel, why wouldn’t he just go to Penn State for next to nothing. I would, however, encourage him to live on campus at Penn State and not commute (which maybe that is why he wants Drexel?).</p>
<p>Avoid $132,000 debt (plus interest that will accrue while still in school) for going to Drexel! No, no, no. He has a much better deal at Penn State and graduating with no debt.</p>
<p>There is really no question. I would tell the boy he can go to Drexel after he has earned the money to pay for it.</p>
<p>Make sure your son knows that he is not guaranteed a job after graduation or even making it through school in biomedical engineering. He may end up disliking it and wanting to switch or may not be able to handle the work and must switch majors. Those are some pretty big risks for going to school with $200,000 debt, which will also accrue considerably after he graduates. He really has no choice but to go to penn state, which is a very good school.</p>
<p>Do not permit your son to go to Drexel under these terms. He will thank you later.</p>
<p>Agree with SteveA: Would think that one reason he prefers Drexel is that he doesn’t have to live at home. Forget about the first two years commuting and have him attend Penn State’s main campus if that’s at all possible.
What does your son say about why Drexel over Penn State?</p>
<p>Offer to have him live on campus at Penn State, and maybe even offer to finance a summer internship (if it’s unpaid, pay for housing) to make up for Drexel’s co-op program.</p>
<p>Agree with beenthere–don’t make him commute. Let him have the whole experience of college away from parents. And Drexel wouldn’t even be an option in my accounting book.</p>
<p>$80K/yr after undergrad? I really doubt that, the BME majors I know needed grad school before getting much more than low paid lab jobs.</p>
<p>It sounds as if the son was not admitted to the Penn State main campus fo the first two years. Nevertheless, something could probably be worked out to give him more independence that would cost a LOT less than going to Drexel. If he was admitted to the main campus, it is still a much better deal and he should be allowed to live there if at all possible. </p>
<p>I think this is beyond a no-brainer. Take out huge debt to go to a lesser school?!?</p>
<p>I’m past the editing deadline, but also wanted to point out that when evaluating merit awards it is VERY important to compare the requirements for keeping them. Many a student has lost merit award because their GPA was a fraction under the required level, and it can be more difficult to maintain a GPA in college than in HS.</p>
<p>Yes, ddsamuels, you are headed in the right direction. It would be–I keep searching for the polite word–just plain crazy to go to Drexel under those conditions. Your son can equally well major in biomedical engineering (or a field so close to it as to make no difference) at Penn State. In his junior and senior years at Penn State, he can work in a research lab that does biomedical engineering, and the summer internship opportunities (especially after the junior year) should be equally accessible at Penn State. The 2 + 2 arrangement is not uncommon in Pennsylvania. If your son is looking for additional independence, he could live in a dorm/apartment during the first 2 years, and Penn State still comes out to be much less expensive than Drexel.</p>
<p>Quick add: Suggest to your son that he look up the total research grant funding at Penn State and Drexel.</p>
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<p>I doubt it. Not with a BS degree.</p>
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<p>[Biomedical</a> Engineering Salary](<a href=“http://biomedicalengineeringsalary.org/]Biomedical”>http://biomedicalengineeringsalary.org/)</p>
<p>Explaining the non sequitor: I posted my merit comment in the wrong thread!</p>