<p>[Average</a> Biomedical Engineer I Salary Information plus Job, Career Education & Unemployment Help](<a href=“http://www1.salary.com/Biomedical-Engineer-I-Salary.html]Average”>http://www1.salary.com/Biomedical-Engineer-I-Salary.html)</p>
<p>Some years ago, DD received an award from an Ivy League alumni association. At the award ceremony, I was talking to an alumnus. The subject of large public universities came up. He said that his company recruited at Penn State and added, “If you are at the top at Penn State, you are at the top.”</p>
<p>Even brilliant kids get strange ideas in their heads, and they make some sense, but not enough sense. PennSt. Is clearly the way to go. Convincing an adamant kid? Can’t help you there. I’ve never had any luck, but I would not co-sign for the loans.</p>
<p>$130,000 Parent Plus loan is roughly $1600/month repayment, at today’s rates (which are apparently threatening to go up.) For the PP loan, while he’s in college, the borrower makes the monthly payments, the term is 10 years. At first, it’s pay as you go- $400/mo to cover the 1st year loan. When the soph loan kicks in, goes up to $800, etc. Doable?</p>
<p>Let’s say he agrees to pay your loan once he graduates. He gets a $48k job (unlikely, but neatly divisible by 12.) He would net about $3k/month, after taxes, minus any health insurance costs, etc. He’d have to pay that 1600 for 6 years before it starts to decrease (as each indiidual year’s loan gets paid off.) He’ll hate his life. Kids should “live” in their 20’s, before setting down to family and mortgage, etc. Some kids want grad school. Emergencies happen.</p>
<p>Even if your numbers run slightly different, say he gets Staffords, so the PP totals are a bit lower, it’s still simple math and horrendous.</p>
<p>I’ve been researching BME and found that many jobs require a MS. Save your money for grad school.</p>
<p>[Engineer</a> Salary - How Much Do Engineers Get Paid? | EngineeringDegrees101.com](<a href=“http://engineeringdegrees101.com/engineering-info/how-much-do-engineers-get-paid/]Engineer”>http://engineeringdegrees101.com/engineering-info/how-much-do-engineers-get-paid/)</p>
<p>This site shows the median salary for BMEs at $81K, starting salary at $55K. With that in mind, I wouldn’t think there’d be much difference in starting salary of graduates between the two schools. And that’s if he sticks with engineering and complete his degree in four years. Those kind of loans in the parents’ name make it a no-brainer. Find a way to make Penn State more appealing to him.</p>
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<p>I have a friend graduating from an Ivy with a degree in BME and he doesn’t have a job lined up yet. He has a good GPA and good internships.</p>
<p>I’d suggest that you ask your son to produce one of these mythical BME graduates with an $80,000 job offer letter.</p>
<p>I think that Drexel is a wonderful school as are the ivies but my friend’s dad had the savings to pay for the ivy so that he will have no debt at graduation. He was fortunate that his parents have the resources to pay for it. He would have, however, made his parents a lot happier if he chose the in-state public. His younger brother looks like he is going to choose an OOS public with a COA comparable to the in-state public - which has his dad feeling relieved.</p>
<p>I can’t see the sense in putting this huge burden on the student and parents over a long period of time for four years in a way that could impact them for the rest of their lives.</p>
<p>$132,000 of debt is not a good idea.
[I’m</a> Graduating From A College I Cant Afford | NYU Livewire](<a href=“http://journalism.nyu.edu/publishing/archives/livewire/money_work/gen_debt/index.html]I’m”>http://journalism.nyu.edu/publishing/archives/livewire/money_work/gen_debt/index.html)</p>
<p>Biomedical engineers do not generally make $80,000 per year at graduation with a bachelor’s degree, and $132,000 of debt would be a very heavy load even if he managed to get such a job.</p>
<p>While Drexel emphasizes the co-ops, engineering majors at other schools can do co-ops. Of course, co-ops and internships for engineering majors should be paid.</p>
<p>Would it be correct to assume that his reason for going to Drexel is more of the “college experience”, as opposed to the “commute to [what resembles] a community college for two years, then transfer to the university” experience?</p>
<p>That kind of looming debt would entice me to stay in school forever just to avoid paying it back! 
Penn State. Hands down. My niece is leaving UG with 80K of debt… I literally can’t stop shaking my head. Not kidding - it’s shaking right now…</p>
<p>OP, are you trying to get him to commute vs live on campus at Penn State? I wouldn’t let him commute, unless cost is a serious issue. Let him live on Penn State’s campus. He’ll have a great experience, get a great job and have access to an amazing lifetime network.</p>
<p>Re: #30
It looks like the student has been admitted to a local branch campus, with streamlined transfer to the main campus (University Park) after two years. The Penn State branch campuses appear to be somewhat community-college-like in terms of environment and academics.</p>
<p>*Quote:
Bio-medical engineer make about $80000/year</p>
<p>Quote:
I doubt it. Not with a BS degree.</p>
<p>*</p>
<p>Exactly! Bio-med E should be considered almost as a “pre-professional” degree. Undergrads either need to go on to grad school or med school. Or, get a job in something unrelated. </p>
<p>Who or what entity would start a BS Bio-medE new grad at $80k per year?? Even many EE and MechE don’t start that high and those degrees don’t often need grad degrees.</p>
<p>Once your son learns that you would need to co-sign those loans that may change the situation. Would you co-sign? That would be horribly risky.</p>
<p>The PhD biochemists i know who are in biotech are making about 90k, and that is after finishing a PhD and spending many years in post-doc research positions. 80k right out of college is not particularly believable.</p>
<p>UCBA, I think that is the crux of the problem, the son doesnt want to go to what is basically a two year school for the first two years. Even if dad were to pay for dorm, I think that most of the the branch campuses are more similiar to CCs. Its a letdown for the son, but it seems that if his only two choices are Drexel and Penn State, there is really no choice.</p>
<p>This is kind of off topic, but I cannot tell you how many kids in my area apply to Penn State and Drexel, without realizing Drexel is an expensive private school. Most assume it’s a state school.</p>
<p>On the other hand, if you need financial aid, Drexel may win out, because they also give merit. Penn State didn’t give a friend’s son a penny in f/a and she makes less per year than Penn State tuition. I’m surprised the OP’s son got scholarships and grants from Penn State. Very rare indeed!</p>
<p>OP - you can look at the NACAC list after May 1; that will list schools still taking applicants. Maybe schools like Juniata or Susquehanna would take a late application? Even Temple or Pitt. Worth a shot if you and your son are willing to compromise.</p>
<p>Smart Dad… your son should call up PSU and ask to start at main campus. Since he was given money it appears they want him to come to Penn State. I bet he would be happier then. Or see if they have a spot at Altoona where the students live at school. Give it a try. It can’t hurt.</p>
<p>I know one bioengineering student at Drexel. She is on her second co op and both companies have already shown an interest in hiring her after she graduates. (This is a five year 3 co op program.) She had applied to 10 co ops and only got one offer and was lucky to get that. From what I hear many kids can’t get co op jobs. Your son needs to ask about that.</p>
<p>PSU is THE top school for recruiters.</p>
<p>[Job</a> Recruiters Prefer State Universities Over Ivy League Colleges - WSJ.com](<a href=“Job Recruiters Prefer State Universities Over Ivy League Colleges - WSJ”>Job Recruiters Prefer State Universities Over Ivy League Colleges - WSJ)</p>
<p>I would never pay that much money for Drexel. disclaimer: son is PSU grad and yes he is employed in his field for good money…not $80,000 good but good money…</p>
<p>i work in field where people make good money, (nursing) the young nurses I work with find it hard to pay off their loans. when you are young you dont understand that you might want a house or a car or to travel. Many of them say they would go to state school if they had a do over.</p>
<p>Thanks every body for great comments. I showed these posts to my son and told him “this is what American parents is thinking about you”. He changed his mind and accepted the 2+2 bio-medical program at Pennstate.
Thanks collegeconfidential …</p>
<p>Drexel is absoltuely not worth that kind of money if you cannot afford to pay for it out of a trio of savings, income and loans. </p>
<p>My sister’s nephew was faced with the exact same choice, and commuting to Drexel was even an option. It took a few calculations to make it a no go, and he will be going to Penn State.</p>
<p>Looks like Dad and Son are both smart. But Dad is ALWAYS smarter.</p>
<p>keabie’s suggestion is excellent – beside, for many upperclassmen, seems like they can’t wait to get off campus. </p>
<p>But the choice between two good compatible schools – one offering a pile of cash?</p>
<p>Take the money and run. </p>
<p>(“Dad, did you want this 24 valve 600hp Ferrari with brushed alligator interior for free, because I could always get a Kia hatchback at 300% interest.”)</p>