Parents can no longer afford to pay for UGrad - advice needed

[xnfs93hy]

So, my father told me that he doesn't have enough money left to continue paying my tuition. I go to an expensive school, and apparently his college savings for me have run out. Should I consider transferring back in-state and take advantage of low tuition or should I stay where I am happy and take out student loans? I mean, either way you look at it, I will have to take out SOME loans.

Also, I plan on applying to medical school directly out of undergrad (taking the traditional route). Is it wise to take on even more debt to pay for medical school on top of my undergraduate debt, or should I find a job out of undergrad, pay off my loans, and then apply to medical school?

What options are available to me, given my current circumstances? Any advice is greatly appreciated. Thanks.

---

Members don't see this ad.

 

[Earl Simmons]

What year are you in?

edit: How much is the tuition at your current school? Do you want to go back to your state medical school or go to a private medical school?

 

[xnfs93hy]

What year are you in?

edit: How much is the tuition at your current school?

I just started my junior year. The tuition is $35,000 at my current school.

EDIT: I want to go to my state's medical school.

 

[SnakeOilForSale]

This is a decision that's going to have a huge impact on your life and it's really up to you how you want to go about it.

As someone who is completely independent from parents, I would personally choose to not take out such a large loan for undergraduate, especially going right into medical school with that huge debt on top of it. People say money works itself out but when you're looking at 300k in loans, that's a scary thing. Going to your state school while working part-time to offset the comparatively minor cost is the best course financially. It's up to you if the school you're currently at is worth the risk or not.

 

[ANATOMYgirl22]

I think I would choose to have less loans in undergrad (and still potentially take a gap year to pay some of the balance before medical school). I'm a little biased, because I picked my undergrad with money in mind, but I can say that I do not regret it at all. I also took some time off in between and made a little money/paid some loans/had lots of fun. Don't regret that either.

 

[claduva94]

Honestly it is best to limit loans in undergrad because you have so many in med school. Its quite unfortunate but I'd say the cheaper option is almost exclusively the better one in this case.

 

[ThisCouldBeYou]

Here's your best option: go to your college financial aid center and talk to them. They should be able to help. That's how their endowment is used.
Alternative: take courses at a community college for a semester or two, then return to your UG and graduate there.

PS, what's with your dad telling you now in the middle of your junior year? Seems unusual timing to be told this now.

 

[xnfs93hy]

Here's your best option: go to your college financial aid center and talk to them. They should be able to help. That's how their endowment is used.
Alternative: take courses at a community college for a semester or two, then return to your UG and graduate there.

PS, what's with your dad telling you now in the middle of your junior year? Seems unusual timing to be told this now.

I honestly have no idea why he waited until now to tell me. Now is a really bad time. He should have told me over the summer. He can pay for this semester's tuition, but not after that. I'll talk to my university's financial aid office, first, and see what they have to say about all of this.

 

[Goro]

One suggestion: consider the National Guard, or the Armed Forces Reserves.

Take some time off, work, and then go back to school.

So, my father told me that he doesn't have enough money left to continue paying my tuition. I go to an expensive school, and apparently his college savings for me have run out. Should I consider transferring back in-state and take advantage of low tuition or should I stay where I am happy and take out student loans? I mean, either way you look at it, I will have to take out SOME loans.

Also, I plan on applying to medical school directly out of undergrad (taking the traditional route). Is it wise to take on even more debt to pay for medical school on top of my undergraduate debt, or should I find a job out of undergrad, pay off my loans, and then apply to medical school?

What options are available to me, given my current circumstances? Any advice is greatly appreciated. Thanks.

 

[Earl Simmons]

I honestly have no idea why he waited until now to tell me. Now is a really bad time. He should have told me over the summer. He can pay for this semester's tuition, but not after that. I'll talk to my university's financial aid office, first, and see what they have to say about all of this.

That's a good course of action. There's no need to make any assumptions without meeting with your financial aid office and gathering all the facts.

 

[darkjedi]

how good is your current school?

 

[Conflagration]

Is this caused by a change in your family's income? My father was out of work for 8 months and had a slew of health problems; so I had to fill out a "Special Conditions" request to the financial aid office so I could keep going to school.

Does the FASFA take into account as to how much your parents have saved up for school? I mean, if this semester's going to clean out his savings, you may be able to reduce the EFC that way.

Also, ditto on the comment that he should have let you know about all this before you started up this semester.

 

[whatbout2morrow]

I honestly have no idea why he waited until now to tell me. Now is a really bad time. He should have told me over the summer. He can pay for this semester's tuition, but not after that. I'll talk to my university's financial aid office, first, and see what they have to say about all of this.

Indeed, perhaps you can get some grant/scholarship help. Also, you might want to talk to your state school and see how much of your coursework will transfer, how much your graduation may be delayed, etc.

That being said, $52.5K + living expenses for 1.5 years more of undergrad?

 

[moisne]

Apply for scholarships, take loans or .... Work!! I worked my way through - thought my tuition was half that.

If you can't work at the same time and at least make 15k/year, maybe switch schools.