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Accepted to Ivy vs. State... concerned about loans... advice please!

Discussion in 'Pre-Dental' started by emmy44, Dec 4, 2008.

  1. emmy44

    2+ Year Member

    Dec 4, 2008
    Likes Received:
    Hi, I would really appreciate some advice or thoughts... obviously this topic is really bothering me since I'm up at 4am! Monday, I was so incredibly thrilled to find out I had been accepted to my two top schools. One is my state school and the other is a prestigious ivy league. The jubilation is starting to wear off a bit now that I know I must start thinking about the financial implications of choosing between these two schools. Here are some of my concerns:

    1. My family has very few financial resources, so I'd have to take out loans for all expenses
    2. I really want to specialize (ortho), and know that I may have a better chance if I attend the more prestigious school
    3. Total loans for four years at Ivy would be ~280,000 (a lot!) However, I really really liked the school, program, and people there.
    4. Total loans for state school would be ~210,000, and there might be potential for a state scholarship that pays the $35,000 tuition each year. However, I wouldn't know if I could get that scholarship until the summer... well after my decision must be made.

    *This seems like an awful lot to take out in loans! Will I be able to pay it back while still living comfortably? I used a loan calculator for the Ivy League loans and determined the monthly payments for a 20 year repayment period would be $2000 per month! Is this completely ridiculous?
    **Would I have to take out even more loans to specialize?? I see that many programs require a tuition of ~$30,000 per year. Do students just borrow more on top all the loans they have already?
    **Could I expect to find better jobs/make more money if I attended the more prestigious school and specialized? ie would the extra cost be a sufficient investment into propelling my career?

    I know this is a lot.... but thank you so much in advance for your advice. Much appreciated!
  2. cobalt31

    7+ Year Member

    Apr 4, 2006
    Likes Received:
    yea, this does sound like a tough decision a lot of people will face. although the difference between 210 and 280 is quite small. i realize you have a chance for a scholarship, and you should ask around and get a good idea what your odds for getting it is so you can make a more informed decision.

    right now, im trying to decide between 120k total state school and 280k top choice... i'm leaning toward state school. you just have to decide if the name brand is worth the name brand price, which only you can do.

    and ya, lots of ortho programs charge tuition, which means more loans.
  3. Dr. Dai Phan

    Dr. Dai Phan Senior Member
    Moderator Emeritus Lifetime Donor SDN Advisor Verified Account 7+ Year Member

    Dec 20, 2005
    Likes Received:
    Hello there,

    Go to a school that has cheapest tuition and live in a city that does not cost a leg or an arm. See thread #134 for more details.


    Congrats on your acceptance! DP
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