Advice anyone

[mrp0pularrr]

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I've been accepted to two completely different schools in two different states. I am a Biology major both at Nova Southeastern University and at SUNY Stony Brook University. My dilemma is money. I'm not sure if investing my efforts into getting a PRIVATE student loan is the way to go. I've already exhausted my other opportunities and quite frankly it's too late in the game to find anything that can help me at this point.

I know this is probably an irrelevant thread to post in such a forum, but I'm trying to make the best decision that will create better opportunities for me - both during my undergrad years and hopefully medical school years as well.

Both schools seem great - but with one school (Stony) I would have to request approximately $7,500 in a private student loan (for the year) in addition to the $12,500 in federal student loans I already accepted to - bringing me to a total of $32,200 of student debt. Granted, I am an out-of-state student and for the first year I will have to pay out-of-state tuition until I become a NY resident next year.

At NSU, I would only have to use up approximately $9,000 (for the year) in federal student loans and I would either pay off the difference (which ranges anywhere from $1,400-1,600) in increments (payment plan), in the form of a private loan, or with what I have saved up.

Of course Stony Brook is my #1 choice, but is it really worth it?

 

[Doctor Strange]

Don't take out private loans.

 

[whatbout2morrow]

Go with what's cheaper. From browsing their website, it seems Nova will give you plenty of research/clinical experience opportunities as a pre-med.

 

[Dyze]

Just as mentioned above, go with the cheaper choice, especially since the interest rates doubled. i came to similar decision last month. i was offered a really good scholarship (32K) for private school but i still had to take more than federal loans. i decided to attend my state school because now i do not have to take out any loans for almost all my undergrad ( covered with grant and state scholarship) hopefully i will try to focus on my studies with the financial burden off my back for now.

 

[yehhhboiii]

Have you talked to your financial aid office? I was able to get a few extra thousand dollars in loans a year after talking to a financial adviser at my school. From what I hear, private loans are not as good as federal loans because of variable rates (which may be competitive with federal interest rates at the beginning but can go up) and inflexible repayment plans that may require payments during school among other things. Federal loans allow for income-based repayment and loan forgiveness for public service.

 

[mrp0pularrr]

Don't take out private loans.

Aside from the obvious reasons, why are you personally against it?

 

[mrp0pularrr]

Go with what's cheaper. From browsing their website, it seems Nova will give you plenty of research/clinical experience opportunities as a pre-med.

I have friends who attend the school and they all speak about how it's a great school and all. The one down fall is the cost of attendance. But with me that's not the issue. I am swaying more towards Stony Brook for personal reasons and I feel like I am being selfish in away.

Both schools have great possibilities, but one just seems more unattainable than the other 🙁. I just don't want to pick the 'wrong' school in the sense that I would not receive the proper recognition for attending a school with prestige - if that makes any sense. Not saying Nova is not an excellent school.

 

[Doctor Strange]

Aside from the obvious reasons, why are you personally against it?

I have some undergrad private loans, and it's just a hassle having to deal with a separate entity for a portion of your loans. I've got pretty good terms on my loan, but some of them have some fine print that you need to look at regarding deferment, interest, and what happens if you die or are incapacitated.

 

[mrp0pularrr]

Just as mentioned above, go with the cheaper choice, especially since the interest rates doubled. i came to similar decision last month. i was offered a really good scholarship (32K) for private school but i still had to take more than federal loans. i decided to attend my state school because now i do not have to take out any loans for almost all my undergrad ( covered with grant and state scholarship) hopefully i will try to focus on my studies with the financial burden off my back for now.

I see. Maybe I'll think about it more this week and then make a decision. I'm technically registered for both schools, but I can't attend both of them.

 

[mrp0pularrr]

I have some undergrad private loans, and it's just a hassle having to deal with a separate entity for a portion of your loans. I've got pretty good terms on my loan, but some of them have some fine print that you need to look at regarding deferment, interest, and what happens if you die or are incapacitated.

I understand now. But are all private loans this way - pretty much, or just yours?

 

[mrp0pularrr]

Have you talked to your financial aid office? I was able to get a few extra thousand dollars in loans a year after talking to a financial adviser at my school. From what I hear, private loans are not as good as federal loans because of variable rates (which may be competitive with federal interest rates at the beginning but can go up) and inflexible repayment plans that may require payments during school among other things. Federal loans allow for income-based repayment and loan forgiveness for public service.

I spoke to Stony Brook's financial aid office about a month ago and talked to them about possibly applying to Perkin's loan, but due to the high demand for aid at that school I was unable to qualify for it. I qualify in terms of financial need, but the school can't offer it to me at this point in time.

I've tried applying to scholarships, but so I haven't been awarded any.

 

[Dyze]

apply to as many scholarship as possible, there are variety of different website and scholarship search engine that have many scholarships. hopefully you will hear from them. i have a few that i am still waiting to hear back. good luck 🙂

 

[Doctor Strange]

I understand now. But are all private loans this way - pretty much, or just yours?

It's highly dependent on what institution you're borrowing from. Read the terms of the loans very carefully.

 

[mrp0pularrr]

apply to as many scholarship as possible, there are variety of different website and scholarship search engine that have many scholarships. hopefully you will hear from them. i have a few that i am still waiting to hear back. good luck 🙂

Isn't it too late to apply for Fall 2013 scholarships? Most of the ones' I've looked up either closed and available for next cycle. What type of scholarship search engine's are you using? I tried going on scholarships.com (or org I forget), hsf.net, fafsa.gov's scholarship websites, and some others.

 

[Dyze]

http://www.fastweb.com/
http://www.cappex.com/
i mainly use those two websites. it is summer so not many scholarship are available. i think the best time to find ( outside scholarship) is during Dec, Jan, Feb. especially when you fill out your FAFSA for the new year.