Dismiss Notice
Hey Texans—join us for a DFW meetup! Click here to learn more.

How to make sense of this student budget (sample)

Discussion in 'Financial Aid' started by banana5, Dec 22, 2008.

  1. banana5

    banana5 Member
    5+ Year Member

    Joined:
    Aug 11, 2005
    Messages:
    86
    Likes Received:
    0
    I'm not accepted to this (or any other) school, I was just poking around and came across this:

    http://www.med.cornell.edu/education/admissions/fin_aid_bud.html

    How do you make sense of this? The $8,500 is the Stafford subsidized; that much I've figured out. The Medical College loans are private loans from the school? Are these typically at more favorable rates than Stafford unsubsidized?

    What about the medical college grant? Other threads in this forum make it sound like grants are a long shot, but that's a lot of grant money, right?

    And then the parent + student contribution. If the parents can't/don't want to contribute and the student doesn't have a job, that's all coming from Stafford unsubsidized/Perkins, right?

    This says (http://www.med.cornell.edu/education/admissions/fin_aid_deb.html) that the average student borrowed $116k to get through med school. Do you think that that's how much they borrowed, or what their debt burden was when they graduated (the difference being the accrued interest on unsubsidized loans)?

    I haven't looked at many student budgets, but do you think this breakdown of federal + college loans, grants, etc. is par for the course for a private school?

    EDIT:

    Interestingly, I looked up a student budget for SUNY Downstate. Here's a .pdf (check out pg. 15): http://www.downstate.edu/grad/pdf/SUNY_Bulletin_2006.pdf

    It's a bit outdated, but it basically shows that the cost of a year at Downstate are ~40k. Presumably, this is the ~40k coming from Stafford subsidized + unsubsidized loans. Interestingly, if you subtract the grant money from the 66k total cost at Weill for student #1 from their site, you also get to ~40k.

    Does this mean that Weill makes up the difference in tuition between it and Downstate by giving you the money as a grant? Is that normal? If that's the case, how is it cheaper to go to a state school?
     
    #1 banana5, Dec 22, 2008
    Last edited: Dec 22, 2008
  2. Note: SDN Members do not see this ad.

  3. Lesley

    Lesley Member
    10+ Year Member

    Joined:
    Jun 18, 2006
    Messages:
    707
    Likes Received:
    18
    Status:
    Attending Physician
    The medical grant seems very large. I don't know if this is common. I think only the financial aid office can know for sure.

    It is pretty common that after health profession loans (5% subsidized) and $8,500 (subsidized 6.8% Stafford) then unsubsidized loans Stafford (approx $30,000 at 6.8%) and grad plus student loan (8.5% unsubsidized up to your remaining need as determined by your school's budget) are readily available. Grad plus loans require a credit check.

    Additionally, schools can provide their own loans to students that may be more favorable than federally backed loans.

    I think it pays to apply to a lot of schools, in state and private schools. Private schools may offer grants that make them as affordable, possibly more affordable, than in state and very possibility more affordable than out-of-state schools.

    Below is the out of state dental school expenses for Univ of Illinois; additionally they budget about $28,000 living expenses for each 12 month period which is not included in the budget below.

    Many private dental schools, even without a grant are less expensive.

    http://dentistry.uic.edu/depts/admissions/dds/DDS%202007-08NonresidentTuition.pdf
     
  4. TMP-SMX

    TMP-SMX Senior Member
    Moderator Emeritus Gold Donor Classifieds Approved 10+ Year Member

    Joined:
    Jun 12, 2006
    Messages:
    3,624
    Likes Received:
    73
    Status:
    Attending Physician
    Keep in mind that the 116k figure includes students that have their tuitions paid for by parents, scholarships, and other things. They must have a lot of rich students at Cornell as their tuition only let alone living expenses, health insurance, or fees is nearly 42k. You do the math. Everything except living expenses is 48k. Considering the school is in the heart of Manhattan the living expenses will be sky high. Also, notice they are speaking about the class of 2008. Anybody starting in the next couple of years will be paying much more than that and at a higher interest rate than even a few years ago.
     
  5. Lesley

    Lesley Member
    10+ Year Member

    Joined:
    Jun 18, 2006
    Messages:
    707
    Likes Received:
    18
    Status:
    Attending Physician
     

Share This Page