student loan(s), debt and getting your....

Chamahk

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This post is about 3 things:

Student loan(s):
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Well like most of my peers, I fooled around in h.s. I don't have nearly perfect SATs, GPA, or ec's that I shouldn't even get close to 'til I get in college. I guess I"m average at best. I'm not a valedic and what not. I'm going to an aveage state school and I'll give $5 to the person who has even heard of it. Because of fooling around, I didn't get any scholarship(s). Just a few grants and loans. My questions are the following:

(1) After I tell my school I want the loan(s), if I was to apply and win scholarships during the summer time, can I tell them to cancel the loan and use the scholarships???

Debt:
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Without a doubt my chances of taking out some more loans for med school are very very very high. So I was wondering. Would it be wise not to take up work study but get several jobs on campus and save up the money??? Then at the end of the 4 years of college I'll have money to pay off some of the debt since I wont be getting a job after college but going on to med school??? The loans come with interest.

Getting your acceptance rescinded:
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Lastly, I've contracted senioritis badly. For the first time since enterng h.s., I've failed classes. Not just one but two. What are the odds that the school I want to go to will rescind my acceptance???

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Luckily, you're going to a state school. That means, compared to private institutions, you're going to save a lot of money. Just because you take a loan out, does not mean that you cannot pay on it before school is over. Most loan companies let you pay the loan off early. If you apply for a loan, are accepted, and then turn up scholarships your financial aid office can reduce your loan amount or cancel it all together.
 
^^^^I agree with the guy above me. Unless you're rich, there isn't enough of a benefit in order to choose it over a public school.

Now on to more important matters. I'm interested in that $5. Where'd you say that state school was? ;)
 
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I would strongly advise against taking out any debt at all for an undergraduate education. It is a million times better to get scholarships and to work to pay for school. Student loan debt has a way of hanging around your entire life. I know of several people (myself included) who paid the whole thing with scholarships. There is a lot of good software which finds scholarships and helps you apply for them. In my medical school class, I knew others who had undergrad debt in addition to med school debt totaling over 300,000 dollars. That is a VERY difficult obligation to pay back, even at the very high end of salaries in medicine.

You can always cancel/refuse your loans, even after being accepted for them.

I agree, what's the school? I could use 5 bucks...
 
I'm not sure if work-study can cover ALL the amount I'll be paying with the student loans. So I wanted to work and save up all the four years then I can have some money to pay back all the loan(s) after college. Right now I need to pass some test and classes so I graduate h.s. and don't get my acceptance rescinded and I just don't have the time for essays. During the summer however, I'll have loads of free time on my hands to apply for as many as I can. I was adviced other wise concerning this plan. The person told me, working while going to school isn't clever because college is pretty hard and I really need to find time to buckle down and study. Working just to pay off loans might make me tired and can ultimately hurt my grade.
 
I'm valedictorian and I'll still be going into the hole $10K/year for undergrad :/, grades aren't everything, "financial need" is.
 
I was my class valedictorian as well and right now I'm at a CC, and I am technically being paid to attend. :D

Why?:

I received about $12,000 in outside non-refundable scholarships. The music department gave me a half tuition waiver for band and then I get another half waiver for being a science tutor. So Tuition is free and the scholarship money is still being sent to me every term in a check for $4,000. From that I take what I need for supplies and books and put the rest in a savings account for later.

CC's are always a viable option for starting your undergrad.
 
I was my class valedictorian as well and right now I'm at a CC, and I am technically being paid to attend. :D

Why?:

I received about $12,000 in outside non-refundable scholarships. The music department gave me a half tuition waiver for band and then I get another half waiver for being a science tutor. So Tuition is free and the scholarship money is still being sent to me every term in a check for $4,000. From that I take what I need for supplies and books and put the rest in a savings account for later.

CC's are always a viable option for starting your undergrad.

This is a common situation not only at CC's, but at state 4 year schools. I attended a state university and was paid to attend. It's actually not hard to do if you have good grades, and apply for a ton of scholarships.

I'm fairly certain that people who work during school end up with better grades than those that don't. Generally they're more focused, organized, and have a better appreciation for their education. They also have less time to party.
 
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