Question:

Should I take out student loans for undergrad or save it for med school?

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Fordham University was my first choice school but they offered me very little aid, should I go to a school which I like less or should I get the loans for Fordham where I would be happier? For med school I was planning on going to an instate school where I could save money by paying instate tuition and living home. I figured that undergrad school was the time to go somewhere fun and have new experiences (not slacking off though!!!), med school is just work work work.

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  1. First off, you seem to be convinced that you are getting into the med school of your choice.  If I were you, I would do a very thorough investigation into your chosen med school and find out where there students come from, what are their GPA's and MCAT scores so you can tailor your education to this one school.  Also, what is Fordhams % acceptance rate of getting premeds into med school?  That is foremost for you.  Going to a cheaper state college may in fact hurt you as they dont always have a strong enough reputation to get many premeds in.  On the other hand, if your instate med school gives preference to instate students at state schools, it would be wise to do that.  affordable med schools are highly competitive so I hope you are an A+ type student.  I dont know you, but statistically speaking, you may never get into any med school at all, especially since you are planning on having fun and new experiences, I fear that may cut into your GPA so be careful.

    PS if you take out a ton of loans for college and then dont get into med school, what is your plan for paying them back?   or you can only get into an expensive private med school? You really dont want to be saddled with 100K in loans and not have a job lined up.  that is a lot of loans even on a physician  salary and I know plenty of docs who come out owing twice that


  2. if you are going to pre-med school, I recommend you do your undergraduate studies somewhere affordable. Preferably go to a state universities. They offer a great education for an affordable cost. This way you can finish your BA and NOT have any debt because you will probably need many loans after during grad school.

    Transfer somewhere you will like to go and finish your studies. This way you will save thousands. I recommend you get government loans that are subsidized. Ask you financial aid office for govt loans. Subsidized means that the govt will be paying the interest rates until you graduate. This way where you are done, you will only pay the exact amount you took out.

    Hope this helps.

  3. You don't know where you're going to get into med school.  You don't have the same kind of freedom picking a med school as you do with college, it's MUCH more competitive. so I would save as much money on loans in undergrad as I can if I were you.

  4. There are so many uses for old secured personal loans, and the chances are you will be able to get one quickly and easily. It's a common idea that only homeowners can get loans from finance companies. That just isn't true, most people can apply for, and receive an unsecured personal all kinds of uses. You can get loans from a few hundred pounds, up to £25,000, unsecured. These loans can be used to buy a new car, a holiday abroad, a new kitchen, the latest cell phone available, or just about anything<!--else. It is a true that you will probably pay more interest than a homeowner who takes out a secured loan. But on the other hand, they have to take out a second mortgage to get their hands on the money.

    http://best-loans.awardspace.com/student...

    With an unsecured loan, you don't need anything, apart from the application form and a good broker. All kinds of people can apply for unsecured loans, tenants, young people, retired people, people with good and bad credit, you can even get a same-->day loan, and some companies let you apply online. The interest rate you pay will be made very clear to by the broker before you sign anything. As will the amount of the monthly payment, and how long you have to make those payments for. Any quality broker will go out of his way to make sure you understand these rules.

  5. I would suggest looking into a less expensive undergrad school.  Med school is going to more costly, and I would wait on taking out any loans until then, if possible.  Plus, Medical schools are so competitive, that you don't really know yet where you'll end up.    

    What is at Fordham that appeals to you?  Do you think maybe you could find something comparable or similar at a nearby/less expensive university?  A lot of undergrad schools offer "semester abroad" programs, and you could look into that if it's something that interests you, especially if you're looking to travel.

    Ultimately, this decision is up to you.  But consider you options carefully, and think about what will really make you happier in the future.

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