Finding ways to pay for college...

[Scarlet Fire]

Hello one and all,

I've been put in a very tight position lately, and I'm not sure where to go from here.

As some of you may or may not remember, my father died of cancer about 2 years ago. After all of the medical bills, then the lack of any significant source of income for two years, etc., etc., my family's credit is absolutely, utterly in the tank.

Now, I've just finished my first year of college, and already, I've accumulated a substantial amount of debt. My dad's life insurance was apparently deemed enough for us not to receive much in the way of federal financial aid, so everything from this year came from loans and scholarships. My scholarships have run out, so all that's left are unpaid loans, and hope that my financial aid reward coming in a few weeks will be enough to pay for another year of school.

Here's where things get tricky. As it stands now, if I do not get enough financial aid for the next academic year, I won't be able to pay for college anymore (including state schools). My mom (because of our recently devastated credit) is unable to take out loans. For some reason that I fail to understand, I'm not able to take out loans, either. Our only hope now is that this will change with the new financial aid package, and I will be granted all of the scholarships I applied for.

This, however, it quite wishful thinking. With the current state of the economy, school loans and grants are extremely difficult to get a hold of (especially for a family in the position that mine is in. Not so poor that we get a fantastic aid package, but nowhere near wealthy enough to actually pay for anything on our own). So now comes the question: what other options do I have?

The first idea I entertained was transferring to another (cheaper) school. There are two problems with that, though. Firstly, Northeastern (my current school) is one of the only schools on the east coast with my major. Secondly, Northeastern gave me the most money out of any of the schools I applied to. Even the state schools (University of Vermont and University of Maine) were going to be more expensive than Northeastern was. So, this really isn't a financially or practically viable option.

My second idea was taking a year off of school and working an obscene amount of hours at a low-wage job so I could pay for the next semester. This may well be the option I have to pursue, but the idea of being in college for six or more years (I'm already in a five year program) is absolutely demoralizing- especially seeing as I want to go to medical school. If this is the only option I have available to me, though, then I suppose I have no choice but to follow through with it.

I'm really grasping at straws now. I've already participated in medical experiments at local hospitals to pay for housing so I could finish my current internship (they don't pay nearly enough for what's involved ). So what other options do I have? Should I consider enlisting in the armed forces? Is there a secret way of getting more money for financial aid that I'm not aware of?

I'd truly appreciate any help that you guys can offer. I just simply don't know where to go from here.

[rr5025]

Try www.fastweb.com lots of scholarships on there. Also try through your church (if you have one, if not look which one has the best scholarships and join it for the money).

[MatticusMania]

Well the easiest way to raise cash is to sleep with 1000 fat chicks for $100.

[popinfresh]

Become a male escort, pays well and you don't even have to sleep with half the women (trust me, some you wouldn't want to).

Why not take a year off and get a descent paying job?

[elgecko]

1) Go to a community college then transfer back to Northeastern...it's cheaper and you'll get the exact same diploma. In fact, you'll probably get better instruction for your GE classes.

2) Get a decent job and pay your way through school even if it means taking a part time school load

That's the way I got through school . It wasn't easy and it took me 7 years but I didn't owe one cent when I graduated. Think about it, do you really want to start your post-graduation life $50k - $100k in the hole. If you go to grad/med school, that estimate will go up significantly. I've got a buddy that works in a hospital and he tells me that despite making good money, most young doctors are "poor" from paying off their student loans.

[Scarlet Fire]

Originally Posted by popinfresh

Why not take a year off and get a descent paying job?

Are there any available with only a high school/incomplete college education? The only ones I could get back home (free housing, since I'd be living with mom) would be pretty low wage.

Originally Posted by elgecko

1) Go to a community college then transfer back to Northeastern...it's cheaper and you'll get the exact same diploma. In fact, you'll probably get better instruction for your GE classes.

Northeastern doesn't allow it. They won't take the credits. I'd have to transfer into a different school at the end. Also, I've heard medical schools don't really like to see community colleges on transcripts, justified or not.

2) Get a decent job and pay your way through school even if it means taking a part time school load

That's always an option, too, but I could wind up taking a hit in my GPA if I overdo it. Still something I'm considering, though. I just have to figure out how I would balance my time.

That's the way I got through school . It wasn't easy and it took me 7 years but I didn't owe one cent when I graduated. Think about it, do you really want to start your post-graduation life $50k - $100k in the hole. If you go to grad/med school, that estimate will go up significantly. I've got a buddy that works in a hospital and he tells me that despite making good money, most young doctors are "poor" from paying off their student loans.

That much I've known for a few years. Doctors fresh out of medical school have a ton of debt (sometimes up to $200k+) and don't make a lot of money to balance it out. Such is life in medical careers. You don't go into that sort of job for the money.

[jweiss]

http://www.staffordloan.com/

[jweiss]

Here's your problem:

http://www.northeastern.edu/admissio...s/tuition.html

The cost of tuition for my BS, MS and PhD combined (at UCSD and U. Utah) was less than one year of your undergrad tuition at Northeastern.

[Kenbuntu]

Tuition
$34,950


:O

That's a lot of money. Take a year off school, and go to a different university. Or switch universities right away and have a smaller debt.

[rcarraher]

Originally Posted by Scarlet Fire

Hello one and all,

I've been put in a very tight position lately, and I'm not sure where to go from here.

As some of you may or may not remember, my father died of cancer about 2 years ago. After all of the medical bills, then the lack of any significant source of income for two years, etc., etc., my family's credit is absolutely, utterly in the tank.

Now, I've just finished my first year of college, and already, I've accumulated a substantial amount of debt. My dad's life insurance was apparently deemed enough for us not to receive much in the way of federal financial aid, so everything from this year came from loans and scholarships. My scholarships have run out, so all that's left are unpaid loans, and hope that my financial aid reward coming in a few weeks will be enough to pay for another year of school.

Here's where things get tricky. As it stands now, if I do not get enough financial aid for the next academic year, I won't be able to pay for college anymore (including state schools). My mom (because of our recently devastated credit) is unable to take out loans. For some reason that I fail to understand, I'm not able to take out loans, either. Our only hope now is that this will change with the new financial aid package, and I will be granted all of the scholarships I applied for.

This, however, it quite wishful thinking. With the current state of the economy, school loans and grants are extremely difficult to get a hold of (especially for a family in the position that mine is in. Not so poor that we get a fantastic aid package, but nowhere near wealthy enough to actually pay for anything on our own). So now comes the question: what other options do I have?

The first idea I entertained was transferring to another (cheaper) school. There are two problems with that, though. Firstly, Northeastern (my current school) is one of the only schools on the east coast with my major. Secondly, Northeastern gave me the most money out of any of the schools I applied to. Even the state schools (University of Vermont and University of Maine) were going to be more expensive than Northeastern was. So, this really isn't a financially or practically viable option.

My second idea was taking a year off of school and working an obscene amount of hours at a low-wage job so I could pay for the next semester. This may well be the option I have to pursue, but the idea of being in college for six or more years (I'm already in a five year program) is absolutely demoralizing- especially seeing as I want to go to medical school. If this is the only option I have available to me, though, then I suppose I have no choice but to follow through with it.

I'm really grasping at straws now. I've already participated in medical experiments at local hospitals to pay for housing so I could finish my current internship (they don't pay nearly enough for what's involved ). So what other options do I have? Should I consider enlisting in the armed forces? Is there a secret way of getting more money for financial aid that I'm not aware of?

I'd truly appreciate any help that you guys can offer. I just simply don't know where to go from here.

When I graduated high school back in 72, I was offered scholarships for mathmatics, but my family was very poor. I opted for the Army, and ended up in Vietnam as a rdaio/telephone op/tech After 11 months in country, I was offered a free ride by Uncle Sam (I already had a number of college credits when I graduated high school) but I'd owe him 6 more years. It worked out well, I got my BSEE, took a six year commision. Letre I got a scholarship to get my MS, then after nearly 9 years, I resigned my commision and joined the "real" world with an MSEE. I was still under 30 and owed no one money.

I might suggest you see about the service, I'd go reserves if I were you. Explore a military career field that is closely related to what you want to study. Chnaces are you'd immediately get so much money for school, but go straight off to basic training, then you'd be commited to I think one weekend a month, and two weeks every summer of active duty. You want to pick a career field that would probably not get you sent to Iraq or Afghanistan (so you would not be activated for more than the summer camp and the weekend a month, for instance they probably don't have much need for payroll clerks in those places. Stay away from anything where you'd carry a weapon on your daily rounds, stay away from anything having to do with missles or electronic warfare. Stay away from being a cook or a chaplin, other than that be truthful with the recruiter and he'll work with you.

[Ericman197]

Originally Posted by Scarlet Fire

That much I've known for a few years. Doctors fresh out of medical school have a ton of debt (sometimes up to $200k+) and don't make a lot of money to balance it out. Such is life in medical careers. You don't go into that sort of job for the money.

I take offense to that! Plenty of people go to medical school for the money

But seriously:

- As you've surmised, community college isn't looked upon favorably by medical school admissions boards. It's justified in that if you could do it, everyone would take calculus and organic chem at their community college.

- If you really want to go to medical school, you can't take a hit on your GPA. You can apply a few years late (the average male first year student is 25, and I know several who are in their late 20s). But in terms of lifestyle, that's not favorable. You don't want to be in residency when you're well into your 30s, if you can do it sooner.

- Debt is a serious issue for medical students. The average debt is $139,000 - but that average is brought down by the 13% of students who don't have loans, or the 12% who have <$100,000 in loans. Many of the people I know will end up owing $150k - $200k. That puts you in poverty during your years as a resident (salary is about $50,000).

- I find it hard to believe that you couldn't get a better deal at a public school. Many of them will offer you scholarships, and I think that's something you should consider. You may have to ditch your current major, but you can still go to med school with a plain bio major. But if Northeastern really is your best bet, then unfortunately, you may have to work your way through college.

- Once you get to medical school, it should be easier to get loans. I don't think anyone I know has problems paying for living expenses or tuition. If you want your schooling paid for entirely, you either do an MD/PhD, in which case for a few extra years of schooling, the whole thing is paid for and you receive ~$10,000+/year in stipends which will help pay for living expenses and outstanding loans.

- Military is always a possibility, if you're into that sort of thing. But, if you do college and medical school, you're going to owe 8 years on top of your residency. So when all is said and done, you'll be a free man at 37 (or up to 42 depending on how long your residency lasts). Add 4? to that if you want to go for the pension. I know people who are doing this, and it's nice for them to have spending cash and not to worry about loans, but it's a very serious commitment.

[Fontaine]

roughneck for a year if you wants a lot of cash, dangerous job with great money.

[coreyfyfe]

Tough situation. Northeastern isn't the greatest place for financial aid either, I had a few friends leave because they lost their aid from the school, a few with little reason. If you can swing it, the benefits far outweight the costs. I got most of my classes paid for in grants and scholarships, but even with just paying for housing/books/fees/etc for the last five years, I ended up with about 85K in student loans. The upside is, I did three co-ops, and undergrad research, got my self a part time job with a former co-op employer during my senior year, and just started full time there while I finish up the masters portion of my degree (BS/MS Biotech).

If you can swing it, I'd definitely say do everything you can to stick with NEU, the co-op program is a huge boost to your education. My first two rounds of student loans I was unable to get on my own, but subsequent years I was, so I don't know what the deal is. I did everything either through the government or sallie mae, but the market is tough for educational funding. Best of luck to you.

[Ericman197]

Thing is though, for pre-med, you don't need to go private. It usually works against you in the long run, because once you get in no one cares where you went to college (but you still have the ~$100k in debt). And if you're one of the majority of people who don't get accepted, you're now stuck with huge debt. Of course, there are other options: foreign/caribbean medical school, becoming a PA, etc. - but if medicine is really what he wants, he'd be better served by going to the cheapest school he can find (which apparently IS NEU) that has an SAT average of ~1100+ and has some recognition (as in, it doesn't have to be a top school, but it needs to be somewhat above average)

[Stumbo]

Check out: http://en.allexperts.com/q/Funding-E...-insurance.htm

If you don't have income, wouldn't your current FAFSA reflect that and you would be able to get more financial aid?

[warnergt]

Originally Posted by rr5025

Try www.fastweb.com lots of scholarships on there. Also try through your church (if you have one, if not look which one has the best scholarships and join it for the money).

+1 on www.fastweb.com
That's a great, legitimate site to help you find student financial aid.
Other sites try to sucker you into paying for info that you can get for free at fastweb.

[Scarlet Fire]

Thanks for the help thus far guys.

Just to clarify a few things:

When my dad died, his life insurance gave us about $100,000. That was just over a year ago. For whatever reason, FAFSA and NEU decided that that was fair game and we could use that to pay for my education. Never mind all of the outstanding medical bills. Needless to say, that money disappeared very quickly.

As for NEU vs. a state school being cheaper... UMO gave me just about nothing for financial aid. We compared the costs, and NEU actually wound up being a better choice due to all of the scholarships I got. Unfortunately, those scholarships got used up a lot faster than we had anticipated (and they're only one-time deals. No renewal every year). So now, I'm kinda stuck here, because if UMO wouldn't give me any help as a first year, they're sure as hell not going to give me any as a transfer. I'll look into it, anyways, but it's not very likely they'll put us in a better place.

In addition to that, transferring would also suck because I'd have to give up my internship, which has thus far proved to be invaluable. I've learned more in a month there than I did all year at school (glad to see all of this hard-earned money is going to good use ).

Regarding medical school: I'd rather postpone getting in until my late twenties than go to a Caribbean medical school. People who graduate from those school tend to have very difficult times finding jobs in the U.S. Statistically speaking, the best doctors come from U.S. medical schools. I'm not going to sacrifice that quality education to save a few bucks or a few years of extra education. So I might get a late start. Who cares? I'll be doing what I want to do with my life, and that's worth far more than shaving an extra two years off my education.


Now, all that being said, I'm compiling a list of transfer schools. So far, it seems some of the schools in Canada may be the best bang for the buck (McGill, for example, is about a million dollars cheaper than NEU is. The only problem would be managing to get accepted...). However, I'm checking out all of the nearby state school I can, first (UMO, if they decide to help me out after all, UVM, UConn, etc. etc.) Military will be, I think, my last resort. It's too big a committment for me to just jump into, and I really just don't think I'm cut out for it.

[Ericman197]

Originally Posted by Scarlet Fire

Regarding medical school: I'd rather postpone getting in until my late twenties than go to a Caribbean medical school. People who graduate from those school tend to have very difficult times finding jobs in the U.S. Statistically speaking, the best doctors come from U.S. medical schools. I'm not going to sacrifice that quality education to save a few bucks or a few years of extra education. So I might get a late start. Who cares? I'll be doing what I want to do with my life, and that's worth far more than shaving an extra two years off my education.

Normally I am not a proponent of Caribbean schools. I would not go to one to save money. But I would see them as a good option if, as a result of working your way through college, your grades suffered to the point where you couldn't get into an American medical school, yet you had decent MCAT scores (IE: you're definitely smart enough for it, but maybe you got a D in calculus due to bad circumstances).

You won't really save time with a Caribbean school (though you will save money), but I would see it as a very good backup.

As far as the (lesser) quality education, as much as I'd like to say there is a difference, it doesn't matter that much. And this is coming from a US medical student. In fact my primary care doctor is an international graduate.

Here's a few points/counterpoints:

1. Lower admission standards: this means that your classmates will be a bit dumber, and you can expect that the graduates won't perform as well as US graduates on standardized exams and such.

- This does not necessarily apply to you

2. Your pre-clinical (first two) years are in the Caribbean, and one could argue that the education isn't as high quality as in the USA.

- However, the first two years are really not that important: anything you need to learn you can learn in a book. Any Caribbean student can buy the books I've bought. To some extent you MAY miss out on little pearls of wisdom that I can get in a US preclinical program, but most of that can and will be learned in rotations (3rd/4th).

3. Clinical years are at lesser institutions

- For the most part, there is some truth to this: a Caribbean school rotates at less prestigious hospitals. But this is not always a bad thing! You're still being taught by US physicians in a US hospital.

4. Stigma: Caribbean students don't get into good residency programs

- The numbers do bear this out. But keep in mind that Caribbean students - because they scored lower on the MCAT, and so on - achieve lower board scores. Some Caribbean students do match at highly competitive residency programs that I probably wouldn't get accepted into. You will always be more competitive coming from a US school, but most residency avenues are still open to you coming from the Caribbean. Internal medicine, psych, neuro, PM+R, pediatrics, etc. are all fields you can get into. Dermatology, specialized surgery (plastics, optho, ENT, uro, etc), and others will be much more difficult though. Other fields like anaesthesiology, general surgery, and pathology are maybes - you can get in, but you will have to work for it.

5. You will not be as well trained a physician coming from a Caribbean school:

- I've heard this rumor before but it's not entirely true. Just about everything you need to know for residency can be learned if you put your mind to it: in books, in rotations, in journals, etc. Once you get in, that stuff you learned about glycoloysis and PAS stains doesn't matter that much anymore either.

6. Less prestige/respect amongst your colleagues:

- There is some truth to this, but remember that in medicine, the most important thing is your last step. For example, no one cares where a doctor went to college. Hardly anyone even cares about where he went to medical school. What's most important is: where did he get the training that he's currently using? If he's a dermatologist, where did he do his derm residency? If he's an invasive cardiologist, where did he study invasive cardiology? For an invasive cardiologist, for example, you're much more interested in where he did his radialist/invasive training than where he did cardiology. Where he did his internal medicine training is just about irrelevant, let alone where he went to medical school. As an international graduate you will probably not do well in attaining a prestige political position like head of the AMA, surgeon general, etc. But most other doctors will respect you if you do good work, and received good training after medical school. Like I said, my own doctor went to the Caribbean, and he's great.



Overall, I agree that you should try to get into a US school if at all possible. I wouldn't go to el Caribbe to save money. In fact I wouldn't even go to save a year. But if it were a matter of not being able to get loans for a US school and having to put it off for 5 years, or simply not ever being able to get into a US school, a Caribbean school is an option.

[MakiSupaStar]

If you're in your first year of school, then you're still an undergraduate, correct? A lot of undergraduate courses are taught by graduate students, which in my opinion is a big rip off. You pay tuition for leaders in their field, not some graduate student. This is why, I find that in a lot of ways a Junior College or Community College is the way to go for the first couple of years. Get all your undergraduate work done in a JC. It's considerably cheaper (WAY cheaper), and you get actual professors teaching your classes. Then when you're ready, and you've declared a major, apply for grants, loans, and scholarships to complete your coursework for your degree. From what I can tell, you could do your next year at a JC, save a little money, spend some time lining up your ducks before you jump back into it.

[PRUNEFACE]

Originally Posted by Kenbuntu

Tuition
$34,950


:O

That's a lot of money. Take a year off school, and go to a different university. Or switch universities right away and have a smaller debt.

Names make a MAJOR difference in law and medical school unfortunately