Chance me and Match as a student from NJ [3.7 UW, 1420 SAT, biology or neuroscience]

Chance Me / Match Me
344

Rowan has the Garden State Guarantee for juniors and seniors. I wonder if that could possibly work?

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:hugs: I figured that’s what your parents think but when you finish college and start grad school (PA, MD, DO school..) you won’t be able to pay off those loans. Medical-related school is 24/7. There’s no time for a part time job. So they will be on the hock till you earn a living.

I’m very sorry.
Is there an adult you AND THEY trust, such as your GC, a religious figure
 Who you could explain things to then meet all together so your parents hear it from the adult not from you? It can be very difficult for parents “to be schooled by their kid” (as they might see it) but hearing the same information from a respected adult could go over better.

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346

I was under the impression that every NJ public university has this, I know Rutgers and Montclair do. I also think the loans tbd parents are referring to are private loans in the student’s name that they will co-sign, my kids pay theirs and take us off the loans after one year of repayment (unless they don’t qualify and then the next option is the federal parent plus loan, with an interest rate of almost 9% right now).

347

You do know that the Parent Plus Loan is now limited to $20,000 a year, and IIRC a max of $65,000 total. I might have that wrong.

@kelsmom

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I didn’t know the limit, but the parent plus and the student federal loans should get Rutgers paid for at least, but I suspect a NJ family who isn’t eligible for much FA would probably be eligible for private loans.

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x 6 kids - they’ll be $600k in debt - if anyone would loan them.

The $20/$65 limit over four years and $200K which includes through professional school - is a (in my opinion) solid outcome of the Big Beautiful Bill.

I actually wish the limits were lower.

Parent PLUS Loan Limits -$20,000 academic year/ $65K/parent lifetime per dependent student

Student Loan Limits - $20,500 academic year/$100K lifetime for graduates

  • $50,000 academic year/$200K lifetime for professional students*
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I didn’t say it was a wise choice, but I do believe this student can probably get $100,000 in student loans with a combo of the student federal loans and private loans in his name co-signed by parents. If he made one year of repayment his parents (depending on the company) could have their names taken off as co-signers.

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I only looked at Rowan, so I am not aware of the other schools.

352

Sorry for the confusion but they dont have 6 kids, they have 4 including me.

So hypothetically, in total for undergrad (lets say Rutgers) and med school, I would only have 200k from government loans?

If thats the case, thats depressing.

Honestly, I don’t really want to do the cc and part time option. But it seems I don’t really have a choice.

I also could just go to Rutgers, and just hope something changes. (parent’s plan)

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Hoping that something changes is not a plan.

CC to NJ public might work.

There are now limits on gov loans, which means students will need private loans as well
 and some may not qualify. That’s a whole other discussion
.

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354

A little off topic, but these loan limits for medical school, law school, dental school, veterinarian school
etc
mean that only families of wealthy kids will be able to attend these programs. Others won’t qualify for private loans. I have an issue with this.

But this student needs to be very aware of the new federal loan limits
especially if they plan to attend professional school.

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355

But I just want to confirm that with my parents (if they sign) I can max out loans at 200k?

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Yes, that is the new limit for the student federally funded loans.

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Alr ty rutgers will probably bet at least 100k, only leaving me 100k for med school.

and im guessing that med school isn’t only a 100k

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By the time you get to medical school
if you do
costs will likely be in the $100,000 a year range all in (tuition, fees, room, board, transportation, books, personal expenses). And you won’t be able to work while attending medical school.

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359

So for that could I just possibly borrow private loans.

If I do become a doctor, I could just live on half the income (since its high) for like 4 or 5 years to pay it off?

360

You need to get through college first.

Your salary will be higher with a different health care degree than it will be immediately out of medical school. You will also owe less.

361

Yes, that would be because of residency (at least 2-3 years), but I could still try to save.

But technically it could work?

And maybe a change of administration can make things easier

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You won’t have much of a choice about your income during residency and fellowships. Let’s just say, your income won’t be $100,000 a year. And no one can predict what loan repayment options will be available to you. Often, private loans have repayment start right after you receive the loan
you would need ti check the provisions of your loan.

It’s very likely you will need a qualifies cosigner for private loans
because you don’t have any collateral for the bank to attach in the event you can’t pay. Are your parents on board with taking huge loans..because that is what they will need to take to fund medical school.

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Yes the are on board for huge loans