So I have a pretty decent scholarship for my safety School, Twin Cities. 40k over 4 year, and in state tuition. If I do get accepted into a bigger school, such as MIT, and go there, will I need to apply for student loans, both Private and Pubic, once I am accepted, or must I do do pre-emptively, since different colleges have different rates? My parents are doctors, so I do not know to what degree will I get low-interest loans based on financial need. Thanks.
Yes. You apply for your loans once you are accepted.
How much will you need to take in loans? You can get $5500 in your name only as a freshman. Any loans in excess of that amount will either need to be taken out by your oarwnts, or will need to be cosigned by your parents or another qualified cosigner.
Have you determined if your family income makes you responsible for full COA at MIT? Have you discussed if you family is able and willing to pay for it? You cannot borrow much as a student.
Direct student loans are Federal. They do not vary by college You, yourself can borrow up to:
Student Federal Direct Loan
freshman 5,500
sophomore 6,500
jr 7,500
sr 7,500
In addition, your parents have access to Direct Plus loans. Interest rates are published on the federal loan pages here:
https://studentaid.ed.gov/types/loans/interest-rates
Or they can arrange for private loans if they prefer.
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My parents are doctors,
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both of your parents are doctors. How much are they going to pay? How much do they expect you to borrow? Do they realize that you can only borrow $5500?
It is unlikely that you qualify for any need based aid or subsidized loans.