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My parents will cosign a loan but it is up to me to actually pay it if that makes any sense. I do plan to go to med school and become an Anesthesiologist, so that will hopefully help my debt situation, thanks for the feedback!
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I have a son in med school, so I’m very familiar with the whole process. Debt should be avoided as an undergrad.
Your parents would be crazy to co-sign large loans as an undergrad in hopes that you eventually (many, many years later), get thru med school as a top graduate and get into the highly competitive specialty of Anesthesiology.
What if you dont end up with med school worthy stats?
75% of freshman premeds NEVER end up applying to med school. Do you know why?
Do you understand that there is HEAVY weeding in the premed prereqs?
If you were to borrow $40k per year for undergrad ($160k debt) and didn’t make it to med school, then WHAT?
If you did make it to med school, do you have any idea of how BIG that debt will grow while in med school AND in residency? That $160k debt will be growing from the moment you borrow…and by the time you’d be out of residency, that debt will be MUCH larger.
THEN…on top of that…you’d have med school debt…about $200-400k of med school debt.
You don’t think starting your specialty (whatever it ends up being) with $500k-600k+of debt is a big deal???
BTW…what will you do if the banks refuse to keep qualifying your parents each year?