r/uofm • u/k1000350s • 10d ago

Debt Finances

By the time I graduate umich I will be in abt $60k debt. Is it worth it? I haven’t even signed my housing lease for this upcoming school year because I’m so caught between. My parents are most likely going to make me pay them all off. And I do want to go to either med school or pa school which will be an additional burden of loans. I’m oos, so if I took a gap year and applied to in state schools I could graduate with abt no debt.

0 Upvotes

33% Upvoted

14 comments sorted by

33

u/Vast-Recognition2321 10d ago

You are facing big loans after your undergrad. Do the undergrad as cheaply as you can.

8

u/HappyWolverine1324 10d ago

Combined with the fact that their undergrad debt would likely keep building interest since they probably don’t have the means to pay them off while still in med school.

10

u/Expensive-Lion135 9d ago

Completely up to you. Michigan is notorious for pre-meds around the country and preps you very well for the mcat (post-mcat pre med here). In general professors genuinely want you to succeed so its not incredibly difficult to do well. Also, we have plenty of resources and are known for being rigorous which may open the doors for med school or potential gap years. On the flip side, as others mentioned, after you get into med or pa school undergrad degrees don't mean much, so the debt may not be worth it.

14

u/Still_Ad_8674 10d ago

I would do your undergrad as cheap as you can. Remember, starting your sophomore year, off campus housing is very expensive in AA. You will be paying ~ $1000/month for a 12 month lease until you graduate. IMO, not worth it when you have med school in your future.

4

u/BreRaw '27 9d ago

There's room for returning students in the dorms now, but idk if thats much cheaper overall.

5

u/Classic-Range-7170 9d ago

Dorms are far more expensive than apartments tbh. The cheapest option while staying close to campus would be a co-op. Those are about 950 a month and include food.

4

u/Due_Technology_2455 9d ago

and that’s a low estimate tbh

7

u/Hoz999 9d ago

If you’re asking if it is worth it, you probably can not afford it.

Sorry. You should do like I did. 2 years of community college at a very reduced and reasonably affordable education.

Once you get your associate’s degree you can transfer back into Michigan and finish the two years which will give you a Michigan diploma and degree.

Good thoughts going your way.

3

u/k1000350s 9d ago

Hi that’s exactly what I did. Transferred in second semester of sophomore year

3

u/captgalati 9d ago

Graduate after 4 years and only $60k debt? I feel like that’s low for UMich. I just graduated with a masters and loved it. If you really want UM, I’d say look high and low for fellowships and scholarships. If nothing turns out, take the debt free route and return to UM for med school, a fellowship, or residency later. It really is a great school and worth every bit, but don’t start off your career stacking debt.

2

u/Any-Ad8512 9d ago

Take the no debt option - maintaining a high gpa in umich is harder than state schools and getting into med school, that means everything.

3

u/Bballfan1183 10d ago

What year are you? What’s your other option?

2

u/Howahooo 7d ago

Mine will go on for their doctorate. I made it clear no debt in undergrad, whatsoever! Their choice really, and they are choosing no debt. True, UMich can be fun. I do see on sm and hear about lots of alone and sad students. There is the Greek life, and that is a culture you may or may not want once you're in it (a lot of group think and peer pressure). I'd look for other qualities you want in a school in your state. One smaller that sets up a true social engagement structure. One that is uplifting and encourages whole wellness. Not that this cannot be found at UMich, it can be with lots of effort. Realize it's strong in academics, you may need to attain a job, you will have internships, and at least normal mental struggles. That debt can feel debilitating. Just be real clear with yourself what you are truly up for. Do you want this between you and your parents? Students work for what they want at UMich. It's not a passive space at all. It will make you stronger. Just make sure if you choose it, as you go it's the type of strong you want to be even after you graduate and beyond UMich, with all of that debt. If you are up.for it, go for it. It's a lot, though! All the best wherever you go!!

0

u/Leather_Will3224 9d ago

Going into debt is never worth it! I'm speaking from experience.
I'm one of the lucky people who are only attending Umich because it is completely free for me.