School vs. medical setting?

To those of you working in these settings, what are the pros and cons of each? Do you prefer one setting over the other? What are your caseloads like (# patients, amount of paperwork, etc.)? In terms of a cfy, how important is it to do your externship at the place where you want to do your cfy?

Thanks for the help!
Great question, can't wait to see what people have to say... I'm starting to hear back from schools now and making a decision is going to be ROUGH!
I haven't "worked" yet, but I am just finishing up graduate school and I've done pediatric placements in both, so I can let you know how I felt about each setting.

Hospital: Very fast paced environment, somewhat hectic, different schedule every single day, constantly seeing different issues/diagnoses, lots of feeding. I love the hospitals. I liked the fast paced/hectic environment, and the fact that I never had the same schedule (although this would probably drive some people nuts). I'll also admit part of the reason I prefer hospitals is because I hate planning for sessions, so I loved acting "on the fly." I also loved the variety of patients and always learning about other disciplines and about cool medical terms/procedures/treatments/etc.

School: Much more consistent schedule, you generally plan for sessions, you work with the same kids all year, mostly language based and speech issues. Honestly, schools are not my thing, but that's just a personal opinion. I missed the medical piece and learning about how the child's medical issues might be impacting his/her functioning. As I said I also hate planning and doing work at home, so that was part of it. I missed just being able to walk in empty handed for a session like I did at the hospitals. However, I have friends who really enjoy the planning and creating stuff and can't stand not "having a plan" before sessions. It's really a personal opinion. If you are a fast paced type of person that likes constant change and a little bit of chaos, you might like the hospitals. If you like to have a plan and be a little bit more organized/consistent, you might like the schools. I would definitely suggest trying one placement in each to get a better feel.

In terms of the CF, it is important, but you can move around a bit. If you want to go to a school, you will have no problem finding a CF in that setting. The hospitals are more challenging, but I have heard of people moving from similar settings to the hospitals (e.g. SNF to hospital, or private practice to outpatient).
I've been wondering--how is the pay for hospitals? Would you recommend it to someone who will be graduating with 50-60K in loans??
pay in hospitals is not the most lucrative. I think it kind of goes like this...obviously it will vary by your location too...

#1 - Private Practice
#2 - Skilled Nursing
#3 - Outpatient / Home Health
#4 - Hospitals
#5 - Early Intervention (state programs, etc.)
#6 - Schools
I've worked in both the schools and SNF settings so here you go...

Pro's of Schools:
-Summers off
-Winter vacation
-Helping out with extra things like plays and after school programs
-Being creative
-If you are in a large district then you have lots of SLP's to network with

Con's of School's
-Being expected to work after hours consistently or take work home
-IEP meetings running late or after school
-LARGE caseloads...mine was never lower than 45 no matter how hard I tried
-Lots of paperwork - you will spend more time on paperwork than actually planning your sessions
-Low pay - you only really work 8 1/2 - 9 months of the year and your pay will seriously reflect that
-Having a varied caseload - makes it difficult to specialize in one area
-Not seeing fast progress - seeing students 2x a week for 30 minutes of group therapy just isn't real therapy to me
-LOT'S of micro managing and being told who you can and can't qualify based on educational need

Con's of Skilled Nursing
-some people find it depressing
-working with people who often consider their best years to be behind them
-trying to motivate older clients
-patients may pass away

Pro's of Skilled Nursing
-$$$ the money is good
-you are often your own boss and there is usually very little micro managing
-jobs are easy to find
-often get to co-treat with PT and OT
-working on functional tasks can be really fun
-lots of dysphagia if you are into that

Hope this helps!