If my parents pay for MIT they will not have funds for my graduate school.
Most parents do not pay for grad school. If you are getting a PhD, you either get accepted with full funding (the university pays you to attend) or you don’t. If you aren’t good enough to get funded, you shouldn’t be attending a doctorate program. If you are getting a professional Master’s degree (MBA for example) you either work for a company which will pay for your degree, or you take out loans, or you work for several years so you can afford to pay for it yourself.
Etc.
160K is a lot of money. I’d probably take it and not look back.
What do your parents think?
- if you attend graduate school you’ll be an adult. Funding should be on you, not your parents.
- most PhD programs worth attending are funded, so you wouldn’t need to pay.
If you graduate with a degree in engineering or CS, you could also work and save before you attend grad school (something most do anyway).
So, in my opinion, your criteria for choosing shouldn’t be those.
Are your parents offering to pay for MIT ?
Does either university involve any debt for your parents ? For you ?
Where do you want to work ?
Do you have Regents at UCSD ?
Are you instate for ucsd ?
What do the ‘160k’ refer to ?
Removing grad school from the equation, what’s your preference ?
Yes, they offered to pay for MIT.
No on debt, but it will not be easy. It will be more than half of their combined yearly income.
I don’t have regents. I got one at UCB, but not at UCSD. But I don’t want to go to UCB.
I am instate.
160k is a difference between total cost for MIT and UCSD.
MIT
Will paying the extra for MIT significantly affect your parents’ retirement financial plans?
Do you have younger siblings? If so, will paying the extra for MIT affect the college funding for them (especially if it creates a “fairness expectation” where they may feel that they would be treated unfairly if they had to choose colleges under a more restrictive financial limitation)?
I agree with what others have told the OP. Don’t put grad school costs into the equation. I didn’t pay a dime of my own money for my PhD, nor did my parents contribute. I had fellowships and teaching assistantships all the way, both from the university and from certain competitive foundation awards. That’s typical. If you can’t get full promise of funding for a PhD then rethink whether you are truly fit for the program. Master’s degrees are a different animal. Some pay you, or at least partially pay (scholarships, fellowships, assistantships), some are paid by employers.
UCSD is a very good university. MIT is excellent. A degree from either one will do you good.
@ucbalumnus I don’t have younger siblings. It would not be easy for my parents, but they offered to do it. My older brother went to our state schools that didn’t cost much and they helped him with down payment on his house right after graduation. They offered the same to me.
@mackinaw I plan on getting master’s degree.
Looks like the issue is whether an MIT education is worth the down payment on a house.
So, would you rather have MIT or a down-payment on a house ?
If you want to become a CS prof in Top 25 univ., it’s MIT.
If you want to challenge yourself and measur your potential, it’s MIT.
If you want to have just a good job in a Computer related area, save $160k.
MIT is of course tied for #1 in Computer Science rankings, according to US News rankings, but UCSD is ranked #15 which is still very high and UCSD is one the very best for bioinformatics research. So a lot depends on your particular interest within CompSci. Both are top schools for CompSci and a lot of your education is what YOU put into it, so I would say save yourself and your parents a lot of debt and go to UCSD. A good student will make the most of even a mediocre school and UCSD is far from mediocre. Sometimes it’s easier to shine in a school that is less cut-throat competitive, so there is that too. Good luck, I’m sure you’ll make the most of either choice.
Bookmouse, I think the OP said that parents could pay without debt. Also, MIT is not cut throat. It is actually the opposite. Students are encouraged to collaborate. Not doing so risks not making it through. Sort of the opposite of cut-throat. In fact, if you are cut-throat, MIT would probably not be a good choice for you.
Tough call, but if your parents are willing to pay, I think the lifelong connections you can have from being an MIT alum are probably worth it. It’s a smaller school, you’ll have smaller classes and more attention and access to some of the best facilities in the world.
How much do you have to pay for UCSD? With an EFC of $40K for MIT, I doubt that you get free ride at UCSD. My son had a Regents but only $1000 was offered.
Your parents have offered to pay for MIT. It’s a special opportunity.
They have a better command of their finances than you do.
You’d prefer to attend MIT.
Why would you deprive your parents of the privilege of sending you there.
I think you should trust their judgement that they are happy to send you there.
@lostaccount, @ClassicRockerDad, parents are offering to pay more then half their annual income for MIT.
That seems pretty crazy.
Granted, they seem asset-rich, but compared to UCSD for CS, MIT is a luxury good. Personally, I would not pay over half my income. Then again, personally, I’d choose Cal, which in some respects is closer to MIT in CS and costs even less than UCSD for the OP.
Well PurpleTitan that’s the beauty of a free country. You can spend your money according to your values and preferences, and OP’s parents can spend their money as they see fit. Who are we to make this judgement and deprive them.
I would make the same decision as them, and I would be offended if I were OPs parents and some random parents questioned my judgement. People do buy luxury goods you know. What’s the point of making the money if you can’t enjoy it.
MIT Salary Survey. Note the MEng which I believe is only EECS, and is a 5 year Bachelor’s Master’s program
https://gecd.mit.edu/sites/default/files/documents/2015-gss-survey.pdf
Median is $110K!
@ClassicRockerDad, indeed, people are free to make their own decisions, no matter how financially prudent or imprudent. And sometimes, people are offended when others point out that a decision is financially foolhardy, which is why few do even if they think it is, but that doesn’t mean that the person who is offended is actually right.
In this case, which this is would come down to whether their retirement would be affected.
I’d still urge the OP to not go off of emotional reasons and to strongly consider Cal.