So…
I have the chance to attend the University of Minnesota for almost half the cost of what I am anticipating Northwestern will cost me. Is it smarter to go to UMN, major in Marketing, and graduate with virtually no debt? I know that I would be much happier at NU, but I would graduate with a degree in Communications and maybe $40,000 in debt. Does anyone know the average starting salary for a Communications major out of NU? I can only find a university-wide average. Oh, and wherever I go I want to eventually earn an MBA. Thoughts?
If you’re estimating 20K in debt for UMN and 40K for NU, I’d easily pick NU. First off, I can almost guarantee you’d make that 20K back from NU through generally great networking opportunities plus the name on the degree. Second you said you know you’d be much happier at NU and you need to take into account how much enjoyment you get out of that debt. If you had two restaurants, one which cost twice as much but tasted WAY better and it was slightly better nutritionally, wouldn’t you pick it, given that you can afford the upfront costs for both (which I assume is true)?
This is a personal decision that should be made with your parents and I would advise to take anything on these boards with a grain of salt. I would suggest speaking with people at the School of Communication at Northwestern about salaries. I am not sure starting salary is the best way to decide here; you would want to consider difference in lifetime earnings, and this is highly dependent on the individual. It is exasperating to see the obsession with name brands and prestige over actual learning ("…through generally great networking opportunities plus the name on the degree" from the previous poster). That being said, a Northwestern degree is something you will have for life and should provide opportunities over a lifetime that a UMN degree will not. Also keep in mind that communications in general is one of the lowest paying majors out of college and over the course of a career.
To be clear, I never said that the prestige was something I considered, I simply said that, in general, Northwestern students on average will make more than a state school student, partially because of prestige. Trust me, I’m the first to say choosing a school on prestige is a bad choice.
This is honestly a decision none of us can make for you. Talk with your family and representatives from both schools. I would say that the extra debt from NU is worth it in multiple ways (higher starting salary, advancement opportunity, networking, location, not to mention a great comm program and a great experience), but definitely put thought into it.
Northwestern has a debt cap scholarship. It’s reserved for seniors. They don’t let undergraduates graduate with more than $24,000 in debt. I firmly believe that NU is worth that $24,000. Once you become a senior, I believe they find a way to some how absorb it.
Wait, I thought the debt cap was just for people under a certain family income? I haven’t heard anything about a cap for all students.
This source says the average starting salary for 2013 NU School of Communication grads is $41,418.
http://issuu.com/northwesternucs/docs/2013_post_graduation_issuu
Debt cap scholarship: http://undergradaid.northwestern.edu/types-of-aid/scholarships-grants/northwestern-scholarships.html#debt
Wow, well I definitely thought that only applied to really low income people, but apparently it’s all need-based loans. I’m a happy camper today.
Remember that at NU the average Communications starting salary includes many Theatre majors who are not typcically in it for the money.
But it also includes communications sciences and disorders, which I’m sure might have a slightly higher average than the rest of comm. So you can never be sure what the specific major might get you.