<p>I got accepted into Carnegie Mellon as an engineering student. Even after my financial aid award, it's going to cost me $30,000 a year, vs $15,000 a year a North Carolina State University. My parents are only paying $10,000 a year so I'm going to be in some debt. Both are great engineering schools, but do you guys think CMU is worth the extra cost?</p>
<p>CMU: $80,000 in debt after graduation
NCSU: $20,000 in debt.</p>
<p>we are doing the same calculation (but with no financial aid) but you are not doing the math correctly…you should take into account your parents’ contribution (their 10,000 is not like aid money…you can take that money and go elsewhere or do other things with it). </p>
<p>CMU 120,000 for degree (80k or 2/3 debt)
UNC 60,000 for degree (20k or 1/3 debt)</p>
<p>Will there be a substantial difference in your expected income if you go to one or the other? to make up for the difference over, let’s say, 5 years you would want to have an expected income from CMU at least 15k–obviously if CMU gives you a much better start out of school the impact will last for many years after this, but it is helpful to keep with in the relative short term. Will your post graduation income be so high that you can pay the debt in 5 years or less? Why do I ask? Look at the 5 year window as a time where you will likely be single/no kids/no house and you can afford to pay a big chunk of your income to pay down debt. After 5 years you may want to be free to go to grad school, change careers, start a family…the five year rule is a good way to see which is doable. If you pay 4k per year you will be debt free at UNC but you will have to pay either 16 K per year if you graduate from CMU (not counting interest–put in a compounding formula). So…what to do…? I don’t know…please tell us…55k per year versus 10K per year for an art degree with zero to negative expected income at graduation…now there is a stark reality…</p>
<p>fineartsmajormom, I think you may have mistaken the OP’s question:
butterphingerz want to major in engineering, and is considering NC State (not UNC) vs CMU. I don’t know why you think NC State grads have zero expected income after graduation, and why they all have art degrees…?
Anyways, I am in a similar position, but between UNC-CH and CMU, for either physics or biology. I have free tuition at UNC but very little aid at CMU. Anyone have any advice?</p>
<p>@ cjxc92
CMU is not worth paying 200k if you got full tuition at UNC-CH.</p>
<p>The analysis is not whether a school is worth the “debt”.</p>
<p>The issue is what price will you pay for x and y-- the fact that you pay for it later makes it debt…but you must decide if you want to pay for it. Is CMU worth $15k more than North Carolina State per year-- that answer is crystal clear and resounding yes!</p>
<p>fineartsmom is on target-- potential differences in marginal earnings or opportunity for grad school for the specific degrees are relevant. Opportunity for internships while in school also relevant.</p>
<p>There is no way you can compare NC State to CMU-- I know that sounds harsh–it’s reality. If you were comparing Ohio state to Michigan state to NC state…comparable. CMU is comparable to MIT, Cornell, Stanford, RPI…
The price tag reflects the differences in value for engineering for the options presented.
That is not to say anyone should borrow huge sums- that is nuts. Attempt to work in the summer and during the school yr-- that reduces $8k a year alone, and cut expenses…</p>
<p>One cannot borrow $20k a year anyway- there is a max on student loans.
Cut that by earnings and you will be fine. CMU students do not have much difficulty with securing internships and employment (unless they are 2.0 students perhaps).</p>
<p>If CMU Admissions admitted you- they are confident you will succeed here-- you have the record of academic success that places you well well well above and beyond the average or even top student at NC State.</p>
<p>Good luck!</p>
<p>RPI does not belong in that group of CMU/MIT/Cornell/Stanford.</p>
<p>This is a tough situation. CMU is one of the top schools and certainly well worth it IF you can afford it reasonably. If the financial situation is going to weigh heavily on you however, you may want to go in a different direction. You wont suffer at NC State but CMU is a far better school.</p>
<p>Well regardless CMU lists RPI as one of its sister schools.</p>
<p>It depends on what you want to do with your degree.</p>
<p>I can look back on my college mates.</p>
<p>Some are engineers in podunk engineering firms doing routine work that I would describe as boring. They could have gotten those jobs after going to Flagship State University. </p>
<p>Some are not working, but chose to get married and stay home. They didn’t need to go to a university except to find a mate.</p>
<p>Still others are astronauts, CEOs of international corporations, professors in leading universities, entrepreneurs who have made zillions, members of the US cabinet, etc. These folks were always strivers and going for the top. Would they end up at the top if they had gone to Flagship State University? Maybe, but that’s not the point.</p>
<p>Where are YOU headed? What are you going to do with your degree?</p>
<p>I’d go to the cheaper one. Engineers are practical right?</p>
<p>I am in the same situation as you. I think I will do a BioPsych major (worthless, more worthless at Madison?). </p>
<p>I can either go to University of Wisconsin - Madison and graduate debt-free
or go to Carnegie Mellon and graduate with $75,000 in debt, or $600/month for 10 years. </p>
<p>Is a CMU education worth that? I don’t know. May 1st is rapidly approaching :x</p>
<p>Thanks for the replies!</p>
<p>It’s such a tough decision and May 1 is approaching fast.</p>
<p>The thing is, I hope to work for several years and go back to get an MBA, which I know will be expensive, and I don’t want to be bogged down by debt.</p>
<p>n0stalgia, I hope we both make the right decision.</p>
<p>Oh, I know Carnegie has a program with engineers to get there masters and 1+ year after bachelors. That could save money. Truly I think in engineering anywhere it matters how much you put into it. The best at UNC is surely an equal to a random at CMU. ABET, look at employers at UNC and those at CMU along with internships and such. What kind of engineering anyway? Electrical or chemical and it’ll make more of a difference on the school, or less of. Also just which place do you figure you’ll fit in at?</p>
<p>Best of luck - I think that 80,000 is just too much debt. Looking at a finaid calculator, you would need a salary of 75 to 100/annual to pay it off IN TEN YEARS. For five years, you would need 125 to 185K. Great as CMU is, you are not going to be making that right off the bat.
Paying off 20K - that requires a salary of about $31 to 47K.
Again, I love CMU! It’s on my child’s short list. But 80K is a lot of money. Think of it in pragmatic terms. It’s buying a decent little car every year for FOUR years. It’s buying a small house in a lot of the country. It’s probably your entire pretax income for a year or more.</p>
<p>butterphingerz, </p>
<p>Thanks!
Right now though, I think I’m definitely leading towards Madison. Since a PhD is definitely a necessity for what I want to do, there is no way I can finance a $75,000 debt while doing so. </p>
<p>Good luck to you as well!</p>
<p>lucky2010, I’m doing mechanical engineering</p>
<p>I looked up the average starting salaries for both schools.</p>
<p>Carnegie Mellon mechanical engineering students have a median starting salary of $65,000.
NCSU mechanical engineering students start at $59,000. Plus a fairly large number of top companies recruit at NCSU for jobs and internships.</p>
<p>Considering costs and the oppurtunities, I will most likely attend NCSU.</p>
<p>That is, unless MIT, Cornell, or Caltech let me off their waitlist :O</p>
<p>nOstalgia - smart choice, I think. It’s not ‘what is school X worth’. It’s what can I afford. I’ve passed up a lot of things that I wanted, and that were worth the price that I couldn’t afford. Now, unlike many, I’m in solid shape financially. Anyone thinking of taking on more than a modest debt for college needs to sit down with a calculator and figure out how they will pay for it. Find a reasonable estimate for your starting salary, and make a budget. Remember that you will need some household furnishings, and possibly some upgraded clothes. YOu may need a car,and, of course, you will be paying for your own health care too.</p>
<p>Way to go. 6 grand is just median, really the school you go to only effects the starting salary, five years after graduation and no one really cares much on where you came from but your work experience and the projects you do. Just work really hard, do well, and congrats!</p>
<p>Thanks and best wishes to you as well!</p>