Choosing between colleges

College Search & Selection
1

Hey, everyone! I’m a NJ resident and have been accepted to my in-state Rutgers University and University of Richmond in Virginia. One significant factor due to which I haven’t been able to decide on my college is finances. Due to being in-state at Rutgers, the tuition per annum is roughly $15,000. Out of this, $11,000 is covered by my federal aid (of which $5500 is in loans). That leaves the outstanding amount of $4,000/ year, which I would have to borrow. So, for a year, my loan amount would be around $9,500. I have to take care of living expenses on my own as well ( say $10,000/ year). So, that’s a combined of $19,500 per year in expenses, with half of the amount in loans. with some contribution from my dad ($3,000) and if I work part-time (need $7,000 per year still), I might be able to take care of my living expenses. But i’ll still graduate with almost $40k in loans.

On the other hand, University of Richmond has offered me a generous financial aid package. . The total cost of attendance is around $69,000/ year, of which they’ve covered $63,000/ year ( including the $5,500 federal loan and $1,500 in federal work-study). the remaining difference in COA is around $6,000/ year. If my dad contributes the $3k, i’ll have to work for $4,500 only ( $3k regular earnings + $1500 work study). Most importantly, my loan amount would be $22k by the time I graduate.

the second factor is the employability outcomes for both schools. I’m going to major in Finance or Accounting, which both the schools offer. I’ve always wanted to work in NYC, and Rutgers’s close proximity to the city means there’s a fairly good chance of landing a job there. And being a top public school, Rutgers students get a lot of placements at top accounting firms, banks, financial firms etc. The alumni network is very strong in the private sector. So, for me, this is a plus. However, that’s not the case with University of Richmond, i believe (Please correct me if I’m wrong). Being a mid-ranking, small liberal arts college, UofR students are more concentrated in the south belt, with very few to no placements at the top firms in the financial sector. The earning potential after graduating from UofR also seems less than that of a Rutgers degree.

So people, any advice or other significant factors i need to look over in my college choice is highly welcome. Thank you very much!

2

I think you need to revise your understanding of the University of Richmond. It offers a business program equivalent to that of other highly ranked programs. Additionally, by general standards, I wouldn’t call it mid-ranked, even when compared across colleges nationally. In the below ranking based on standardized scoring profiles, for example, UR appears among some clearly excellent schools. If you’d like to consider graduate earnings as well, students from your two choices earn within a few hundred dollars of each other in early career salaries based upon data available in U.S. News.

https://amp.businessinsider.com/the-610-smartest-colleges-in-america-2015-9

https://www.usnews.com/best-colleges/rutgers-new-brunswick-6964

https://www.usnews.com/best-colleges/university-of-richmond-3744

3

I think you have an amazing opportunity at University of Richmond. I would jump on it if it’s not too late!

4

You cannot borrow all the money you are talking about for Rutgers without a co-signer, or your parent would need to borrow the amount beyond the federal loan limits.

It looks like Richmond is your only affordable option. Go there. Do well. Graduate without as little debt as possible for both you and your family.

5

@merc81 Hey. If you come over any data about Uni of Richmond’s students placements or the companies that employ their students, please share it with me. And by mid-ranked, I meant that it’s ranked in 20’s (as in comparison to Colgate, Colby, Amherst, Williams or other LAC’s)

6

@happymomof1 well my dad won’t qualify for the Parent Plus loan as he isn’t a US citizen, so that would automatically bump my federal loan amount to $9500 from the regular $5500. But I do share your concern of graduating with a huge debt.

7

Go for the money!

8

Guys, getting a job at a top financial firm is something that I want very much, and is a significant factor in my college choice. Rutgers is proven for its students in this regard, and therefore (even with all the costs), looks like THE option to me. On the other hand, I didn’t come across any such data for University of Richmond where I could see that which companies employ their students. As @merc81 pointed out, their isn’t much difference in their salaries. And it’s not about the salary for myself, rather than where I get to work. Or which University gives me at least a fair chance of getting there, based on records.

9

That much debt, and that mich extra work to earn the money you need to live on make Rutgers a much riskier choice than Richmond. If anything at all goes wrong, a whole lot will go wrong. At Richmond, the likelihood of you finishing college is stronger. You can get to a top financial firm from there, and you will have more free time and energy to pursue that goal because you won’t be stretched so thin.

10

Congratulations! These are two terrific opportunities.

It’s funny, to me, even if costs were equal, I’d lean heavily toward Richmond. I agree Rutgers would be/will be great–excellent business school and near NYC financial hub. I would not knock it for a second. I would think your chances of landing a very desirable financial job would be at least as good at Richmond, though I don’t have the stats to back it up, just anecdotal experience. It is a top business school, and students are recruited to top firms. The school has a stunning campus near downtown Richmond (RVA), which is NOW a great city for young professionals.

But the choice is yours. You’ll be assuming the debt, and you’ll be living and learning at the school for four years. I’d prefer Richmond, but certainly others would prefer New Brunswick.

Just to add, on rankings, the US has the strongest colleges/universities in the world. There are something like 4000-5000 colleges/universities in the US, and many of them are LACs, so any school ranked in the top 50 in any category is truly elite. And many others provide similarly excellent educations.

So you are in great shape. Choose what works best for you. Work hard, take advantage of opportunities, make opportunities, treat everyone with dignity and respect. You’ll do fantastic, whatever that means for you.

Good luck!

11

Thank you very much for your thoughts, everyone!

12

Nj resident here. My son was admitted to both these schools as a business major. He got no money at either one but if he had gotten your deal at U of Richmond he would have chosen it in a heartbeat.