<p>Out of my admitted schools, I have come down to two options: University of Florida or University of Illinois, Urbana-Champaign. I am going into computer science, and both schools seem to have respected Computer Science programs.
UIUC seems like the better choice because it is ranked higher than UF (UIUC - 5th; UF - 47th) for its computer science program. It seems like an amazing school, but the only issue is that UIUC is my out-of-state option. Four years at UIUC would leave me graduating with $180,000 in debt. And i know that this a dumb reason, but the idea of going to college out-of-state is much more appealing.
UF is the safer option. UF is my in-state option, only 72 miles away from my hometown. I will most likely be able to graduate from the university debt-free, as the university is giving me much better financial aid as well as Florida Bright Futures helping with payment. Unlike UIUC, I will be enrolled in the Honors College and taking residency in the Honors College Dorms.
Both options are very appealing to me in different ways. I know that the $180,000 of debt seems extreme and absolutely insane, but I wanted to see if anyone out there would suggest a reason why this debt may seem worth it.
The factors that are most important to me are the curriculum, the internship opportunities while in school, and the career opportunities right out of college.
I know this post may seem dumb and the answer may seem obvious, but I want to get as much advise as I can before I make this decision. I most likely will only make this decision once, so I hope to make the right one.</p>
<p>You’re not going to be able to find anyone that can “explain” why $180,000 of debt is “worth it”.</p>
<p>Use the loan calculator to figure out your monthly payments…</p>
<p><a href=“Loan Payment Calculator - Finaid”>Your Guide for College Financial Aid - Finaid;
<p>I plugged in 20 years at 6.8% interests (your interest will be higher, but what the h$#%…)</p>
<p>Loan Balance: $180,000.00<br>
Adjusted Loan Balance: $180,000.00<br>
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 20 years
Minimum Payment: $50.00<br>
Total Years in College: 4 years
Average Debt per Year: $45,000.00 </p>
<p>Monthly Loan Payment: $1,374.01<br>
Number of Payments: 240 </p>
<p>Cumulative Payments: $329,762.99<br>
Total Interest Paid: $149,762.99 </p>
<p>Or you could just go to UF…and spend some of your savings on a summer vacation in Europe…</p>
<p>UF has the best Career Center in the country, so you should have no problem finding internships and career opportunities. You will not regret going to UF. You WILL regret $180,00 in debt!</p>
<p>I was in a near identical situation about 5 years ago. I ended up choosing UF for CS over a very expensive but more highly ranked school. I think it was one of the best decisions I ever made. I was able to graduate with no debt, the classes were plenty hard and thus kept my interest, and I think the CS department at UF has a good sense of community… Lots of smart people and programming related clubs, etc. I think no debt was the biggest thing for me because it allowed me to do whatever I wanted when I graduated, instead of forcing my hand to take a high paying job in a big city to pay back loans (but if a job like that is what you seek, I know a lot of people from UF ended up at big companies on the west coast). From what I’ve seen, the classes (especially at the undergrad level) are more or less the same at any university, so it’s really what you make of it.</p>