I was accepted to both Cornell Dyson and Macaulay @ Baruch, but I am having a lot of trouble choosing between them. I’m planning to major in finance.
For Cornell, I have to pay full tuition (~55k per year) while Macaulay is practically free. Cornell has the name recognition I need in the business world, but Macaulay is basically on Wall Street so I’d have access to more internships and opportunities. I would have the complete college experience I wanted dorming at Cornell, but staying in NYC for Macaulay wouldn’t be bad.
I’m not sure if going into over $200,000 into debt is worth going to Cornell, but would Macaulay’s education and reputation be sufficient for me to do well in business? I only have a few days left to decide, please help!!
I don’t know about Macaulay’s reputation in business, but I know that it has a stellar reputation in most other things. New Yorkers (like me!) certainly know of it and think highly of it. I wouldn’t go 200k into debt for Cornell over Macaulay. In fact, it’s unwise to go 200,000 in debt anywhere unless you know you’re going to be able to repay it easily and quickly. And I assume you don’t know that.
Where are you getting 200k ? 27k is the maximum amount of loans you can receive without an adult co-signer.
You’re obviously a gifted student. You’ll be super successful anywhere!
200k is actually 250k after interest. And you need to earn 300k before taxes to net 250, at a minimum.
Do you want to give a bank 30k a year until your 33 years old and live with your parents or friends couches. Lol. Just kidding but I’m making a point for you.
As @privatebanker wrote above, you can only borrow the federal student loans on your own. Any more debt than that would have to be taken on by someone else, or at least co-signed by someone else. I love my kid, but no way would I take on or co-sign the equivalent of a home mortgage for A when B is a viable option. Macaulay at Baruch is a terrific choice. Go there. Do well.
If you are NY resident your tuition would be $38K instead of $56K. It sounds like you may not be eligible for FA and your parents are not able to contribute anything?
Thank you for replying! I really needed an outside opinion on the amount of debt, especially if my parents need to co-sign. But, you’re completely right. Going broke doesn’t seem so fun.
My parents will try to contribute, but the issue is we have assets that don’t make a significant amount of profit, but Cornell just thinks that my parents will sell their properties for me. I would never allow them to do that.
@jsf7srtf, First, the more you post, the more convinced I am that @privatebanker is right - you will do amazingly well anywhere you go. Second, you are correct - Cornell likely thinks that your parents can sell their properties to fund your college.
I think that you should go to Macaulay and be the success that I’m sure you can be, especially if you graduate college without a $200,000 debt (or $250,000).
Can your family easily afford this? I would get in touch with Cornell Financial aid. They are are usually VERY generous with their financial aid packages (I believe that I have seen a family around the 200k/yr zone with a good amount of assets being responsible for less than 50k/yr - this is only circumstantial, but they seem to have a good reputation for financial aid), but I’m sure a few cases might get messed up every year. Usually, a family should not have to go into too much trouble for paying for Cornell.
Are you seeking a Wall Street career? If so, ask your question on the forum on Wall Street Oasis. The people who post there know everything about Wall Street careers. For sure Cornell Dyson can get you there, assuming you do well, because Cornell is a target school for Wall St. recruiting. The gurus at WSO will be able to tell you if grads of Macauley/Baruch can get jobs on Wall St. https://www.wallstreetoasis.com/forums