OK So I’ve been accepted to both schools and here’s the situation:
-Uf is giving me practically nothing but is payable
-I’m still missing another 24k beyond what the aid and my family can cover
-I love Cornell but I wasn’t too fond of UF
-I’m majoring in Computer Engineering with maybe a minor in CS
-I’m in-state for UF with Bright Futures (not very much though)
-loans involving parents aren’t an option
-I’m not sure if i want to go to graduate school
Can someone help?
so you’re saying you’d have to take $100k in debt to go to Cornell? How much total debt if you go to UF?
What are loans and costs for each?
Loans for UF are 0, but for Cornell at this point would be 32k per year
Cornell is a great school but $128,000 in loans for undergraduate? yikes.
Florida is one of the top state flagships in the country and will provide all the opportunities and resources you will need.
you might love Cornell, but it will be over in 4 years and your six-figure debt will hang over your head like a dark menacing cloud for much much longer than that – and i guarantee you will NOT love that.
since the more affordable option is also a great academic option, i would go to UF and be determined to love it there.
but i am one of those people who do not believe you have to love a school to benefit immensely from it and have a wonderful time in the process. give UF some time and you might surprise yourself by discovering that you love it there as well.
I think you need to look at this from the perspective of how much debt are you willing to take on? Some people would prefer to go to a college that’s not their favorite to graduate debt free. Others would prefer to have the college experience they want and then work hard later to pay off the debt.
One thing that works in your favor is that if you get a CompEng degree from Cornell and a good job (likely), paying off $128K in loans will not be insurmountable. If you were studying Education I’d say go UF debt-free without a second thought, but with CSE, the debt is manageable. Having said that, chances are you could get a good job with a CSE degree from UF too. Again, only you can decide what you’re comfortable with - get what you want now and maybe sacrifice later? or sacrifice now and have it easier later?
Where do you plan to live and seek employment after your graduation?
Cornell is excellent, but is it $130,000 better than Florida? In my opinion, not if you need to pay that difference with loans.
UF is the #3 public university in the United States for value, at least according to Forbes.
UF is ABET accredited in CE too. There has been talk about Bright Futures returning to the level of funding that it used to provide (or something closer to it).
It’s hard to see how significant debt for undergrad is worth it. Cornell sounds cool but is it really that much better than UF?
Aren’t students limited as to how much they can personally borrow without parents?
Agreed, Cornell is great but how could you even come up with that much money? As a student the loans you can take are limited. UF debt free is a fine alternative.
UF is the obvious choice here, financially speaking. It’s not on Cornell’s level but is still a fantastic university in its own respect. Have a superb four years in Gainesville.
I’m usually not a big fan of the “value” lists because that is a huge caveat in terms of quality. Motel 6 is a great value too. Especially compared to the Four Seasons. But I wouldn’t stay in a Motel 6. I’d rather sleep in my car. But it so happens that Gainesville is an outstanding university regardless of cost. That is not true of some of the schools on the value lists but it is true of Gainesville. Many students think they will figure out the loan thing once they graduate. The reality is that, at this time, you can never discharge them-even if you declare bankruptcy. The irony is that you can be irresponsible and end up with tens of thousands of dollars on your credit card. And those charges disappear if you declare bankruptcy but the student loans will remain there. And the Donald Trumps of the world can discharge their debts or their company’s debts via bankruptcy but your student loans will stick with you like glue.
Would you lease a really nice car - a $132,000 car - that you can drive for four years?
If you answered yes…
Then comes the reality check:
it would take you 10 years to pay it back afterwards at $1500 a month (assuming 6.8% interest rate)
And you would need to be be earning $182,000 a year to be able to afford the loan
That would be the obligation you are taking on if you select Cornell
The fact that loans involving parents aren’t an option, choice defaults to University of Florida. There is no way you can borrow $32K per year on your own.
YOU can borrow 5.5K for freshman year.
Therefore, I’m unclear whether you can even afford UF?
In any case, Cornell is not possible as it’d imply parental loans, which you said are off the table (good for your parents - such amounts of debt are a danger to your whole family).
You don’t have a choice. You want to have a choice. If loans involving your parents isn’t an option, you can’t get that amount of loans on your own. Congrats and have a great time at UF. It’s a great school.