I just got my financial aid statement back from Cornell Arts and Sciences, and it looks like I would have to go into about 7.5k of debt for the first year, or 30k over four years if that holds up. My next best option is William and Mary, which I could attend without taking out any loans. I much prefer Cornell, but I’m worried. I don’t have a good concept of how much $30,000 is, or how that much debt will affect my life after graduation. Will Cornell open doors that William and Mary will not in a way that would justify the debt?
I want to add that it realize I’m in a very privileged position to be able to decide between these schools for that amount of debt, but that I still want to make the best decision for myself with the resources I have. Any advice or information would be really appreciated, please ask questions if it will help.
I mean personally I don’t believe Cornell will open any special doors BUT ALSO 30k in debt is barely above the federal limit, so it’s not really a terrible amount of debt. What is your major? You may not want to be in that amount of debt if you’re majoring in a very niche fine art, or something like that.
If it’s 30k at graduation, that’s about 350/m for 10 years, with an approximate 11k in interest. You didn’t say what your major is but if it is in the STEM field I would say that this amount of debt is worth it. Better guidance can be given if you give us an idea what your plans are, where you plan to settle, and any other particulars.
I strongly don’t agree with the previous poster, if you look at her posts she tends to knock down anyone’s desire to go to a good name school. Do check it out and see, I’m not kidding.
There’s two reasons Cornell would be good, the first is they are a rigorous school so you WILL learn the subject well. If you go to the Cornell threads you will see how present and past students comment on how difficult and strenuous the material are.
Second reason, ofcourse the name. It carries more weight to be an applicant from Cornell over abc school in xyz state. This second reason may not be a key reason to chose a school since many schools that aren’t as well known can also offer opportunities but the fact remains, job scouts DO prefer searching for qualified applicants at a school where it is a given that the employee will undoubtedly be qualified. I say this from the many posts I’ve read from various scouts that have said it themselves, that’s proof to me.
“I strongly don’t agree with the previous poster, if you look at her posts she tends to knock down anyone’s desire to go to a good name school. Do check it out and see, I’m not kidding.”
I don’t know what you’re trying to say given that I literally just said this amount of debt is pretty negligible so it makes sense for OP to go to Cornell if they want to.
If you’re really talking about $30,000, as opposed to $30,000 plus federal loans, I think that’s a manageable amount of debt for most majors. Do you anticipate any changes to your financial position such that your financial aid would change over the next 4 years (i.e., do your parents have a stable income, are there other siblings in college who won’t be there in the future, etc.)? Cornell and William & Mary are both excellent schools, so I don’t think you can go wrong with either. If you like Cornell that much more, and you’re willing to pay $350 or thereabouts per month for 10 years, I don’t see anything wrong with that level of debt. Is the school offering you loans, or would you have to get private loans for the excess over the federal loans? Keep in mind you’ll need a co-signer if you need private loans.
To the OP. Both of your choices are fine schools. Either school will provide a great education and access to both the employment market, or grad school, if that is what you want. What will determine your success in life is you, not which college you went to, it is about is how hard you are prepared to work in college and in the work place. One comes with 30k debt which ends up signficantly higher over time with interest payments the other doesn’t. If you wish to go to the school in which will incur debt go ahead but do so with you eyes open.
To suggest that Cornell is rigorous and W&M is not is silly.
This is the bottom line, if you are a strong enough candidate to get into Cornell, study after study has confirmed that you will do well no matter where you go. Look at the big producers of Fulbright Scholars, Rhode Scholars, etc. They come from Podunk U…frequently.
The questions you should ask yourself are, 10 where do I fit best? 2) will I be doing a job where paying back $350 per month for 10 years is reasonable (that’s a similar payment as a $20,000 car, but for 10 years)? What is the opportunity cost for that money (were you to put $350/month into a tax deferred retirement account for 10 years and then add nothing to it for the next 35, it would amass to $350,000 by age 67)?
There’s no right or wrong answer, just consequences to each choice, some good, some bad.
^ Also that. William & Mary is a great school too if that’s where you choose to go. Either option sounds good (echoing the above comment requesting clarification on whether it’s 30k debt TOTAL or 30k on top of direct loans).
Both Cornell & W&M are very rigorous, well respected unis that will open comparable levels of doors. @eyemgh’s questions are good: what does that debt look like relative to early pay levels in fields that you are interested in going into? Being debt-free means that you can make job choices without factoring in the need to service the debt- but in many fields $20k of debt could be paid off pretty quickly. Otoh, if you are looking at graduate school, would it be stipended, or would you have to borrow to pay for it?
I think 30k is reasonable if you prefer Cornell that much. But be sure you are including travel costs, etc. when you think of what you will need to borrow.
And though reasonable, William and Mary with no debt seems to me to be a STEAL!! Thank hard about turning down that option!
There are online that will help you translate the amount and interest rate into monthly payments. It looks like others have ballparked that for you already. You should also consider the opportunity costs (how much would you earn if you invested the money you have to repay). eyemgh appears to have done that above. Again, online calculators.
As for outcomes, I don’t think Cornell Arts & Sciences would be too different, on average, between Cornell and William and Mary. The highest initial earners from Cornell probably come out of Engineering, which W&M does not have. If you want to go into a field that does not pay much initially or isn’t known for high pay, that might influence your thinking, as well as any impact to your family.
What we can’t quantify for you is how much more Cornell means to you. You say in your intro that you “much” prefer Cornell. You’ll have weigh how much much is.
Thanks everyone for your thoughtful responses. To answer some questions:
Yes, the 30k I’m talking about would be the entirety of my debt. In accepting admission this year I would be taking 7.5k in debt, so I’m guessing the total after four years wouldn’t be much worse than 30k.
Sadly, I’m not cut out for STEM. I’m hoping to double major with English and something else, possibly government or classics. I know these aren’t big money fields, but I’m interested in breaking into academia and was hoping Cornell would help me out. I might also pursue work in politics or public service, and was hoping an Ivy pedigree would give me connections there.
I think it’s a safe assumption that my parents will be working basically the same jobs for basically the same pay for the new four years.
Bonus question: I might finish Cornell in 7 semesters instead of 8. I’ve already verified that I have sufficient AP credit to do this comfortably, but am I missing out if I finish early? Are 8 semesters at my second choice better than 7 at the school I love? If I do finish in 7, I would only have 10-15k in debt at the end.
How does 7 semesters less leave you with less than 1/2 the debt of 8 semesters?
Cornell won’t give you any more of an advantage for a career in academia than W&M - at all. Nor will politics or public service be more impressed with Cornell than W&M.
For an academic career in English you will need to get into a top PhD program (and be v v lucky). For politics or public service your work experience (depending on the area, possibly also a graduate degree) will be what matters.
There are a lot of good reasons to choose Cornell, but you haven’t given any of them- you seem to be more focused on I GOT INTO AN IVY!!! so W&M looks less. Simply, it isn’t.
Have you spent any time at either campus? Cornell and W&M are very different experiences.
“Cornell won’t give you any more of an advantage for a career in academia than W&M - at all. Nor will politics or public service be more impressed with Cornell than W&M.”
Agree with this but, same, if you really want Cornell for whatever reason, 30k is not an excessive level of debt to get into even for a polisci/etc degree. I see most polisci/whatever majors making at least 25-35k when they graduate, which is definitely enough to pay off the loans with some budgeting.
So, tl;dr, there is no objective reason to take out the loans, but if you want to because of personal preference, they’re not gonna ruin your life or anything
The reason the for the disparity in debt is that my parents will contribute the same amount of money whether I take seven semesters or eight. In addition to saving the amount of loans I would take out in an eighth semester (about $3750), the 15,000 they would have spent would go toward the other seven semesters. Thanks for your comment.
For those two particular fields, I do not think that there is a considerable between Cornell and William & Mary. In fact for government and public policy in particular, William & Mary is extraordinarily strong, having had had multiple people in the top levels of government and service. It has many opportunities for students, especially in the DC area. In fact, William & Mary was recently ranked #1 for fostering careers in service or government related fields. I think the bigger question you want to ask yourself is, aside from the name, what makes you prefer Cornell? And is it worth 30 thousand dollars?
The college where you earn your PhD is important there. Undergrad doesn’t really count. W&M is well-regarded and won’t be detrimental to getting into a good graduate program.
That is potentially very low return financially – and no one will care at all where you got your degree. It could even be a detriment, as opposed to a degree from a well-respected public U. like W&M. For politics/ public service its what you do that count, not the name on your undergrad degree.
I agree with others that $30K debt is going to be manageable, but it could limit options for you. Sometimes the best way to get involved in politics is to start off volunteering with a political campaign – but if you have college debt you don’t have that option.