<p>I was accepted to the University of Michigan-Ann Arbor, as well as Wayne State University in Detroit, MI. I want to study Biomedical Engineering. If I go to U of M, I will end up with about $50,000-70,000 in debt, whereas at Wayne, I wouldn't have any. I can complete my Masters at both schools in 5 years, so that debt will be debt with a Masters degree.</p>
<p>U of M has always been my first choice and their BME program is ranked #4, while WSU is not in the Top 50.</p>
<p>U of M has much more to offer and their research opportunities are virtually endless. The only thing stumping me is the cost.</p>
<p>Note: I have worked the figures and calculated the estimated debt after deducting scholarships and money recieved from parents and family.</p>
<p>What should I do? Go to Wayne State and come out owing nothing, or go to U of M and owe tens of thousands of dollars?</p>
<p>Wayne State is not a terrible university but you will have limited job opportunities (due to industrial relations). I would really discuss your financial needs with your parents. 70 grand is a lot of money that will require a lot of time to pay back. If you take this route, Id advise working all 4 years and look for internships for the summer.</p>
<p>I would also consider a third option: Take classes at Wayne State and transfer to UofM after 2 years.</p>
<p>Well I would transfer after 2 years, but since I was accepted into the BME program at WSU (only 20 people are accepted each year) I would stay in the program throughout.
Also, BME’s make on average $50-80,000 per year, so paying back the loans in 10 years isn’t as bad for my career choice.</p>
<p>Dasher, have you actually had a FA package yet?
Are your parents actually contributing the full EFC that UMich is calculating?
Because I would not expect to see you gapped as an in-state student and Michigan meets need for in-state - according to how it defines your need given the CSS form.</p>
<p>Your fed loans for four years will be capped at about 30k. </p>
<p>If you can reasonable start the degree at Wayne State then finish at UMich without it costing an extra year and so on, that certainly seems like a good balance to reduce your debt by at least 40% ;)</p>
<p>Not sure where you saw that the BME at Michigan was ranked 4th in the country. I believe it is ranked 11th currently at USNWR. Even with the higher ranking, a free ride to Wayne State is really the way to go here unless you get a substantial scholarship to Michigan. Congrats to you and best of luck wherever you end up attending.</p>
<p>^He didn’t say free ride, just no debt. Michigan and Wayne State are just on two completely different levels as far as academic quality and career connections go. I would go to UM and never look back, just work at school and see how fin aid works out. You only live once and you only get to go to college once, might as well go where you really want to go.</p>
<p>Yea, your figures are off by a little. WSU accepts 40 students a year, UMich’s BME is #12 (according to USNews). That aside, I don’t see why you’d want a masters so quickly, especially when cost is a factor, when most employers pay for grad school. I’m sure if you factor out grad school UMich will be much more affordable. </p>
<p>If your goal is a masters in BME, I’d suggest doing EE/ME as an undergrad and taking BME electives. It’ll give you alot of the same exposure without limiting you as the BME degree does. Specialization should best be left for grad school.</p>
<p>Honestly, I don’t think it makes much difference whether a program is ranked 4 or 11, but not being ranked at all could be a factor. I’m especially thinking about facilities, as far as engineering goes. I would check that out to see if the programs are comparable. The cost gap makes Wayne State very attractive, and graduating debt-free would be a big stress relief. My D was also accepted to Michigan this year, I was an engineering major there, and my parents are alumni, but she’s pretty much decided against it due to the fact that they aren’t competitive with merit aid offers elsewhere. She also wants to graduate debt-free, and she can do it. I love Michigan, so this situation makes me sad.</p>
<p>I don’t think that the educational difference is worth the additional cost. You can get a good education at Wayne. Michigan may be better but not to the extent of $70,000. The biggest issue is whether the campus experience. The urban commuter school experience and the college town campus experience are very different. I am not suggesting one is better than the other because a lot of people find the scene at Wayne to be interesting but it is probably not for everyone and some people would regret passing up the Michigan experience for $70,000.00.</p>
<p>I go to Wayne State and I’d have to say it is average overall, if not below. I currently plan on transferring out and going to UofM for the Winter or Fall 2013 term should I get accepted. I also received a full ride to Wayne as you likely have.</p>
<p>To be flat out honest, if atmosphere is your thing, if you enjoy meeting people, you will find none of it at Wayne State. It is academically solid but socially inept. However, you said because you were accepted to Wayne’s BME, you will stay throughout the entire period, why? Just leave after two years.</p>
<p>DasherMage, Michigan meets 100% of in-state demonstrated need. Something is highly suspicious with the way the University calculated your FA package. Even if the Michigan did not meet 100% of your need, I cannot imagine how they would be off by $15,000/year. That’s more than the actual tuition of the University. Did you go through the finances with your parents? </p>
<p>This said, any debt over $20,000-$30,000 is not worth it. If the debt is within $30,000, Michigan is a fine choice, otherwise, I would go with Wayne State.</p>
<p>Assuming the OP is from the Detroit area, the differences in cost without room and board would be substantial. WSU is very much a commuter school. While it is possible to live on/new campus of course, the vast majority of younger students live at home with their families.</p>
<p>"Also, BME’s make on average $50-80,000 per year, so paying back the loans in 10 years isn’t as bad for my career choice. "</p>
<p>I can tell you this is wrong. First of all, 70k deferred for 4 years and then paid over the next 10 years is probably about 100k to pay back. That’s 10k per year.</p>
<p>Your comp assumption is wrong. You are talking about pre-tax comp. I graduated last year and my comp is significantly higher than that range, but I’ll tell you that after tax, it’s not much. 70k is about 1.7-2.2k per paycheck post tax depending on state tax (and that’s not including health insurance premiums, 401k contribution to get match etc). So let’s just assume that you get 1.8k per paycheck, after paying 400 for loan payment (800 per month of payment), you are left with 1.4k per 2 weeks. Engineering is a field where salary tops out pretty quickly, so that’s not going to improve drastically for a whole 10 years. I would say it’s definitely not as easy as you think.</p>
<p>“This said, any debt over $20,000-$30,000 is not worth it.”</p>
<p>How did you come up with that number? These days it seems people just get scared out of making a good calculated decision. From my experience the Michigan Alumni network is worth a whole lot more than 30k.</p>
<p>“To be flat out honest, if atmosphere is your thing, if you enjoy meeting people, you will find none of it at Wayne State. It is academically solid but socially inept.”</p>
<p>And then there are the social reasons to make a good school choice.</p>
<p>rsimes, I agree that there are many benfits to a Michigan degree. The alumni network, as you point out, is worth a great deal. You will not find a more influential, larger or more loyal network anywhere. But for a 22 year-old, a loan of $50,000-$70,000 is way too much if you ask me. That’s as much as $1,000/month is loan payments, which represents $25%-35% of a fresh graduaste’s post tax income. That is no joke, particularly if one plans on going to graduate school. </p>
<p>But like I said above, I have seldom met an in-state student who had to take out such loans to attend Michigan.</p>
<p>How can the average student debt for in-state students only be 20-30k after 4 years when tuition is 25k a year and they don’t give out many high-amount scholarships</p>
<p>Michigan meets 100% of in-state student needs. The $25,000 graduate debt is largely due to OOS students who do not receive as much aid. Like I said above, I am surprised you would graduate with more than $20k in debt as a resident of Michigan.</p>