<p>I am stuck deciding between Rutgers Honors Program and Binghamton University. I flat out like Binghamton better, there is not a question about it. Rutgers is livable, but I'd prefer Binghamton. I will be paying 18500/year for Rutgers or 23400 for Binghamton. Is it worth it to pay the extra $490 a year (I'd have to do it with a loan) in order to go to the school I prefer?</p>
<p>Less than $5k per year is so close as to be negligible. Think of it this way - you will owe less than $20k difference, about the amount for a new car, for the college you prefer. That's a far cry from some other people who are considering $200k difference, the amount for a house.</p>
<p>$4,900 x 4 = $19,600</p>
<p>Over on the Financial Aid and Parents Forums there has been a lot of conversation about this issue. The general consensus is that the less debt there is, the better. One poster (I think it is UCLA, Ph.D. but I'm not sure I recall the name correctly) has a formal argument for the amount of debt acceptable for universities that are wildly different. Using his/her standards, the difference in quality between Rutgers Honors, and Binghamton is minimal, and may not be worth $20k in debt.</p>
<p>Back in the day, I graduated with a bit more than the equivalent of $20k in debt. I sent my last check to the bank when I was 34. This amount is do-able, but you will have to commit yourself to long-range financial discipline. How cheap can you live? Are you willing to live on Ramen noodles, without cable TV or a car or a cell-phone? Do you really want dial-up internet service?</p>
<p>There are loan pay-back calculators at FinAid</a>! Financial Aid, College Scholarships and Student Loans Go run them and see what you think.</p>
<p>Wishing you all the best.</p>
<p>I agree the difference is very minimum between those 2 schools. Go to the school with the least debt.</p>
<p>You will more than recoup the $20,000 before you are thirty... why? Because success in life is highly correlated to motivation. You will be more motivated to study hard, learn and do well at a university you highly value (forget about whether it is actually better... you are convinced it is and that is all that matters motivationally). doing well at dream school will better position you to earn more (if that is important to you) than if you attended a school you only sorta like, and therefore you don't perform as well.</p>
<p>
[quote]
You will more than recoup the $20,000 before you are thirty... why? Because success in life is highly correlated to motivation. You will be more motivated to study hard, learn and do well at a university you highly value (forget about whether it is actually better... you are convinced it is and that is all that matters motivationally). doing well at dream school will better position you to earn more (if that is important to you) than if you attended a school you only sorta like, and therefore you don't perform as well.
[/quote]
QFT</p>
<p>10char</p>