Hello, I was just trying to get some opinions on whether in the long run it’s better to go to a school that’s relatively easy to get in to and cheaper ($5,000-$10,000 tuition a year) but less respected. Or would it be better to go to relatively harder school to get in to that’s expensive (>25,000 tuition a year), but more respective. My parents say they have $50,000ish saved up for me, and we will barely get any financial aid based on my FAFSA. Would a higher ranked university give me a better chance at a higher paying job? Or is going debt free after college too good of a chance to pass up?
I would be studying finance, business economics or some business related major. My ACT is a 31 and my GPA is 4.1 w and 3.8 uw.
I am strongly in favor of less debt. Yes, a super prestigious school may help you land a better job right away, but there is no guarantee.If you choose the school that will land you with less debt, you will have a lot more breathing room when you graduate because you won’t be pressured to find a job that will help you pay off your loans. It’s not the school that gets you ahead, it is your hard work and perseverance. You are your best resource.
A little bit of debt is okay.
As long as you will be happy and successful at both schools, I would go for the place that will provide little to no debt. You decide your path in life. Your school name may open the first door to your first job, but your second job wants to know how you did at your first job, not where you went to school. Once you are in the work force, the only reason you know where someone went to school is because they wear the fangear or actively root for them in sports.
The difference between Elite/Top schools and Almost Top isn’t the cost (they’re all expensive) but the amount of merit aid you might receive. And that step down isn’t an elevator shaft to community college, but a gradual slope through a whole world of interesting and varied universities that will become more and more excited to have a 4.1w/31ACT on campus. Look around, find a few you like and then choose one that likes you back in the form of aid. There are literally thousands to choose from, so don’t settle for the top 20 names.
EDIT: Taking out the max in federally subsidized loans will put you in the neighborhood of $27k. Payback is $566/month for five years or $318/month for ten, which doesn’t sound bad until you price out an apartment and car (and insurance and phone and…) You may get a sweet gig at $54k right out of school, but you might not and the money is owed anyway. Debt free is a huge thing.