This thread is opened to discuss the advantages and disadvantages of attending either an expensive but highly reputable school versus attending a school that offers a full ride but is academically inferior.
Just to provide some personal context, I am currently evaluating situation as I have worked hard in school (4.0 GPA, 35 ACT, Honors & AP) and can attend a school near my family in the South that offers full rides (Ole Miss, Alabama, etc.) to those with 33+ ACT or I can try to attend (because it certainly isn’t a given that I am automatically accepted) a school like Wash U Or U Penn, which will end up being quite expensive.
Also, can someone explain what it is like to be in the honors college of one of the lesser schools that offer full rides? Is this significantly beneficial?
Does anyone have any perspective in favor of either route? It is much appreciated.
Possible major(s) and post-graduation goals? Some answers (e.g. pre-med, pre-law) will more strongly push for lower cost undergraduate school, while other answers (e.g. investment banking, management consulting) will more strongly push for select elite undergraduate schools that are recruiting targets for such.
Cost considerations:
A middle class or poor kid is likely to get substantial FA from the “expensive” & prestigious school, to make it a compelling winning choice over the free “lesser” school.
For an upper middle class kid w no FA, ironically the full-ride lesser schools gain in attractiveness.
Choice of major:
As @ucb already mentioned, if med/law school is the ultimate goal, then overextending yourself financially for just an undergrad degree is poor strategy.
If engineering is the major, then the big state flagships are better value for money and are the preferred hunting ground for job recruiters.
@GMTplus7 I would consider my family to be upper middle class. I can’t demonstrate enough financial need to gain some huge award, but I would probably receive a small grant at a prestigious school considering their applicants’ median household income.
@ucb I am looking at a Finance degree, which isn’t pre-law or pre-med, but I am looking to get my masters and would consider transferring to a better graduate school, which may liken my circumstances to the latter scenario.
Thank you both for your input! It really helps.