<p>So I do not have much time to make a choice between Boston University and Northeastern University before May 1st. So I was accepted into both as a physics major (with a minor or double major in math). I got an academic scholarship to BU but not NEU, though I got a better financial aid offer to NEU. Overall if I go to NEU it will be $17,855 in student loans per year (totaling $71,420). At BU it would be $9,900 in student loans every year (totaling $39,600). I am in love with Northeastern, it is absolutely the school I want to go to, especially for their coop opportunities and the job outlook after graduation. I'm wondering if this amount of debt is too much for NEU? I know about $70,000 is a lot, but I would end up going to school somewhere for my masters (somewhere I would take $0 to almost nothing in student loans out) and most likely make a decent amount of money as physicists usually do. So any input would be amazing! Thanks. </p>
<p>What are your other options for schools?
What is your source that physicists make a decent chunk of change – from what I’ve come across, there aren’t abundant opportunities in academic or research for even individuals with PhDs in Physics?</p>
<p>40k or 72k in debt (in private and federal loans along with cosigners and interest) is a lot of debt to get yourself into for NEU or BU. Discuss with your family your general financial situation and see if you can try to offset the cost of either. In today’s economy, it’s best to not take out any more than 20k for UG.</p>
<p>I think to go to a good school, especially a top tier research school for something like physics 20,000 of student loans is a really big stretch. I live in CT and I can’t go to far from home for a personal family reason, so my choices for school that offer good programs in physics is pretty limited. Also my family makes very little money, so almost all of my money going to colleges comes from a large financial aid offer to both schools.
Also there are a lot of sources supporting the fact that a physics degree is worth a lot, especially since with a bachelors or masters degree you can go three main ways; engineering, continue in physics to phd, and medical. Here are some sources
<a href=“Physics Majors Pull In High Starting Salaries”>http://www.aps.org/publications/apsnews/200911/physicsmajors.cfm</a>
<a href=“Economics of How a Physics Education Quickly Pays for Itself”>http://www.aps.org/careers/physicists/economics.cfm</a>
<a href=“http://www.bls.gov/ooh/life-physical-and-social-science/physicists-and-astronomers.htm”>http://www.bls.gov/ooh/life-physical-and-social-science/physicists-and-astronomers.htm</a>
<a href=“The Best And Worst Master's Degrees For Jobs”>http://www.forbes.com/sites/jacquelynsmith/2012/06/08/the-best-and-worst-masters-degrees-for-jobs-2/</a></p>
<p>Either way, both schools cost a lot of money. My advice would be to go to a cheaper school, instead of taking out a lot in loans for undergrad. Question: why do you think you won’t yak out loans for grad school? There are way fewer grad schools that offer scholarships, than undergrad, and grad school is more expensive, overall. I’m sorry but 40k/70k of debt isn’t worth it(in my opinion.) One can only guess at their earning potential in the future since our society is ever-changing. I’m a Northeastern student and absolutely love it here, but if I had to take out a lot of money in loans, I wouldn’t be here beacause I couldn’t afford it. If you HAVE to decide between these two, I would recommend going to BU for less money. </p>
<p>@Jazmine1423 - How many loans are you taking to afford your NEU education, out of curiosity? </p>
<p>@preamble1776 - don’t forget that you alone are limited to the (Stafford) loan limits. Anything over that ($5500 frosh year) has to be either your parents (PLUS or other funds) or a private loan which requires qualified consigners. It is not unheard of for parents to qualify for the first few years then fail to qualify after their loan balance has ballooned. </p>
<p>Be careful with thinking large loans are easy to get or pay off.</p>
<p>What is your total bottom line cost to go to BU? Do not include loans and work study as financial aid. Just take the COA and subtract out the grants. Do the same for NEU. </p>
<p>Where are you getting $17,855 a year in loans? You are only entitled to $5500 in Direct loans, and maybe $8K(?) in Perkins which is doubtful you got. As others have said, you are counting on your parents getting a loan and that’ s not a given. They have to apply, qualify and the interest is close to 7% that accrues immediately upon disbursement. You 're good at math, you can see the problem with that. And they have to apply and qualify each year. The cost will go up each year too, you can be sure. </p>
<p>Frankly for pure physics and math, I think BU is the better deal. For work applications and coop, yes NEU is up there. A career in physics proper is not likely to get you a lot of money. I know several top grade grads for top physics programs, and it does not work that way, but you will likely be marketable in all sorts of jobs as a result of the math skills you will get in your areas of interest. </p>
<p>I don’t think NEU is worth more than $40K than Bu in terms of loans with the interest ticking away at it. Even at $10K a year, you are running over what most kids take out, but with a STEM type background, it 's likely to be doable. What kind of loans is BU offering or suggesting to you (I hope, and not your parents)? If the excess over the $5500 Direct are Perkins in that amount, so much the better. </p>
<p>Don’t think that it’s easy paying off those loans even with a good job. My son is working in a position with some Physics and math majors (he was in Math) and though he’s comfortable, he’s not exactly flush, and he has ZERO loans and a a paid off car. The kids he’s with with loans, most of them the Direct Loan amounts which is less than what you are considering, are finding those payment tough to make with a car payment on top of that, insurance, commuting, living expenses and wanting to live a little of that good life. And these are the kids doing well for young grads. </p>
<p>Preamble- I got a full tuition scholarship for the University Scholars program so I’m lucky enough that my parents aren’t making me take out any loans(yet- depending on our financial situation I may take out stafford loans.) when I was a senior, I narrowed it down to an in state school that had offered me a completely full ride, or NEU w/ full tuition or my top choice, that would cost me almost 20k a year in loans. I’m fortunate that I was in a better position than most considering the school I got a good scholarship at is a school I liked( I always find it hard when I read that people absolutely hate the school that gave them the only affordable aid package.) I always say though, had I not gotten this scholarship I wouldn’t be at NEU out of the pure fact that I can’t afford it and even though I love it, it’s not worth the debt for undergrad.</p>
<p>Well something else to consider that I don’t think has been mentioned yet, is that you get paid for co-op at Northeastern. Especially as a physics major, you’ll probably make a good amount of money on co-op, which over three co-ops could make up the difference between what you will pay at Northeastern and what you would be paying at BU. Just something else to consider. (: </p>
<p>Keep in mind that although you get paid on co-op and there is no tuition during that time, you will still need to pay for housing, food, transportation to work, work clothes, etc.</p>
<p>Let’s say you make $17,000 on a co-op (which is about $17/hr, a reasonable middle ground for co-op pay). From that, take out taxes, rent, food, transportation, and other expenses. You’re looking at a few thousand dollars net gain. Over 3 co-ops, it’s highly unlikely that you are going to make up a $30,000 price difference.</p>
<p>Well I was thinking about it as someone who lives in the Boston area and will most likely be living at home during co-ops in order to save on money. Also even if you don’t live in the Boston area, there are co-ops all over the country so there’s still a good possibility that you could find a co-op where your family lives and live at home to save money while on co-op! In that case you also wouldn’t have to pay for food. You’d really only have to pay for transportation so over 3 co-ops it is possible to make up a good chunk of the price difference or even the whole difference</p>