Here's a difficult situation.

Transfer Students
1

<p>Here’s my situation.</p>

<p>I graduated from high school in 2008 and went to a top-15 private school for one year. GPA: 3.0 1st semester, 2.3 2nd semester. At the end of the school year I got into some major disciplinary trouble which would’ve gotten me suspended for a year had I not dropped out because of my bad grades. My transcript says “withdrawn voluntarily.” I took out 30K in loans for my first year alone. I was majoring in engineering (in a field that my school was ranked highly in) and probably economics. I was planning to graduate in three years (difficult but possible due to my AP credits).</p>

<p>I’m spending my third semester as a college dropout. I got into a top-60 state school for this spring where my suspension won’t be on the record. I’m going to major in business with an i-banking focus and a science minor, or engineering with a business certificate. The school will cost about 20K/year and I can expect to spend 2.5 years there to graduate in 2012 and rack up another 20-30K in debt there.</p>

<p>OR </p>

<p>I can choose to go back to my former school. I would have to take my suspension for a year (retroactively instated) and go back in fall 2010. I can expect to spend another 2 years there and rack up another 60K or so in debt.</p>

<p>As I have gotten over much of the internal issues that caused my poor academic performance last year, I conservatively estimate my GPA as being 3.4 at either of the two schools, for the remainder of my time at either.</p>

<p>I don’t exactly know what I want to be when I grow up, but I do want to make a lot of money, so that’s why I’m pushing to double major in engineering and business/economics/finance.</p>

<p>So would it be better for me to go to the state school or back to the top-15 school?</p>

<p>Summary of options:</p>

<p>Top-15 school
Engineering and econ
Suspension on transcript, 3 years total in school
Graduate “on time” in 2012
Debt: 90K-100K - $700/month for 20 years</p>

<p>Top-60 state school
Engineering or business, minor in non-major subject
1 year at top-15, no suspension on either transcript, 2.5 years at state school
Graduate “on time” in 2012
Debt: 50K-60K - $350/month for 20 years</p>

<p>There is also the option of remaining a cashier and not going back to college, or postponing college for a while.</p>

<p>I do realize that I am in a tight and possibly grim situation no matter what I choose.</p>

<p>I'd appreciate some advice on this. </p>

<p>Please ask any clarifying questions necessary, though I may PM people some details instead of posting them.</p>

2

<p>i would say go back to the top-15 school because the opportunities for employment after graduation will be better. you could always go back and if you decide you’re not happy there, you can transfer out. just my 2 cents.</p>

3

<p>This is the type of school where like 10-15% of the student body is deadset on i-banking, consulting, etc. and where networking, fraternity connections and such produce more really good job placements than just applying or what not.</p>

<p>Two questions:</p>

<ol>
<li><p>How big is the difference in opportunities between a top-15 preppy private school graduate and a state school grad, other things being equal? Isn’t it true that if both got hired at the same firm, where they graduated from wouldn’t matter afterwards?</p></li>
<li><p>How much does a suspension on one’s transcript mess up job opportunities, grad school admissions, etc.?</p></li>
</ol>

4

<p>I’d go with the state school… No suspension, less debt, still a great school (top 60 IS great).</p>

5

<p>well i think that you would have an easier time getting into that firm or whatever if you come from the top 15 wouldn’t you? my cousin does I-banking and he went to columbia and i’d say a good 95% of his colleagues came from ivy league schools or other top schools. you even said yourself that the connections through this top school land people at more jobs than just applying. it’s up to you, but i’d rather have the better degree and also the network associated with the top school</p>

6

<p>I’ve been getting mixed advice like this elsewhere too. I guess what I want to know is how each of the potential records I’m setting for myself would look to prospective employers, grad school admissions, etc.
Would they look at a suspension in college that much?
Would a top consulting firm not even grant me an interview if I went to a state school?</p>

7

<p>Monday afternoon, pop by the career center at the state U. Find out who recruits there. Nose around about the possibility of WORKING in the career office once you are a student at that U. No one makes job contacts like the students who work in the career office!</p>

<p>Frankly, that academic suspension is going to be on your transcript forever if you go back to your first school. Do you want to be saying “When I was young and dumb, I was young and dumb.” for the rest of your natural life? Likewise, your transfer from school A to school B is going to be something you have to explain forever, but “I decided I needed some time off to consider my career goals.” and “I determined that I could better pursue my new goals at school B.” are perfectly true statements that many transfer students make.</p>

<p>I am more concerned that you don’t seem to have any career goal other than “making a lot of money”. What happens if you go back to school A, run up all that debt, and fail to get a job that “makes a lot of money”? How will you pay that debt off? Are you even going to be able to continue to borrow that amount of money each year? Who is co-signing all of your loans? Will they keep on doing that?</p>

<p>$750 a month for twenty years is TWO CAR PAYMENTS each month for TWENTY YEARS! That is probably longer than you have been alive! Add in your own car payment. Add in your rent. Add in your wardrobe (and remember that fancy jobs require fancy wardrobes). Add in your food, cell phone, cable, internet service, etc. etc. etc. Add in any birthday presents you have to cough up for family/friends/colleagues. You do need to think very, very, very long and hard about taking on that kind of debt. It will cripple your life.</p>

8

<p>happymomof1: Thanks for your advice. That’s some of the best I’ve heard. It seems like I’ll have to say bye to the campus, networking opportunities, friends, and everything else about the school I was at last year. When I used the “which will ou regret more?” way of choosing where to go, I felt like I should go back to the top-15. The vague fear that I might have horrible pangs of regret of choosing to give up this opportunity at a great education and experience may be the single biggest thing keeping me from choosing the state school.</p>

9

<p>hmm so what about transferring to another top school? </p>

<p>and happymom, that was very good advice. i didn’t think of looking at it that way.</p>

10

<p>You should seriously consider whether you’ll be able to stay AT a rigorous school, if you can attend. A 3.0 followed by a 2.3 as a freshman really doesn’t bode well for your later years, when things in an engineering major WILL get more difficult.</p>

11

<p>I don’t think that I would get into another top school, considering my credentials. Also, another top school would have the same advantages and disadvantages as the current one, except that a suspension wouldn’t be on my record.</p>

<p>I guess the biggest thing I’m wondering about is how much more a prestigous school would help me get a good job out of college. Is there a chance that I could get a really good job straight out of college, with a starting salary high enough that it would be worth it to go? Might that extra 50K be a good investment?</p>

<p>I’m also considering the “intangible” benefits, such as the alumni network, etc. How much do these things really matter after you leave college?</p>

<p>long.897: I already took core engineering courses at the top-15, so I have a pretty good idea of how hard it will be. My GPA can only improve from this point on, in my opinion.</p>

12

<p>If you read the parents’ notes on college debt, the consensus is that it should not be more than the low-end first year salary in your field. Preferably it should be no more than the total permissible for four years of Stafford loans (roughly 20K). </p>

<p>Every university has an alumni network. Giant public Us have giant alumni networks that can be extremely useful to their graduates. As for recruiting, you have time to investigate the organizations that interview at your new campus, and compare them with information from the old one. Just make sure that you compare facts, not rumors.</p>