I’m a transfer student so more likely it will be 2019 :). I currently pay about 415 a month for my car (fully paid off by July) so I understand what what it feels like to have debt. But I also make around half of what I should make with a bachelors degree in finance so I might even try to pay it back faster if I can.
I’ve been doing a lot of research about the career outcomes at various colleges so if I have to take on more debt for it then I sure hope I’m making more money as a result. The annoying thing is some schools measure career outcomes in mean salary and some provide the median. Depending on the # of responders, the mean amount could be hugely skewed simply by one person getting hooked up into a fancy job that makes 6 figures.
Visit the career public websites of banks, brokerage houses etc and see what they have listed for openings and salary. If no salary figure is posted then get the job title for the position you satisfy the requirements for and search glassdoor for the salary numbers.
We can stop discussing CA for school, it’s not happening. It’s way past the deadlines and I made my decision a long time ago. That’s why I specifically asked in my question “How much is a fin degree worth”.
Posters seem to be saying to stay close to the federal student loan amounts. Are there any schools on your list that will keep your debt total to ~$30k? That’s a reasonable amount for a student to repay.
Go with NEU (your best option) or Drexel - the two coop schools - and keep debt around $30k. Use the coop options to leverage your first job. I am assuming that you don’t have east coast family connections to help you land that first job. In that case coop is the way to go. Plus it seems to fit your learning style.
Don’t bother with URI or UDel. They are filled with OOS kids who did not get into or want to attend their state flagships. Fine if you can afford that, but not worth the debt when you have better options. If you get JKC, you might be able to swing NYU for $50k, but don’t take on $140k+ debt on a gamble that you will land a six figure job right out of college.
@VAOptimist, I thought Drexel was $45k per year and the $30k/year was based on the assumption of scoring a $15k/year co-op job. In either case, it seems to be $60-90k of debt (plus interest) for 2 years. Did I misread that?
I have read through this thread and you seem to have a pretty good grasp on the issues.My question to you is, where are you living now? You mention splitting cost with girlfriend. When you relocate will she need to find a new job to cover her portion of the costs? In most instances, your coop pay will help with your costs of living not tuition.
For most things in life, the cost is generally more than anticipated. Obviously, the less student loans the better but unlike many, I do not think that betting on ones self when taking out more loans, to go to an elite school is necessarily a deal killer.Obviously, there is a point of stupidity. But, in general, to get an elite job one GENERALLY, needs to go to a target school.Not sure if Drexel places many students in NY. So, my suggestion would be to research all the schools you applied to and see where they place their students post graduation.Make sure that the school you select can take you where you want to go.What firms do Drexel Coop students get placed in Finance?
Good luck
I would suggest going to the least expensive “decent” school you can afford. Getting your masters degree is going to be more important than where you got your undergrad degree from.
Starting life off with little or no debt is the ideal situation. The debt will put financial shackles on you which can limit your “adult life” choices down the road. Being free of debt can award you with many fine opportunities.
I would highly suggest you reconsider your anti CA stance. Or move to another state, establish residency while working for a bit, and then going to their state school that is affordable.
If you don’t have $ 30-60K sitting in the bank right now to help fund your next few years I would seriously consider your future filled with debt. Its not worth it!
So the parents are ok with cosigning loans? Will they qualify for private loans with their income ($291 EFC)?
Or willing to take out Parent Plus loans that are going to be in their name?
How much is the tuition/fees at Drexel? $45,000?
Then you have housing costs, food, utilities you can share with girlfriend if she is working.
So how much would you need up front for the first semester/year, until you have some coop earnings?
Hey guys, first of all thanks for responding to the thread.
To clarify Drexel’s cost:
Drexel would cost me about $45,000 TOTAL for both years INCLUDING HOUSING. Philly is cheap these days and splitting an apt would make it even cheaper. If I factor in co-op earnings, that would be around $30,000k debt left upon leaving. Not bad considering the co op experience.
I’ve also been admitted to URI and Temple, I should have 6k a year in merit from URI and 5k a year in merit from Temple (sad that they scaled back their transfer merit) but I would be surprised if the total COA is lower than Drexel because they were very generous to me. My girlfriend has been admitted to UPenn graduate school of design and she has a 50k/year jack kent cooke scholarship so she will be living pretty comfortably if we choose Philly schools.
The first year would be considerably more expensive because of 4 quarters in tuition. I imagine I would need approximately 30k fr the first year and 15k for the second year. My parents like Drexel, and would co-sign loans, and I’ve been talking to them and they’re warming up to the idea of perhaps contributing to housing costs to make my life a little easier. It just sucks because my younger brother will be going to UNR or SJSU at the same time as me but he gets cal grant and other scholarships so he should be OK.
At the same time, some of the more expensive schools I applied to (NEU, BC, Fordham) I’d be surprised if it was anywhere near the financial award Drexel gave me).
@philbegas you could have had the Calgrant advantage as well. I’m beginning to wonder whether your east coast school choices were more based on where your GF is going to be than what was necessarily the better choices for you.
I mean…if that’s your criteria,fine. But your economics do NOT wash.
I am going off the grid a second and recommend tossing an application at CUNY Baruch College
OOS tuition is $13k (keep in mind, you will never be eligible for in city tuition or NYS aid), if you receive ~$5500 in Pell, tuition and fees would leave you paying ~ 8k (you will still have to split cost of rent with your GF and pay commuting cost to NYC )
Yes, people commute to NYC everyday from PA. You can take NJ transit from Penn Station to Trenton and take the Septa to Philly (the travel time would be ~2hrs each way). From Penn Station NYC, Baruch is cross town at 23rd and Lex.
Crunch your numbers to see if and how this may work for you