If I go to the University of Arizona, I’ll have $5,500/year in federal loans, while at Stevens Institute of Technology, I’ll have around $15,000/year in private loans + $5,500/year in federal loans.
That means my total amount of debt after graduating will be:
Arizona: $22,000 Stevens: $82,000
However, I just love Stevens so much. It’s a small private engineering school, it’s in Hoboken, NJ, a beautiful town, which is right across Manhattan. Also, apparently graduates tend to get great jobs/internships. Another thing to consider is that my parents have jobs internationally even though we are all U.S. Citizens, and my cousin who’s practically my best friend lives in New Jersey, so it’d be nice to have some family near me, while I have no family in the West Coast anywhere near Arizona. I know the smarter decision is probably choosing Arizona, but I feel like I’d be so much happier at Stevens.
You won’t be happy making those loan payments when you are trying to launch your career. Try some loan repayment calculators and compare what your payments will be.
If you are sure of studying engineering, you will be able to pay the loans.
But many start engineering and drop out/change majors. At that point one might be sorry to be at Stevens.
They do have a business school, but I would not spend that kind of $ there unless I was sure engineering is right for me, and often it is not.
Go to Stevens. Worry about the money later, and as it was said earlier, Stevens can set you up for a good job and if you’re responsible, you can pay that debt in less than 10 years (Don’t pay the minimum!). Anyways, follow your gut. Try out for scholarships and also you can attempt to ask Stevens for more FA if you tell them that you were offered so much more from another school, and express how much you wanna go there.
The last time I looked at the numbers, only about 40% of Stevens’ students graduate in 4-years (not that low for a engineering-focus institution) and their 6-year graduation rate is 83%. So, potentially, the OP could take more than 4-years to get an undergraduate degree. When projecting future debt load, this is something that should be factored into the the equation, along with possible tuition increases over 4+ years.
Have you been to Hoboken? I like Hoboken a lot, but I’ve never seen it described as “beautiful” before.
Take into account tuition inflation as well. 15K in private loans may be closer to 20K per year by the time you are done.
I see what you mean but I do think that Stevens is placed in a really nice area of Hoboken near the end of the water. And the view of the Hudson is nice too. The area is a huge plus, plus NYC a 15 minute path ride.
I understand the appeal of Stevens but having that much debt when you graduate will have a negative impact on your adult life for years and years. If you can appeal your financial aid offer and get Stevens close to the price of UArizona that is great, otherwise I’d go to UArizona.
Arizona. You don’t want that debt and Stevens 4 year grad rate is not good. Are you CERTAIN you can get 60k+ (probably more like 70k with tuition increases) in private loans? And a fifth year for you would be a killer financially.
Are there any financial hardships that were not covered by your FAFSA and Profile forms? You could try appealing for more aid. Otherwise, it is not financially wise to go to Stevens, even if your parents would cosign the loans. (Actually, have you applied for the necessary loans? A cosigner who lives out of the country may not be accepted and that would make it impossible for you to borrow.)
No brainer here… Arizona all the way. UA should be able to provide you with a very fine and competitive career in Engineering. Tell me you are going to MIT for that price difference and I would probably tell you that this would be the only exception
^ Arizona gave OP an amazing deal. It’s not like Stevens is top tier like MIT or Stanford and this is life changing. Hoboken is fine but I don’t think people generally describe it as beautiful. That is an incredible amount of debt, like having a house payment without the house and for what??? Go to Arizona and be grateful for this incredible deal.
For the money you would save at Arizona you can visit your cousin in NJ regularly… or better yet I’m sure your cousin would love to come visit you in January or February.
Within the last year a list was published highlighting the schools whose graduates earn the most money. Surprisingly, Stevens Institute of Technology was one of the top schools.
@Publisher There is no way Stevens is worth and additional 70k of debt. That is a crazy idea. OP will be 80-100k in debt. OP could simply go too grad school for the savings if wished and still be far ahead financially. And if OP has working internships at Arizona, he/she could have truly minor debt, 10-15k.