I received more financial aid at UofArizona, but want to go to Stevens

"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."

This was my original post in a discussion a few days ago. I’m sorry I never replied to anyone, I had a terrible fever. I’m feeling better now, so please don’t hesitate to leave advice or comments. I’ll be sure to reply. So, most people recommended that I shouldn’t go into that extra debt. I’m veering towards that direction, however, I can’t ignore the fact that at Stevens, I’ll be so close to NYC for internships with great connections, and it kind of makes me consider going into extra debt. I chose Mechanical Engineering as my major, but I’m slightly confused if that’s truly what I want to do. That may make it seem more obvious to choose Arizona, but I can’t help the feeling that at Stevens, I’ll learn a lot more with all the opportunities around me.

@Publisher and @gearmom Both of you had some compelling points. I’m sorry I couldn’t answer your questions from that previous thread. I’m grateful for the advice you guys gave. I’d like to discuss your points if you don’t mind.

@sheebzus There is no way on God’s green earth that you should take 90k+ in debt for an ME. Stevens grads might have a higher starting or higher ten year salary but a large part of that is likely location. For example, DH was offered a job last year with a 250K salary but it was in NYC where we’d have a higher cost of living so we wouldn’t gain any ground. Undergrad ME is largely driven by ABET and rather standard wherever you go. There will not be any magic to a program. You provide the magic yourself based on your own ambition and talent. You will be judged on the work you do. DH and I both graduated with in ME from a regular flagship. Never had trouble getting good jobs. No one really cares what school you went to. Most people don’t even know. And still you’ll find yourself working alongside grads from Princeton or MIT doing the same work for the same salary. At Arizona, with normal internships, you’ll probably only end up with 15k of debt. 90k+ will be an albatross around your neck. You can’t live for free in NY with your parents while you make a high salary. That debt will impact your ability to buy a house, start a family. And for what? We almost never encourage students to take much more than the federal total of 28k for a reason. Go to Arizona. Get internships and then get a great job or go to grad school. Your work might even pay for grad school. Mine did. ME is a practical field. It won’t be prestige sensitive like some fields. People will be focused on what you can do. And with only 15k of debt, you will have great flexibility on where you can live and what you can do.

You need to make sure that your parents can even take 90k+ of debt. Do they have the assets for that? The mayor of Hoboken might be delighted that you’ve called it a beautiful town. That must not happen too often. Have you ever even been there?

Where in NJ is your cousin? Are they even close to Stevens. You will be able to afford to visit and do things from Arizona. Most of the time, people are just busy with their own life. You will go to college. Make new friends with your classmates. Fall in love maybe and just be super busy getting your school work done and working on projects in labs.

You cannot take $82,000 of debt with a cosigner or parent loans. Presumably, your parents do not really have the money, so that amount of debt is a bad idea for both you and them.

In other words, Stevens financially rejected you. Move on and go to Arizona (or some other affordable school with your desired major(s)).

That kind of debt can sabotage a career for years to come. Plus, with parental loans, if you can’t make your payments, the bank goes after your parent’s assets. You want to start a career focused on your job and gaining work experience.

My parents have a ton of assets actually, but yeah, I’m probably not gonna end up at Stevens. My cousin lives in Paramus, which is a 40 minute drive

I agree with everyone else here - taking on that kind of debt is just not smart for an undergrad degree when you have other good choices. You pop out at the other side having dug a very large financial hole that will take you a very long time to dig yourself out of. Nothing more fun than making a payment on a car you don’t own anymore - kind of the same with college loan debt. “Financial fit” is just as important as “academic fit” or “social fit”. It’s just easier to ignore that aspect when the paying of the piper is so far down the road.

Financially speaking, this is a no brainer. You should go to U of A. If you go to the private school, you are looking at the equivalent of a small house payment in student loans starting 6 months after you graduate or stop taking classes.

Tucson is a great town.

Many (most?) students don’t stay in one place for summer internships, esp after the 1st summer. My collegekids had (paid) internships all over the US during undergrad, which variously helped them rule in/out different fields, grad schools and places that they would like to live. So, don’t evaluate possible internships solely by where the college is located.

pro tip: be sure to start looking by Thanksgiving- talk to your advisor, check with the Dept, etc.

I can only afford a Toyota, but I really prefer a Tesla.

Do not turn down the Arizona offer until you are sure you can even get those huge loans. Do your parents want to borrow or cosign for that kind of money?

Yeah, I’m probably going to Arizona over Stevens. I don’t want my parents to cosign for those loans.

Congratulations @sheebzus! My nephew graduated with a degree in mechanical engineering in 2016 and has a great job just outside of San Diego now. He loved his years at Arizona.

The difference in loans could pay for an awful lot of airfare to visit your cousin!

Thanks @NorthernMom61 ! It’s pretty much confirmed I’m going there, and I’m excited (and a little nervous) for the next 4 years.

Time to buy a bumper sticker for your parents’ car, a tee shirt, a notebook, a pencil :slight_smile:
Congratulations on making a sound decision.

Be sure to check out the Optical Engineering group at UA- they are a really nice bunch, and are doing some very cool work (including for the space station).