I am an franco-spanish student who got admitted in Columbia University, starting in the fall of 2022. I want to study Financial Economics, but in order to pay my undergrad, I would have to take a loan of approximately 60k. Is it worth it?
$60K/pa (so really $240K) or $60K total?
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Yes. Are you going to be at Columbia College ? A truly outstanding experience. I studied at Columbia College and at Oxford University. Columbia provided me with a better education. At $60k it is a bargain that will last you a lifetime. There isn’t one day in my professional life ( I am from Boston, US working in China) where my education from Columbia is not utilized for great use. Very satisfying. Every dollar will prove to be a great investment. Congratulations and I hope it all works out for you wherever you go. Your attitude towards tackling your education is the most important factor and you carry that with you wherever you decide to attend.
Does your country allow students to borrow $60k/year? US students are limited to ~$6k/year. If they want to borrow more they need an (American) cosigner. Cosigned loans are generally discouraged because they’re so hard to pay back. Students whose cosigner isn’t approved midway through school are in a real bind because they have to withdraw and they end up with enormous debt but no degree.
How much you should borrow depends on the types of loan programs your country offers and what kind of job you’ll be able to get when you return home after graduation. If interest rates are high and pay for entry level positions is low then you should limit your debt as much as you can.
What are your other options? We always encourage students to have some financial safeties on their list. Have you applied to any of those?
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$60,000 a year? Where will that money come from??
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If it is $60,000 per year, this would be insane. This is far too much debt for any university degree that does not result in your becoming a medical doctor within 4 years.
If it is $60,000 in total over four years, this is still an enormous amount of debt. You would need to have a very realistic and cautious plan to pay it off. This plan better not include the intent to stay in the US after graduation. As an international student, you will be expected to return to your home country after graduation.
Another issue is that you would need to have a very realistic and cautious plan that will explain how you intend to get someone to loan you $60,000. You probably will not be able to borrow this much from sources in the US.
If you have other options in Europe or elsewhere, then you are probably far better off to go somewhere else for university. Columbia is very good. However, it is not going to teach an undergraduate student anything that they could not have learned at hundreds of other very good universities. If you are a citizen of France for example then anything in Europe, or McGill, or the University of Montreal would most likely be a fraction of the cost of Columbia. These other universities would also provide you with an excellent education.
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Did you apply for financial aid and complete the forms properly ? As everyone is asking - is it $60K a year or over 4 years ? Did you run the net price calculator before applying ED and did it give you a different financial estimate vs your offer? If over 4 years, please remember that your financial aid may change each year, based on your family’s finances and you could get more or less. Lastly, NYC is VERY expensive and additional expenses outside of campus will add up - from $5.50 r/t on the subway, to pizza or a bar night out with friends and travel to and from your home. Clothing for 4 seasons required - including a warm parka and winter boots. It is not an easy city to live in on a tight budget, doable - but important you understand the trade-offs.
Actually, Columbia has an outstanding ‘Core’ of required courses which makes it unique. The education is different in its intensity with the Core courses which will last a lifetime.
@Pandaboy1 the Columbia Core is great- for many though not all students. However, did you leave Columbia with $240,000 in debt? that is the first, biggest, question on the table.
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Do we know if this is undergrad or grad school?
Hello Collegemom :
No, I did not have that amount of debt. However, the costs were the same for any of these private colleges, so it was either get financial help, take out loans and vacation work. I did all three. it was till worth it and when stretched out over 40 plus years as a perspective for one’s career, per year the costs are less.
“get financial help” - ie, from family / friends? that is a luxury not everybody has.
As you will see there are people who are saying that $60K of debt might be worth it, esp if there is potential for earning enough- in the home country- to pay it back.
$240,000 for debt for any UG degree is madness.
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