@BunnyBlue WOW!! That much? We are in a similar situation with CS though between 2 different colleges. I had no idea they could make so much with a summer internship! Where can I find data on that?
$40K is not bad at all. the general rule of thumb is not to borrow more than your expected starting salary. You are well below that. As was mentioned previously, computers are into every thing. Lots of good paying jobs in the field.
It is one thing to take calculated risks. It is another thing to take risks without realizing that they exist, such as assuming that the CS job market will always be good and never has a downturn.
Also, not taking the extra debt and going to Stony Brook has similar reward but lower risk as debt for Maryland (though different location and industries nearby). So the extra debt would mainly be for other reasons, not a calculated risk.
Stony Brook would be fine, especially if you want to stay in the Northeast. They have solid relationships with top companies. $40,000 worth of debt for campus/culture, something that you may not care that much about by the time year 3 rolls around? You must really hate Stony Brook.
@Dunboyne $40,000 is not just for campus/culture. UMD is much higher ranked in computer science than stony brook and will, without any doubt, gives a much better education.
Ok, Maryland is much higher ranked in CS. Whatever you say. Or whatever US News says. Without any doubt.
If you want a Phd, where do you think you would have the best opportunity to participate in research as an undergrad? LORs can be important for grad school admissions.
@Dunboyne So you think Stony brook is better academically? May I know why?
It’s not $40,000 worse for undergrad computer science (faculty strength, course offerings, research availability, career outcomes), according to my understanding of value. If you want to spend that money on the reputation of the university, in general, or for the culture/campus, that’s fine, but I don’t believe the undergrad education in CS would be significantly better at Maryland. The doctoral programs are on a similar tier, according to the latest NRC rankings, and doctoral programs are typically easier to assess than undergrad programs. I don’t know how you could establish that either undergrad program is significantly better for the type of outcomes you want from an undergrad education (foundational skills, good employment prospects, etc.).
@ZHB1999 You can get intern salaries by Googling “Glassdoor intern salaries” plus the name of the Tech company you are interested in. The job interviews for programmers include skills tests. So first the student has to have something on their resume that attracts the company, perhaps a project they have worked on, and then they have to demonstrate their abilities during the job interview. I don’t know whether someone who is new to programming as a freshman would reach that skill level after two years or not. Maybe someone will chime in on that.
Not one to recommend debt, but I have hired a lot of CS majors. If you live frugally and don’t plan on starting a famiy within 5 years of graduating (that’s a hard thing to foresee now!) then paying of $40K debt in the first 5 years shouldn’t be that difficult if you are employed. But IF you get married to a spouse who may not be as fully employed, and IF you have a child (or 2), and IF you decide you deserve that loan on a new car instead of driving one to 200K miles, and IF you feel safer in that nice new condo close to work, and… You get my point. $40K for four years at a better college that you will enjoy better is not unreasonable. But debt-free could be priceless.
It is worth it if you put a lot of effort into your classes and do well. If you are happy with C’s, it isn’t worth it.
For some scale, consider that peer CS schools (going to use RPI) of UMD have average CS starting salaries around 90K. Let’s do some estimation here.
First, add interest to debt, up it to 45K assuming a quick payoff.
Let’s be conservative and say you only make 7K per internship after taxes/living costs. Let’s say you only do one. You’re around 38K in debt now.
Let’s say you make a lower salary, about 80K, and live in an urban area. After taxes, more like 60K. If you live frugally off 40K in a city (not unreasonable for a single person), you pay off your debt in not 5 years but even just two. And this is with conservative estimates.
If you have kids or are supporting others right out of college, yeah that will be a factor. Statistically, that’s not likely though. Not many fresh grads supporting a non-working wife or kids. That’s more of a factor if you’re looking 5-10 years down the road versus just a few. I think assuming you won’t have to support others financially at age 22-24 is a safe, calculated risk.
I say go for UMD.
There’s a difference between UMD and Stony Brook, both in academics and campus life. The question is whether that difference is worth the price difference. In my experience if there’s a better fit, a better environment, and better academics, people who can pay choose the 'better/more expensive ’ education because the ‘worth’ is hard to estimate and in the end they’d rather invest in their child’s education than in something else. People who don’t have the money are in a different situation.