I’d think the only engineering school worth $200,000 in debt is San Fransokyo Institute of Technology, if it’s as awesome as Big Hero 6 portrays it.
The best way to answer this question is to consider yourself in an engineering position at AXY Company (your dream company), making $65K per year and $200K in debt. Three of your fellow Engineering employees happen to be graduates of CCNY (Tuition $6.5K/yr), SUNY Stony Brook (Tuition only $8.7K/yr) and University of Florida (Tuition $6.5K/yr) EECS program and making the same $65K/yr, all three with zero student loan debt. This is a very likely scenario, since most companies pay new grad engineers the same salary. Who would be a disadvantage from the get go?
That’s the best answer and very true. Starting engineering salaries are not all that different and within a blink of an eye no one will care where you went to college except as an anecdote at a high school reunion.
No, no and no again. My husband works right alongside engineers with degrees from big name schools and they all make about the same $$ (plus or minus 5K maybe). He went to a no-name state school. What has mattered most is the certifications and training he has pursued on the job i.e. Six Sigma, etc.
Of course the answer to you, OP is no, 200K in debt is not worth it, and I’d venture a guess that you probably know this in your heart of hearts. As much as I love Cornell, (D2 is a current student and brother-in-law an Engineering grad) I would advise you not to take on this burden. And as a parent, I would never cosign that loan for my children.
The real issue may not be that Cornell would mean too much debt (which is obvious), but that the unnamed state university may also mean too much debt if the parents will not contribute but there is no financial aid.
^true.
Did the OP disappear?
According to College Scorecard -
Salary after Attending
VA Tech 57,900
Texas A and M 52,900
Cornell 70,900
Based on this it would take at least 12 years break even, not including interest.
Payscale puts them even closer together.
Cornell did not make the Forbes top 25 list.
<<<
Salary after Attending
VA Tech 57,900
Texas A and M 52,900
Cornell 70,900
<<<
That doesn’t mean anything. Salaries are REGIONAL…based on the region’s cost of living.
The VT person who gets hired by the same company who hires a Cornell grad will get paid the SAME. There is no bonus salary for being a Cornell grad.
@nw2this What is that comparing? school vs school? EE vs EE? What?
My questions to you are
1° why aren’t your parents paying anything? unwillingness, inability, misunderstanding of the process/system? Have they gone to college themselves?
2° if they don’t want to pay anything, are they okay taking on loans for you (ie.) Parent PLUS?
Other questions:
3° do your parents expect someone else to pay for your food, rent, and books, if they’re financially able to do so? and if so, why do they have this expectation (parents typically consider it “normal” to pay for their kid’s food if they can, for example), is it related to something you did or is it an idea that scholarships will magically cover everything, relieving them of their EFC costs? Or do they expect you to earn a full-tuition scholarship but will cover your food and rent?
4° do your parents know there is no merit scholarship at most top universities? (subsidiary questions: are they against those universities for any reasons such as religion, politics, geographical preference…?)
5° Do your parents understand how loans work? Do they know federal loan limits for students and how the Parent PLUS loans work?
6° would the loan be from Parent PLUS or from “the bank of mom and dad”, ie., would it be a case of their having the money and “loaning” it to you?
200K is a HUGE amount in Parent PLUS loans and I can’t imagine your parents taking that on for you if they’re unwilling/unable to spend that now.
(And, in case you missed it from the 12 posts above: no, it’s not worth it. But mostly, I doubt it’ll be possible for you.)
https://collegescorecard.ed.gov/
It compares schools. It would be nice if it compared majors within schools, but it is still worth consideration.
It is great to hear that there is pay equity in the engineering field, because in some fields there is not. Gender, race, grades, communications skills, salary negotiation skills, school, etc. can play into pay it.
Comparing schools, particularly comparing a private with a public (live Cornell to VT), is truly meaningless.
Of course, overall, including all majors, the grads from an Ivy will earn more than the grads from a large public.
83% of Cornell’s students have an ACT 30+
VT doesn’t report ACT numbers on Collegeboard.
14,400 undergrads Cornell
24,000 undergrads VT The % of students with SAT sections that are 700+ is far lower than Cornell’s numbers.
Main difference could be that Cornell may get you more interview opportunities than lower ranked schools, but as others said salary difference won’t be much. Another big factor for job prospects is the summer internship experience.
Debt should not exceed how much you expect to earn your first year out of school.
I suggest that you look at ROTC which has a long tradition at Cornell. They pay for full tuition and a little more, and you are commissioned as an officer in your choice of service when you are done. You would only be responsible for living expenses and you could probable manage that between loans and work.
This is an excellent way to serve the nation and accomplish your goals without financial pain. Several of my college friends took this route and were very successful in their careers after their time in the services was over. Your skill set as an engineer will fit well in a variety of fields.
http://navy.cornell.edu/home.html (also has links to other ROTC sites)
Has OP mentioned an interest in the military? No student should join any branch of the US military unless they have a real desire to serve in the armed forces.