Is any college worth the full price tag?

Paying for College
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<p>A thread similar to what I want to say was recently featured but I can't find it now. (This girl wanted to go to duke her dream school instead of a cal state but duke was way more expensive and all of you guys were like "go to cal state!!") </p>

<p>Right now I have a full ride at a directional state university. I really don't like it here: academically, socially, I feel like I'm all around lacking in opportunities for what I want to do. And I don't like the state flagship for other reasons I won't go into. </p>

<p>Ideally, I'd like to go into investment banking. You have to go to a "target" (name brand) school to have a halfway decent shot at breaking into banking. I was recently applied to transfer to "targets" and was accepted to an elite state university that is considered a "target" and I'm waiting to hear back from two more. These schools could get me where I want to go, but they come with a hefty price tag. My family makes a lot on paper but I don't know where it goes, we definitely are privileged but yet we still live modestly; small house, old cars, no vacations, etc. But the point is: I'm 99% sure I'll be forced to take the full price of attendance out in loans. </p>

<p>This is always really, really not recommended. But it's investment banking. One summer internship with the right bank can pay up to 70k- 85k/ summer and that knocks out two years of tuition (not total cost of living) right there. Obviously, it's a risk. I might not get the internship or may not be able to break into banking, but I know I sure as hell won't from where I am now. </p>

<p>If I don't get into investment banking, I'll still make the money I need to to pay off the loans. I'm a firm believer in that if you make it your goal and you work hard enough, there's no reason to have any financial problems. I'm an extremely hard worker and if my i-banking plan doesn't work out I can study like hell for actuarial exams or try to become a CPA, make good money to pay off the loans, and re-asses my situation.</p>

<p>I'll admit, I'm sort of looking for some confirmation bias here. My parents, though they can't afford to help me pay, completely support me if I choose to take on the loans. However, my parents didn't go to college so didn't take out loans for college and their advice seems to go against everything everyone else says, but they know how hard I work and how I won't let myself fail. I know I'll get a lot of answers telling me to stay with my full ride at my directional state university, and I want them. I want to be convinced if I choose to stay at my mediocre college, I'm not going to wake up every morning hating my mediocre life and my mediocre job at some "The Office" or "Workaholics" workplace, wishing I took a risk.</p>

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<p>The “top” state schools would still be a rung below the most elite private schools in investment banking recruiting. I.e. they may be more selective when recruiting at a state school than at an elite private school.</p>

<p>Also, do you have a very high college GPA? High SAT scores? Strong math and logic ability, proven by A grades in advanced math or other courses that use that (e.g. philosophy, computer science, etc.)?</p>

<p>In addition, investment banking is a very stressful job if you get such a job, and large amounts of debt to pay off would make your life even more stressful. <a href=“http://online.wsj.com/news/articles/SB10001424052970204062704577223623824944472”>http://online.wsj.com/news/articles/SB10001424052970204062704577223623824944472&lt;/a&gt;&lt;/p&gt;

<p>Also, loans higher than the federal direct loans would require a cosigner (usually your parents).</p>

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<p>Yeah, I know where I got accepted (UVA) and where I am waiting for (Cornell, Georgetown) aren’t Harvard. I’ll still have to bust my ass for an interview and I completely am expecting that. I have a 4.0 college GPA (I’ve taken multivariable calc, physics, programming, chem, etc.) but weak SAT scores by collegeconfidential standards (let’s just call it 2000- don’t want to give my exact score to give myself away on here). I’m not a genius, I’m actually a lot less smart than these kids who usually get banking, but I’m gonna be damn sure to put 100% into networking and knowing my stuff if I’m putting about 150k on the line.</p>

<p>I have back up plans. But it’s only human nature to feel a little (or a lot) unsure about this. This is about 150k and if I somehow mess up everything in my life this could enslave me pretty much. But if I never take any risks, I am positive I’ll never be happy. Maybe I’m just young and naive?</p>

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<p>Why don’t you start by investigating this dichotomy and why your parents can’t help send you to college.</p>

<p>But in answer to your first question, there are colleges worth the full price tag, and those are usually the modest state colleges, you get a lot of bang for your buck as opposed to only a HS diploma.</p>

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<p>brownparent is right.</p>

<p>surely your parents work hard, yet they must be having financial problems if they cant help you with costs. so, how does that square with your philosophy???</p>

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<p>I am really hard pressed to think any school is worth the full price tag if the price tag is 50k or more. There are no guarantees in banking that UVA would open up your dream job. Also, aren’t you really supposed to be in the honors college there for Goldman Sachs to look at you? On the other hand, Warren Buffett went to University of Nebraska and he did ok. </p>

<p>One thing I’m wondering - what if you just do undergrad at the affordable place, get your feet wet in the stock market for two years and then get your MBA at Wharton or Harvard - would that open up investment banking doors to you? Seems a lot cheaper to me and if you’re any good at investing you should be able to pay for your MBA without massive loans. I suppose it cuts off the chance for an internship as an undergrad at GS, but it wouldn’t shut off all the big brokerages off permanently, would it? (I really don’t know, that’s why I’m asking).</p>

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<p>the challenge is that most people in IB work IB 2/3 years as an analyst, go to grad school and then return to IB. I understand where OP is coming from that his chances of getting in to IB is to come in through one of the “feeder” schools and do well at that school. However, OP also states that they will be full freight payers and is family is not in a position where they can afford to pay.</p>

<p>Op has to make lemonade out of lemons- go to a school that is a financially feasible option for his family. Do well at that school, try to get an internship at get your foot in the door.</p>

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<p>"One thing I’m wondering - what if you just do undergrad at the affordable place, get your feet wet in the stock market for two years and then get your MBA at Wharton or Harvard - would that open up investment banking doors to you? "</p>

<p>Those places aren’t any cheaper and they have acceptance rates that are very low. You can’t just waltz in and get an MBA at Harvard. </p>

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<p>Every talks about those $70-80K a year summer internships. Yes, they may exist, but i think your odds of getting into Harvard are greater than getting one of those. The plums, and yes, students are FIGHTING over these, are paying maybe $15-20 an hour. I know two kids who got them. Dad runs the department; its kid and best friend, both B students at a direction state university got those jobs. I spend a lot of time in NYC, and I can guarantee you that those big time jobs are not just waiting to be plucked from trees. Just getting a living wage job these days ( and if you want to work in NYC, a living wage is up there if you don’t have a family home where you can live for free or on the cheap) is not easy even from top schools. I know a slew of such grads, all with the same ideas you have, coming from Ivies and other highly selective schools, and they haven’t hit the jackpot yet. Considering I have older kids who have gone through all of the (in their 30s) I have seen this cycle with them and their peers. Lots of grads from ivies and other top schools with the same ideas you have, and very few for whom it has panned out, and even then not like you are envisioning. You might as well play the NYS lottery and hope for a hit there.</p>

<p>Where are you thinking of getting those loans to pay for an OOS college, may I ask? Unless your parents get involved, like apply for the loan so that THEIR credit is on the line, the loan is every bit theirs, you, as UG are entitled to at most $7500 on your own, unless a school gives you some as part of a financial aid package. Perkins loans are hard to get, and few schools lend to ugs out of their own funds. So a parent is going to have to apply for the loans, So it’s not a matter of them just nodding their head and supporting you. They will have to put their credit on the line. Unless they go through Direct Loans for a parent loan (PLUS), I suggest you get some life insurance on yourself if they cosign for you or get some other loan, banking on your gamble so that if something happens to you, they aren’t left holding the bag for the payments I have a friend, by the way, who is ruined financially, in part due to this. Her DD did not die. Just can’t find a job to pay enough to pay the loans. </p>

<p>My suggestion to you is to finish up at your school, doing the best you can and get what you need to to become a CPA or actuary, and parlay that into job where you can work your way into the field. Maybe you can then get an MBA. There are a lot of people who get into IB peripherally, not head on. That you are an excellent student give you a good leg up right there. </p>

<p>Though you can’t waltz in and get accepted to a top MBA program, having an outstanding UG record and GMAT score, plus some work experience even in a peripheral field will enhance your chances. I live in a family of top name MBA grads and put together their apps when they applied. Half came from big name UG schools, the other from situations just like yours, but were top dogs there. The fact of the matter is that if you are truly a top student at a university with a great GPA and you work at those GMATs to get a great score and at getting accepted at one of those programs, your chances are much better that way. And, getting a loan on your own at that time is very doable. The paperwork is literally laid in front of you and you will be with just about everyone else there in doing this. With parents who don’t have extra money to help you, graduating with a lot of loans, if you can even get them, is going to be very difficult. You won’t even get an apartment in NYC, heh, heh, paying through your nose, much less a job with that kind of monkey on your back, no parental assistance–at least not likely. Most parents have to sign over their lives for their kid to just get a place to live there, you understand. I am exaggerating a bit, but not a lot. </p>

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<p>Will your parents cosign your college loans? If not, you won’t be able to secure those loans in your name only. </p>

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<p>Thank you everyone. I have a lot to think about now. </p>

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<p>It depends on which college and what is your price tag. You know, in state and oos students see different price tag on public schools. Also, it depends on your major and job prospect. If you can earn $100k/yr after 4 years, then a $60k/yr college may well worth it.</p>

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<p>There are no summer internships that pay 70-80k. You would be more likely to make less than half of that even working at a big bank like Goldman.</p>

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<p>@‌ooohcollege </p>

<p><a href=“Summer salaries ?? | Wall Street Oasis”>http://www.wallstreetoasis.com/forums/summer-salaries&lt;/a&gt;&lt;/p&gt;

<p><a href=“Fewer Perks and More Work for Wall St.'s Summer Interns - The New York Times”>Fewer Perks and More Work for Wall St.'s Summer Interns - The New York Times;

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<p>@ooohcollege *</p>

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<p>Those $70k salary figures are per year. A 10 week summer internship works out to about $13.5k; add a $2k housing allowance and you get $15.5k. Not bad, but it’s not $70k for a summer, as you claim up thread.</p>

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<p>gonna breakdown :))))))</p>

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<p>I would choose the flagship. Regardless of where you go, you will need the determination, connections, and attitude to become wealthy. It does not matter there you go to school. Your first job may pay you like 100k at the big school. But you will also have a lot of debt. If you go to the state school and are really diligent and show that you are a bright apple, you could reach any height you want. </p>

<p>I am in the same boat, however for engineering. I am at a top tier engineering school but will be opting out at the end of this semester to go to my state school. I just see that I will have better connections and a better mindset back home which will help me reach my life goals. </p>

<p>You are definitely at a cross-roads and you are very lucky to at least have the moral support of your folks. If you feel that this is the best decision it will always haunt you if you don’t do it. Just keep looking foward!</p>

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<p>Chemistryking, there aren’t many jobs that are given to ugs at that salary level PER YEAR for undergrads from ANY school. My husband worked for a major IB for a while, and the only big time straight out of college earner was an untraditional student who graduated from Fairfield University. The rest had MBAs or had some experience and success in boiler rooms. I do know some computer engineers and others who are doing quite well, but again, not at that range right away. I’m not saying that there aren’t outliers, but really, one might as well buy a Mega lotto ticket.</p>

<p>Do well in your courses, especially the maths. Start looking at GMATs now. With great grades, great GMATs, yes, you would be a good candidate for a top fledged MBA program, and the pay levels are very good in certain fields with such a degree. My DH has one of them as do a number of people I know, and that can be an excellent “investment” (and I hate to use that word for borrowing money). Without ug debt taking on two years of MBA debt is not so onerous. Even with good prospects of a great salary, with the power of interest and time, what you borrow as a UG is going to be painful to repay on top of grad school loans. Trust me on that one I’ve lived it.</p>

<p>You see, for all ones plans and aspirations of pay back, life does move forward and the more you make, the higher income folks you work with, the more you are going to want to live somewhat like them. Throw in kids and hopes for their well being and quality of their education, and you can see where this is going. I’ve lived it and am living it. </p>

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<p>^^^agreed that 70k is usually for 1 year with the rest of the salary coming in bonuses.</p>