<p>Save the money for grad school. Like others have mentioned. Much easier to get into a great grad school than to get a mythical internship that pays that much. If you are as good and as determined as you appear, you will eventually make the money even if it isn’t in your first year or two of work. Many of those who come from elite programs fail when they get to real work because they seem to think that they have ‘arrived’. Keep working hard and keep your costs down.</p>
<p>OP, with your full ride now, no loans, you will be in prime shape to take out loans needed for a grad program with good job/earning prospects, especially with your grades and academic prowess. Your odds of getting something that will pay off will be much higher. Grad students can get Direct loans at about 5-6% on their own, not involving parents and there are also other options available. Right now, even if you wanted to do so, you are highly unlikely to be able to borrow the kind of money you will need for a ug degree without involving your parents heavily–actually putting the on the hook for the loan, something you don’t seem to want to do. There is good reason for that–ug programs are not good risks for banks. The returns are not good at all. That’s why they snag the parents with a noose around their necks AND the kids. Gotta get’em both. Not so for prof programs and even grad programs. </p>
<p>^^^^^^^ what middkid86 said.</p>
<p>So after started this thread I just wanted it to end… but I’m bringing it back.</p>
<p>I just heard I got into Cornell AEM also. Does this change anything? </p>
<p>Like someone earlier in the thread mentioned, getting into a top MBA program is not an easy thing to do and it costs about 2/3 to 3/4 of what I’d pay for undergrad at Cornell. However, the fact that if I fail, I won’t bring my parents down with me is really appealing to me. Also, I’m doing engineering at my current school and if I live modestly and work for a few years, maybe (hopefully) ~120k won’t sound so bad.</p>
<p>Both my parents and people on Wallstreetoasis are strongly encouraging me to go for Cornell and suck it up and pay the debt, and while half of me wants to go that route, about 150k in debt is as ridiculously scary to me as it is to you guys.</p>
<p>I don’t know if there’s anything more to be said - at this point it’s just a decision I have to make, right? So uh basically, Cornell’s not worth it either, right? or wrong?</p>
<p>I’m a Cornell grad, have a kid attending Cornell, and LOVE the school … and I’d NEVER recommend a student take out loans beyond the basic fed loans for Cornell (or any other school) … large undergraduate debt is a really bad idea IMO.</p>
<p>@Chemistryking: You have a full ride at the school you’re attending and the places you want to transfer to will cost you over $100k+ that your parents don’t have? YOU can’t borrow that kind of money. As an undergrad, your limit is about $27k. Are your parents willing to take out over $100k in loans? I wouldn’t advise it. If you really dislike your current school, find some financial safeties to apply to and save your money for grad school. Congrats on your acceptances though…</p>
<p>OP - I’m gonna go the other way here. {Ducking} I have a younger brother who got into Vandy by the skin of his teeth. He’s smart and a hard worker but by no means brilliant. Went into investment banking and slept on another brother’s couch in NYC for YEARS. Bartended at night and worked like a dog. Got laid off right at the beginning of the recession and took a job in a startup for no money, just stock. But he is now in his mid 30’s and it has all paid off, he is making an impressive salary. He will tell you that without that Vanderbilt name to start off, he would have been hard pressed to get in the door. That’s all it did was open the door but that is what he needed. So I would say it COULD be worth it. </p>
<p>Could you also look at applying for scholarships for students who are continuing school? There are some out there and with your impressive stats, you might have a good shot at those. You’ve already saved one whole year tuition so that’s a good start. You say your parents are not able to pay the whole bill, would they be willing to pay the loan payments for the first years while you work your way up? That is certainly a deal that I would make if I was in their situation and had a kid who was as motivated as you are to go to brand name school. </p>
<p>You seem to be going into this with a clear plan, a backup plan, a complete understanding of the obstacles and the determination to make it work. I am against taking on a lot of debt in most cases but there are exceptions to everything and I would say this is an exception. I would try hard to minimize the debt as you go anyway you can but given what you have said here, I would say transfer. </p>
<p>I would think it would be wise to consider going somewhere where you can get good grades and do well enough to have a good shot at a great grad school. I know very few IBs who got there with just a Bachelor’s degree. Most have an MBA. Seems to me like you could kill yourself financially trying to take on debt for both Bachelors and Masters degrees and expecting to survive financially while starting out.</p>
In my opinion, when you factor in everything that a college degree entails, the cost of college is entirely worth it. One of my personal values is finding meaning in the work that I do or the career that I will someday choose. In today’s world higher thinking jobs require some sort of college degree, and by 2018, 63% of all jobs will require some college education or a degree. Those who choose to pursue a college education open the door to higher salaries, more success, and higher value in what they do in the future. This is seen in different statistics, such as the average hourly wage of a college graduate is $27 while the average hourly wage of a high school graduate is $16. It is clear that there is a large payoff when choosing to obtain a college degree.
It is also important to consider the many different options for college education. Ivy Leagues that cost over $60K a year to attend are not the only universities that provide valuable education. For those in the middle class, there are state schools and community colleges that are more affordable and realistic. This shows that those who choose not to pursue a college degree because of cost may not be considering all of their options. It is possible for everyone to find their correct fit in terms of cost and financial aid when it comes to a college education.
To answer your question . . . only 2 or 3 schools in my mind are “worth” full pay. Even then two things need to be present for us: 1) we have to afford it without financing; 2) we have to see a highly motivated student.
With only 1.25% of all higher education institutions in America meeting each student’s full financial needs, your choice of going to college may just add to the already overflowing bin of student debt. The total student debt is currently over one trillion dollars, so is going to college even worth the many agonizing years post-graduation when you’re still paying back your loans? And what if you don’t even have a full time job to even pay back these nagging extra bills? Sadly this is the case for 50% of recent graduates. If you are lucky enough to even get a job to pay back the biggest financial burden called student debt, it’s very likely this new job doesn’t even require a college degree! Congrats! You just wasted four, or most likely six, years of your life accumulating debt to end up being over educated for your job, just like 27% of all other Americans. So I think we can all agree that post-college, financially you want to walk off a cliff. What about socially? Yep, not a promising outcome either. Thanks to your debt, you are less likely to transition into adulthood by the age of 30. This includes moving out of your parent’s house and financially supporting yourself and a potential family. Wow, I bet you can’t wait to move back in with your folks after school! Or, this debt and social agony can be prevented by going straight into the work force and making cash and gaining experience right away. So no, college is not worth the cost.
Except that a large percentage of better career-track jobs require at least some college education (this includes trades learned at the community college), either because a high school education really is not sufficient to prepare one for them, or because of creeping credentialism (i.e. employers requiring a college degree even though a high school graduate can do the job).
Please use old threads only for research.