I got into my state schools Stony Brook, Binghamton, and UB as a computer science major. The average cost for these schools would be around 20k a year.
Some other schools I also got into for computer science include NYU, Boston University, Northeastern University, and UMich. However, I didn’t get any financial aid, nor did I get much merit aid to offset the price by a significant amount. I would be paying roughly 65k per year for each.
Is it worth the extra 45k per year to go to the more prestigious schools over my state schools? I would be going into about 80k in debt total if I chose the more expensive options, while I would be debt free if I went to my state schools.
Well, I’d like to preface this by saying you should be extremely proud of yourself and your accomplishments. You’ve gotten into some great schools across the board! Congratulations.
As a general rule of thumb, it’s recommended to go with the state flagship and avoid the debt - especially if you’re wanting to pursue graduate education afterwards. Besides, they’re great schools in their own right! If money is a concern, I would encourage you to go on the route in which you’d end up with a debt-free degree.
Of the state schools you’ve gotten into, are there any in particular you’re leaning towards?
If you can avoid 80k in debt, definitely do so.
I’m surprised you got in NYU but didn’t get any merit from Northeastern. You won’t get $80k loans so question is if your parents can afford to pay this or not. It’s not your choice. It sucks to be in upper middle class for college payments.
You would not be borrowing $80K.
You would be subject to much lower federal student loan limits
(https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized).
So unless your parents are able and willing to borrow the difference, you apparently cannot afford the more expensive schools.
But let’s suppose you can cover the extra cost.
Some researchers have found that, for students in your situation, choosing a somewhat more selective/prestigious school generally makes no significant difference in lifetime earnings (https://cdn.theatlantic.com/static/mt/assets/business/dalekrueger_More_Selective_College.pdf).
Computer science is a very marketable major. IMO, strictly from a financial ROI perspective, you’d probably be better off choosing one of the less expensive (but still very respectable) in-state public universities.
Not worth 80k in debt. Choose the state school you like the best. FWIW, kids generally seem pretty happy at both Bing and Buffalo.
If the schools cost $65k/year and your parents can pay $20k, your family’s total debt would be $180k + interest, not $80k.
The SUNYs are your only affordable options. Did you get admitted directly to your major at all of them?
@Academicstress We were in this same situation with respect to SUNYs versus UMich and other OOS flagships and private colleges. In our case large merit aid and/or need-based aid was the only way to be able to afford those schools. None of the schools you cited including my alma matter Michigan (they call it UMich these days) offered us nearly enough to bring the cost of attendance down to the SUNY range. We would have needed to take over $100,000 in loans for each kid (parent plus or second mortgage or dip into retirement savings) to afford those schools. Plus our kids would have needed to take the full $27,500 allowable over 4 years in federal student loans. Not worth it. You don’t want to pay $45,000 per year more or $180,000 total if cost is at all any issue to your family. Not many undergrad colleges (and some might argue no other undergrad colleges) are worth going into that amount of debt. At least your are fortunate that University at Buffalo (It was called SUNY Buffalo years ago, lol), Stony Brook U and Binghamton University Watson School of Engineering are all strong for Computer Science, so you have good alternative choices. Visit each school and choose the one that feels the best fit. Best of luck!
Maybe a different perspective. When in CS you have the chance of getting paid internships. Some make like $10,000 in a summer. I am trying to be conservative here. So let’s say you do two summers of internships.
So what sounds better to you. Going into massive debt that will take years to repay back like 10-20 years and living with your parents or having $20,000 in the bank that you can get an apartment, car etc and not having to cut a $2,000 check monthly for.
That is what you are asking. Even if you had $0.00 in the bank after getting a few paychecks you will be so much further ahead.
@austinmshauri my parents can pay about 45k a year, but it would them to decrease their mortgage payments, which I don’t want to do. I got into CS for all of the SUNYs, and have been leaning towards Stony brook since it is known for CS. However, I have also been considering the Bing and UB since their students seem to be happier.
@CupCakeMuffins I got some, but not a significant amt of merit aid from Northeastern. Also I got into NYU Tandon and not CAS.
Something not often talked about here, but was true in our case. D16 took the lower cost option. It was excellent for her major and she knew it would save her family money. I believe she feels a good amount of pride that she was able to help the family that way. She knows that her choice is making it easier for her sisters to get a great education as well. If you choose one of the Sunys you should also be really proud of yourself, that you have found a way not only to pursue a great education but to help ease the burden on people you love. I admire that a lot.
@Academicstress In that case eliminate Northeastern. It’s not worth paying there when you can attend better for similar cost.
As far as NYU, BU or UMich, it’s up to your parent’s financial condition, wether they can pay it comfortably or not or if they can loan you. If not possible for them then just go to the school you like most among your affordable choices. Just because aid/merit system is a failure for youth in your demographics, it doesn’t mean it’s the end of the world.
@gallentjill It’s a lot to ask of a young person to be the martyr and sacrifice their dreams while system is sponsoring dreams of others but I agree it’s very mature of your daughter and I hope she get to go to places in life she never even dreamt of. I just find it unfair how system decides that some young applicants have to kill their dreams and but for others sky is the limit.
@CupCakeMuffins. It’s the new reality. To afford college either be rich or poor. My daughter also made the same choice as @gallentjill. Yes she is very independent and mature. Having two in college basically sucks financially but both have some 529 money. If my daughter went to her number 1 she would if been totally in debt even with what we can pay. At her number 2 and now 3. She will graduate loan free due to great merit. Also her dream school would of not provided what her lacs can. She changed majors and would of been locked into her program and it would of been a nightmare.
As stated, they grow were planted and usually things work out for the best. Both crazy but true statements for both of my kids.
None of the privates are worth 80K in debt compared to your other options, especially with Stony Brook being as strong of a CS school as it is. I’d go there and make the most of it.
I would definitely pick SUNY Bing or SB. They are your flagship state colleges and affordable to you.
CS is more about your abilities than the school.
Cupcakemuffins, You’re supporting family overseas, right? That’s a commendable choice, but it’s a choice. Why should colleges subsidize it? Nobody’s owed an expensive education. If you want the aid that low income people get, you have to be low income. Since you’re not apparently willing to quit your job and give away your assets you’re not eligible for the aid that low income families get. That’s also a choice. It doesn’t make you or your kid a martyr, and it’s not helpful to students or their families for you to try to pass along your resentment of the system to them. OP has some very good in state options that are actually affordable for his family. He’ll do well at any of them.
It’s not an bout me or you or other parents, it’s about applicants. If parents aren’t for one reason or other paying, it is used against some kids and in favor of others. Why shouldn’t there be questions about it. No one is asking why those parents didn’t earn or save or whatever. Just for all young citizens to get equal treatment based on their own weaknesses and strengths not of their parent’s.
Personally, I don’t think the other schools you’re considering are worth the extra $$. Stay in-state.