I was accepted to Michigan and Northeastern for engineering. However, financially, I got a scholarship from Northeastern and mostly only loan options from Michigan. They would come out to about a $5000 difference during college and my parents said they would support me but I will have to pay a percentage of the loans taken after I graduate. Would Michigan be worth the extra money in loans after I graduate considering better job opportunities?
You mean the difference is only $5000 for the whole degree, or $5000 per year? Also, is that $5000 difference after the loan at UMich but scholarships at NE? Note that loan amount are still your out of pocket cost and should be included in the cost comparison.
Can you be more specific. How big a loan are we talking about if you attend NEU? How about Michigan? If the difference is manageable, say $20k, then I recommend Michigan because it is significantly better in engineering. However, if the difference is very significant, then I would recommend NEU because it is a good university in its own right.
As a general rule of thumb, your total loans should not exceed what you expect to earn in your 1st year after graduation.