<p>So adding up all the loans and self-help, Princeton is almost $10,000 cheaper per year. However, I still want to go to MIT. My parents are leaving the decision up to me, but remind me that they're not paying more than X amount per year. So I would end up with about $30,000 of debt at MIT and close to none at Princeton. I know for sure that I will major in engineering or science (probably chemical eng) and want to go to a good grad school. I love everything about MIT and would fit in much much better. So what should I do???</p>
<p>I would suggest calling MIT’s financial aid office and explain your situation and how you want MIT over Princeton. The worst case scenario is they say no to adjusting your package. You also may be pleasantly surprised. Good luck to you.</p>
<p>But MIT has made it clear on their website that they will NOT match financial aid offers from other schools. Does anyone else have any advice? What would you do in my situation?</p>
<p>If you, " love everything about MIT and would fit in much much better" then that is where you should go. For engineering MIT is the best there is, so spend the extra bucks and be happy!</p>
<p>You’re probably right… I just can’t imagine being in so much debt… Any other advice? I have until May 1st</p>
<p>Are you kidding me? Do ok at MIT and the 30k will literally be a drop in the bucket. MIT grads average 70k after graduation. Do the math here…:)</p>
<p>Most if not all of my MiT friends are now making mid six figures at 30 years old. Several of my MiT and stanford coworkers are cracking 200k as fellow engagement managers at mckinsey as a slight upperend data point also at 30. Needless to say, debt is not a concern as take home pay is about 150k for the latter case.</p>
<p>30K is really what most people would recommend maximally taking out to fund your education. MIT grads likely do very well for themselves. If you’re focused on paying off that money, and you get a good enough job out of college, you can probably pay all that debt off in two years, maybe one.</p>
<p>It should be noted that Princeton is fantastic in engineering as well. Something you should know that debt is limiting. Having less debt and obligations gives you more freedom to do things that you want, like quit a job that you hate, or take some time off to travel. That’s harder to do when you need to make monthly payments over the course of several years.</p>
<p>I’ve told people this before, and I’ll say it again here: This is one of your first big decisions as an adult. Try to think long and hard about how this debt will affect you after you graduate. Here’s a popular story about how one student felt about his student loan debt after graduation:</p>
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<p><a href=“Duke Grad Student Secretly Lived In a Van to Escape Loan Debt”>http://finance.yahoo.com/news/duke-grad-student-secretly-lived-in-a-van-to-escape-loan-debt-194021112.html</a></p>
<p>FWIW, I graduated recently (2012) and took out a modest amount of loans for undergrad (<10K.) I’m comfortable with what I took out, with my monthly payments, and with the total amount of interest I’ll be paying over a 10 year period (assuming I choose to wait that long to pay it off.) I came very close to taking out more debt though and looking back I can say that I’m glad I didn’t. So again, try to figure out how you’ll feel about taking that much money. You’ll have great prospects graduating from MIT, but you’ll also have them from Princeton, with less debt.</p>
<p>If you want to grad school then between those two schools it would not matter. I would go with which ever one you want to go to. Maybe Princeton for undergrad and MIT for grad or vice versa.</p>
<p>This is an interesting situation because both schools are elite. I think it might be easier to answer if you have some sort of idea of what career path you want to do. Also, which area do you like better?</p>
<p>A layperson will say MIT, hands-down, for engineering. But as noted above, Princeton is not just a liberal arts place and has great engineering programs as well.</p>
<p>Coincidentally, when I was in school, my roommate went to Princeton for undergrad and his classmate went to MIT. They were doing PhDs at Johns Hopkins. I also knew a guy who did a Princeton undergrad and MIT PhD. He definitely took more pride in his undergrad and his eat-in clubs. Depending on what you want to do, the schools seem pretty comparable, so you can’t really screw this up.</p>
<p>$30K is no joke, that’s really $50K in pre-tax salary + interest. But if you feel MIT is just more compelling for you (after giving it some rational thought), then go for it.</p>
<p>First of all…if MIT is $10K per year more expensive…why is that $30K and not $40K of debt?</p>
<p>On the one hand, $30,000 worth of debt is not so large. Even the average salary of a non-engineering student is adequate to repay that. In addition, while I generally warn students away from borrowing on the basis of assumed majors, a student who attends MIT is very unlikely to change their major away from engineering - given the kind of environment it is. And it is true that the average MIT bachelor’s degree graduate makes about $73,000 a year. (<a href=“Alumni – MIT Facts”>http://web.mit.edu/facts/alum.html</a>). This could be skewed by high outliers, but I think you could reasonably expect to make at least $55,000 and repaying that debt</p>
<p>On the other hand - $30K is not really a “drop in the bucket” for someone making $73,000. That’s about 41% of your take-home salary. The standard monthly repayment on a $30K loan is about $345, and for $40K, it’s $460. That’s $350-450 every month for TEN years - that could be going into your retirement account, or your savings, or towards a down payment on a place, or your kids’ diapers or college fund. Even when you’re making $73,000 (which is really about $60K after taxes, or about $4600 a month), $350-450/month is a big chunk of change. That’s the grocery budget for the whole month.</p>
<p>And…for what? Princeton also consistently tops the list of the highest-paid graduates 10 years out from graduation, and their average starting salary isn’t too shabby either ($58,000, but that averages ALL its graduates, not just the engineers. They probably make more). One study estimates that the average Princeton grad with 10 years of experience makes $137,000; although that’s likely very much skewed by a few very high salaries, you’re not likely to be less successful or wealthy because you chose Princeton instead of MIT. In addition, if you want to get a graduate degree, you’re throwing that debt on top of the $30,000 you already have (or $40K).</p>
<p>So in this case I guess the answer is…why MIT over Princeton? What is it about MIT that draws you there? And is that thing/those things SO much better than what Princeton has to offer that you’re willing to pay $55,000 for it? That’s $40,000 in debt after you account for the interest, over 10 years of standard repayment.</p>
<p>^It literally is a drop in the bucket. As usual, your flawed “analysis” assumes constant income among numerous other suspect assumptions - including being skewed by high salaries? - yea, i’m sure. i’m also sure the typical MIT grad is living with a 30k loan for TEN YEARS as well.</p>
<p>Unless the kid has a $30 reason for MIT over Princeton, probably should do Princeton.</p>
<p>$30k can be paid easily for any MIT grad. If you like MIT go for it. It is the number one engineering school in the universe, enough said. </p>
<p>I think at the end of the day, do you think you’ll regret turning down MIT? I agree that debt can be limiting. Undergrad is only four years of your life, and now, that might seem a lot, but when you’re 80 it’s only a tiny fraction of your life. You’ll always have your education, nobody will ever be able to take that away from you. If you think 30k is worth it, then do it, but definitely think about it. </p>
<p>Also, after your freshman year you’re able to move off-campus to often cheaper housing and go off the meal plan which might mean saving 5k per year. Plus, I have friends who have taken internships that paid them ~5k in the summer. As a MIT student, I would imagine finding paid internships that paid even more would be easy. On campus jobs usually pay around 1.5k-2k a year and becoming an RA would mean free housing, easily saving 10k per year. </p>
<p>I think there are a lot of options out there if you really search for them. Plus a lot of graduate departments in the sciences will pay entirely for you tuition and provide a stipend for room and board so I wouldn’t worry about it as much. But having that money looming over your head really does affect a lot of decisions. Choose wisely and good luck!</p>