We have a dilemma for my child, HS Senior. He has to make a decision which college to attend. He narrowed it down to a good (no name) private business school w/ a full ride and UPenn Wharton undergrad. He got some financial aid from Wharton for the first year. However, he will likely be ineligible for help for the other 3 years. Will need to take loans. It may come down to getting 280K scholarship or paying over 200K for Wharton. Is Wharton undergrad degree worth it?
No
can you elaborate?
This site will tell you no. Wall Street Oasis or even Reddit may have different views.
Realistically, it’s a lot of debt. If you can’t appeal for financial aid, then you obviously need to very thoroughly think through the ramifications that those loans will have on all aspects of life both now and for the foreseeable future.
That said, there certainly are cases where it could be worth going to Wharton. Top IB jobs pay $200k and quickly rise (after taxes and cost of living you only can save so much, but it’s sufficient to payoff debt quickly if prudent). Top buyside jobs more than that. It’s certainly a big bet on your son though.
So, we probably can pay for half and will have to get loans for 80-100K if no future financial aid given. He got decent 1st year package but our income has changed. So, I’m looking at worst case scenario. Best case scenario we pay 120K with no loans.
I’m not an expert in FA but I would hope (and think) that Penn is considerate of your change in income and will raise the financial aid package.
Without knowing the exact details of your situation it’s impossible for me or anyone else to give you specific advice. I’ll just reiterate that there are certainly outcomes where the cost of Wharton is more than worth it. I imagine others will rightfully point out that a lot of employers hire from a wide range of schools, and your son can be very successful regardless of where he attends undergrad.
Paying 120k total if you have the income might be worth it. Many state schools cost $30,000 per year.
Your student can borrow $27.000 if that helps your situation.
Can you run the UPenn Net Price Calculator with your old financial info and then with your new info to figure out how much years 2-4 will cost?
What does your son want to study? and what does he want to do in the future?
Yeah, it really depends on a couple things: what does your son wants to do after college, >$100K paying jobs in IB or consulting? or like non-profit work? Also, how good is the other school, really? It could be that they still get a job in IB or consulting coming out of that school! Having no debt relieves a lot of stress
$120k is absolutely not worth it. While a school can lend credibility to a resume, in the end it is the applicant not the school that gets the job. Go for the full ride.
We paid full freight for our son to attend Wharton. Best ROI among family and friends that include lawyers, doctors and tech professionals.
Wharton opens a lot of doors and in the end will be cheaper because there’s no need for a graduate degree to succeed professionally if he is interested in Wall Street type jobs where school prestige is important.
@Cbreeze
Would you be willing to elaborate in a more specific manner as to why this was the best ROI for your Wharton grad? I am a physician and I feel my son can likely do better financially as well as have a more " enjoyable" life in the finance / economics world. He is an elite student senior in HS . He is torn between going into medicine or pursuing mathmatics/economics. I am confident he will gain acceptance to medical school of he chooses that route. I am also (based on his academics ) he will likely be accepted at UPenn Wharton undergrad. Can you make a comparison of how your Wharton undergrad student has had a better ROI then your physician. And can you share your physicians specialty? I am interested in a real life family who can speak to both sides of this from experience. Thank you