<p>Obviously I would assume stern has a better reputation, but I would definitely need to take out a huggge loan if I attended Stern with only about half paid for by my parents. Which would be the smarter decision?</p>
<p>Probably IU. My parents wouldn’t even let me apply to Stern due to cost. You can have the exact same opportunities coming out of IU as you would Stern as long as you work hard.</p>
<p>Same here. We didn’t let our daughter apply to any private schools as we didn’t see enough added value for the expense, and didn’t want her to start her adult life deeply in debt. There’s always grad school. So far none of us regret the decision.</p>
<p>OP, it’s time for a reality check. And BTW, I had this same conversation with my daughter 6 years ago. ; )</p>
<p>If your parents are willing to pay half of the cost of NYU, you would be left with well over $100,000 to pay. Assuming you could even get loans to cover that amount, and assuming you could get a fantastic investment banking job in NYC, and assuming a 10 year term of repayment, 6.8% interest rate, NO fees (highly unlikely), and assuming that you would pay 10% of your gross income towards your student loans, you would need a starting salary of $138,096.57. THAT IS NOT GOING TO HAPPEN.</p>
<p>Loan Balance: $100,000.00
Adjusted Loan Balance: $100,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00</p>
<p>Monthly Loan Payment: $1,150.80
Number of Payments: 120</p>
<p>Cumulative Payments: $138,096.57
Total Interest Paid: $38,096.57</p>
<p>It is estimated that you will need an annual salary of at least $138,096.00 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. This corresponds to a debt-to-income ratio of 0.7. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $92,064.00, but you may experience some financial difficulty.This corresponds to a debt-to-income ratio of 1.1.</p>
<p>See the calculator link here: [FinAid</a> | Calculators | Loan Calculator](<a href=“http://www.finaid.org/calculators/loanpayments.phtml]FinAid”>http://www.finaid.org/calculators/loanpayments.phtml)</p>
<p>Go to the link and play with the numbers. Extend the term out to 20 years, and you’ll see that your starting salary still needs to be over $90K. THAT’S NOT GOING TO HAPPEN EITHER. Then think about where you will be living if you have a job in NYC. The cost of living is extremely high in that area. Your lifestyle choices will be severely limited if you have so much debt hanging over your head.</p>
<p>Now think of the alternative. Assuming your parents are still willing to pay the same amount for your schooling at IU. Depending upon the scholarship money you qualify for, you could graduate with little to no debt at all. You can still get that job in NYC, you won’t have to live like a pauper, paying for grad school will be less daunting, and you will have the freedom to make a lot of choices that just wouldn’t be possible if you were buried under mountains of debt.</p>
<p>The bottom line is that even with a FANTASTIC starting salary, it will not be high enough to meet the student loan obligations that an NYU education would entail for you. OTOH, you can get a great education at IU for a fraction of the cost and start out ahead of the game!</p>
<p>All,</p>
<p>Good info! </p>
<p>If a student can get some scholarship from U. Penn (Wharton) with the following conditions:</p>
<p>1) His parents pay for $10,000/yr
2) He borrows $10,000/yr or $40,000 for 4 years.
3) He has to pay $460/mo for 10 years.</p>
<p>He gets the $9K automatic from IU and his parents pay for the remaining expenses. What would be your recommendation?</p>
<p>Thanks</p>
<p>Not saying you should go to NYU but if you did land an IB gig at a BB you would start at 100K-130K all in. (70K base and anywhere from 30K-60K in bonus) Once you hit associate level you would be making substantially more money so I think it’s unfair to ping a static salary for ten years. Again, not saying you get this job but who knows?</p>
<p>A lot of IU grads get those coveted IB jobs as well; you could get an i-banking job coming out of both schools as long as you work hard.</p>
<p>^^^not to rain on anyone’s parade, but would you really risk going into $100K of debt on the ‘chance’ that you ‘might’ get a job making 100-130K?</p>
<p>I’m sure that there must be someone on this board that could possibly shed some light on how many of these jobs might be available each year.</p>
<p>tulanefanatic, if you don’t want to put your parents in a financial burden go to Kelley.if you got into stern you prob have excellent gpa,scores,etc… so your gonna get alot of money from Kelley. Kelley have a good finance program. get into the workshop come junior year.</p>
<p>Ace550, that’s a thougher one. I would go with wharton at the end of the day.</p>
<p>Yeah, IL Mom is definitely right… No offense, it’s just a bit naiive… Even if you do get that coveted BB job, you would still have to go to your MBA program in 3-4 years of work exp; or you will have to face the dreaded pink slip. Chances are very slim they will promote you to associate… I guarantee you, you don’t want to take another loan for your MBA ALONG WITH 100k+ debt “and growing.”</p>
<p>NYU places a lot of graduates in IB roles and other various high paying fields. IU places kids in BB IB positions as well but not as many. While Kelley is great, it is not in the same tier and can not compete with NYU’s alumni base and location. </p>
<p>And yes I would take the risk as it is a calculated risk. If NYU was not a target, then it’s a different story. Assuming the OP wants to go into IB, it’s not like he’s coming out with 100K in debt and then going to become a teacher. Besides entrepreneurship and real estate, financial services is the only way to amass wealth. You could say medicine and law but you have to go into very specific areas of each to get wealthy and even then its not as much as the previous three. And no you don’t have to go get your MBA to become an Associate…and even if you did, may employers will pay to send you off if you sign a contract to come back.</p>
<p>Thanks for everyones input and its obvious that Kelley would be a better choice because of financial reasons. </p>
<p>The only reason I highly consider NYU is obviously because of what cgurr1 is saying but also because growing up in Jersey, I feel like I don’t have the street smarts needed to dominate the business world like I dream. At NYU, living in the Big Apple, I know I would gain tons of street smarts better preparing me for my future in business. Also the fact that I live in Jersey gives me an easy way out of paying for housing by commuting by train. </p>
<p>With these points in mind, do you still feel the same?</p>
<p>I have not idea what you mean by street smarts? Do you mean business skills? Being able to walk through the ghetto without getting mugged?</p>
<p>Also, IU sends 10% of it’s finance majors (about 55/year) into investment banking, so it is completely attainable coming from both schools.</p>
<p>tulanefanantic,
I agree with maxellis and IllnoisMom that you can obtain the same job opportunities coming from IU ,as you can at NYU as long as you are in the top of your class. IU is clearly the better value. Like maxellis’s parents ,I wouldn’t even let my daughter apply to NYU because of cost. IU has an excellent career placement office . </p>
<p>However, you seem to be discounting the fit factor. IU and NYU could not be more different in terms of campus and social scene. Commuting to a city school will be a completely different experience than living in a college town. Do you enjoy college sports and having a physically beautiful campus? You really need to consider which campus suits your personality. I would think commuting to NYU would really detract from the college experience but again this depends on your personality. You can live in NYC once you begin your career but you may regret experiencing a true college campus. Also I think people your age discount the fact that once you obtain your first job , it is more about your job performance than where you obtained your undergraduate degree.</p>
<p>No max, haha.</p>
<p>Street smarts refers to knowledge not obtained through higher learning or formal education but instead by practical life experience. In general, street smarts involve using common sense to stay savvy and safe in real-life – or “street” – situations. The term has been used for decades throughout the United States, especially in regards to teens in urban centers. It is often used as a clear delineation between those who thrive in urban settings and those who do not, and can sometimes draw a line between economic or social classes.</p>
<p>I would go to Stern. NYU keeps your options open much better. IU is a great public state school, but if given the opportunity to be in an elite class of schools take it. Odds are you will end up wanting to do something else with your major/career by the time you graduate and a degree from NYU >>>> IU. Sorry, but it is true. If you apply to grad schools for phd, masters, and jd programs you will be glad to have a degree from NYU. Obviously, you must excel academically wherever you go, but NYU puts in a much better position to land a top notch job or a premier slot at an elite grad school.</p>
<p>OP, if you can afford NYU/Stern, go for it.</p>
<p>IMO, however, if you have to go $100K in debt to do it, you can’t afford it.</p>
<p>What do your parents say about you taking on that much debt?</p>
<p>I would only go to NYU if I were 100% sure I was going to be a finance major. About 80% of all NYU Stern majors go into finance. Personally, I consider it one of the top two finance schools in the country (ranking at the top with UPenn (Wharton)). But like I said, be sure you want to be finance (see why in my story below). </p>
<p>Quick story about that:
NYU Stern was my own son’s first choice of schools. He planned to be a finance major and was hoping to study that at NYU. He was rejected at NYU, however, and IU-Bloomington was his second choice. After one years at IU-B, he decided to switch into Business with a Legal Studies concentration (one of Kelley’s options) and has loved it.</p>
<p>He is now a senior in I-Core and is taking his first full-scale finance course. He says that out of all of the business courses he has taken, the Financial Management portion of I-Core is the thing he has enjoyed the LEAST–and has no clue what attracted him to finance in the first place. He also said he was so glad he didn’t get into NYU (where there is no Legal Studies major as part of the business school) and says it’s funny how things worked out.</p>
<p>Moral of the Story:
Studies show that over 50% of all students change their major during college. Unless you truly know that finance is what you want to do and what you enjoy (and not just a choice you think you want since it pays well), you would do much better to attend a business program (and a top-notch school) where switching majors into many other highly-ranked programs is an option later on.</p>
<p>P.S. NYU Stern does have many business specializations–but as I noted, almost nobody majors in anything there except finance (marketing is second with about 14% of the people majoring in it. Other than that, no other business major has more than 3% of the people majoring in it)–and those majors are not as highly ranked as IU-B’s Kelley schools majors are.</p>
<p>tulanefanatic,
In a previous post you stated you were petitioning to get into Kelley. Did you win your petition? I am surprised you got into Stern but were not an automatic direct admit at Kelley. I would think this would affect your decision.</p>
<p>Kelley’s strict guidelines of a 1270 put my 1260 at an automatic rejection. Yes I did win my petition. Although I am not in Stern yet, I got the email that in turn means your accepted because only a select few applicants receive this email (the accepted ones). I know this from past years. And I assume I got* into Stern because of my GPA, extracurriculars, and my essay which were all obviously off the charts with a 1260. Also family alumni.</p>
<p>Thanks so much for those stats Calcruzer cause I am also interested in entrepreneurship which is highly rated at Kelley. I’ll probably choose Kelley because I am too unsure at this point and there’s a strong chance I’ll switch as your son did.</p>