So I was recently accepted to Brown, and am looking to concentrate in CS-econ and neuroscience. However, I now realize, after talking to my parents, that the cost of going to an Ivy League school like Brown is $80k/year, or $320k total. At my state school (UMass Amherst), it would cost me closer to $25k/year, or $100k total.
My parents are willing to pay for half of the Brown degree, or $160k, OR pay for my entire state school tuition and give me an extra $200k for future investing in whatever I want (don’t ask, it’s just the way it is). If I went to Brown, I would pay for the other half of the degree by doing work-studies and working through the summers. If I were to go to the state school, I would like to put that $200k in growth stock funds or a high-yield savings account and then use it for grad school (MBA probably, looking to start my own biotech company).
Is an Ivy League degree really worth that much more than a state school degree? How should I make my choice between the two? I could also go to Northeastern or UCSD for $45k/year.
@mom2twogirls As stated in my question, I would “…pay for the other half of the degree by doing work-studies and working through the summers. If I were to go to the state school, I would like to put that $200k in growth stock funds or a high-yield savings account and then use it for grad school (MBA probably, looking to start my own biotech company).”
I would probably have to take out loans to pay for the rest of the $160k.
No you won’t. Work Study is about $1500/semester. If you work summers you can probably raise $3500. That’s $20k over 4 years (assuming you don’t spend any). You’d be $140k short (not including interest). You have to pay up front, though, so unless your parents are willing to borrow $160k+ for you there’s no way for you to pay that much. And you shouldn’t anyway. Go to the state school.
$40k per year is extremely optimistic for a year of part time work. If it were that easy to earn that much, there would be far fewer poor people, and far fewer people who have difficulty affording college.
@iamnotaaron
you, as an 18 yr old college student, can’t take out loans amounting to $160,000, anymore than you could walk into a Tesla showroom and drive away with a new S model.
No one would lend that amount to someone without the financial resources that prove that they can pay that $$ back, with interest.
As others have said, go to your state school.
UMass Amherst has a phenomenal CS program. And the AI work and rankings are vastly superior to Brown or NEU. Was looking at the CS department at Hamilton. And believe it or not, the department chair and noted prof is a UMass CS grad .
You’re not really listening to what the other posters are telling you.
On your own, you are NOT allowed to take out that much in loans.
NO bank/loan agency is going to loan an 18 y.o. kid, $160K.
You are allowed to take out $5500 per freshman year ($2750 per semester), $6500 in sophomore year ($3250 per semester) and $7500 junior/senior year ($3750 per semester).
That’s $27K and is nowhere near the $160K you need.
Sounds like your parents are really trying to force your hand. I would sit down with them and ask them for more data. Taking out $140K is ridiculous. Yet, they are willing to give you 200K to invest? So they are essentially saying do what we want and we will pay you or do what you want and take on the financial burden yourself? Really???
I think Northeastern is a very good option. While not Brown, the co-op program is stellar and people often get jobs that are far better than what a college graduate could get on their own. Plus you would have the opportunity to explore various facets of industries which you are interested in.
Honestly, I’m still stuck on the thinking behind the payments for various schools.
Its kinda funny [ admittedly not for the OP], but over the years I have seen SO many posts from “prestige” focused parents who are HAPPY to pay full tuition for an “Ivy” league college, but WON’T pay the same amount for a “less prestigious” college.
this kinda turns that thinking on its head.
Another thing to keep in mind is that taking out plus loans would start to accrue interest from the start of freshman year. Those loans are going to limit what one can do after graduation, especially in terms of going to graduate school or working on a start up.
Also, being a cash poor student at Brown could make the overall experience less enjoyable while extra pocket money at UMASS would allow room for little luxuries like for spring break, summer overseas adventures and research internships.