Wait, did OP do EA for both schools? MIT RD notification is pie day. I thought GT stamps notification was after pie day based on D’s experience. Maybe U Michigan had a quicker timeline for their stamps finalists?
As wonderful as MIT’s programs are, UMich not only has very strong programs but their alum network is one of the strongest in the country. And given how large the school is, the alum network is not only strong but large. Someone brought up a point about if the OP wants to get a venture funded, s/he would be better off with an MIT background… I’m not sure that’s necessarily true. It’s highly likely the UMich network would be helpful for funding, not something to be overlooked.
Much of this is a question about how much money a small difference is worth to an individual. Only OP knows his family’s financial situation, but for most people with a financial situation with less than 9 figures in net worth, $250k is a substantial investment. Would MIT be “better” for some things if cost were equal? Sure. But arguing that the differential is worth $250k is a much tougher sell, especially since the alternative (UMich) is of such high quality.
Stamps is more than a full ride scholarship. It offers a lot of perks and connections.
Caltech offers no merit scholarship for admission, same as MIT. They see no need to offer incentives to attend.
Whether MIT is worth the extra $260K? It depends on applicant family’s finances and the answer would be different for different families.
@1NJParent, Caltech use to offer 2 full-ride merit scholarships a year. They may have stopped.
Agree that it depends on how much money your parents have. If they have 8 figures in liquid assets, splurging on MIT isn’t going to hurt much. But if that $260K is coming out of their retirement savings (as is the case with the OP), then spending that money is crazy when you have such a great alternative at zero cost.
@Purpletitan Based on what I know, I would choose Michigan. I think that 4 years is a long time and that school that is the best social fit is probably the best fit.
I also think that Michigan will be less demanding than MIT, but that may be good, because it can afford the OP with more time to get involved in research, being a TA, participating in coding clubs, adding a minor in math or stats, prepping for interviews, and other valuable bells and whistles.
However, each student is different. For example, if the OP is planning a CS major, top CS students are being offered compensation of over $200k/year directly out of college. In that case, $250k in education costs is a lot, but it is not insurmountable if the student believes that they will thrive better in the MIT environment.
OP says
I am assuming that OP is taking about engineering here. The notion that the MIT engineering program is more rigorous than U Mich or other flagship publics such as GA Tech, UIUC, Berkeley, UT Austin etc, is false. You will get an excellent education at these universities and will have access to the same benefits of alumni networks etc, as that of an elite private such as MIT.
Go to U Mich. Return the 250k to your parents, maybe they can retire a few years earlier.
“the most compelling reason to maybe take MIT at full-pay over full-ride at UMich and that is cultural fit.”
True PurpleTitan, but Collegethrows124 said he prefers Michigan socially in his opening post.
In general, in-state students and students who received hefty scholarships from Michigan will turn down HYPSM if they come from upper middle income and lower higher income families, where their parents’ assets and income are too high to qualify for FA, but too low to justify spending $100k+ more on a college education than Michigan. In this case, we are not talking about $100k+, we are talking about $250k+. The choice is fairly clear.
@jzducol “Money can be replaced” ??? What kind of idealistic world do you live in? OP isn’t billionaire who can burn money for smore.
OP. @Much2learn list in the earlier post. Answer to yourself as you know yourself better.
Those would be the extreme outliers.
MIT 2016 course 6-3 graduates had a median pay of $110,000 out of a range of $66,500 to $175,000, according to https://gecd.mit.edu/sites/default/files/about/files/2016-gss-survey.pdf .
Recent CS graduates from other similar-reputation-for-CS schools seem similar in this respect:
CMU 2016 SCS: https://www.cmu.edu/career/documents/2016_one_pagers/scs/scs-ba.pdf
UCB 2017 EECS: https://career.berkeley.edu/sites/default/files/pdf/Survey/2017EECS.pdf
UCB 2017 L&S CS: https://career.berkeley.edu/sites/default/files/pdf/Survey/2017CompSci.pdf
Actually, there are some aspects of increased rigor at MIT, though not to the extreme of Caltech or Harvey Mudd. These include:
a. First semester calculus (18.01) is basically equivalent to two semesters of calculus at most other schools.
b. General education requirements are extensive. Many engineering majors may not like biology, but have to take it at MIT, unlike at other schools. The humanities, arts, and social studies requirements are heavier than at many other schools.
@Collegethrows124 Depends on your family income and assets. If you guys are truly affluent and 260k is no biggie in the grand scheme of things, then sure go for MIT. If you are regular upper middle class where 260k is a big chunk of money for your family and would materially impact your family budget, parents retirement plan etc then I d say UMich. Sure MIT has a much stronger name and is the ne plus ultra for engineering but it is not worth all the extra money if it will create issues for your family finances. Especially since Umich is an excellent school with a top engineering program.
Every family’s definition of wealth is different, so is its willingness to pay dearly for education. In some Asian cultures, many families are willing to pay for education ahead of everything else. So the value proposition of higher education is different for different people.
Much2learn wrote:
For example, if the OP is planning a CS major, top CS students are being offered compensation of over $200k/year directly out of college.
@ucbalumnus replied:
"Those would be the extreme outliers.
MIT 2016 course 6-3 graduates had a median pay of $110,000 out of a range of $66,500 to $175,000, according to https://gecd.mit.edu/sites/default/files/about/files/2016-gss-survey.pdf ."
They are not extreme outliers. I’m surprised that you don’t know that.
For some reason, the top schools are systematically not telling people how much their students are really being compensated. A graduates salary may be $110,000 say, but then there may be a significant $50k+ signing bonus and another $200k+ in equity that accrues over a few years, and other valuable perks on top of that. The schools are only publishing salaries. The total compensation is often very different than the salary.
That is a very rosy view of equity compensation. The big equity jackpots are not the common case for various reasons.
Regarding signing bonuses, those MIT course 6-3 grads found a median signing bonus of $15,000, not $50,000. Benefits obviously have value, but not $75,000 per year for the usual ones (medical, dental, disability, etc).
Of course, there are plenty of state school CS graduates working in many of the same places for similar pay and benefits as MIT CS graduates. Maybe less so in IB and MC, but is that the goal here?
In case you haven’t noticed, OP has not responded to any of the suggestions here. Its very likely none of the advice resonates with his situation. We know very little about OP’s intended majors or family finance, we are not even certain if he was already accepted at both schools. But a few things were clear: OP’s family is in 250K+ range (that’s MIT full pay threshold) and OP would choose MIT if there were no price differential.
If OP is offered MIT EA and UM full ride he is such a high achiever that he is likely to have a mid career income 300K+ twenty years from now. For a person having a future earning $250k+/yr for 25+ years a $250k difference does not look so big. As @Much2learn suggested people who think MIT new grad being offered more than $200k total compension is out of the norm are probably out of touch with today’s job market. I know a few MIT kids who have received multi-million dollar funding from VCs while still in college. There are possibilities that MIT undergrad experience may offer but they hardly exist at UM.
@center Agree.
@PurpleTitan None of your business. It doesn’t matter what our backgrounds are. The opinions are the same.
@jzducol You hit some great points. No one knows what you paid or if you won a scholarship or not. The top of the top cannot ever be compared to the top 20 or top 10. Perception and reputation open more doors than many people may every realize unless they attend one of the top programs. Not to mention going after research funds. The best college names open doors for 40 years (working lifetime). That is more than 250K for most people.
Congrats…A lot of good information as well as advice. What nobody has hinted at or suggested is the great benefits of going to a more inclusive community in Ann Arbor. That IMO outweighs even the academic and financial implications. Good luck.
@ucbalumnus I know that you like to document things. However, in this case, I don’t think you will find it. You have to know someone who is directly involved in the process. That is why people do not like to discuss it.
Try reaching out privately to people who are on the inside of what’s happening with tech offers at MIT, Harvard, Carnegie, Berkeley, Stanford, Penn, Columbia, Cornell etc. Be sure to total compensation including signing bonuses, and equity stakes. Privately, they will tell you.