I would love some people’s perspective on the better choice- My favorite school is northeastern, however I also got into the UConn Honors program. Northeastern would be $120,000 more than UCONN so I am wondering if it is just better to go to save all that money and go to the cheaper, state school. Is a Northeastern education worth that much more the a UCONN education?
- is $120k a lot for your family?
- what will you be studying?
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UConn, hands down. I don’t even know if Harvard would have been worth 120K more than UConn, but Northeastern surely is NOT.
Look at it this way. If your family has to borrow the money, that’s 4 points (meaning you only receive 96% of the borrowed amount) PLUS almost 8% interest, that begins immediately, to borrow the money. You’d owe probably about 160K by the time you begin to repay it, at a crappy rate of interest. If your family already has the money, and you didn’t even invest it, you’d come out with 120K in your or their pocket.
This one is an absolute no-brainer. Northeastern is not so great, and does not open such doors for your future career, that it’s worth 120K extra. Do yourself and your family a 120K favor. Choose UConn over Northeastern.
Engineering. As for the money…If I went to Northeastern, I would use up any money we may have for grad school. If I went to UCONN, I would have around 100k left for grad school.
As much as Northeastern moved up in ranks in last 20 years, I still don’t really view it as top tier.
I’d only spend 120k if:
- It was chum-change for your family (i.e. your parents are in top 1% income bracket)
(then it it’s really a question where you WANT to go to school)
or
-if your parents are in top 5% AND it’s H-Y-P-S-M-C-B
Engineering is not very prestige-driven. UConn here for the price.
That said, companies often pay for grad school in engineering, so I would even try to save that 100K there as well if you wanna go that route!