@itsgettingreal17, my student loans probably totaled about $50K in today’s dollars when I graduated from NU. Knocked it all off well before their 10Y term working 40 hour/week jobs (so nothing fancy like IB or MC).
And again, it’s not as if someone like the OP, if he fails to get in to IB/MC, will be earning minimum wage at McD’s.
For someone smart, hard-working, and interested in making money (like the OP seems to be), $50K just isn’t a big burden.
I disagree. 10 years of over $500 per month loan payments will be limiting and get old really fast. Sounds fine in the abstract I suppose. I think $50k in undergrad debt is too high. But to each their own. I would never have let my kid take on that kind of debt for an undergrad degree.
So this is kinda a quandary for me but once you know “true” financial aid numbers then this discussion will become relevant. First off… No debt is worth it since it seems you are going full ride to Kelly from your posts.
Also you just began. For many first year classes with weed outs are very hard and also for many its pretty easy, as is your case. Many business schools also have deep curves vs something like engineering, which might make it seem easier to obtain an “A”.
I find it funny that it always seems like the business student’s ask this question of worth with colleges.
I also understand that you want to be with kids that are more at your level. This is not a bad thing or a put down of people at your school. My son struggled with this also and he ended up at a more expensive college with kids that were his peer group. It was the right decision for him and we can afford to make it happen.
But make sure your parents can cleanly. Lots of kids say this but never had a serious discussion about finances and how college tuition impacts it. If they have to struggle or go into their retirement funds or don’t have enough in their retirement currently then no. It’s unfair to them. But you say you will make “X” amount and will be able to pay it off. What if you decide to go into something else. Students of all types change their minds or their course of schooling changes for some reason. There is no guarantee on your part that you will be able to pay off the loans.
I bet you will have more then $50,000 total from Northwestern. I know the allure. Just to keep in mind as much as Kelly is easy now Northwestern can be the extreme opposite. Many are totally stressed out. The culture you seek might not be what you think it is. Maybe a lot more cut throat?
The grass is always greener…
But I don’t think $50,000 is an awful lot of money to pay back. If that is your true end result after 4 years. But from a business perspective wouldn’t it be nice to have that money put away in an investment account? Be kinda nice to start your professional life without any payments. You might be able to make $80,000/year but in what cities with what rents and living expenses, car payments etc.
Kelly is a pretty well known business school. You can always specialize and join groups to emphasize what you want to do learn or do. I think it’s more of what you do then the school name but understand both names mean different things to different people.
A little update on the scenario. Northwestern was able to provide a surprisingly good financial aid package, so, at the absolute highest, my debt would be around 15k. As of now, I believe I will take this opportunity! 15k for Northwestern for me is a personal no-brainer, NU seems like it will provide the better education, the better opportunities, and additionally, it is and has always been a dream school of mine, so it provides the opportunity to mark a life-long goal off my list. @Publisher @privatebanker @Knowsstuff @itsgettingreal17 @PrtzDC @PurpleTitan @cptofthehouse @Mwfan1921 I appreciate all the help greatly!
Congrats. I agree no brainer. Go make us proud ?.
Congrats OP! Good luck!
Yes, that’s a good deal. Go for it.
Congrats! Definitely worth $15k in debt.