Hello, I was admitted to Notre Dame REA and Richmond EA for Economics. I’m currently torn between deciding on Notre Dame or Richmond because of money issues. Notre Dame is making my family pay 50k/year and my parents are willing to contribute 25k/year, so I would be in debt for 100k (I would be paying my parents). If I were to go to Richmond, my parents would cover everything (I received Presidential and Tuition Exchange Scholarship so tuition is covered) and they would give me $200 in allowance every month.
I’m just wondering if 100k debt would be manageable assuming I land a decent job, or if going to Richmond would ultimately be the better option. If I were to go to Richmond, how much of a difference would a 3.7 at Richmond compare to a 3.7 at Notre Dame when applying for good jobs.
Also, I should add that Notre Dame has been my dream school since freshman year (see my previous posts) and I feel that I would thrive there. I love sports, partying, and school spirit if that should affect this decision.
$100,000 in debt will shape and shadow your life for at least 10 years. It will affect what internships & jobs you can take, where you live, whether/what car you have, marriage, kids, etc.
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What will make a difference is things like…internships. Recs from profs who are impressed with your work. ECs related to your career path.
Richmond is a GREAT school. I know ND is your dream but is Richmond an excellent choice with great post grad outcomes. Did you get to visit? Do you know about the Richmond Guarantee, their internship program? Plus, with more financial cushion you could do things like study abroad, possibly, or take more advantage of summer internships that might be unpaid, instead of chipping away at your tuition bill during summers. Congrats on two great choices and I think the financial difference makes it clear. UR has great school spirit.
@TS0104 I actually did not get to visit which is why I’m being more hesitant as I do not know what Richmond is really like - plus Notre Dame has been my dream school.
My H went to Notre Dame undergrad and my S got his masters degree there. I understand that it is a special place. THAT SAID, you just can’t afford that level of debt. Even if you could take out that amount of debt, graduating with $100,000 or so in student loans would handcuff your life decisions for years after graduation. The large payments you would have to make to cover your undergraduate loans would interfere with every adult decision you make – it would mean you probably couldn’t take that amazing job at a start-up for less pay, get that new car, take a nice vacation, get the home you want etc.
Unfortunately finances are part of the decision process for most college students. You are lucky to have a great affordable option – URichmond is a wonderful school and I know people who have had fantastic experiences there. If you do well at URichmond you can get wherever you want to go in life. I’d grab the debt free option – your future self will thank you.
In these analyses based on faculty publishing in economics, note that Richmond places significantly higher in its category than Notre Dame does in its category:
Based on aspects such as this and Richmond’s strong focus on undergraduate education, you could make a case for attending UR even if costs were not a consideration.
Hi @Sportsman319. Congratulations on both your early admissions to two fantastic schools–one national university and an LAC! I agree with the posters here that you should follow the money to University of Richmond. This choice is not that difficult given how well regarded UR is academically and how popular it is among its students. Yes, I understand that Notre Dame is special. I actually grew up in South Bend as a faculty brat. Father taught economics and my sister attended there and was a cheerleader. But the party scene you seek is actually not that great at UND, at least it was not back then–maybe it’s changed. Sports are great, but you are not going to college for sports or parties. I had a free ride to UND but did not even apply bc it felt too parochial tbh, not a place for growth and self-discovery. I think an LAC will serve you better. (Sorry Irish fans, but just my personal opinion based on my inside knowledge and perceptions.) Besides, it sounds like UR is also very good at school spirit and campus life. See this cc thread…
Hi OP, my post should say “Richmond is an excellent choice…” not “is Richmond an excellent choice…”. Many schools are doing online admissions events and tours, have you tried that? I can give you our impressions…the campus is indisputably beautiful and well kept. Some people have described it as a very upscale summer camp atmosphere, I get that, as in the setting is secluded/wooded with tall trees, then the upscale would be the perfectly manicured lawns and stately brick buildings, brick paths, absolutely gorgeous. On the inside the facilities are just as impressive and everything looked newly built even though it’s not. Just extremely well maintained. Students seemed academic and ambitious yet fun, friendly and a strong school culture. On our initial pre-tour drive by we got a strong preppy feel, it was drizzling and we only saw a few students out and about and they all males, either in shirts and ties (!!?) or upscale athletic wear. But by the time we toured we got to see more of a variety of clothing and types of people and didn’t see anyone else in ties (perhaps there was some sort of small event or interview going on).
I’m sorry for you and all of the students who have to make these big decisions without in person visits. In this case, you have a really great choice and with that scholarship are in a position that many would like to be in. Will you get the big football games? No. But you’ll get great academics and preparation for a career, in a beautiful environment and with a good party scene. Check Niche and Unigo for student reviews on social life.
Thank you everyone for your input! I do feel as though Richmond is the more practical and logical answer. But I just feel as though I’ll immensely regret passing up on going to Notre Dame. I do know that 100k is a lot but there’s just something in me that doesn’t want to pass up this opportunity. Am I naive for thinking this?
I hope you are able to take advantage of the online tours, events and watch videos so you can get a feel for the campus. UR is a wonderful school. Both of my kids liked it a lot based on a visit and ended up applying. It seems like a much better choice financially and you will have equally good employment opportunities graduating from Richmond. Congrats!
Here’s the thing about dreams: they shouldn’t be static. You are growing and evolving- and your dreams should as well.
One of my collegekids has dreamed for years about a particular college- and there was great excitement when she got in! Everybody assumed that would be her choice, but she did the (virtual) visits to her top 3 options anyway, which finished this past week. And: she has decided to go with another school. When I asked if she was sure, she said ‘I’ll always have a soft spot for that school- but this school is a better fit for now’.
That’s where you are. Your 2 year old dream came true! Savor that. Own the work that you put into making it come true. Notice that it was that same work that made a peer school sit up and say ‘woah- that’s somebody we need on our campus’.
Also notice that you aren’t 2-years-ago you. You’re not even 2-months-ago you. Now-you is watching millions of people suddenly unemployed, a virus that is re-shaping every community- and a college that is willing to give you a top-drawer college education free. This isn’t ‘I’m not getting my dream’- this is ‘I got my dream AND a better offer!’
There’s a poignant moment in letting go of an old dream- but it’s easier when the reality delivers all of the important bits of the dream.
And, not to be unkind, but you really don’t know what $125,000 debt is ($100K loan + another $25K in interest). That’s $12,000+/year for 10 years.
Hi @Sportsman319. Congratulations on both your early admissions to two fantastic schools–one national university and an LAC! I agree with the posters here that you should follow the money to University of Richmond. This choice is not that difficult given how well regarded UR is academically and how popular it is among its students. Yes, I understand that Notre Dame is special. I actually grew up in South Bend as a faculty brat and my sister attended there and was a cheerleader. But the party scene you seek is actually not that great at UND, at least it was not back then–maybe it’s changed. Sports are great, but you are not going to college for sports or parties. I had a free ride to UND but did not even apply bc it felt too parochial tbh, not a place for growth and self-discovery. I think an LAC will serve you better. (Sorry Irish fans, but just my personal opinion based on my inside knowledge and perceptions.) Besides, it sounds like UR is also very good at school spirit and campus life. See this cc thread…
Congratulations again on getting into multiple quality schools, with one outstanding COA option with merit + TE! Be sure to let us know your final decision.
Our S’s at Richmond on a presidential scholarship. He loves it (though didn’t have a “dream school”). Richmond’s career center is excellent and they have a great alumni network. As a smaller school, you’ll make great connections with your professors. Plus, internships/jobs often come from connections, of which there are plenty to be made as a student at Richmond. Undergrad debt isn’t necessary. There’s always Notre Dame for grad school.
I wish people would stop saying things like this. We want to encourage people to get over their occasionally irrational attachment to schools, not hold on to it. Also, the grad school experience is nothing like the undergrad experience, and not everyone (even on CC!) wants to go to grad school.
I know it comes from a good place. But I don’t think it helps. Anyway, go Spiders!
Apparently my parents are willing to support 140k/200k for Notre Dame now. Would it still be a better for option for Richmond? Or would the 60k debt be worth it for Notre Dame?
No, the debt would not be worth it: it is a LOT of debt for no objective benefit. These are peer schools: employers & grad schools won’t be more impressed by one than the other. The educational opportunities are entirely comparable.
Tell your parents that you will hit them up for the $$ to pay for grad school or to get set up after graduation with a down payment for your first place & a new, paid-for, car!