It’s always funny when a 17 year old comes and starts to give advice minimizing $200K of debt and how to strategize based on grad salaries
Lol…I didn’t realize that the advice was coming from a high school senior.
I doubt that there are many (if any) high school seniors that can really fathom the impact of $100k-200k of undergrad student loan debt.
Recently an attorney mother was posting about how restricting her $120k debt is on her life. She borrowed less than that, but that’s what it grew to while in law school. She’s earning $90k per year.
Reposting for added clarification. Someone thought that I thought that the OP was considering Mich State. I know that the OP is talking about Umich. My point was that the same company that would pay a UMich grad $90k would also pay a MSU or Missouri S&T grad the same.
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Starting salaries in computer science/engineering from UofM are $95,000 on average. It is not only worth it, it is a smart financial decision (in absence of other better offers from top 10 schools in engineering).
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So what? Companies don’t pay you more based on the school you went to. The same company that would pay the Umich grad $90k would pay the MSU grad the same…and would pay the Missouri S&T grad the same.
When my ChemE son graduated, his classmates walked into $85k per year jobs, and the CoE isn’t ranked even in the top 75. And that was 4 years ago.
To claim that taking on $100k-200k of debt for UMich OOS eng’g is “worth it” is not good advice, at all.
There is no way I would take on any unnecessary debt for a journalism degree. I love journalism, was a liberal arts student myself in undergrad, but no. Michigan is a great school but Missouri or another decent school will be fine.
It’s hard to understand, right now, what debt does to your life.
I went to law school with people up to their eyeballs in undergrad debt and the stress was intense, not just for grades but for the summer internships, jobs with Big Law, etc. Some of them were women who had or wanted to have children, and they found themselves with few options but to work full time in very demanding careers. That’s fine if it’s your choice, but it’s hard to know how you will feel 5 or 10 years from now. Debt limits your options.
@mom2collegekids Your son was probably an excellent student and therefore was able to get a great offer. But my comment was about an average experience.
I didn’t say my son…I said his ChemE classmates. My son is in med school therefore not working.
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When my ChemE son graduated, his classmates walked into $85k per year jobs, and the CoE isn’t ranked even in the top 75. And that was 4 years ago.
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And your comment about the average experience at UMich is not accurate according to UMich’s own words.
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2014/2015 [engineering] graduates who accepted a full-time job within a year of their graduation earned median salaries between $60,000 to $95,000 for Bachelor's <<<
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^^^ the above is from UMich’s CoE website. So, the average eng’g UMich BS graduate is not earning $95k per year.
Op, have you checked UMich’s NPC? Simply saying UMich has poor aid for OOS students is a very outdated generalization. They have been giving very good aids to low income OOS students in recent years. It really depends on your family financial situation. Nevertheless, it is very hard to get merit scholarships there even they are widely available. It is really competitive due to the quality of applicants. Even the NPC shows it is not affordable to you, it is likely the case.
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Oops. I mean “If the NPC shows it is not affordable to you, it is likely the case.”