Hey guys, so I wanted some insight on my current situation regarding where I should go to school. I am a business major, hoping to get into concentration of entrepreneurship and finance. I have narrowed down my decision to 3 schools: University of Washington-Seattle, University of Minnesota- Twin Cities, SDSU. At Washington, I did not directly get into the business program directly and will have to apply my sophomore year to get into the program. As for Minnesota, I have already gotten full acceptance to the Carlson school of Management. For SDSU, I am already in their business department,
From a financial standpoint, University of washington is 52K a year and Minnesota is 38K a year. Keep in mind I am from California. SDSU will be less that 25K a year for me.
I just want to go to a solid school where I can pursue my dream of being an entrepreneur and working at a start up or creating my own. Obviously in addition I am into finance and would also like to work for a Fortune 500. I just don’t know what school to go considering weather, business program, location, price. I am afraid of student debt but I don’t want that to be a driver for my decision.
Just wanted to get your intake on it and get some more opinions for when I decide. Still need to visit UW and SDSU later this month. Let me know what you guys think!!!
Well debt can be a major factor in choosing a college. So how much are we talking about? How much are your parents contributing? As a student, you can borrow:
Student Federal Direct Loan
freshman 5,500
sophomore 6,500
jr 7,500
sr 7,500
No one “wants” student debt to be a driver for their education.
But, by the same token, 10 years from now, you don’t want that same debt to prevent you from buying your first house. Likewise, you don’t want your parent’s retirement plans to be changed because you chose a school you couldn’t afford.
For the vast majority of people-- certainly for everyone I know-- the price tag associated with a college MUST be a primary part of the conversation.
You’re already in the business department at SDSU, and it’s the most budget friendly. Visit SDSU-- in fact, make sure you’ve visited all three, but most definitely keep an eye on that bottom line.
And how exactly are you going to raise the money to fund a business if you’re swimming in debt???
Assuming your parents are willing and able to pay the first $25k/year, you’d still have to borrow another $13k/year to attend Minnesota or another $27k/year to attend Washington. Both of these amounts, of course, far exceed your federal student loan eligibility, so you’d need your parents to cosign for you. And if your parents aren’t even able to pay the $25k/year for SDSU . . . well, then your debt will be even greater.
It doesn’t matter how fancy a degree you have, if you’re already more than $50k to $100k in debt at age 21, who’s going to extend you the additional credit you need to fund your own business? And forget about working (for low pay) at a start up - your loan payments won’t afford you that luxury. You don’t need to worry about debt “driving your education” . . . it’s going to run (and ruin) your life!!!