Prestiege or Affordability?

College Search & Selection
1

<p>Half of the schools I'm applying to are pretty good state schools (one is actually in-state, so that one would be around $20,000 a year, the rest probably $30,000-$40,000). The other half are private schools and super prestigious schools ($50,000 a year). I've read articles about how degrees from prestigious colleges are now more beneficial in the long run, but are they really worth it the money?</p>

<p>Family income is in the range of $100,000-$150,000, but we also support relatives in other countries. We also pay my grandpa's medical bills--he has terminal cancer. My mom said that she'd pay for wherever I want to go, but I know she'd have to take out some loans if I went to some of the prestigious schools. Are the degrees worth it?</p>

2

<p>What are your major and career interests?</p>

3

<p>* I’ve read articles about how degrees from prestigious colleges are now more beneficial in the long run, but are they really worth it the money?</p>

<p>*</p>

<p>Not for most majors. if you want to work on Wall Street and/or for GS, then name matters. For most careers, no.</p>

<p>*My mom said that she’d pay for wherever I want to go, but I know she’d have to take out some loans if I went to some of the prestigious schools. Are the degrees worth it? *</p>

<p>Your parents don’t earn enough to pay for all that they’re paying for and to repay loans. Do yourself and your family a favor and either go to your state school or to a school that will give you a big merit scholarship for your stats.</p>

<p>With your family’s income and (likely assets), your family would have to pay for a lot more than it probably can comfortably pay with all of those commitments.</p>

<p>What is your likely major/career?</p>

4

<p>The more “prestigious” degree may end up making more money in the long run, but that’s not money you have available today to pay for college. Further, if you plan on going to graduate school, your degree from there will be much more important than your undergrad degree. Wracking up tens of thousands of dollars in private loans is not a good idea; you’ll be making payments on interest for years. Go for the more affordable options; however, you don’t yet know what finances will be like at the colleges that accept you.</p>

5

<p>The more “prestigious” degree may end up making more money in the long run</p>

<p>that is so doubtful for most majors/careers.</p>

<p>I think this student’s mom is being swayed by “big name” influence that immigrants often are attracted to and therefore thinks that she’s willing to pay anything to go. That’s just not realistic especially since this family has other financial concerns and may have other children to put thru school. </p>

<p>Further, if you plan on going to graduate school, your degree from there will be much more important than your undergrad degree.</p>

<p>Very true.</p>

6

<p>*Race: Asian
Gender: Female
Citizenship: USA</p>

<p>SAT: 2270 (790 M, 750 W, 730 CR)</p>

<p>Subjects (hopefully–taking in June):
Math II: 800
Chemistry: 800</p>

<p>GPA:
Old school (up till sophomore year): 4.813 W, 4.0 UW
New school (junior + senior): 5.636 W, 4.0 UW
(5.636 will probably rise to a 5.75 to 5.8 ish by end of 1st term senior year)</p>

<p>*</p>

<p>Major Comp Sci</p>

<p>Also likely NMSF</p>

<p>As a CS major, you don’t need to spend a ridiculous amount on undergrad.</p>

<p>What is your state flagship?</p>

<p>There are also good schools that will give you merit scholarships for your stats. </p>

<p>USC would give you a half tuition scholarship for being NMF, and it is very good in CS and Computer Engineering.</p>

7

<p>There is a lot to be said about getting a degree from a top school. The opinions differ widely and wildley about what the true benefits are. Those who are truly accepted to those top schools tend to do equally well even if they decline them. That has been pretty much proven in studies. </p>

<p>My opinion is that going to HPY has a true value in terms of reaction when you say you went to those schools. But if you are the caliber to get in there, you are very likely to be just as successful in terms of career and education. </p>

<p>In some of the highest paid professions where the top schools are so well represented, it is the professional school, not the ug school that is one of the tops. It does make a difference in terms of certain jobs to be from a top 14 law schools or going to a top business school for a MBA. No cares where you did your ug work. My DH has a list right now of some top IB folks and they all got MBAs at top schools. No coincidence, I am sure, but there are some I know on the list who went to colleges that were truly regional and not at all selective.</p>

8

<p>

Well, if you look at an overall average, several prestigious schools fare much better than average on ROI: <a href=“Bloomberg - Are you a robot?”>Bloomberg - Are you a robot?;

<p>However, money is hardly the most important thing. Also, that is on average, over time.</p>

<p>EDIT: Businessweek seems to be a little messed up today. That link will lead to a random table. You have to refresh it several times to get to the right one, which looks like this: <a href=“http://i56.■■■■■■■.com/2yxlwt4.png[/url]”>http://i56.■■■■■■■.com/2yxlwt4.png&lt;/a&gt;&lt;/p&gt;

<p>

Pretty much.</p>

9

<p>I would also like to point out that, while a certain degree may, on average, make more money, it doesn’t mean you should take on a lot of debt for it. Debt grows over time, has to be paid off over years, limits your after-college life, and the money can be put to better use. You will get a good education at many many colleges, not just the “prestigious” ones.</p>

<p>Somewhat better finances in 30 years isn’t worth an immense burden to you and your family for the next 20.</p>