<p>I've been admitted to SEAS and am planning to study something within IEOR or Civil Engineering, combined with economics/finance.</p>
<p>My parents have enough resources for me to avoid loans, but they want me to fund most of my own education and the government loans I'll be taking come with very good terms (completely frozen while enrolled at any university, incl. PhD, and fixed 3-5 % interest rate with flexible repayment over up to 22 years). In short: there's absolutely no chance I'll end up crippled financially.</p>
<p>So is a SEAS degree worth $100k in loans if I make sure I'm highly employable in consulting or finance after graduation? In Norway I would get a starting salary of 80-90k/year</p>
<p>wow, well putting it this way, yeah. it sounds like you’re not making a risky financial choice and in fact you are pretty level-headed about it.</p>
<p>the number seems kind of high, but ultimately i think doable. i guess you’ve clarified the finance side, now it is the cost-benefit you’ll have to weigh. where else are you looking at? what are finances looking there?</p>
<p>seas will help you move forward in your career and if you do well (and it sounds like you have a good head on your shoulder right now) you can make the most of this educational experience. plus the intangibles of nyc, of columbia and even of seas particularly should make for a great time.</p>
<p>My other options really aren’t that great. The main ones are Wesleyan ($50-60k loan), Penn & Carnegie Tech & Tufts & Carleton ($100k loan), and Bard w/ full-tuition scholarship.</p>
<p>Anyone else have an opinion on whether SEAS is worth it for me?</p>
<p>i think the choice lines up between Columbia, Penn and Bard (especially cause finance/consulting is a desire). Bard is the good financial option, but you have to want to study there and be ok with the at times quirky feel of the campus. Penn and Columbia are perennial contenders for students. usually students that are interested in engineering have as of late preferred Columbia to Penn (as i’ve watched on this board), but students usually go both directions. </p>
<p>Just as a heads up, 80k-90k in Norway is practically McDonalds salary there to my knowledge. I spent some time in Stavanger and I knew mid-level Norwegian soldiers who were making 120k and not exactly living that great. (Remember, Norway is one of the most taxed countries on the face of the planet plus everything is expensive.) Not that I’m trying to dissuade you from going to Norway, great country and cool people :)</p>
<p>if you get a job in finance or consulting (which is easy if you want one and try), then $100k in low interest loans is quite insignificant compared to your earning potential. First year analysts in finance make 100-150k (depending or company, division and rigor of job). Salaries increase substantially going forward, and seas students are recruited quite heavily by finance firms.</p>
<p>I think it’s worth it if you can afford it; You’ll be able to pay back the loans after you get a job anyway. I think it really comes down to Columbia vs. Penn vs. Bard.</p>
<p>Columbia or Penn is probably the way to go if you want to do engineering. But I think you should probably go with Columbia. NYC is a greater city than Philadelphia in all respects.</p>
<p>Bard is also attractive because of the money you’re getting though.</p>
<p>@Johnny445: I was born in Norway and have lived there 13 out of the 19 years of my life (including the last two). Although some of what you said is true, you are mostly just wrong. Some of my friends worked at McDonald’s in high school. A full-time salary is about $50k. Low-to-middle-level soliders make $60-80k. Engineers WITH master’s degrees start at about $90k. Consulting and finance pays more. Average salary of ALL Norwegian employees is $80k. Taxation is high but lowered if you are in debt.</p>
<p>Thanks for great feedback everyone! I’m 80% decided on Columbia now:)</p>
<p>wow Norway is awesome I’m moving to there haha</p>
<p>IEOR in Columbia is decent, typically ivy leagues don’t have business majors for undergrads, except wharton. If finance/consulting is the industry you want to work for in the future CU is absolutely the best option for you considering its awesome alumni network, prime location in NYC, etc. But engineering is very hard there I know someone there stay in SEAS for a year then transferred to CC, he was an IEOR major btw.</p>
<p>^ New Member with 4 million posts and join date in 2005: What’s up with that?</p>
<p>According to my government’s student loan fund’s calculator the monthly payments will be $608 over 20 years, or $800/month over 14 years. I wouldn’t put it past my parents to help out with something like $30k after graduation either. That would let me pay the loans back at $800/month over 10 years…</p>
<p>Are these numbers really that unmanageable?</p>
<p>$608 might sound reasonable now, but remember, you will be paying this amount in addition to your other expenses: housing, cell phone cable and internet, car, etc; when you add all these expenses you have to be earning a huge salary to have a reasonable decent life. </p>
<p>Are you planning to have kids? (Don’t answer this question, I am using it as an illustration), then add to the expenses above.</p>
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<p>Don’t count on it, what about if they don’t give you this money? Perhaps, they decide that they want to retire early and all of a sudden they realize that they can’t afford to give you $30,000? What are you going to do then?.</p>
<p>Don’t just look at the $608 per month, look at your total expenses.</p>
<p>tega: i think the problem with Bard is location, and a kind of glass ceiling that still does exist. as porous as it may be, it still is limiting.</p>
<p>i think the OP has been very sound in his own estimates. we forget that he/she may indeed be earning far more than 90k in future years based on the job trajectory. the OP should also know that there are always possible negative outcomes (lost job, personal ailment). we are always measuring against the possible and the desirable.</p>
<p>in this regard risk is the best way to put it. there is risk in taking on debt, but there is also high reward. if you play the world the safe way, well you can live a fine life. in the end i guess the OP has to ask him/herself how big his/her dreams are. if they are more than a good life in a small town, then he/she will have to take some risks at some point. there is uncertainty, but the future isn’t written yet. we are all able to impact our own trajectory still.</p>
<p>I do realize that loans are adding both risk and potential reward. The factors reducing risk are my parents’ assets/income, and the fact that Norway has one of the best welfare systems in the world. I will never starve, be homeless or lack help getting employed. Btw, I also own a ownership share worth about $140k in our summer house. That asset isn’t easily liquified, but is still valuable.</p>
<p>I also did some more research. The average salary of a male employee working in finance in Norway was $126 429 in 2010. That’s a monthly salary of over $10k. I really don’t think $608 a month would matter very much in the long run.</p>
<p>Perhaps you may want to combine the best of Bard and SEAS. Don’t know if you have considered the 3+2 dual degree program that Columbia SEAS has with numerous liberal arts colleges around the country. If Columbia agrees to provide some grants for the last 2 years, the loan can be cut into half, with the possibility of getting two UG degrees; however, it takes 5 years.</p>
<p>^ Yes, I have thought about that. After approximating 5 years of finances, I would be left with $70k in loans if Columbia doesn’t offer aid (which they’re probably not going to b/c I’m an international and my parents have too much real estate). Bard still costs over $13k/year for room&board, and I wouldn’t receive about $10k a year that my government awards students at the top US research universities…</p>