For those who are obsessed with MBB and Google, the top 5 employers of Stamps Scholars are Deloitte, McKinsey, Bain, Google, and Boeing. Out of 700 alumni, over 50 have won prestigious fellowships, which is quite good. Top cities include Silicon Valley and NYC. I could go on and on. But no one wants to talk about facts. Some would rather focus on the Stanford mystique.
Top Feeder Schools to Silicon Valley (Stanford is #2):
https://poetsandquantsforundergrads.com/2017/04/27/top-feeder-schools-silicon-valley/
Just saw this one today, from @TiggerDad . Top Feeder Schools to Graduate school (Stanford #4):
http://collegematchus.com/ranking-the-colleges-top-colleges-that-feed-alumni-into-grad-school-programs/
WF is not on either list. Again, Iâm not alum, nor do I have a child that attends, but I definitely buy into the âStanford Mystique.â
@momofsenior1 & @itsgettingreal17 Actually, it is indeed $3500-$4000 per week (total compensation including housing and other benefits). I know it sounds crazy but I saw it in my kidâs offer letter from last Oct.
@jzducol MBB does not pay $4,000/wk. Iâm not sure what youâre including in that package.
https://managementconsulted.com/consulting-salaries/consulting-salaries-for-2019-management-consulted/
No, not at MBB, but others.
@michgeaux 40k for a summer internship as the normal? Sign me up. Not realistic.
No one is knocking full pay families. I am one myself. 72k per year.
But itâs this particular case we are discussing and perhaps the belief that a school in the top ten is that much better than a top 30.
And even if the top 30 Is offering additional benefits and prestige not available at the top ten.
And they are offering this for free versus paying a fortune for the top ten.
Itâs not Stanford vs the universe. Itâs wake and Stamps. Free. Vs Stanford full pay and other needs to fulfill for any family. But especially one with another child to educate.
Thatâs the whole discussion in a nutshell.
Also to financial math. Which is my full time day job. Letâs take a look at the math at whatâs left over to spend on âwhat you wantâ in real life.
At 300k income level
126000 fed and state income tax
8300 in social security tax as well
6384 in Medicare tax at income level
10000 in medical insurance. Low estimate.
42000 mortgage 3500 per month+insurance
15000 property tax
6000 car payments.
6000. Gas low estimate for said car
1500 phone plan
4200 electricity
1500 cable and internet
20000 food for family
10000 household items Rx, CVS, laundry
20000 retirement savings
3000. Life insurance
4000. Sons books Uber and sundries
5000. Housing maintenance and repairs
0. Emergency fund
0. Travel
0. Entertainment
0. Restaurants
0. Daughterâs activities, allowance
0. Charity
0. Family
0. Christmas or Chanukah gifts.
0. Wedding presents birthday presents.
0. Nights out or going out with buddies
0. Funds for med or law school for s.
- **. See below.
Total $326584*
$105536 four year shortfall. After tax. $145000. Pre tax need
And spartan lifestyle. If possible.
Option two. Wake forest. 300k costs plus 105k shortfall. 405k available to family or son after four years after tax. Thereâs the 500k. And this includes all costs for d education as well. This is med school already covered with 250k left over.
*very low estimates. Depending on state mortgage may be much higher. The zero columns are not realistic. These will be significant even if sacrifice is involved. Does not include emergencies. Major repairs. Car issues. Loss of job.
*This is the 160k for d school and 70k Stanford shortfall for s -/- 4 years. Needed to accumulate.
The numbers posted by @publisher for gross weekly pay are not uncommon, but donât forget some of those internships are in very high cost areas (NYC and Bay area come to mind). However, those opportunities are open to all students, and while some say that certain companies/industries hire interns exclusively from a handful of schools, Iâm not sure. For some students, in some majors, having access to SV startups for internships is an advantage. For instance, our S landed an internship with an interesting startup that resulted in a part time gig throughout the year. Additionally, the founders have encouraged to try out other opportunities during subsequent summers that have seen him work at a mid size company and this summer at a large-sized company.
Well, I know interns at all MBB, all BB IB, and the FAANG companies last summer, and no one topped 1600 per week for undergrads. The various salary sites, including glass door and,WSO, back that up, so fantastical stories with mythological compensation do not impress me
What is total comp without housing? Unless you have a free place to live and can bank the $, housing is not ârealâ pay.
Also, @itsgettingreal17 makes a strong point that might be missed. Out of the 700 Stamps scholars, over 50 have received prestigious fellowships - think Goldwaters, etc. - thatâs almost 10%. At the risk of starting an additional debate, each year, this group of scholars is smaller than the freshman class at any highly ranked college.
What I meant by housing is not real pay is that some internships provide housing - the student doesnât even know how much it costs. Then, they pay the student an hourly or weekly salary.
If we are talking about studentsâ contribution to their education, the housing cost the companyâs are paying is not relevantâŠjust the studentâs salary/take home.
Where does the OP live? Some of those costs arenât realistic. I live in CA and theyâre not realistic. $15,000 for property taxes, we donât even know how much the OP paid for their house or if they even own one do we?
The OPâs employers could be paying for phone plans, medical and such. Isnât MC 1.45% and FICA 6.2%?
Life insurance $3,000? Maybe if youâre getting a policy in your 60âs with not great pre-existing conditions, but who needs one then? 
Sorry, for veering off track (again, but at least itâs not sports), but the OP knows their financial siutation better than us. Letâs stick to the specifics we know.
One of the problems with this thread is that a certain group of posters will never think its wise to spend 300k on an undergrad education, period, no matter what college it is. I disagree with that concept.but you are never going to convince them otherwise.
The bottom line for the OP is that no matter what the final decision is, it will be a great choice and your child will be getting one heck of a college education. Keep us updated.
Yes $3,500 to $4,000 per week for interns. For MBA candidates will also pick up second year of MBA tuition for MBA interns who return for full employment. I am not revealing the employers, but this info. is available on the internet.
@jzducol : You know. Thanks !
@socaldad2002 File me under those who would âbeg, borrow and stealâ to send my kid to Stanford.
@roycroftmom: I can assure you that those pay sites are not entirely accurate. I know plenty of cases where new hires receive about 30% more than reported on those sites.
I will try to find my notes, but the $3,500 to $4,000 is gross pay for MBA candidate interns. The best also pay second year of MBA tuition for interns who accept job offer & a couple offer substantial signing & relocation bonuses as well.
P. S.Found my notes for undergraduate interns in MC. Pay is about $1,500 to $1,600 per week. Internships run from 9 to 12 weeks. I believe that housing is provided for all interns as well as travel. Some pay hourly at about $40 per hour plus overtime (all those that pay hourly are, of course, accounting firms).
These salaries & hourly pay figures are a year or two old now.
I cannot locate my IB notes at this time.
@Publisher We are discussing undergrad here.
I do not have undergraduate tech internship pay, but should be able to find my IB undergrad notes. (MBA is important for MC, but not necessary for IB.)
The costs I presented are for a parent. Not the student. Lol. The prices are guesses. Much lower than realistic. If op makes 300k the housing costs are low most likely. And insurance is for dad. Etc. lol