<p>So after a bit of talking to my friend and convincing him that paying for UC Berkeley as an out of state student was waaaaaaay too much for him, my friend has decided to choose between staying at his in-state school and an out of state private school, specifically the University of Redlands. Originally, after some thought, he rather (reluctantly) decided to stay in state to save up money for possible med school.</p>
<p>The big problem is that at the last minute, he's now having all these doubts. Originally, he was considering being a doctor, but I think after trying to study for his AP Chem exam coming up, he's having doubts about whether he likes studying Biochem/Bio in college or not. And now he's even doubting if he wants to consider going into med school!</p>
<p>His dad wants him to go to Redlands, while his mom wants him to stay in state, but he worries that if he goes to Redlands, he'll be too much in debt ($60,000 is too much debt for an undergrad degree, right?). But my friend worries that if he stays at his instate school, it won't be prestigious enough for him to have employers notice him. He also worries the quality of education in a state school may severely affect his academics, because of state budget cuts. So pretty much if he goes to Redlands, he'll have to be careful in planning things so that absolutely nothing goes to waste and as a private school, it may necessarily not be affected by state budget cut, but he'll have debt at x3 the national average, while if he stays in state, it'll save him tons of money for possible grad school (if he decides to further his major), and he could stay in college for that 5th year if he needs to, but at the cost of less prestige and budget cuts. </p>
<p>He has not visited both of his schools in person yet, so he wouldn't be able to see which would be a better "fit" for him. I realize that the last day he needs to make a decision is May 1st and that's a bit close. Any suggestions for him? And does where you go for undergraduate really matter, especially if you don't go to grad school?</p>
<p>His parents don’t have that kind of money to send him to Berkeley, especially as an out of state student. They simply can’t cough up over $40,000 a year every year for him just for undergrad. And considering it’s extremely hard to get California instate residency, there’s no way he would be able to go to Berkeley without taking huge amounts of debt.</p>
<p>Also, despite being a pricy private college, Redlands actually did give him about $35,000 in aid, therefore making it a LOT cheaper to attend than UC Berkeley.</p>
<p>“$60,000 is too much debt for an undergrad degree, right?”</p>
<p>Yes. It is more than twice the Stafford Loan maximum. He will need co-signers for those loans. Does he have them?</p>
<p>The loan payments each month will be in the range of $690 each month for ten long years. That is like having two more car payments each month on top of every other bill he has to pay. Considering that roughly 25 to 30% of his income is going to go to taxes, he’d have to earn an additional $900 to $1000 each month just so he could make his loan payments.</p>
<p>In the end, the “prestige” of an undergrad school doesn’t matter at all once you get your graduate degree. Lots of people start out at no-name public universities, take advantage of everything that is offered there, get good grades, and are admitted to the grad programs they want.</p>
<p>You are a good friend to encourage him to think rationally about this. There are a number of nifty calculators at [FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“http://www.finaid.org%5DFinAid”>http://www.finaid.org) that he can use to compare his aid packages, and to estimate his loan repayment schedules. Help him sit down and run the numbers.</p>
<p>@happymomof1: I do realize that no one really cares where you went for undergrad after you get a graduate degree. However, does it work in the same way if one DOESN’T go to graduate school? As in, do people really care where you went for undergrad if all you got is a bachelor’s degree? That’s what I’m wondering…</p>
<p>@ucbalumnus: We’re both from Nevada, and he’s thinking of attending University of Nevada in the fall. He received a $5,000 presidential scholarship from there, and after including federal loans they gave him, he would have to pay roughly $4500 a year out of pocket in tuition and rooming. Very manageable for his family, but it’s reputed that Nevada is ranked one of the worst in education, which deeply saddens me, especially with all the budget cuts going on that makes it worse.</p>
<p>$60k is too much debt. And while Redlands is a decent school, it is not prestigious in a way that would make a major difference in future prospects.</p>
<p>Nevada is a tough place to be right now. He can still probably do well at UNR (or LV), but a a WUE school might have been a better choice. Still, I’m not sure how many options there are at this point.</p>
<p>Your college might matter a little bit when you apply for your first job, but it will matter even less when you move to your second job. After you have been in the workforce for a while, no one will care where you went to college because what will interest them is your work history.</p>
<p>If your friend really doesn’t like the U of NV, would he consider spending a year or two at one of the community colleges? That way he would have a bit more time to decide about his major and whether or not he really wants to go to med school. He and his parents could save the difference in cost between the CC and U of NV in a bank account or CD so he would have that money available when he transfers. Not what he wants to hear, I’m sure, but in the current economy more families are making that choice.</p>
<p>There are many good WUE schools that accept transfer students. Perhaps he should consider studying at UNR (LV) - or at a CC - and then transferring to one of them. Here’s a search tool (make sure to check the ‘accept transfer’ box): [WICHE</a> - Student Exchange Programs](<a href=“http://wue.wiche.edu/search1.jsp]WICHE”>http://wue.wiche.edu/search1.jsp)</p>
<p>It can matter, but it really depends on the industry. Some don’t care. Some care a little bit. Some care a lot. The best way to know is to do research. The same applies to graduate school. Some really care about undergrad prestige/accomplishments, others don’t. </p>
<p>It is true that what you do in college will generally only affect your first job. However, your first job affects your second job, and so on. </p>
<p>In any case, I can’t imagine the difference between Redlands and your in-state school being all that big. The in-state school probably has the better name though.</p>
<p>@noimagination: We have considered WUE schools in the past. However, the problem is that not all the schools on the west coast participate in it, especially UC schools like Berkeley. I also have known a few friends who applied to WUE-eligible schools but still could not attend because all they got in scholarships was the WUE tuition one, and going to a private college (like Redlands) would’ve actually been cheaper for them in the end regardless. </p>
<p>@happymomof1: My friend is completely against the idea of community college. I mean, his family DOES have enough money to send him to University of Nevada without going into extreme debt. I think the only situation where he would be okay attending a CC is if he needed to take a special class not offered at his university or transferring a credit there so it won’t affect his GPA/summer school. </p>
<p>Kinda seems like with the way this thread is going, staying in state in NV is the safer choice…</p>
<p>Hm. Well that’s an interesting way to put it. But regarding your last statements about significantly better choices, would it be worth it? For example, if Northwestern University gave him enough aid to knock off half the tuition off their sticker price, would that be a better deal in the end because of Northwestern’s prestige or is the less debt the better regardless (because UNR would still be cheaper in the end)?</p>
<p>It makes me frustrated how it feels as if those of higher socioeconomic status can afford to send their children to the higher end school of their choice without going broke while everyone else has to make ends meet by going to a state college to save money.</p>
<p>“It makes me frustrated how it feels as if those of higher socioeconomic status can afford to send their children to the higher end school of their choice without going broke while everyone else has to make ends meet by going to a state college to save money.”</p>
<p>Well, that is what happens. There is a lot of angst about it over in the Financial Aid Forum. </p>
<p>Part of the problem is that with improved marketing stratgies, any college or university can create a national applicant pool for itself. Until the College Board began to sell lists of student names based on their test scores in the early '70s, people just didn’t have much reason to know about colleges and universities that weren’t close to where they lived. The whole marketing business has just exploded, and students (and parents) have begun to believe that anything is possible.</p>
<p>But the simple truth is that all along, the single largest group of traditional age college students has never stopped being comprised of those who are commuting to their local community college, and the second largest group has never stopped being comprised of those who are attending a home-state public U. Money has always talked. </p>
<p>Except for a handful of truly extra-ordinary instititutions (some private, some public) a college education is a college education. There are good professors (and bad professors) to be found everywhere. What any of us get out of our college years is mostly up to us. If your friend is willing to put in the effort, he can get a terrific education at his home-state public U.</p>
<p>Whether or not NU would be worth more than $27,000 in total college debt is debatable. That would depend on the field of study. Personally, I’d advise no debt (if possible) for the undergrad degree, and then some debt (if absolutely necessary) for a graduate program that will indeed guarantee a job that will pay off that debt fast.</p>
<p>His dad wants him to go to Redlands, while his mom wants him to stay in state, but he worries that if he goes to Redlands, he’ll be too much in debt ($60,000 is too much debt for an undergrad degree, right?). But my friend worries that if he stays at his instate school, it won’t be prestigious enough for him to have employers notice him.</p>
<p>Redlands in not prestigious. It won’t make employers hire him over a state school grad.</p>
<p>$60k is toooo much debt.</p>
<p>It sounds like the student and his family will have to take on debt even to send him to his state school. That will be bad enough.</p>
<p>Well, I think unless one goes to a community college or commutes to colleges, there is going to be some level of debt involved. Luckily, my friend going to UNR and staying in state will still be cheap enough for him to manage his loans after he graduates, but not enough for him to necessarily graduate debt free. </p>
<p>Though what I’m wondering is that if the school in question had a lot more prestige, would it be worth it in the end then? Like if Northwestern or NYU had given him 60-70% off their tuition. Is debt still a concern regardless?</p>
<p>“Though what I’m wondering is that if the school in question had a lot more prestige, would it be worth it in the end then? Like if Northwestern or NYU had given him 60-70% off their tuition. Is debt still a concern regardless?”</p>