<p>Money is a very popular topic in my house lately, and I'm slowly realizing that, in order to attend MIT, I will have to take out a significant amount of student loans.</p>
<p>I know that it isn't unheard of to graduate with loans, however, I plan on attending graduate school as well. Right now, I am hoping to complete the 5-year course 6 degree program, but I'm not really sure how graduate school works out in this case. I know that, often times, for graduate school you can get some sort of a TA position and your graduate school is fully funded, but is it the same in the 5-year programs?</p>
<p>I have an opportunity to attend Case Western Reserve University for approximately $15,000 a year due to scholarships, and I can attend the University of Illinois in Urbana-Champaign as an in-state student with some scholarships.</p>
<p>So, the real question I have is: is it worth it to graduate $120k in debt for an MIT education? And, realistically, how much more will I make than the average graduate?</p>
<p>^^As an entry-level engineer, I don't know if you will necessarily command a higher salary. However, there are other doors (i.e., finance) which open up with an MIT degree. You could do this for a couple of years and pay off most of your debt, and then go back to engineering or something else. Of course, you have to have some confidence you will do well at MIT because finance jobs typically require higher GPAs.</p>
<p>Also, it is not necessarily meaningful to talk about salaries, because you might get a job at your classmate's startup or develop a business yourself with friends. Those sorts of opportunities are hard to quantify.</p>
<p>
[quote]
I know that, often times, for graduate school you can get some sort of a TA position and your graduate school is fully funded, but is it the same in the 5-year programs?
[/quote]
As an MEng student, you can look for either a research assistantship or a teaching assistantship. They pay full tuition and health insurance plus a stipend of $2000 a month. Friends of mine who were thinking of doing an MEng looked for funding before deciding to do the MEng -- if they couldn't get support, they didn't do the program. (info here</a>)</p>
<p>Still, $120,000 is a lot in loans. Personally speaking, the most I'd be comfortable with after undergrad is about $50,000. (Of course, I'm in a lower-salary field than EECS.)</p>
<p>This may not be the advice you are looking for, but since you asked --
go elsewhere for your undergraduate education. In my opinion, no one should take on $120,000 of debt to finance a college degree, especially when other options are available. Congratulations on getting in to MIT. You have a great chance of success wherever you go, and perhaps you can come to the Institute for graduate school.</p>