<p>Is it worth racking up six figures of debt for a BA from Columbia?</p>
<p>I know different degrees bring in different incomes, but in general who thinks or doesn't think it's worth it?</p>
<p>what’s your major, and what career path are you considering?</p>
<p>That’s an interesting thesis, how career aspirations can justify top-college debt.</p>
<p>yea. I’d be willing to take 100k of debt if i were going to law or investment banking, or any other lucrative career path. Not otherwise.</p>
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<p>100k of debt and going into “law”? what about debts from law school? try more like 200-300k :P</p>
<p>This is pretty silly. I don’t think any college is “worth it” relative to other college choices, in terms of expected income over your lifetime. That is, my parents spent $100k or whatever on my Columbia education. I could have received a cheap/free education at plenty of decent colleges, and had my parents put the $100k in the bank. When I’m 65 or 70, that $100k would be worth perhaps $750k-$1m. Are my lifetime earnings going to be $750k-$1m having gone to Columbia rather than some other decent school? I highly doubt it.</p>
<p>Colum 2002, that would only apply to those who had 100k in the bank in the first place. Typically, that money would come from student loans. </p>
<p>However, if the Columbia name gets someone even 10k more a year than your Schmuck University, on paper it would be “worth it.”</p>
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<p>Um, no. Money is money. It’s the same analysis. Figure out the aggregate future value in 2060 or whenever of the your loan payments on the $100k in loans. These loan payments are coming out of whatever salary you’ll earn, and it’s money you’re not able to put in the bank and save. </p>
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<p>This is probably right. $10k a year is a huge difference if you have an entry level job (i.e., $55k vs. $65k as opposed to $250k vs. $260k), and also $10k every year over your working life is going to amortize very well. </p>
<p>However, the comparison isn’t Columbia versus Schmuck University. If you’re good enough to get into Columbia, you can probably go to other decent schools on scholarships. And I’m not at all convinced that the Columbia name will get you 10k more for every year of your working life.</p>
<p>Short answer: No. Not for any university.</p>
<p>Long answer: <a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/481670-debt-actually-big-deal.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/481670-debt-actually-big-deal.html</a></p>
<p>I posted twice, so here is my edit to unpost it. Ignore.</p>
<p>I understand your point of by saving or investing that 100k and going to a cheaper school may be more beneficial financially in the long run. </p>
<p>Investing 100k at 20 years old and using ‘rule of 72’, your money would actually be in the 1.6 million ballpark at the age of 65. However, investing money gradually up to 100k wouldn’t get you near the same return. </p>
<p>And 10k was just a number I threw out there, but I am convinced the Columbia name alone can get anyone more income - if they look for it.</p>
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<p>More income than what? Companies pay the same entry-level salary regardless of where you go to school. I’m not sure why you’re convinced of something for which you have no evidence.</p>
<p>If you are going into a job field where regardless of educational backgrounds (aka government/teaching), you get paid the same, it may not be worth it. But, if you think that a degree from Columbia will open that many more doors than at any other university, sure. </p>
<p>Just consider your future carefully. Considering graduate school?</p>
<p>I am convinced, based on extensive anecdotal evidence and limited statistical evidence, that a Columbia education is more likely to put you into an industry that is in tune with your personal aspirations, and within that industry more likely to get you well-paid (or better-paid) to start, than most 2nd-tier schools. It will better prepare you for rigorous academic paths (PhD, professional schools) post-graduation, it has a superior alumni network in high-demand professions, and its relationships and reputation - yes, the prestige of just having the school on your resume - makes a difference with employers.</p>
<p>On top of the strict economic considerations, there is a quality-of-life component as well. Half of that is the benefit of being subsidized to live in NYC - you are paying roughly the same housing costs of on-campus housing at any university in the country, i.e. about $600 a month - at no incremental cost.</p>
<p>The other half of that is the people you meet. At (say) Tufts, you will meet a number of smart people, but the density of truly fascinating, passionate, committed people will not quite be the same, and that atmosphere pushes you to raise your own standards for yourself, discover a higher gear, and get the most out of your education that you can. Not that there aren’t some students who sit around in a pot-induced haze for 4 years, but the typical case is one where people get a lot out of the education and particularly the atmosphere. That is worth something, although it’s much harder to quantify in economic terms.</p>
<p>If you’re planning on being a classics or psychology major it’s probably not worth it if the difference truly is $100k in debt to go from a 2nd-tier school to Columbia. If it’s to go from a community college to Columbia, then perhaps. If you consider yourself ambitious, Columbia (like its peer schools) is well worth the investment up front.</p>
<p>Too bad it still costs 52K a year.</p>
<p>An investment depending on what you want to do with your life and how you live it after.</p>
<p>I would say no for med and law school-bound for who the undergrad diploma matters a lot less. Anything else, yes, it’s worth it. Especially business and ibanking, in my opinion. The elephant in the room is that, no not all college educations are of equal value.</p>
<p>Why is this thread generating so much discussion? I don’t think there is any way you will ever get 6 figures in debt if you go to columbia. that means that somehow you dont qualify for ANY financial aid at which point you can (most likely) afford the 52k/yr. even if you qualify for fin.aid, since columbia doesnt give loans, you will be taking them out privately but you still shouldnt need to pull ~30-40k/yr or else, again, you can (most likely) afford it.</p>
<p>there are of course the exceptions: people whose parents refuse to pay at all even tho its well within their means, people who have a lot of non-liquid assets who get screwed by fafsa (even tho these people still technically have the money..), etc…</p>
<p>Actually that’s not quite true. My family income is around the 14,000$ and as it stands I’m getting no help, not a cent, from Columbia. And this stands for the entire duration of my undergrad. Sigh…Pretty much fell right through the single worse crack in the system.</p>
<p>Here’s hoping I get off that financial aid waitlist. It’s a nigthmare.</p>
<p>Lionheaded: Are you an international student?</p>
<p>Yes? Canadian…I can never tell if it has the full implications of the international student.</p>