Hi, I’m a High School senior currently struggling to decide on where to go next year. I’ve been accepted by a lot of great universities, and my choice has basically narrowed down to Vanderbilt and Tulane. I’m interested in studying engineering and plan on going to grad school or med school after my undergrad studies, and it seems pretty clear that, at least in engineering, Vanderbilt offers the better opportunity. The real problem I’m facing in this decision is financial: Tulane offered me the Deans’ Honor Scholarship, and, since I live in New Orleans, I expect to receive the Valedictorian Scholarship and TOPS as well. In the end, Tulane will come down to just a few thousand a year compared to Vanderbilt’s price tag of around 23k every year. Paying for Vanderbilt is doable for my family but will not be easy. My parents and I will have to go into debt, and that will hurt me later on, especially if I continue to grad or medical school. On the other hand, I would graduate from Tulane completely debt free and also have plenty of money to participate in other great experiences (ie Study Abroad or service trips). It ultimately comes down to the question of whether it’s worth it to pay to go to a more prestigious, higher ranked university, especially considering the fact that Tulane’s engineering programs are not held in the highest esteem. I’d like to thank everyone in advance for all help and input into this matter.
@ss2318
This is a tough one on the surface because I understand the allure of prestige and rankings. But first let’s clarify something you said about the financial part, or at least bring to your attention something you will want to double check with Tulane.
Usually Tulane does not allow the total of scholarships to exceed full tuition plus fees, unless of course it is the Stamps or the Hainkel. However, since TOPS comes from the state of Louisiana, I don’t know if that applies. I know they do allow people to get the $2000 if they are National Merit Finalists, even if they have the DHS. Maybe it is the same for TOPS, I am not sure. I don’t know if Tulane funds the Valedictorian or if that is state funded also. Although I do see on the Tulane page that they say up to “cost of attendance” for that scholarship, not up to tuition plus fees, so maybe you do get to add it on. Just saying you might want to check to be 100% sure. But since it looks like you do get those as well, as you say you are basically going to Tulane with a full ride. That is very hard to beat. Now back to what you really asked.
Taking on debt to go to Vanderbilt is probably not worth it, but there are some mitigating factors here. I think you overestimate the reputation factor for going on to grad school or med school. If you do well at Tulane you will have the same opportunities as having gone to Vanderbilt. But the question is what area of engineering are you considering? If it is Biomedical or Chemical then you are in fine shape going to Tulane. But if you want civil, mechanical or electrical then of course you would have to choose Vanderbilt, with one caveat I will get to in the next paragraph. But I am assuming you know this already and so you are focusing on BME or ChemE. If so I really think it is a no-brainer to pick Tulane. Not only will you be so much better off financially, but you will also come out with a research thesis that will differentiate you from many other candidates at grad schools especially, but med schools too. You would be very likely to apply and be accepted as a Tulane Scholar, which would result in you being given a faculty mentor in your field, and preferential treatment when it comes to doing research, internships, etc. This will make a considerable difference in your future plans, along with the extra money if you go to med school or grad school.
Now the caveat. Tulane does have a cooperative program with Vandy where you attend Tulane for 3 years and major in Engineering Physics, and then go to Vandy for 2 years and get your degree in one of the engineering fields Tulane does not offer. But your DHS would not cover the time at Vandy, not even one year of it I don’t think. And you would probably not get that same package from Vandy, so it could be more expensive by the time you would transfer. Of course, that’s the other thing. You are shielded from cost increases at Tulane, while at Vandy that $23K you mentioned could balloon to a bigger number each year. But again, I am going to assume you are thinking BME or ChemE so this coop program doesn’t really apply.
So once again, I would say you need to look past the false (IMO and experience) lure of reputation. Tulane constantly places students in top grad programs and med schools and law schools. I could name dozens from my experience, but once again I will reference my D who also attended Tulane on a DHS and is now going to grad school at Stanford, having also been accepted to Harvard, Columbia, Berkeley, and Princeton among others. She also was selected among thousands of students, many from those very schools, for a position at the Department of State. Tulane students are as successful as any, and you have the added advantage compared to most of financial freedom plus a lot of attention from faculty at Tulane coming your way. I don’t want to trivialize the decision, but I have to say again it seems like a no-brainer to me. Become a Tulane Scholar, take advantage of everything that and the rest of Tulane offers, do well (as I am sure you will), and you will have a stunning array of choices after graduation.
Part of your analysis should be to think about all the effects of the debt you’d go into at Vandy, some of which you mention. You’ll need to work every summer and maybe while in school, limiting your ability to take an unpaid internship with an organization. Unpaid work during internships is increasingly becoming the way to gain some real world experience, which then leads to that paying job, or the next even better unpaid internship.
In addition, being strapped for cash while in school can negatively affect your social life, happiness, and even your academic success. Worrying about money, and restricting what you’re able to do on both a daily basis and for more big-ticket items like study abroad can make you feel like you’re not “as good” as the other students around you.
Also, think about whether you’re 100% set on engineering. I started in engineering in undergrad, and halfway through the first semester realized I was in the wrong field and quickly switched to another college in my university. If there is any chance you’re going to pursue another major, the debt at Vandy for the one engineering major you thought you’d like may not be worth it.
And since you mention grad school, if your plan is to go to grad school, then you should do whatever is necessary to get out of undergrad with zero debt, and save that debt for grad school.
Tulane.
^^Well, that’s a vote anyway! 
I suggest you read Chapter 3 of Malcolm Gladwell’s “David & Goliath”, which makes a strong case that, if you go to a school at which you have a better chance at standing out among your peers, you are at a great advantage relative to someone who is middling at a more selective institution. It’s worth considering that when deciding among Tulane and Vandy. (Tulane also has the better city!) It’s also worth keeping in kind that Tulane students are very well represented at top graduate and professional programs throughout the land. Yes, I may be biased, but I would find it hard to pass up Tulane on the cheap.
And the best news: you are already poised for much success no matter what you decide. Best of luck!
You will get DHS, TOPS, extra stipen, and Valedictorian Scholarship if you qualify. You can use those for books, room, board, etc and if you have extra I believe you get to pocket the TOPs remaining amount!!
If you want engineering then you need to go to LSU, you will get TOPS and scholarships. If you are good enough to get those at Tulane, LSU will give you similar and you can go there for free (or darn close to it). You can always go to grad school somewhere else but if you want an undergrad degree in engineerging you need to attend LSU then move on from there.
Vanderbilt isn’t worth the money for an undergrad degree in engineering. Getting good grades at an engineering school is way more important than any “status” associated with Vandy (which is an awesome school but not worth the money for an undergrad engineering degree).
Like another posted, look into what else the university offers as many students start in one field and change to another. So make sure the university has other colleges/degrees you would be interested in completing if you change. Tulane is the tops in this aspect as you can start out in one field and change to another and still graduation within 4 years (with a little work).
Best of luck to you in your decision - you are evidently an excellent student and will do fine no matter where you go.