Gonna dual major in biomedical engineering and econ, hoping to enter investment banking. I understand that USC (50k) and Vandy (70k) are more prestigious, but I am leaning towards committing to UF as I will get a full-ride scholarship + 4k per semester stipend + 20k from Florida prepaid in a bank account to accrue interest. Is this the right move?
Is Vandy full pay? Hard to turn that down…but the cost difference is major.
Yup. @Luckyjade2024
It really depends on what $200k (USC) or $280 (Vandy) means to you coming out of college.
UF is a great opportunity even if the other schools aren’t in the running. You get to go to college on a full ride scholarship and go to the front of the line for all kinds of things like class registration and housing.
Without a doubt, you should take the UF offer. It is FREE and UF is pretty well ranked when compared to these two schools. Since you want to be in investment banking and engineering, take the opportunity cost ($200K/$280K) and invest it in the stock market when the indexes are way down. By the time you graduate or a few years beyond, there is a chance that you will be much better off. By then you can take some of the proceeds and invest it in more education, a house, a car, and probably your kid’s future education. If you have to take loans, you will then be in a deep hole. And no, I am not telling you to invest in the stock market, but it goes to show you what an incredible amount of money that is. Also, consider the possibility of having online classes (unknown at this point) for the first and/or second semester of your freshman year. Is this worth the money?
Go with the free ride. If Vanderbilt was giving you some FinAid or you had scholarship to bring it down to say 1/2 price maybe (big maybe) you could justify it. But I would take the Full Free Ride, work your tail off and apply to an amazing MBA program with the money you ‘save’ (re the loans you didn’t have to take!)
Short story… We have good friends who are both attorneys - so also full pay, but live comfortable and could have tightened the belt and swung private school for children. Son got full ride to solid instate public flagship. Went, enjoyed top tier football and fraternity life, made outstanding grades and was involved on campus… when the time came for Law School he got into Stanford (and a few other top programs). Parents still had enough to help him out so he graduated almost debt free… got the best of both worlds - two fabulous schools to network. Works in DC now. Your undergraduate education experience will be what YOU make it. But the debt will hold you back to enjoy the fruits of your labor. Just thoughts…