U Mich or Tulane? $$

College Search & Selection
1

So I have come down to the University of Michigan and Tulane University - however, I am very split on the decision.

U-M would be 32k a year (21k after the aid offered - but that still includes loans) (also am OOS)

and Tulane would be 25k a year (13k after the aid offered - which also includes loans).

Overall, I am not sure exactly which major I want to pursue, as I have interests in (too) many areas.
Basically my parents did not plan for my education and don’t have money for the tuition of college, but will pay for living expenses etc. while I am there and said they (hopefully) will be able to help me pay the loans off once I am out of school.

My state flagship university would essentially be around 23k, and I am willing to take out the extra few thousands as I feel these are the two schools that I would be happiest at.

So what it comes down to is, for undergrad, do i save the extra 7-10k and go to Tulane, which has a smaller environment and more intensive classes and a very cool city and culture - or do I spend the extra bucks to go to U-M which has more prestige and higher rankings both overall and in possible majors of interest.

Thank you so much in advance. Any advice would be greatly appreciated.

2

The difference seems to be $32,000 over 4 years, which is not an insignificant amount - especially if that’s going to be an extra $32,000 in loans. Tulane is a great school; it’s got a great reputation and is an excellent research university in its own right. Personally, if I really couldn’t make this decision, I would follow the money (but I would want to go to Tulane either way - better weather, cool city, and smaller classes with more discussion and close contact with professors).

3

julliet, I am not sure it is possible to make such a sweeping statement about class size and faculty/student interaction based solely on the size of the university and reported classroom size. A lot depends on the student and major.

I also do not think that New Orleans is a better (or cooler) place than Ann Arbor. It really depends on individual preference.

That being said, I agree that if attending Michigan means an additional $32k in debt, Tulane is the way to go. No matter how great the university, amassing that much debt is never worth it.

4

That’s what I am just concerned about I guess-. Whether or not the prestige and alumni network and faculty of U-M is worth it

5

I know you said you weren’t sure of what you wanted to do. If there were any chances that you wanted to go to grad school, I would say go to the state flagship to save money. UMich is way too much for someone who hasn’t prepared for this amount. Tulane is a lot too but its only a couple thousand more than the flagship.

So it’s the flagship vs. Tulane. From there, it’s a personal choice and is mostly based on how much you are willing to spend for the environment. I assume you’ve visited?

6

“That’s what I am just concerned about I guess-. Whether or not the prestige and alumni network and faculty of U-M is worth it”

It really depends on how much debt you are talking about. Up to $20k is tolerable (albeit not at all ideal). Beyond $20 is too much debt for my taste. I have a feeling that Michigan’s cost of attendance will be prohibitive. If that is the case, I would consider your flagship or Tulane, both of which are more affordable.

7

Thank you guys for the insight. Yeah, I definitely think Tulane would be the better move financially.

My dad is just concerned that, if I were to pursue business, Michigan has a higher ranked program - and also he has heard that most of the employers who come out to Tulane to recruit are mostly based in the South, while Michigan recruiters would have more resources and opportunities in the Northeast where I am from.

However, like you have said, that extra 32k in loans is truly a large amount.

8

I’m trying to understand the numbers you laid out. How will UMich be $32K/year and $21K after FA? Cost for UMich is $55K/year. Same question for Tulane. And any loans > than the direct loans would have to be cosigned by your parents or in their name.

9

If you choose to major in Business, at Michigan you will have to apply to get into Ross which starts your second year. But admission is competitive and not a guarantee.

10

For both schools, I received a FA Form that gave me two numbers. One was the price of the tuition that excluded money from both scholarships and grants that I did not have to pay back.
The other was the number for the tuition if I were to accept all of the other institutional aid given to me (Perkins Loan, Work Study, etc.)

11

A business degree from Ross is a huge advantage in the northeast. You really need to take that into consideration.

12

I don’t know rjk, according to Tulane’s business school’s employment report, quite a few of their graduates end up working in the Northeast.

There is no doubt that Ross has a strong presence in the Northeast, but Tulane seems to also be well regarded. I think considering the price difference, and the OP’s financial situation, Tulane may be a safer option.

http://www.freeman.tulane.edu/cmc/docs/BSM_2014.pdf

13

Taking out loans is one of your first big decisions as an adult. So unless your father is personally willing to take out loans on your behalf, or pay for the difference, I’d go with Tulane.

14

wtt #9: So those loans would only cover tuition… what about room, board, fees, books, and transportation costs?
It sounds like UMich is not going to be affordable for you based on what you said.
Or (check your FA letter), did you get scholarships/grants/loans/work study that cover tuition, room, board, fees, books?

15

Go with Tulane, make straight A’s, then try for Harvard, Wharton, etc., in grad school and you will be able to write your own ticket in the Northeast. As a person who worked at a consulting firm for years, I didn’t come across too many people from Ross.

16

“As a person who worked at a consulting firm for years, I didn’t come across too many people from Ross.”

That’s because it was called the University of Michigan School of Business until 2004. :stuck_out_tongue:

Here is an interesting tidbit:

http://www.ceo.com/news_and_insights/which-schools-produce-the-most-ceos-infographic/#ceoid=arky996

17

redpoodles, I am surprised to hear that. Generally speaking, 40-50 Ross alums join Bain, BCG and McKinsey annually (30+ MBA and 10+ BBA). Accenture, A.T. Kearney, Booz, Cap Gemeni, Deloitte and OW also recruit at Ross. Admittedly, consultants are recruited for local offices most of the time. As such, if you worked in the LA or DC or Dallas office, you probably wouldn’t have come across many Michigan alums. Most of them would be in the Chicago, Detroit and NYC offices. Below are some Ross placement numbers:

2014:
Bain 9 MBA, 3 BBA
BCG 6 MBA, 4 BBA
McKinsey 16 MBA, 5 BBA
TOTAL: 31 MBA, 12 BBA (43 total)

https://michiganross.umich.edu/sites/default/files/uploads/Community/pdfs/recruiters_guide_lr_f.pdf

2013:
Bain 8 MBA, 3 BBA
BCS 12 MBA, 5 BBA
McKinsey 17 MBA, 2 BBA
TOTAL: 37 MBA, 10 BBA (47 total)

http://www.bus.umich.edu/pdf/employmentdata2013.pdf

2012:
Bain 9 MBA, 4 BBA
BCG 16 MBA 2 BBA
McKinsey 14 MBA, 4 BBA
TOTAL: 39 MBA, 10 BBA (49 total)

http://www.bus.umich.edu/pdf/employmentdata2012.pdf

2011:
Bain 8 MBA, 4 BBA
BCG 13 MBA, 4 BBA
McKinsey 19 MBA, 3 BBA
TOTAL: 40 MBA, 10 BBA (50 total)

http://www.bus.umich.edu/pdf/employmentdata2011.pdf

Those numbers are pretty significant. Only Kellogg, HBS, Wharton and Booth (in that order) place more graduates in those firms, and those programs are significantly larger (40%-100% larger) than Ross. Ross is definitely one of the top 5 or 6 hunting grounds for consulting firms. On the other hand, it is very doubtful that those firms recruit at Freeman.

However, that is not a fair comparison. The OP is obviously conscious of the fact that Ross is a better business program or he would not be so hesitant. If money were not an issue, it would not even be a question. Unfortunately, money often is a concern, as it is here. In his case, I think Tulane makes better sense.

18

I would go with Michigan, but you should gauge your tolerance for debt.

19

“Overall, I am not sure exactly which major I want to pursue, as I have interests in (too) many areas.
Basically my parents did not plan for my education and don’t have money for the tuition of college, but will pay for living expenses etc. while I am there and said they (hopefully) will be able to help me pay the loans off once I am out of school.”

You can only borrow the federal loans on your own. Anything over that will have to be your parents’ debt (Plus loans) or private co-signed loans. If you have both stafford and perkins loans in your package, you are already maxing out what a student should take on.

Run the numbers here: http://www.finaid.org/calculators/awardletteradvanced.phtml

Michigan looks to be unaffordable. Whether Tulane is also unaffordable remains for you to determine. What other options do you have?

20

Basically the other options I have would be significantly lower ranked schools for maybe 2k-3k less per year than Tulane.