Hey everyone, I was hoping to get a parent’s perspective on where to go.
I am in state for UMass, and that is really the only reason I am still thinking of there. I am majoring in economics and will eventually add either PoliSci or Finance. It is a great school, but my heart is not set on going there. I want to go to Penn State, but that is about 12-13k a year more… My parents said that they can pay for UMass in full and I would have no debt. If I were to go to Penn State, I would have to pay the difference back to them later on, but they would do what they can to help even further.
So what I am asking is do you think it is worth it to have 50k in debt to my parents coming out of Penn State to go where there are more opportunities for me to succeed (internships, better/bigger name, alumni) and most importantly it is where I want to go?
More students complete impressive internships, larger alumni, Smeal blows away Isenburg, Penn State has a 100 million dollar investment fund run by students, I also sort of have my heart set on it
You are grasping at straws because you like Penn State better.
Really, the choice is one you and your family need to make. YOU can’t take $50,000 in loans all by yourself. For example, you can take $5500 in federally funded loans your freshman year in your name only. Anything above that amount will need to be either taken by your parents or cosigned by them. If that’s OK with them, and they can handle the debt load…then really it’s fine for you to attend Penn State.
In your calculations, however, you need to add in 3-5% cost increase…and since your costs at PEnn State would be higher, your increases per year will be more.
But really…if your parents will pay for it…then fine.
This is a family decision.
But please…don’t make it on the basis that Penn State is a fabulously much better school than U Mass…because that isn’t true, in my opinion.
@thumper1 they can afford it but I would be responsible for paying them back some money. The additional fees would be paid for by myself because I work during the summer and I intend to work wherever I attend.
All I am asking is Penn State worth the money were I really would love to attend and it is a slightly better school (Smeal is top 25) or should I go to UMass just because it is cheaper
You’ve visited both? You are aware of the 5 college consortium in Mass and what that might mean for additional courses and faculty connections? You have considered differences in the town (city?) of State College vs Amherst?
I’m not convinced Penn State is any better than UMass in any appreciable way, so I’d save the $50K, no question. That’s a LOT of money that could be used for, say, unpaid internships or travel or study abroad, the sort of thing that could really build a resume.
Wow, do u know how progressive the Econ department is at UMass? It is an impressive program. If u were interested in a different major, I’d say explore. But with your interest, u need to do some research. U Mass has a terrific program
UMass for sure. Save the cash!! Lots of good internship opportunities. Lots of Alums working in MA businesses after you graduate. Boston has great job prospects after you graduate. I would save the money and put it towards your MBA or maybe have a slush fun when you graduate to get you started in your career.
@RightCoaster I know it is a good program, but I was at the open house this past weekend and I was not blown away with it. They also said that most internships are unpaid and if they are they only receive a small stipend at the end of it. Penn State posts their numbers, and 87% of students do a paid internship and the median salary is 900/wk. 95% of those students have a full-time job upon graduation.
@RightCoaster I sort of want to get out of MA for a few years. I guess my heart is sorta set on Penn State and I like their reputation and internship opportunities, and even though UMass isn’t ZooMass anymore I still do not love it but I know it is the smart option cause of the price
My son got into Isenburg but doesn’t love it either, so I get where you are coming from. He won’t be attending UMASS.
I don’t think PSU is a bad choice, I’m just not sure how much it’s going to feel different from UMass at 50K more. They’re both big state schools in the North East. PA is really not much different than MA. Did you apply anyplace outside of NE, such as down south. It can feel a lot different from MA going to school in FL, GA. SC,NC, VA. etc.
@RightCoaster I applied to UMich (deferred) and Mich State (accepted, won’t attend)… Nowhere down South, I do not fee that it is the right environment for me. I love MA, but I need a little change
If your question is if Penn State is worth 50K debt (and hardship on your parents until you pay it back to them) so you can get out of state for a few years or be in the Penn State investment club- No. No!
Honestly, it seems like someone with an interest in finance and economics would understand that there is no way the education/experience offered at Penn State is worth tens of thousands of dollars more than that offered at UMASS.
UMASS is an excellent school. Lots of in-state students will resist it,though, only to later realize how great an experience (and value) they enjoyed there - ask me how I know! The funny thing is, there are surely Pennsylvania kids resisting their flagship in-state, as well. Many kids I know worry that UMASS will feel like another version of high school - only to find, sometime later, that it didn’t feel at all like that!
Wish you well in sorting through this, @jackoneill. Play around with those numbers a little bit: by how much could you make those $50,000 grow if you were to invest them, for example?
I graduated from U-Mass Amherst with a degree in economics 30 years ago, and my daughter is considering U-Mass. She has not heard back from many schools yet, so she is in the middle of the process as of today.
I think she was reluctant to seriously consider U-Mass as 30% ( or more ) of her high school applies there. But as financial offers are coming in, many of her classmates are seriously considering it or have already decided on attending. I was in the same spot 30 years ago, as my older sister was going there and I didn’t want to go to the same college as her. I went to an expensive private school freshman year and transferred to U-Mass. I can’t tell you how many of my friends also started at expensive schools and transferred,( more than half of my friends ). Some of her classmates near the top of the class seem to have made their decision to attend U-Mass as the difference in price is even a bigger difference than in your case.
I think the biggest factor you will look back on in thirty years is how you spend your extra time. If you really enjoy going to Big Time Football games, Penn state will be more fun. If you want to join the band at U-mass, you will make great friends for life. My fondness for U-Mass relates more to my teammates from the crew team rather than the classes I took. Oh, I also met my wife there. My friends from U-Mass who took school serious are killing it in the real world. There were many kids from my floor Sophomore year who partied and flunked out, but I didn’t hang around them much. I imagine the percentage of kids who do that is shrinking as it gets more competitive. The party scene related more to where you lived back in the day, Southwest was pretty loud, but Northeast and Central were very reasonable.
I think for 50 thousand dollars, Penn State would be very hard to justify. If you told me you will shrink at a big school and much preferred a small liberal arts college, it would be a lot more compelling case to spend the extra money. My daughter knows she is on the hook for the difference if she chooses an expensive school. I know it not easy, its a big decision. I think some kids like to say they are attending a different school than U-Mass because it makes all their hard work in high school pay off. But 50 thousand dollars for a different sticker on the back of the car is an expensive sticker. You will have to consider if this is swaying your decision. My brother went to Notre Dame and it payed of for him, so the cheaper option is not always the best decision.
Go, Go U, Go U-Mass, GO U-MASS
The funny thing is, there are surely Pennsylvania kids resisting their flagship in-state, as well. Many kids I know worry that UMASS will feel like another version of high school - only to find, sometime later, that it didn’t feel at all like that!