<p>Hi,</p>
<p>I am an out of state student from Texas and I visited Michigan on Campus Day last Saturday and I absolutely loved it! I plan to major in business/economics and I wanted to know if $50,000 of debt is too outrageous and not worth the degree that I would be receiving.</p>
<p>Thanks,</p>
<p>Daniel</p>
<p>50k isn’t too bad… honestly for Texas residents, instate tuition for UT’s are really good, but if cost isn’t much of an issue, go for it. A business degree is defnitely worth the money.</p>
<p>50k for business/economics will shrink quickly assuming you’re good with your money.</p>
<p>$50 k is quite a bit of money. If you came from a state like Montana or Idaho, where the flagship universities are not so great, I may have recommended Michigan. But you come from Texas. UT-Austin is awesome and as a resident, you would have in-state status, allowing you to graduate debt-free. I would definitely go for Texas-Austin. And check out Rice as they may give be generous and give you some aid. </p>
<p>Now, if you stats are good (3.8+ unweighed GPA and 2250+/33+ on the SAT/ACT), you have a shot at some merit money…if you apply early enough.</p>
<p>Daniel, only you can know in your gut the right pick for yourself. 50k debt, if that’s for all four years, is about double the average student debtload recommended. What that might translate to in a future life would be 10 years of deferring major purchases, such as an expensive car, a “nicer” house (go to a real estate site, look at the difference 50k makes in your area) and will affect your future capacity on the “back end” of a mortgage ratio. In other words, if you found a house you wanted to buy for $150k, but had 50k in student debt, your gross salary has to carry repayment ratio (of less than 41%)of $200k (plus any other debt or loan). Further, if it’s a private loan, or Sally Mae, you will want to carefully read the fine print and never allow yourself to defer interest or your payback can balloon to double the amount, especially if you default.</p>
<p>All of that said, if your heart says it’s Michigan, and you’ve asked yourself if it’s worth double (or more) than the experience you could have in Texas, enter into your decision with your eyes wide open. If you’re not sure and you like UT Austin, in your shoes I would take the cheaper undergrad experience and then plan to do an MBA at Michigan, which might net you much higher returns for your money. It is your future you’re “investing” in, and you want the highest possible return not just in terms of job prospects but in terms of all the other things important to you. So as great as we all think U Mich is, consider your options carefully and then don’t look back!</p>
<p>Thanks everyone. The problem is that I haven’t been accepted into UT yet because of the top 10% law that we have. That is why I am looking at out of state schools.</p>
<p>We had sort of the same issue with UF. Good enough state flagship (though my D hated it), and while her stats were high, she was not in the top % of her class to get into UF (competitive top US high school). Though Florida doesn’t have exactly the same law as Texas, UF only accepted students in the top percent…it’s not a holistic admissions process where other factors such as the high school you come from and essays are a contributing factor to acceptance…so we can relate to dwtisdale’s situation.</p>
<p>We bit the bullet and took on the loans to send my D to Michigan (which not only was a top school for her field, but she fell in love with it when we visited). For my D, it was absolutely worth the $. Sometimes too, opportunities come along that help defray those expenses and amount of the loans you will actually end up having because you are at Michigan…so you never know. Once all your acceptances and financial packages are in hand, sit down and look at the pros and cons of each. I know you want to get that decision out of the way, but you do have until May 1…take that time to figure out what’s really best for you.</p>
<p>I’m in this situation too. It’s either 60k in debt from Michigan or none at Texas A&M.</p>
<p>As someone with 50k in debt and little choice in the matter, I strongly urge you to consider your likely starting salary, your ability to pay, and how long you’ll be paying it-- and whether or not Michigan is so much better than cheaper alternatives. I am effectively married to JP Morgan Chase and the government.</p>
<p>50k of debt is a lot for a undergraduate education/ degree. I would seriously consider your schools as each would be a great choice.</p>
<p>I know this is off subject a bit, however, I am in asimilar boat as far as being “married” to JPMorgan/Sallie Mae. I assume my debt from school is my “home”. That being said- have you found any helpful resources in managing the debt? Ideas? I’m deferring relationships due to this pickle, and while I don’t bother dreaming, I find myself hopeful that I can pay it off within the next decade. Unfortunately college was the worst decision I’ve ever made.</p>
<p>Please start a new thread. This one is dead ;)</p>
<p>I would listen to TwistedxKiss. College debt is a serious problem and you don’t want it to weigh you down in the future. As someone who hires new college grads all the time, which school a candidate came from rarely is the deciding factor. It’s mostly what else have they done and how they fare in the interview. Even if a school is better, if it costs an extra 50K, you will rarely get that money back in higher salary. Earning higher salaries down the road is based on your job performance. It has nothing to do with your school. Get the best degree from the best school that does NOT put you into serious debt. I would consider anything over 15K to be serious debt. My son is graduating in 2 months with a 50K+ salary and zero debt. Think about it.</p>
<p>Buy a helicopter instead</p>
<p>Yeah, stick with UT. Save the loans for a Michigan MBA.</p>