Hello Everyone,
This is my first time posting to the forum so please excuse any errors or improper conduct.
I have a last-minute decision to make on whether to attend CMC or UW as a freshman for my undergraduate degree. Financially, I do not receive any aid or scholarships to either school, but I do receive in-state tuition for UW. As a result, CMC will cost around 70k a year while UW will cost roughly 30k. CMC is manageable cost-wise, but it will be a heavy burden and I will have to take out about 40k a year in loans. Will these loans be rather to pay off with an education from CMC? For UW, I will have to take out around 15k-20k a year.
Although I’m not sure EXACTLY what career I want in business, I am sure that I want to study economics and/or finance (depending on what is offered), and pursue an MBA after.
The rate of acceptance to Foster School of Business at UW, from current UW students, is apparently not very high.
I do not mind investing in a top-quality education if it means a long-term return of investment. I do want to attend CMC for location, networking, recruiting opportunities straight out of college, and it’s rising reputation as an elite school. Many other threads show that CMC students have some of the highest placement rates into top MBA schools and careers right out of graduation. I question if UW, even if it is much more affordable, will offer the same leverage degree-wise for my future. Any other points and information you guys have between these two schools will be greatly appreciated.
Also, I know CMC, as part of the Claremont Consortium, gives me access to Pomona and the other schools. It’s also much smaller, both population and class-size wise, which is why I believe I will receive a more practical instead of generalized education. But, maybe my perspective is misconstrued.
CMC is awesome, but the ROI on taking out that kinda debt leaves you an obvious choice. U-Dub at instate rates is a no-brainer. Just get good grades and opportunities will be excellent.
@KoreanJesuz Although the 5C are a great option for some, it behooves you to save the $40k each year and attend UW. Don’t go into unnecessary debt when you have an affordable choice. Look into semesters overseas that UW may offer if you need a change of scenery.
Neither of these schools is advisable. Even $60k - $80k is far too much. What are your other options that will get you through graduation with only the federal loans?
@itsgettingreal17 University of Washington is the only school with tuition under 30k a year that I am considering. I got accepted into UCSB, UCSD, and UCI as well, but the out-of-state tuition costs of over 70k for a public education and not necessarily the best-quality education, neither, didn’t really make sense. I can attend Grand Canyon University practically for free (only 5k a year), but again with my long-term aspirations, I don’t think it will give me enough leverage for the future. Unfortunately, although I don’t believe it should be this way, the brand name of universities often have the most vying power from what I’ve seen. The difference is either taking out 35-40k in loans for CMC or 15k-20k for UW. Not in the best situation due to my family sitting right on the edge of being able to barely afford college education but not qualifying for financial aid.
@onthewestfence I really just fell in love with CMC’s learning environment and close interactions with professors as well. It’s alumni networking and recruiting opportunities is also where I see the difference in costs paying off long-term, and its name will help me get into more prestigious MBA programs. What are your thoughts?
@bluebayou Thank you for your input! My main concern is that yes, of course UW will still provide opportunities. But will they be as good as CMC, with a lower degree of prestige? As many LAC students there are applying to elite MBA schools, my concern is that there are even more coming from “lower” public institutions. So, wouldn’t CMC provide a leg-up in a sense for long term recruitment/applications? Also, the reason CMC is a top choice despite its cost is because of its environment that cannot be replicated at UW, which I feel does add to its holistic value and experience, if that makes sense. Maybe I’m wrong, but would love your insight on this. Your feedback is greatly appreciated!
You can’t afford the level of debt needed to attend CMC. Even if you could take out that amount of debt (and do you have a plan for that which covers all 4 years? who will loan you that type of money?), graduating with $160,000 or so in student loans would handcuff your life decisions for 20+ years after graduation. The large payments you would have to make to cover the payments of your undergraduate loans would interfere with every adult decision you make – it would mean you probably couldn’t take that amazing job at a start-up for less pay, get that new car, take a nice vacation, get the home you want etc. You need to find an affordable option.
In addition, most top MBA programs look for people who have a minimum of 2 - 5 years of meaningful work experience so you should not be applying for a MBA straight out of undergrad. And these top MBA programs are very expensive – how do you plan to pay for that? even more debt? who will loan you even more money? https://mbawelcome.wharton.upenn.edu/financial-aid/budget-and-tuition/
Honestly I don’t think UW is even an affordable option for you.
You don’t go straight from undergrad to a business school for an MBA. You work 2-5 years and then apply. Prestige of Undergrad isn’t nearly as important as work experience, recommendations and GMAT score. Top business schools are very expensive. You don’t want to add $200k of business school debt to $60k-$200k of undergrad debt. You’ll drown in debt for 20-30 years and it will limit your life choices. Rethink this.
Do not take out 160K in loans (your parents have to co-sign, right?) for CMC especially if you are planning on graduate school (MBA). The Foster School of Business is a great in-state option for you as a business/finance undergrad. I assume you did not get direct admit (average 3.91 GPA and 32 ACT)?
Unfortunately, not all students or their families can afford all of the colleges they get into. It is what it is…
If CMC is $40k per year more than Washington and would require $40k per year in loans, why does Washington require any loans? The math does not seem to add up, unless your parents will contribute different amounts for different colleges.
In any case, you can only take $5.5k (frosh) to $7.5k (junior/senior) per year in federal loans without a cosigner. As it is generally a bad idea for parents to cosign student loans, $15k per year loans is unaffordable, and $40k per year loans is even more unaffordable.
Thank you all for your input! I think I will attend UW. It’s a difficult decision to make as CMC was definitely my dream school, but I guess financially it doesn’t make sense. It’s something I’ll have to walk away from. As for affordability, excuse me it’s not that my family can’t afford either. It’s just my parents are willing to pay off various amounts themselves, depending on the college, and they believe I should be responsible and learn to figure out how to pay for the rest, whether that be through a job or long-term loan repayment. If this doesn’t change anything, I guess UW should be the right choice for me? Any final thoughts or ideas? Very appreciative of all of you!
Are they willing to cosign loans beyond $5.5k to $7.5k? If not, then they effectively veto Washington as well (leaving you with GCU at $5k per year as the only affordable four year school choice, if that is still available).
Still, it seems like they want to burden you with more debt than “necessary” even if you choose a lower cost college that costs less than what they are willing to pay for a higher cost college. Parent-cosigned loans also force you and your parents to be entangled in personal finances beyond your college graduation, which can lead to additional family conflict.
Another option is to start at a community college and aim for transfer to University of Washington. That could be somewhat less expensive and demonstrate to your parents carefulness about money.
@KoreanJesuz You are right that the 5C will have great networking but it isn’t worth the cost as opposed to attending UW. This flagship will do the trick for your future advancement in attaining an MBA.
GCU is a wild card. Did you check the record in sending grads to good B-schools? Having TV commercials is an odd way of recruiting but GCU is hoping the basketball program with coach Dan Majerle can raise its prominence.
@KoreanJesuz, I believe you made the better choice. Our family really likes the Claremont Consortium, and our daughter felt no great love for UW, but we would not have chosen to take on the amount of debt you would to attend CMC. Wishing you the best!