At UNC, I would get out debt free. At UPenn, I would get out with around 18k in debt. It is similar with Cornell. I have until Monday to decide.
I am happy with UNC, but I think Penn or Cornell would be a much better fit academically. I guess my main concern if going from a big public school to another big public school. I am definitely leaving my current school, but I am nervous about getting lost again. I am not sure if 18k is a lot. I am an economics major btw.
Anyone have any opinions? Is it worth the debt to go to Penn or Cornell? I am not entirely sure if I plan on going to grad school yet.
Right now, econ at all three schools. I would try and get into Kenan-Flagler at UNC if I went.
I definitely want to go into business, but I am not sure which sector yet. I guess the main thing for me transferring was that I didn’t really feel like I was in a “scholarly” environment. The school I attended felt like social life and “popularity” overruled academics. I want to learn things and be in an environment where other people love learning.
I guess I have another question: what is a manageable amount of debt? What is reasonable? I want a good frame of reference
@Publisher Kenan-Flager is a general degree in business administration, but you can pick concentrations. I would probably pick something in finance.
I was looking at the job outcomes for Penn and Cornell, and they seemed pretty flexible for the business world. The connections seemed more important than the degree. I am not sure if that contributes anything. I would like to land a job in the Northeast… preferably a bigger, inclusive, innovative company. I like Boston and Philly a lot, but I am open to the idea of the NYC area. Maybe consulting? I do NOT want monotonous work.
I also have Northwestern as an option, but I wasn’t too focused on it. Oh, also, I am still waiting on Swarthmore. Not sure if I will get in, but I think it’s worth mentioning.
Note that UPenn economics is relatively math-heavy (minimum multivariable calculus required). You might like it better than the others if you like math, but not as much if math is not a strong subject for you.
Yeah, I think I would be pretty ok with the math aspect. I guess I am just conflicted about whether I should go to UNC or an Ivy. I would much rather go to Penn, but my dad makes me feel like it’s crazy to turn down UNC. Academia is not his thing; he does not use his degree in any way and grew up in rural Georgia. I am not downplaying him, because he is a very intelligent and successful man, but he just doesn’t see the value in attending a prestigious school. My mother thinks it’s a big opportunity. It comes down to my decision, so I wanted some unbiased guidance.
Well, I still am unsure of whether going to UNC or Penn is a better choice. I guess big question is: is the 18k in debt something I should consider? Or, should I just live my best life and go to Penn?
I don’t know how much you can trust any salary data, because much of it is self reported. That said, according to College Factual, the median salary for Penn Econ grads is $24k higher than that of UNC Econ grads. Note, that’s median, not mean, so it isn’t blown up by a few really high earners.
Your student loan payment, assuming an interest rate just under 5% and 10 years, will be $188/mo. If you are diligent though and that salary differential really is material, you could retire it in a single year, just by living to the standard you’d be living at with the median UNC Econ degree and no debt.
I’m not one to suggest leverage, but it is usually students and parents rationalizing how $100k or more in the hole for MIT, or Stanford, or Harvard, or insert name here, is a good idea. It isn’t. That’s not your case though at $18k. That’s VERY manageable for the school where you feel like you’d thrive. If it’s worry about debt holding you back, good for you considering it, but it won’t
Northwestern University is very highly respected in the management consulting industry.
A 10 month masters degree taught by Kellogg faculty (MS in Management Science) is open only to Northwestern University students who are recent graduates with less than one year of post undergraduate work experience. Although total COA is in the $80,000 range, merit scholarships & need based financial aid is available only to Northwestern students / recent grads. This degree is great preparation for work in the consulting industry. Kellogg is a dominant force in the management consulting industry. Places well on both coasts. Essentially, you could have an elite education in both economics & business. No standardized test required since all cohort members are Northwestern University graduates. https://r2b.northwestern.edu/academics/msms/
Northwestern also offers its undergraduates a choice of two certificate programs earned during one’s undergraduate years at no additional cost designed for placement in the consulting industry or in IB (investment banking).
P.S. Not trying to sell you on Northwestern; just trying to better inform you about your options.
For managerial consulting, I would lean Northwestern over UPenn. For IB, UPenn is the better choice. Plays out the same way for their MBA programs (Kellogg v. Wharton).
If you prefer Penn and feel that it is the best fit for you, then that is where you should go. $18,000 in debt is manageable. Congrats!
You indicated that Cornell or Penn would be a better academic fit than UNC. I am not quite sure what you mean. Do you mean that you will not be academically challenged at UNC? Are you referring to majors? My D was a very strong OOS student at UNC, and felt that the academics were perfect for her. She worked hard, did very well, and had time (and opportunity) to be very involved on and off campus. Her environment was definitely “scholarly.”
If you love Penn, then go. Congrats again on this wonderful opportunity!
Also, I forget to note Northwestern University’s School of Education & Social Policy (SESP) which combines the study of psychology, economics, computer science, organizational behavior, sociology, and education. SESP is a great training ground for consulting. This is the best program of this type in the country.
Plus, can add up to two other majors in Weinberg school of arts & sciences.
