I am curious if the extra cost for a large, prestigious university is worth the extra costs, as compared to a smaller but cheaper college.
My specific situation is that I have been admitted to the University of Wisconsin - Madison, which I know is a world- renowned university. I have fallen in love with this university, not only because I know I would receive great academics (including I could likely make it into the honors program), but also because I know I would love the experience as well. There are other factors, but I know this is the school I want to go to. However, the only downside is the cost. I haven’t gotten any scholarships, so as of now it looks like I would have to pay full price, which is about $25000 a year, all expenses. This concerns me, because I would likely graduate with around $40000 in student debt.
After I told my college advisor about my concerns, he suggested I look into smaller in-state schools which I could get into at a cheaper cost, especially because of my high test scores. I’m guessing that if I chose this route I could save at least $10000 per year, if not more. However, my academic and overall college experience probably wouldn’t be as great, I would lack research opportunities that Madison may provide, and I wouldn’t have all the opportunities available at Madison.
I would love to attend Madison more than any other school, however I would like to make sure I don’t put myself into a financially rough situation post-graduation before I submit the accept button. If it helps, I plan on majoring in physics.
Which option would be the best choice? If anybody has stories about their experience at Madison, or stories about handling a large amount of debt after graduation and how it has impacted their lives, that would help me make a decision as well.