I got accepted to Northeastern yesterday, and I am heavily considering it. It is my favorite school and I love everything that the school stands for. That being said, I got a Dean’s Scholarship, but only $10,000, so it would still cost me a solid $55,000 to attend. I will definitely be applying to some local scholarships and saving up my money from work, so I am hoping to be able to get the price down to 40-45k. At any other school, I would say that this price is still way too much. However, I feel differently about Northeastern. If I go for 5 years and get 3 co-ops, does anyone think that it would be worth it? Even if I do run up 20-30 thousand dollars of debt? I was admitted as a Computer Science and Biology major, and I have heard that the average pay for these co-ops is around $30 an hour! Maybe I could save $10,000 of that each time and put it towards my tuition to bring the cost down? And, of course, I hope that the co-ops will provide me with an edge when it is finally time for me to become employed full time, maybe even at one of the places that I intern at. I don’t know, what do you guys think? Is anyone else in a similar situation?
First, a few notes:
- CS jobs probably average more like $25, and bio will be significantly lower.
- Even making that, it won't do too much to cover the cost of tuition. It usually will significantly go towards living expenses (Boston housing is the 3rd highest rent in the nation last I checked)
Now, to the question: Is it worth it? It really depends on your definition of “worth it”
If you’re looking for the absolute best value, NEU is in no way the best bet. If you have other options that are significantly cheaper, it would be much better in terms of pure value.
A big factor, though, is where the money is coming from: Assuming you get the price down to 50k, that’s still 200k. But, you said your debt would be 20-30k. So, where is the 170-180k coming from? That would be a big factor in my decision.
If your debt would absolutely be under 30-40k, I think it would be a considerable option. Any more debt than that is not worth it in the slightest. People have different opinions on where that benchmark is, but I think 30-40k is manageable coming out of NEU with a CS degree.
I love the school, the CS program, Boston, everything. It’s a dream. But I am here because it was the best option considering ALL factors, including financially. It also was my best choice beyond financials, but NEU is not at a caliber so high that significant debt is worth it versus a comparable school with much less debt.
Summary Questions:
Where is the majority of your tuition coming from // being paid by?
What would be your loan amount assuming a 50k attendance cost per year?
What are your other options / attendance costs?
@PengsPhils Thank you for your response! In reply to your questions:
The majority of my tuition will be coming from my father. I am planning on applying for financial aid, but do not expect to get anything. My parents got divorced last year and while my mother is the custodial parent and only makes about 50k per year, my father makes about 175k per year and I am sure they will heavily factor that in. My father has told me that he can pay for about 40k per year. However, NEU is his favorite school that I applied to and he is definitely rooting for me to go there so he might be a little flexible. I will be responsible for the rest. I figure I will be able to contribute about $4,000 from working over the summer and hopefully I can get a job while at NEU to help pay off some more of the difference. My dad said that I will most likely need to take out 2-3 $10,000 loans to make up for the rest.
I have also applied to UVM, University of Delaware, and University of Maryland College Park. I have only heard back from UVM so far, but their scholarship packages are not released until later in the year. If I get no aid from any of those schools (I am hoping I will with my stats) then the cost should be in the 40k range.
I was extremely lucky to land arguably the one of the highest paid business co-ops, which is just shy of $30. While CS can approach/exceed that later on, it’s definitely not average nor is it easy. You still pay housing, taxes, food, entertainment, etc. Do not count on making a ton or saving much. It will only lead to disappointment.
Well then:
- If you and your father are comfortable with the around 40k per year from him, I would say the remaining value is certainly worth it from your perspective, pending an amazing merit offer from the other schools.
- I think realistically, unless your dad pays more, you should assume 10k of debt per year (except for co-ops). A job while in school won't net that much without absolutely killing your free time and energy. So, if you are good with 40k in debt, I think it sounds like a good value and is not a huge, staggering amount of loans. Especially if you plan on going the CS route.
Personally, I would say go for it, especially if you have the support of your family in the decision.
Ok, thanks guys! I guess I didn’t realize how much living during co-ops can cost, and my $30 an hour in the CS field is definitely a little lofty, but hey, a girl can dream right? If I do 4 years and one co-op or 5 years and 3 co-ops, I would still only be paying 7 semesters. Is that correct? And probably some summer classes, but maybe that could bring the cost even a little bit down?
I’ll need to make sure with my parents that 40k per year is a realistic price for them to pay, and if they are still okay with that then I think I can live with 10k of debt per year!
Sure, a girl can dream. But you can’t base tens of thousands of dollars in debt on dreams.
Unless you come in with AP/IB credit in the right things, you will likely be doing 8bsemnsters of classes, whether you do a 4 or 5 year program. The difference is made up by taking a half semester of classes for 2 summers. This is a normal part of the program and your scholarships will fully apply. If you do have credit coming in that can cut down your requirements, you might be able to not do one or both of the summers.
Rebecca, it depends on what kind of co-op you end up getting and if you focus on comp sci or biology. In computer science, you are correct - there are many high paying co-ops available. While I am aware that not everyone is this lucky, my son and his group of comp sci friends have landed first co-ops for the spring that pay $32 - $35+/hr. Those who are relocating to another state like my son have various packages including free housing and travel expenses. We are blown away with what was offered for first co-op experiences and wonder what the second/third go-round will bring! While you can not count on anything, I don’t believe any of my son’s offers were for less than $25.
If you were able to land a $35/hr co-op with free housing, you will easily be able to save for future tuition bills. Like others have said, that’s the dream and you better not depend on it as you’re weighing offers. But it does happen - Northeastern attracts some of big players in the tech industry and they are willing to pay for the kids they want, even for first co-ops.