Vanderbilt vs. State School??

Paying for College
1

Vanderbilt’s total cost of attendance is about 62,000. I got admitted off the waitlist today, and I have three days to accept. They have offered us a significant amount of grants (no loans or anything, yay!) which puts our total yearly cost at 35,000 a year. I would be majoring in economics or biology, both of whose undergraduate programs at Vandy are very highly ranked; not to mention it is my dream school.

However, I have also commited to a state school, which is a “tech” university and though it’s ranked highly in those areas, is not very highly ranked in economics or biology. I would be paying $15,000 a year there. My parents do not seem to think it is worth it at all to attend Vanderbilt (they would be paying about $25,000 a year and I would be taking on the rest) since I have a little sister entering college in two years as well, but it is my absolute dream school and I think the opportunities I’d come across at Vandy careerwise would surpass any I’d encounter at the state school.

What do you guys think? Is Vanderbilt worth it?

2

Congratulations!. Did you/parents run the NPC for Vandy before applying? If so, was the amount similar to what you have been offered? If yes why are your parents now saying it’s not worth it. Finally, was it a joint decision with your parents to remain on Vandy’s waitlist? As a student you are only apply to get Federal loans of $5500 as a Freshman. There would still be a Gap .

3

@learninginprog we did not run the NPC but we just did now, and it is similar. The problem is, my parents are saying they can’t afford it…My parents said I should remain on it just to see if I could get in. I don’t know if it’s worth paying for Vanderbilt or not…

4

If they won’t or can’t pay you might not have a choice. You can’t borrow that much on your own and your parents might not be able to send both you and your sister to schools that cost as much as Vanderbilt. (They’re possibly thinking that if they go into debt to pay for Vanderbilt, they may not be able to send your younger sister to a similar school which might be unfair).

5

May I ask what the other school is that you are comparing to? To convince yourself and/or your parents, you may want to dig up statistics on salary, grad school acceptance rates, etc. for both schools.

6

Newwavemom…if the family can’t afford the cost for this kiddo to attend Vandy, then what is the point in digging up stats about salaries, etc? The family cannot afford the costs of Vandy which are at least $10,000 a year more than the other school.

Unfortunately, this sometimes happens. Families don’t know or realize what their net costs are going to be.

Unless the parents are willing to take out these (large) loans…or closing them…Vandy can’t happen as this family has stated to the student that they cannot afford the costs.

7

What does Vandy’s NPC show with 2 in college?

8

Agree with Thumper. OP mentioned her younger sibling will be starting college in two years. There is still that first two years that the family has to consider and based on what OP has shared, it does not look feasible. OP, go and kick butt at the school you chose and give yourself options for some great Graduate school options.

9

Which state school?

10

It’s a $20K difference per year. It looks like the OP has already committed to GTech. Stay with GT IMO. If your parents can’t afford Vandy they can’t afford it.

11

Also does the ranking of the biology program even matter for undergrad? I have heard some people say that you need grad school for biology, that a bachelor degree alone is not enough for good job prospects.
So go to the state school and then grad school.

12

I have also heard that if you want to get a job in pure economics such as research you will also need grad school. For economics that will likely mean a PHD.

13

Unfortunately, Georgia Tech appears to have a weaker than typical undergraduate economics major; the intermediate economics courses do not list any calculus as a formal prerequisite, although the ECON 3110 syllabus at http://www.econ.gatech.edu/files/wysiwyg/syllabus3110.pdf says “While there is no calculus prerequisite for this class, you should be aware some calculus tools will be used during the semester (primarily ordinary and partial derivatives). Whenever these tools will be used they will be quickly explained. For more in depth coverage, you should look at a calculus textbook.”

Taking the math heavy ECON 6106 and additional math courses like real analysis, proof-based linear algebra, calculus-based probability theory, and ECON 7004 would be helpful to prepare for PhD study.

14

The thing is, @ucbalumnus , I think they can afford it, they just don’t want to since georgia tech is such a good deal. The question is, is it worth it if I’d like a investment bank type/wall street analyst job?

15

Take Vandy, especially if your parents are supportive. No brainer

16

@ucbalumnus @mommdc Also, law school was a huge thing I was considering. Georgia tech does not have a good pre-law program, and it would be very difficult to get into a good law school since that’s what matters.

17

Looking at the other side of this, Vanderbilt was a late choice for D and I…but had it come up sooner, it would have been her top choice (and mine)…but because it came up too late, we did not research (or get) any merit aid. Had they come back with a price like you received, we likely would have jumped at it. Vanderbilt is an EXCELLENT school, beautiful campus, etc.

if its truly not affordable, then Tech is great too. But i completely understand the allure of Vanderbilt with your major.

18

Watch out for muddying your argument: you can get into a top drawer law school from GaTech- that is not a reasonable factor on which to decide between the two schools…

(also, if grad school is a serious part of the equation, who is going to pay for that?)

I did like the suggestion to run the NPC for 2 students in college & see how it looks, though…

19

OP, there is no such thing as a pre-law program. Law admission relies on GPA and your LSAT. You can major in anything. If you take classes that make you a logical thinker you’ll do well on the LSAT.

20

See, to me, the answer to all of these similar threads – Is it worth “this much” to attend “this school” instead of this other cheaper, but not-as-good school? – is pretty much always the same:

If you or your parents can afford it, then sure. You get to decide where you want to put all that money, and you can attend whatever school you want to attend. If it’s worth it to YOU, then it’s worth it.

BUT! If you can’t afford it, and if you have other “good-enough” options that you CAN afford, then it is very likely NOT worth it! You’re talking about MASSIVE debt here. Teens are too young to know how debilitating massive debt can be.

Plus, OP, you sound like you want to go to grad school. Another reason that the answer is “No, Vandy is not worth it.”

OP, you’re asking if you/your parents should spend $35K a year instead of $15K year … for a very good, well-known name … over a good, well-known name.

That’s more than twice as much. That’s $20,000 a year more! That’s an “inexpensive” new car per year. A huge downpayment on one’s home mortgage per year. Possibly the entire cost of your little sister’s college per year. A small in-ground pool per year. The entire cost of graduate school per year. A big investment in your parents’ retirement fund per year.

We’re not talking $35 versus $15 … just 20 dollars more.

We’re talking 20,000 dollars more PER YEAR.

I know I couldn’t come up with $20K more per year for my kid, despite the fact that I love him tremendously and only want the best for him.

As each new college freshman year approached, I felt a little bit sad that my kids had to forgo their dream schools for the other very good schools that offered them a lot more money. But, in retrospect, their “cheaper” schools were the best possible places for each of them! They had opportunities galore, each rose to the top, each were greatly rewarded with more opportunities, more scholarships and/or grants, and great grad schools. At the end of 6 years of education (a bachelor’s and a master’s) they each had/will have a total of zero to $28,000 debt max (one of them). That’s for 6 years of less-talked-about, but-still-great, recognizable schools! They have had no trouble finding great work, internships, research, etc. It’s how you do in your school, not where you went!

So many people seem to believe this myth that a “great name” school is worth so much more money! I don’t buy it.

You know what’s really valuable? A college education from a “good-enough” school for as little money as possible, and graduating without the burden of BIG DEBT.

So, is something you or your parents can not afford worth it? No.

Go to Georgia Tech and be proud of yourself for your mature decision to preserve your future peace of mind.