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You have guessed it right. I think my sons’ college & h.s. GPAs are similar, but their SAT were below 1950 and low h.s. class rank. RIT’s freshman scholarships are depended on SAT scores & class rank, and its transfer scholarships are depended on GPA.
We were pleasantly surprised with RIT’s transfer scholarships. We were just trying to save on two years of RIT tuition.</p>
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<p>I agree with this.
Cellardweller, my information was from my son, who is a Wharton grad and started out as a BB analyst a few years ago and yes he was promoted to an associate after two years so you could say he was a star performer. His salary was never shared with his aunts and uncles or out of industry friends because it was none of their business and he did not like to brag so I am surprised you know your nephew’s compensation. My son now works at a hedge fund and has hired ex-IB analysts and associates for his strategy so he is very familiar with bonuses and compensations from all banks. I think your figures are a bit out of whack for 1st or 2nd yr analysts.</p>
<p>Do people routinely share their salary with those outside of their immediate family? It always amazes me how many people on here know how much their nieces, nephews, aunts, uncles, neighbors, drinking buddies, etc make.</p>
<p>Income for various positions are available on-line. You can search by locations. No need to ask, no need even to listen if some in their drunk stage decided to share. You can guestinate relatively close how much engineer of certain specialty in certain position (it might be management, it might be senior…) in certain area and years of experience is making. That is if you want to spend time on it. Nothing is amazing any more aside from the fact that people are very eager to spend time to judging others…</p>
<p>it’s an Asian thing! Off course we/they exaggerate it a bit.</p>
<p>Cellardweller, I also have a story to share with you on a MIT grad who wasn’t lured to a bank.
My best friend’s son has his BS and PhD in computer engineering from MIT. He was recruited to work at an investment bank in NYC, not a front office job, but with the IT department. He chose instead to work for Google in CA. After one year, he transferred to a new start-up who initially rejected him, but contacted him after he had experience at Google. Now 2 years later, the company was just acquired for over $1B and my friend’s son is now a multi-millionaire, worth more than his cohorts who opted to work in finance.</p>
<p>^In the story above, there is NO significant difference in job itself working for investment bank IT or working for Google. Programming is programming and systems in investment banking might be significantly more complicated (hence more challenging job) than systems at Google. Nobody can tell without being very familiar with both. Nobody can tell the challenge level and job satisfaction level. You can only try and see for yourself. I worked for many un-related industries on several platforms using various languages and very different systems. Some that more appealing from outside prospective might not be as challenging as others that seems to be very mandane for outsiders. The insurance industry was definitely the most challenging and mentally demanding on my list. Would you tell based on the name?</p>
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<p>I bet Google would pay more than the IT department of a bank.</p>
<p>The bank only pay anyone who is making money for the bank very well, not so IT people whom the bank considers as expenses.</p>
<p>^All is determined by job market and nothing else.</p>
<p>“Yes, if you’re a Calif high school grad and resident, lowish/modest income, and you go to a CC first, then transfer to a UC, then you’ll get very good aid. That sort of situation is the exception, not the rule. That is why most CC students end up transferring to their local state univ…they can’t afford to “go away”.”</p>
<p>bizzare logic. Most cc students end up transfering to their local state universities does not prove that only california UC’s give transfer aid at all. Most students go to their local state universities anyways. Also, cc students care doubly so about costs, cause they are often paying without much help from their parents AND their transfer degrees have transfer agreements with the local state universities. </p>
<p>Obviously the freshman scholarship pool is bigger but there is also MUCH more competition for that pool of money. It makes sense that the transfer pool is smaller, but that does NOT mean that a transfer student will get no aid. </p>
<p>It’s very hard for me to believe that going to a CC and then transfering to a 4 year is not the cheapest alternative for 90% of the students. Maybe a select few would have gotten scholarship offers as a freshman that are so huge as to close the difference between CC & state university for 2 years - but that’s hard for me to believe. MANY freshman pay ALOT more money than they would at a CC, 4 year universities aren’t cheap people! Saying that the general rule is that 4 year university ends up being cheaper than CC is strange, I’d say that it is the exception.</p>
<p>MiamiDAP - Actually, I can say definitively that doing IT in a bank is less complex, largely because you’re just incrementally tinkering within a massive system (which, even if you’re doing a complete overhaul, means you have huge amounts of manpower to work with within the firm). For a startup, you need to be a lot more adaptable and a lot more experience with different languages and systems off the bat.</p>
<p>That aside, a lot of us do know salary information because people either slip during drinking, brag about it, or give ball-park comparisons which are not as subtle as they think they are. Also, the compensation structures of most of the well known firms are common knowledge.</p>
<p>Gotcha, cs. That makes sense.</p>
<p>That’s terrible I feel sorry for his parents! they shouldn’t have to pay the debt he racked up. He just seems lazy, go get a job and pay your own loans back!</p>
<p>I think some co-signing is okay, but only to a level that parents can take the hit.</p>
<p>I have worked in the finance industry (mortgages and autos) for nearly 30 years. I’ve seen first hand how co-signing for ANY debt can ruin a person. I refused to co-sign an auto loan for my oldest daughter. I refused to co-sign our middle daughter’s student loans and our youngest daughter knows not to ask! Thank you to the OP for posting this warning. Please learn from others and do NOT co-sign anything, ever.</p>
<p>No co-signing in our family, ever.</p>
<p>Son is now paying off his subsidized staffords. We have a small parent loan in my name that covered his undergrad (other than what we paid out of pocket )</p>
<p>Son asked me to accompany him to purchase his first ‘new’ real car…I was there for moral support and parental wisdom. He put a hefty down payment towards the 2 year old car and HE took the small loan for remainder in his name.<br>
Son actually is happy to be a full fledged adult paying his way.</p>
<p>ANYTIME ANYONE cosigns ANYTHING, one should be prepared to take on that payment. My father cosigned some things for my brothers, and under some circumstances I would cosign some things, but always with the full understanding that I could be taking on the whole load. </p>
<p>Auto loans are often cosigned by relatives, particularly parents, and I don’t see any reason not to do so. It is a secured loan, and it is usually for a short period of time for a small enough amount that it is usually doable. If you have a kid who needs a decent car and doesn’t have the cash to pay it, but has prospects and the car can make a difference, I wouldn’t see any reason not to cosign unless you can’t afford it if anything should happen to your kid and if you simply don’t want to do it. </p>
<p>School loans are a whole other thing. A big problem with them is their magnitude and duration, so calculating the affordability of them can have a lot of probability in them. THe private loans are oftne not flexible in their terms. Better to take a PLUS DIrect Parent loan and make a separate agreement with the kid in most cases. That way you don’t fool yourself on who is truly on the hook, and if you or the student should die, the loan is forgiven. ALso the hardship provisions are more flexible. </p>
<p>But ANYTIMe you cosign, you have to be fully aware that it’s just like taking out the loan yourself if anything should go wrong with the person for whom you cosign, and the reason a cosigner is being asked for is because it is probable that something will.</p>
<p>It’s not just like taking the loan out yourself - it’s worse.</p>
<p>Penalties, fees and interest can be added to the loan amount increasing your liability without your knowledge. If you take out your own loan, you will keep current on it.</p>