Which college to choose: prestigious private or affordable public?

College Search & Selection
1

Through early action admissions, I have been admitted to Notre Dame and the University of Wisconsin- Madison. (I was admitted other places as well, but these are really the only options I’m seriously considering)

It’s getting to be about that time where I should start making some decisions. Ultimately, my biggest struggle is one of cost versus prestige. I am looking at majoring in business. I have been accepted directly into both schools’ business programs. On top of Notre Dame being a fantastic school, it has consistently been ranked #1 by Business Weekly for undergrad business. Madison is still decent for business (I think it just sneaks into the top 50), but it’s hard to compare with such a reputable program.

My family does not qualify for any financial aid, but my parents are trying to make it work so private schools are still feasible options. After they ran the numbers, I can either come out of Madison debt free with 50k extra to apply to grad school, a condo, etc., or I can come out of ND with 40k in personal debt. The difference in cost would also affect how I live in college; if I attend Madison, I could easily live in the better dorms and have a decent amount of spending money with flexibility for doing unpaid internships. At ND, I would definitely be living as a poor college student, and some of my options would be limited based on cost.

At a more personal level, my opinions of the different schools are also mixed. ND is small, I have friends there, and I want to be part of that intellectual but still service based atmosphere. However, it is obviously Catholic (I’m not religious), and I think living in South Bend could get really old by senior year. Madison, on the other hand, is in a better town and has a lot of amazing opportunities, but its size, party atmosphere, and proximity to my hometown are definitely turnoffs. I feel like I’d also be passing up on amazing opportunity by going to Madison.

Is the better program worth the debt? I know I shouldn’t base my college choice off of rankings, but ND’s program is indisputably better, and its alumni connections, especially in the Chicago area, is a major plus. I could just really use some objective opinions to help sort out my own.

2

NO, the better program is not worth the debt! Despite what others might say, the fact that you are going to a well recognized University such as University of Wisconsin- Madison will probably carry significant weight to any preconceived advantages that a more highly ranked business school might have. The fact that you are thinking about an advance degree will make the choice for the “no-debt” option. Apply to a top ten Business School after getting your undergraduate degree.

BTW, when you get a chance, examine the academic background of a some of Fortune 500 Companies CEOs/Vice-Presidents and see what schools they went to. You might be pleasantly surprise.

3

YOU can’t end up with 40k in personal debt for ND. Someone else would to have to co-sign a whole bunch of loans because the max you can borrow in federal loans is $5,500 freshman year, $6,500 sophomore year, $7,500 junior year, and $7,500 senior year.

Save your money. Go to Madison. There are plenty of intellectual and service opportunities there if you want to pursue them, and you don’t need to attend one party in your four years there if you don’t want to.

4

Madison. Good school.

5

40K of debt when your family is relatively well-off (=full pay) is not insurmountable. We are around half-pay and we would co-sign for my son if he needed it.

The question is, what do your parents think, since they would likely co-sign most of those loans?

I’m curious though - what do you mean by “better dorms” if you go to UWM and therefore have more “pin money” (which I don’t get because you have to take out loans to attend ND, but would have money lying around if you attend UWM - what is the real difference in cost?)? ND would shut you out of “better dorms” if you can’t pay extra?

It sounds to me that maybe the 40K of loans isn’t the only difference. Do the math and figure out the true difference in cost. Make sure there aren’t any scholarships at either school you can apply to.

I don’t like that people make it out to be “take the money dummy!” as if there is no decision to be made. Clearly you are biased towards ND, and perhaps visits to each in the near future might help you decide if it is “worth it” to attend ND.

6

ND is a much better school, but 40k in student loans is a lot.