Yale vs Clemson

My son got into Yale and into The Calhoun Honors College at Clemson. Yale was his first choice. He would love to go to grad school, but would graduate with nearly 60k in debt after the help we can give him and the aid package Yale offered. We could nearly pay for Clemson and he would graduate debt free. He wants to go for Computer Science or Computer Engineering. What would you do? Would graduating with that much debt mean not going to grad school? He has to make his decision this week. Any insight is appreciated!

I once had a client who got into both Yale and University of Maryland for Computer Science. He very reluctantly chose UMD for the exact reason you state- Yale would’ve put him into debt.

There is a lot to be said for being a bigger fish in an honors college pond. Client graduated from UMD with many job offers, and accepted one at Google. Was able to start life without debt. Needless to say, he is now doing quite well.

Good luck!

CS jobs pay enough to pay off $60k in debt. I would let him pick which program he likes better, but I’d fully explain the monthly budget he will have after college with $60k in debt.

What exactly tips the scale to Yale? If it’s just the window decal, that’s a really expensive decal.

Yale CS is not their best department. Imho. But it’s an impressive name.

He cannot borrow on his own to the 60k level. It will be than that in the end, because of the 5 percent type increases. And on campus funds are needed too.

You will have to co-sign.

And I am sure he will pay it all back but if not, you will have to pay or have your personal credit ruined.

But CS is a great career out of the gates.

And if he wants to live if south Atlantic Clemson has a great network and reputation too. Probably better received by some there than Yale.

But for any where else in the world, the Yale name will be an impressive first impression.

But in cs it’s about what you know and your chops.

So for most -especially on this forum- would never say choose anything but Yale.

But in this major, with the financial burden and perhaps the collegiate experience one person is looking for versus a another, Clemson could be a great alternative.

I don’t know enough about the Clemson cs program. But at Yale you know it will have a least a base line of excellence in all fields.

Keep in mind that a good doctoral program (if that’s what you have in mind) typically is fully funded. Basically, you get free tuition and a stipend, plus the option to defer your student loan repayments for as long as you’re in grad school.
https://studentloanhero.com/featured/defer-student-loans-grad-school/

(That’s just one point to consider. I’m not saying a Yale CE/CS degree is - or isn’t - worth the extra cost.)

There will be recruiting opportunities at Yale there won’t be at Clemson. Same thing for VC funds and networking.
Email Yale, presenting your detailed expenses (especially if there were medical expenses) and explaining why the annual expenses are 4-5k above what you can afford. That’d reduce the loans to 40-44k which a Yale CS major should be able to pay back (CS majors can get internships as early as Sophomore year and some even after freshman year, making in a most what most pay over a summer).

Do you have a good justification to ask for professional judgment, or do you just want Yale to give you more $? They will not consider Clemson a peer school.

I didn’t know the op asked about ib and VC recruiting. They want to be a cs or c engineer.

The recruiting or employment opportunities. in your fields op will be fine from either.

Yale of course is a universally excepted super school. But no one here is paying your bills. And Clemson is no consolation prize.

I do not view this situation as a money issue since a Yale degree is almost certainly worth $60,000 of student loan debt when entering an in high demand, high pay career area.

In my view, the student should select the school with the better CS or CE major & department.

It is if you don’t want to co-sign a
Loan or need to refinance etc. as a parent and have a tight dti. Your statement is accurate but too broad.

Why Yale? He visited and emailed a professor before going who invited him to tour his lab. His experience with the generous nature of this world-class professor who is at the fore in his field and in area where My son wants to study… bowled him over. He loves the amazing library with original manuscripts… the liberal arts curriculum with Nobel laureates… Microsoft and Google opportunities… proximity to NYC… loved the campus/ architecture… residence college atmosphere… challenging peers… ON THE FLIP SIDE - Clemson is a great school, he likes the campus, good at CS, less debt, has a lot of friends going there, the Creative Inquiry Research Program, and his credits would transfer.

Ah, well this new info is helpful. Tell him to get ready to pack for New Haven!

Just be aware that the loans will essentially be your loans over 5500 first year. The. 6500 year two and 7500 the last 2.

Credits? Was he dual enrolled?

Just AP equivalents credits. ? I’m using the wrong language. Apologies.

@privatebanker The loan information you provided is new to me. Could you clarify, please?

Yale will only use these for getting out of some intro classes. No credit, I believe.

Tough to say no to Yale. But at least you’re being open to the other options.

Computer science is in so much demand, he should be able to get a job that will pay for the cost of his MS and then get a fellowship or sponsorship for a PhD. The connections he would make at Yale will be irreplaceable.

Students are allowed to take on loan in their name outside all of your school loan programs, merit aid and fin aid. It’s a federal program and it has limits per year. 5500 as a first year. 6500 as sophomore. And 7500 the last two years. You have to start paying once you graduate or quit school. There are deferment available for other things too.

Any loans they need to fill a gap for any remaining costs - have to be co-singed by the parent.

And some parent plus loans and some from your local bank etc all will require you to obtain all on your own.

Basically, all of these are yours to pay back if they can’t. It does show up on your credit report etc.

These all have higher rates than the federal programs.

Some require payment to start while the student is still in school.

I only mention this as many kids think they can borrow the extra on their own and have a big problem when the first check is due in July for half the year.

@SCMomofTwo Clemson and Yale are completely different worlds. There is really no comparison. Have you been to both? It seems from what you’ve posted that your son would be exposed to many new opportunities at Yale, much more than Clemson can offer.