College Loan Question

[SampSon]

$100K is excessive for undergrad.

 

[Born2bwire]

Originally posted by: Eeezee
100k??? That's a TON of money. You could pay it off in a lifetime pretty easily (if you get even a mediocre job) but you'll be in debt for a long time.

Find a cheaper school or go in-state. I recommend University of Arizona - they're highly ranked for almost everything (many engineering disciplines, not sure about computer but I'm pretty sure they're top 30-40 there) and will accept almost anyone.

I think the guy deserves a fair and unbiased opinion here. Go to UIUC, unless you're an idiot, then go to UA to help bring down their standards.

 

[Rike]

Originally posted by: BigJ
If I was 18, I'd say sure, go ahead and do it. Now that I'm a little bit older and not nearly as stubborn or stupid, it's a terrible choice in many, but not all, situations.

I almost did by going to University of Maryland, but was smart enough to realize that it really wasn't worth being $120,000 in debt to attend there for undergrad.

My best advice is to go to a local community college, kick ass in school, get involved with clubs, and then transfer for your final two years at the university of your choice. The Diploma will still say "University of XXXX" but you will have saved a significant amount of money.

That's the money smart plan right there.

 

[Special K]

First of all, how do you figure $100k in debt? Are you eligible for any scholarships, grants, or work-study programs? What all schools are you considering?

Second, speaking as an EE, I would definitely not take out $100k to get an undergrad degree in EE/CompE/CS. I just don't think a $100k price tag justifies the future earning power of the degree. Sure you *could* pay it off, but it would take you quite awhile. $100k of debt can only be justified by a law, business, or medical degree from a good school, IMO.

I would do what the other posters said and research some cheaper state schools. Unfortunately I believe that many of the top state engineering schools such as U of Michigan charge out of state residents almost as much as a private school.

 

[ja1484]

Originally posted by: MotF Bane
I'm looking at going in as a freshman next year, probably graduating with a bachelor's in computer engineering, and (depending on the school) 100k in debt. Does this seem insane? Can it be paid off within this lifetime, or will it take a couple of lifetimes?

Possible to pay off? Yes.

Will you be paying for a long time? Fuck yes.

Speaking in financial terms, my education cost pretty much what you're outlining here, and if I hadn't had generous financial backers (read: family picking up the tab), I probably would've opted for a state school over the private university I attended.

But that would be me. If you think this is what you want to do, far be it from me to tell you otherwise.

 

[legoman666]

Originally posted by: MotF Bane
That's something I forgot to mention. There is a co-op at the school I was considering (Northeastern in Boston). Legoman, may I ask where were you working that paid that much?

Duke-Energy. The average for an EE-sophomore co-op was ~16.50/h last year, I was paid $17.46/h.

 

[MotF Bane]

Originally posted by: Special K
First of all, how do you figure $100k in debt? Are you eligible for any scholarships, grants, or work-study programs? What all schools are you considering?

Second, speaking as an EE, I would definitely not take out $100k to get an undergrad degree in EE/CompE/CS. I just don't think a $100k price tag justifies the future earning power of the degree. Sure you *could* pay it off, but it would take you quite awhile. $100k of debt can only be justified by a law, business, or medical degree from a good school, IMO.

I would do what the other posters said and research some cheaper state schools. Unfortunately I believe that many of the top state engineering schools such as U of Michigan charge out of state residents almost as much as a private school.

Northeastern University is about $31k per year for tuition, no sign of scholarships yet. Might be able to get a work-study, I've done summer work for Tufts University the last few years, either that, or find a job in Boston. Also looking at UMass Lowell, WPI, RIT, and Wentworth.

 

[Pepsi90919]

dear god yes, that's way too much debt. slit your wrists immediately.

 

[Dirigible]

I wouldn't go into that much debt for an undergrad degree. There are cheaper options that will give you a good education.

 

[CraKaJaX]

Originally posted by: Special K
First of all, how do you figure $100k in debt? Are you eligible for any scholarships, grants, or work-study programs? What all schools are you considering?

Second, speaking as an EE, I would definitely not take out $100k to get an undergrad degree in EE/CompE/CS. I just don't think a $100k price tag justifies the future earning power of the degree. Sure you *could* pay it off, but it would take you quite awhile. $100k of debt can only be justified by a law, business, or medical degree from a good school, IMO.

I would do what the other posters said and research some cheaper state schools. Unfortunately I believe that many of the top state engineering schools such as U of Michigan charge out of state residents almost as much as a private school.

Yep they do. I looked into it about a year ago (I believe I talked to you through PM's...) Either way, as a New Yorker it was going to be around ~$35k/yr, as for a Michigan resident I believe it was around $18k.

 

[Martin]

I graduated with a CompE not long ago and that's an insane amount of debt, to me at least. Mine cost 30k and I thought that was a lot.

Honestly, starting salaries aren't that high (~60k) so you'll likely struggle with that debt.

 

[halik]

Originally posted by: MotF Bane
That's something I forgot to mention. There is a co-op at the school I was considering (Northeastern in Boston). Legoman, may I ask where were you working that paid that much?

If you're spending 100K, the school better be in the top 10 list ... PDF!

My undergrad cost $45K and it's the 7th best program

 

[Farang]

For that amount of money you could put yourself through grad school at a state school and still have money left over. And all of this for Northeastern? Nobody cares about Northeastern. That university is far enough down the list where it is mixed in with all the others that people might recognize the names of (like state schools, for example). I'm not in the business of giving life changing advice to strangers, but you're making a big mistake. What the hell is the point of paying $100k for a CE degree from a midrange school?

 

[JJChicken]

Hmm yeah thats pretty expensive

 

[IAteYourMother]

Originally posted by: halik

Originally posted by: MotF Bane
That's something I forgot to mention. There is a co-op at the school I was considering (Northeastern in Boston). Legoman, may I ask where were you working that paid that much?

If you're spending 100K, the school better be in the top 10 list ... PDF!

My undergrad cost $45K and it's the 7th best program

for schools that don't offer PhDs

 

[JJChicken]

Originally posted by: IAteYourMother

Originally posted by: halik

Originally posted by: MotF Bane
That's something I forgot to mention. There is a co-op at the school I was considering (Northeastern in Boston). Legoman, may I ask where were you working that paid that much?

If you're spending 100K, the school better be in the top 10 list ... PDF!

My undergrad cost $45K and it's the 7th best program

for schools that don't offer PhDs

PHDS seriously fetch so much, particularly in the banking sector

 

[BigDH01]

Originally posted by: Barack Obama

Originally posted by: IAteYourMother

Originally posted by: halik

Originally posted by: MotF Bane
That's something I forgot to mention. There is a co-op at the school I was considering (Northeastern in Boston). Legoman, may I ask where were you working that paid that much?

If you're spending 100K, the school better be in the top 10 list ... PDF!

My undergrad cost $45K and it's the 7th best program

for schools that don't offer PhDs

PHDS seriously fetch so much, particularly in the banking sector

Most PhDs work as postdocs and don't make anything.

 

[Anubis]

Originally posted by: SampSon
$100K is excessive for undergrad.

many privite schools are 35K+ a year
some people dont get any fin aid

its really not that uncommon

 

[SearchMaster]

I would strongly, strongly recommend NOT doing this. It will put you in a huge hole financially. Sign up for a co-op program, work part-time, etc. but do not put yourself in this much debt.

If you were going to med school or law school....*maybe*. But even that is a very questionable decision.

 

[BigToque]

I can't imagine how you could rack up that much in a 4 year degree...

A B.Sc. in CS here is about $20,000.

 

[BrownTown]

Originally posted by: Anubis

Originally posted by: SampSon
$100K is excessive for undergrad.

many privite schools are 35K+ a year
some people dont get any fin aid

its really not that uncommon

Well then apply to more school or something until you get financial aid, if if nobody wants to give it to you then go to a public univiersity. There is no freaking way that you should ever have to take that much debt to go to college. There are plenty of good public schools that cost FAR less and will probably give intellegent people scholarships too. The difference in education between a cheap public school and an expensive ass private school is NOT enough to justify that sort of debt. Just think of it this way, say you are taking 80,000$ more this wa then going to a cheap public school (and working in the summers), well 80,000$ at say 5% interest, thats 5200$ a year over your working life, so you need to be sure that the school you will be attending will get you a salary at LEAST 5200$ more than otherwise to even break even. And honestly all else being equal I think that is a questionable assumption to make.

I mean cr@p, I go to Vanderbilt which is 40,000+ a year, but with financial aid I only had to take 15,000$ in debt (plus working every summer and the $$$ i made in high school).

 

[Anubis]

Originally posted by: BrownTown

Originally posted by: Anubis

Originally posted by: SampSon
$100K is excessive for undergrad.

many privite schools are 35K+ a year
some people dont get any fin aid

its really not that uncommon

Well then apply to more school or something until you get financial aid, if if nobody wants to give it to you then go to a public univiersity. There is no freaking way that you should ever have to take that much debt to go to college. There are plenty of good public schools that cost FAR less and will probably give intellegent people scholarships too. The difference in education between a cheap public school and an expensive ass private school is NOT enough to justify that sort of debt. Just think of it this way, say you are taking 80,000$ more this wa then going to a cheap public school (and working in the summers), well 80,000$ at say 5% interest, thats 5200$ a year over your working life, so you need to be sure that the school you will be attending will get you a salary at LEAST 5200$ more than otherwise to even break even. And honestly all else being equal I think that is a questionable assumption to make.

I mean cr@p, I go to Vanderbilt which is 40,000+ a year, but with financial aid I only had to take 15,000$ in debt (plus working every summer and the $$$ i made in high school).

my brother sent to a state uni and had more then 15K debt when he came out :/

as i said some people ge NO aid

my preents make to much so no need based, but they in no way coudl afford to just pay for college, and even with a 3.75 Hs unweighted GPA i got no aid other then the standard fed 2000$ stafford loan

my college started at 31K my freshmen year and was around 35k when i left

 

[brikis98]

as long as you work hard and are good at paying off debts (that is, at living frugally), you can pull it off, but it doesn't seem worth it for northeastern and especially an undergrad degree. did you apply for financial aid? i would guess that if you'd need a loan for 100k to go to school, you should be eligible for a lot of aid. there are also *tons* of scholarships (both from inside the school and from MANY other sources) out there and taking a couple days to apply to a whole bunch could be worth thousands of dollars to you. Have you tried? What about grants? Coop? Work study?

Also, consider some of the state schools. For example, UMass Amherst is pretty solid in ranking and should cost ~40k for all 4 years...

 

[bigchiller]

Originally posted by: MotF Bane

Originally posted by: Special K
First of all, how do you figure $100k in debt? Are you eligible for any scholarships, grants, or work-study programs? What all schools are you considering?

Second, speaking as an EE, I would definitely not take out $100k to get an undergrad degree in EE/CompE/CS. I just don't think a $100k price tag justifies the future earning power of the degree. Sure you *could* pay it off, but it would take you quite awhile. $100k of debt can only be justified by a law, business, or medical degree from a good school, IMO.

I would do what the other posters said and research some cheaper state schools. Unfortunately I believe that many of the top state engineering schools such as U of Michigan charge out of state residents almost as much as a private school.

Northeastern University is about $31k per year for tuition, no sign of scholarships yet. Might be able to get a work-study, I've done summer work for Tufts University the last few years, either that, or find a job in Boston. Also looking at UMass Lowell, WPI, RIT, and Wentworth.

Why not look at UMass-Amherst? Best public university in MA, 100% college town, tons of hot girls, and they have great CS and engineering programs. I have a few friends that went there for CS and now make over 80,000 (it's been 2 years since graduation) They're on that PDF of top engineering programs.

My advice: Northeastern is NOT worth 100k in debt I mean seriously ROFL they aren't. That is totally ridiculous. I would only consider going into that type of a debt for a top 10 school like MIT, harvard, yale, etc. Definitely don't go to UMass-lowell. Amherst >>> Lowell in basically all programs and is the same price. Also don't go to Wentworth, I've heard it's a bad school. WPI is great but from what I've heard they are even worse with financial aid than northeastern. Very few kids get money at WPI. I don't know much about RIT, but it's a good school.

EDIT: My sister actually went to Northeastern for 1 year but transferred out. She absolutely hated it! They gave her plenty of money, too.

 

[Gibson486]

I went to NU and I have that much loans. Was it worth it? I do not know yet. I would like to think it was, after all, I have gained a pretty big network of people through coop (athough, they could not help me find a job staight out). I have not started paying my loans yet....and I am really not looking forward to it. The coop really does not pay for much unless you live with your parents. Living in your own cost ALOT. And to say you would do it for MIT and not for another is kind of dumb.