Stern worth 240k?
If you guys wanted to break into banking (or at least that's what I think I want to do now-not 100% sure though), would you say Stern is worth 240k (did not get any aid, just loans).
As of now, I'm prob splitting 40/60 with with me taking around 100k in debt and my parents paying the rest, who make decent money but haven't really saved up for my college--not being from this culture they didn't really expect it to be that expensive.
For other options, I really don't have any because going to a public school--my guidance counselor kind of made it seem like it's impossible to get into top schools (although I'm pretty sure I had a chance at lower-tier Ivy like Cornell) and they steer you to the state univ. I applied ED to Stern and when I got in, I had to rescind my other applications. My only other real choice was my state school UConn, but Storrs is a pretty boring place.
Anyways, if you guys could offer some advice/experiences/whether you think it's worth it/should I try to transfer somewhere better (top tier Ivy), let me know lol.
ED to Stern without knowing if you could afford it? Probably not a good idea. NYU is known to give pretty bad financial aid. If you applied ED to Dartmouth / Penn it would be different.
Personally you are probably better of going to your local state uni. and then transferring to Cornell / NYU after 2 years. It will save you a crap ton ($100,000 is a lot of money). But, personally I think you should have applied to other places non-ED. Also, don't listen to your counselors unless they REALLY know what they are talking about. Half of them at my school are not that great, they are more suitable for intra-school issues.
Transferring to a top-tier Ivy (HYPSM level) is extremely difficult if not impossible. Most transfers at that level are between those institutions or right in that range unless you really have something going for you.
Yeah I guess that's just one thing Iearned from experience. I got 60k a year the way the other posters are saying. The other thing is my parents might be able to afford to pay all of it (they make around 250-300k a year w/o taxes) but it just doesn't feel right having them pay all of it. Is 100k in debt too much a burden straight out of college?
Student debt is the next bubble. Don't worry, you will get bailed out.
How are you getting 240k? Planning on staying 6 years?
It costs like 55k/year bro.
Tuition is 40K a year=160,000 Housing is probably going to be another 10k a year=40,000 Other expenses (food, going out, books)= probably another 10Kish?
So maybe his estimate was a little high, but overall its close.
Damn, so NYU is pretty much the most expensive school in the country.
definitely not the safest idea
Got accepted to Stern, but probably won't be going due to the crazy tuition (I'd be an international student).
Bay Street here I come :P
60k a year for NYC living, pretty realistic
^ For the above Stern is either high teens or low twenties for acceptance. NYU as a whole is upper twenties, with lsp/gsp lower thirties. More constructive comments are welcome lol.
ekudekud is a known troll btw. I know the Stern acceptance rate was ~18% a few years back, not sure what its at now.
If you got the cash, it is definitely a good investment. Will pay off many times over.
Ha did you even read OPs post?
Try to get some merit scholarships. I think NYU will offer much better career prospects than UConn school. You can find a part time job in the city and help pay that way. I would choose NYU , but that's a shitload of money, so my advice is guarded. I would not want you to curse me when you are deep in debt.
I would never pay that much for NYU
whether or not it's worth it to you, inability to pay/lack of financial aid is one of the few legitimate reasons to back out of an ED commitment. sounds like you unfortunately got shafted by the financial aid department so I would consider that option if you decide stern isn't worth it
At the rate tuition is increasing I guarantee you the final cost will be 240k if not more by the time the OP graduates
My sister goes to NYU and all expenses come out to around $65k/year.
nah, NYU won't let him back out of an ED commitment if his parents make 250-300k. also, he's got nowhere else to go since it's mid-April and the only schools you can apply to now are crappy ones.
i'm pretty much in the same situation as you dude, but i'm taking on less debt (albeit not a small amount by any means.) just work hard, and the money will pay off.
also, i hear transferring to cornell aem is relatively easy if you get decent grades, and i also hear they give pretty good transfer financial aid (although maybe not if your parents make that much?) someone from cornell pitch in on this?
NYU is probably your best bet at this point. I hate student debt, I have advised against it in most of my previous posts. But here:
1) You lack other options. You can't apply to other targets now.
2) You will pay near full freight wherever you go because of your parents' income. Unless they have some incredible deduction (are they farmers? Do they have eight kids, all of whom attend private school?), even Ivies won't give much aid. Most merit aid is for freshman only, and your instate schools (Connecticut?) aren't great.
3) If you can find someplace better/cheaper for transfer admissions, you can still try. But at least you will have a fall back.
So NYU undergrad costs 150% more than Harvard MBA?
Makes sense to me.
4 years instead of 2 years
http://www.campusgrotto.com/most-expensive-colleges-for-2010-2011.html
There is really no point in thinking if you can afford Stern now. You ED and now are stuck. Best possible solution for you if you decide that it's too expensive for you to transfer after a year. Nothing you can do at this point.
Wow, my undergrad cost me 20K total. And it's a better school than NYU overall (not for business obviously). I can't believe how expensive these US schools are.
we have it pretty good in Canada in that sense
yeah no kidding. tell that to the mcgill kids who are always protesting in the streets that their 2K per year tuition needs to be lowered. lol
One of the problems I'm having though is convincing my parents I won't get aid at top private universities (maybe some merit scholarships at decent universities) . I am an only child and they are in a stable field (medicine), so in my mind they might be able to afford all of it. However if they don't pay, I don't see a way for me to go to a top school (UConn's not too bad, just a pretty boring place to be) without dropping at least 40-50k a year and me graduating with less than 80k in debt. Honestly I would a feel a bit guilty asking my parents to pay all, but is anywhere from 80-120k in debt manageable after graduation and is the education at Stern worth it for the future?
I think 120K of student debt is manageable if you can find a job that pays you 100K+ and you are willing to live very parsimoniously for 3-4 years after college.
1000000000% not worth it
flat out
what is it with Canadians always posting about how good their universities are?
If NYU was a Canadian school it would be ranked #3 hahaha
haters gonna hate
I'd go for it. Don't listen to the trolls bashing on stern, it's obviously not a top-tier school but it will get you in banking if you try. UConn will not (and I know there are some kids on this board that broke in, but there are exceptions everywhere) 100K is definitely doable considering you'll make ~130K just in the first year. It's only about 3 years of after-tax bonuses!
Sometimes i'm so fucking glad I went to Baruch. Got paid 5k a year to attend (fin aid + tiny scholarship), and if you really bust your ass, you will have many of the same opportunities as the Nyu kids. I laugh at these students that protest a $500 tuition hike. They dont know how good they have it, those self entitled idiots.
On the other hand, you will have a much easier time getting a banking job, that pays 120k after graduation, so if you save up 30k a year, you can possibly pay off your tuition within 4-7 years depending on how much your parents help out. In the long run of course, you will come out way ahead since you'll probably be making 400k a year 5 years out. It's up to you, i personally wouldnt be able to sleep at night knowing i owe 240k to some bank
I would take NYU (this is coming from someone who attended a state school in CT), especially if your planning on getting into investment banking.
Why do you think Uconn Storrs will be boring? The parties get pretty wild at Storrs.
The place was Playboy's top party school (I forgot what year).
The shenanigans have toned down quite a bit over the past years, but it is still fun, even though its in the middle of nowhere. Plus Boston is only like 1 hr away.
Last question, if your parents made around 250-300k with no real debt in a stable field, would you expect them to pay for your college? I mean I don't feel entitled to it, but I feel like in a lower income bracket I would receive help from the school/gov via aid or something, but due to their income I can't.
Wait your parents make 250-300 and they didn't expect to pay for your college??
I mean I guess we're not entitled to anything, but if I make over 250K a year I'm going to pay for my kid's college.
I get paid to go to school. Thank you military. u jelly?
why would you do Stern ED if you know that you can't afford it. That is just bad planning.
If you are the only child, your parents have to fork over your tuition. Since you will inherit their assets one day, plus you are their only legacy.
I went to a third tier school that paid me to go there and I landed a BB SA twice. I had to work my ass off, but that beats being an indenture servant after I graduate.
If you accept NYU, make sure your parent fully pay it off because a loan of $100,000 with a 5% interest will eat at you. If you go unemployed which will happen to you if you go into the finance industry, you will get screwed.
I'm at NYU (not Stern), and am lucky enough to have my parents pay for it.
If I needed to take out loans to come here, it would ONLY be here if I knew EXACTLY why I wanted to come to NYU, and what I was going to do after.
If you are SURE you want to go into finance (high paying job), and SURE YOU'LL LOVE NYU AND MANHATTAN, then go for it.
The guy I intern with is graduating now, going to UBS S&T (he's in Stern). In 150k of debt going into graduation, but it seems like he's made it worth it.
Note though, here you'll be attending school with some kids who have no idea what the value of a dollar is, and the party scene here is awesome if you can afford it. IT IS NOT THOUGH, A TRADITIONAL COLLEGE EXPERIENCE! I can't afford crap!
I actually hated it here so much initially I applied to UPenn. I recently got in but, unless they offer me scholarship money, probably won't be going.
Why don't you ask your parents if they can pay for it now, then tell them you will repay them the exact amount alter (while adjusting to inflation)? That way you won't get f***** by Sallie mae and your parents will eventually get their money back? Ask them about this, because going to NYU Stern will offer you so much more opportunities, especially if you're planning to enter finance and are willing to work your ass off.
Transferring to Stern from a state school would require a GPA of at least a 3.8...That being said, its worth it if you're smart and have initiative. Otherwise, you'll end up like 80% of the grads who do middle office. Also keep in mind, that 100K of debts is not that much after you graduate...even with a middle office job you'll be able to pay that of within five years if you really tried...
NYU has the largest student debt figure in the nation. It's also got the smallest endowment per capita out of all Tier-1 schools. Worst financial aid of all Tier-1 programs too.
approximate monthly payment of $240k debt at 5% is: 20 yr term - $1500 10 yr term - $2500 5 yr term - $4500
if you don't land that banking job and the associated career track, you are seriously fucked. it comes down to how much risk you are willing to deal with.
Unfortunately you are out of luck with finaid, unless something has changed in the past few years. At 200-300k/ year, didn't they put money away for your college? There is barely any need-based aid at that income level. Do you have any siblings they need to support?
Even if you do transfer, it won't make a huge difference (like 200k vs 240k, due to the lower cost of living/housing outside NYC).
I would try to get them to pay, you really don't have another good option right now.
This is the moment that you have to muster up all of your courage you have and give that one pitch which your whole life will ride on... this is your right of passage.
Haha, yea, if he can get his parents to pay, it would be an amazing interview story.
One piece of advice: whatever the case, do not take out the loans yourself. Non-dischargable debt is very bad.
Your parents will be able to realize a good tax break (due to their higher bracket) if they pay your tuition, then you pay them back.
This way, if shit hits the fan, you don't go into forbearance, take a credit hit, or start suffering penalties. You also cut out the middle man (the bank) making a few % in interest.
.
Just wondering, what happens if you cannot repay your loans? Suppose he takes out a $240k loan, goes to Stern then ends up being a cook at Burger King and can't repay the loans. What happens? Does the mafia/yakuza come after him? Can't he just declare bankruptcy?
PS. This is actually a serious question, I'm not too familiar with the American system so sorry if I annoyed anyone lol
Is Stern worth the ~$80k in debt? (Originally Posted: 08/31/2015)
At this moment, I plan to apply ED1 to Stern because I love the school, and I think I'm a perfect match for it stats-wise, EC-wise, and generally, just interest wise. There is no doubt in my mind that I want to go into NYC Finance, going up the typical "2 years in IB, going to buyside" routine. I consider myself to be pretty social, and also a hard worker, so I don't think I'll have trouble managing at Stern. I also don't see myself falling into that classic Stern stereotype of sitting in my room all day studying DCF models or something, with my only breaks being when I say some prayers in front of my Lloyd poster.
I'd definitely use all of the cities assets to my advantage. Overall, I just love Stern, and I think I would be great there (but that's up to admissions to decide. If they say no, oh well). The only problem is that I don't think I'd really get that much in scholarships, and I'd likely have to take out $70-80k over my 4 years there. My alternatives if I decide to not ED1 to Stern are UVa and UNC (in-state) EA. I should be in at UNC and have pretty solid chances at UVa. Both would likely offer me enough aid to not have to take out loans, but I'm not sure if I really like those campus scenes (the frat parties and pounding a bunch of Busch Lights on a Saturday night for four years aren't very appealing).
I am just concerned that I will go there and be a fish out of water, if everyone is interested in the frat scene, and I'm not. Regardless, I still like Stern much more than UVa or UNC and would rather go there. This is my dilemma. Any advice would be appreciated. Thank you so much.
You cannot declare bankruptcy. It stays with you, possibly accruing interest, maybe even at an accelerated rate.
The courts will garnish your wages. You will barely eek out an existence until they are paid off. Students still like them because them come with lower rates than normal loans, and do not start accruing interest until graduation.
What's your stats? Honestly I don't think Stern is that much better than UVA and the debt definitely doesnt help. And plus not everyone parties, you'll find your niche at any school.
Not going to provide stats for anonymity. Know a close friend browses this board. Just know that my stats are fine for Stern, UVa, and UNC (in-state). Certainly the debt is a concern, and it is a huge risk. I guess I do like UVa and UNC, but as I said I'm just concerned with the frat life, but you seem to have addressed that issue. Do you have any idea on the recruiting scene at UVA and UNC?
Don't waste 80k on stern. UVA and UNC ( to a lesser degree) will offer equal exit opps into IB and offer a better overall college experience + less debt. If you are really that passionate about getting into this industry, you won't need to be going to school in NYC to find your way in.
UVA > NYU. I'd even take UNC over NYU if you will have very little debt there. Don't go into a large amount of debt for no reason. Also, this idea that state schools like UVA and UNC have social atmospheres that revolve around frats is a joke. If you don't want to join one, you won't have a problem making a lot of friends.
Could you expand on what necessarily makes UVA > NYU? Obviously, the more structured campus and sports seems to be a big plus for some. To counter that, NYU has NYC (in my opinion, better than a typical college campus) as its' campus and professional sports (I'm a huge baseball fan).
You claim you're not gonna be studying your DCF models yet a frat party with beer is so unappealing...?
You do realize there are other things in life to do besides going to a bar and drinking, right?
You can go to NYC anytime, and will probably be working there after you graduate. Go somewhere else for college, preferably in the south. You likely won't get another chance to do that given your career goals.
As soon as you sign the papers for the loans, you will soon realize how loans hurt. They drag you until you get rid of it. What if your UG loans hasn't been paid off when you plan to do MBA (high probability)?? that'd be very annoying!
You don't seem to know what you're talking about. It seems that people who come out of top UG schools don't necessarily need to go get an MBA, so no that isn't a 'high probability.' You aren't learning anything knew. Sure, you can gain access to a better network, but the Stern network is already incredible. Not really worth spending $200k on an MBA degree if I'm coming from Stern or any top 5 UG business school. Also, thanks to my helpful parents, if I do attend Stern and take out loans, I won't be taking student loans, but cosigning regular loans to get lower interest rates.
go to UNC KF and you'll be fine. Not worth spending an extra $80K on Stern.
That's too much debt to take on for undergraduate studies.
UVA has a great business school; I know a bunch of people that have graduated from there and easily landed positions at top bulge bracket firms. In terms of your college experience, going to a traditional college campus versus a city is a completely different experience. Having gone to a large state school and living in NYC for the past 5+ years, I would say go with UVA or UNC over NYU. The city is always going to be here but a traditional college campus experience will not be. Part of the college experience is being able to go to sporting events, parties, taking road trips, etc. If you go to NYU, you won't get that experience. Plus, the cost of living adds up quickly. Do you really want to be dropping $150 a night on dinner and $9 beers with your shitty fake ID? Come on bro.
You better learn to like or at least tollerate the frat environment, many parts of finance are very similar.
As for the question at hand, UVA > Stern. The exit ops are near identical, plus UVA you could meet a hot senators daughter and maybe have an opportunity to skip the IBD phase all together and hop on a buyside firm that needs a little help from the government to get something done.
As far as why I believe UVA is better that NYU, they are very similar in terms of future potential/exit opps, but UVA is significantly cheaper and the college atmosphere is not completely suffocating like NYU's is. NYU is full of hard ass kids who wanted to go to an Ivy League or equivalent and couldn't make it. UVA is full of kids who want to have fun while still working hard.
I actually made a very similar decision a while ago. I had to choose between UVA and Stern, but for me there was no meaningful difference in price (needed ~$75k for either school). I ended up choosing Stern and don't regret it at all - it was absolutely the perfect choice for me.
That being said, $80k is serious money. In fact, it's likely that 100% of both your post-tax analyst bonuses will just be enough to pay it off, and that's if you make it into IB in the first place. From experience, it's not a great feeling grinding for 2 years and having minimal savings because of college debt.
At the end of the day, you have to decide whether or not the NYU college experience is worth that price tag. For some, the unique opportunity to spend 4 years in NYC fairly carefree is nearly priceless. For others, your post-graduation years, when you'll actually have some money to blow, will more than make up for it (assuming you move to NYC after graduation). Also, you don't need to spend any real money to have fun as a college student there. Some of the best nights Freshman / Sophomore year consisted of pregaming in a dorm with cheap alcohol and venturing out to student-organized shady warehouse parties in bum-fuck Brooklyn (probably $15 including subway).
Still, I would choose UVA because there are only marginal differences in recruiting and I have a tough time valuing the NYU experience at $80k (and again, I really enjoyed it). However, you're the only person who can make that call and I think it's less clear-cut than the rest of the posters make it out to be.
Just offering my perspective as a Stern student. If you have the option to go to UVA w/ no debt that is a very attractive alternative to going to NYU. As long as you do extremely well at UVA you will be fine since it is a pretty strong target school on par w/ Stern, Ross, Hass, & Gtown at the undergrad level. UNC is a decent school as well but wouldn't consider it in the pool with the others I mentioned.
With all of that said 80k over the course of 4 years is really not that much to pay up for an excellent school like Stern. If you do decently well at Stern you will also be fine just because the sheer number of recruiting opportunities available to a business school located in NYC - I tell my friends that if I was at any other school with the grades that I have I wouldn't have been able to land the kind of offers that I did. Regarding your MBA comment your Stern degree is fine as its network is powerful and there are Stern alums in pretty much every corner of finance you can think of. However that is completely dependent on the type of firm you end up at. Some firms require you to get an MBA for you to move up and your undergrad school even if its Harvard doesn't disqualify from needing an MBA at those firms. But plenty of people in the industry don't have MBA's and don't have any problem getting moved up if they are a strong performer. I'd say the alumni network and changing your career track are the biggest reasons to get an MBA and Stern already has a strong network so again depending on the type of place you are at weigh that option when you get there rather than now. UVA and the other schools I mentioned have strong networks too.
Regarding the recruiting opportunities - the people saying that Stern is behind the ivies and other schools in recruiting is laughable and shows how much they know about the industry. As someone who not only has gone through recruiting and has many friends in BB IBD and top PE / HF shops I'll without a doubt say that Stern is one of the best schools in the country for finance recruiting opportunities. There are just too many opportunities thrown at you for you not to land an offer in the area of finance you want to by the end of your 4 years here. All of the BBs, EBs, MMs are crawling with Stern students in every single front office division. There are lots of buyside opportunities here as well (HFs, MM PE, Top Asset Managers / Mutual Funds, etc. ) which is definitely somewhat of a change since I was a freshman. The only schools I know of for sure has better finance recruiting opportunities than Stern are Wharton & Harvard and that's because of the couple of top buy side firms that recruit at those schools and don't recruit elsewhere. Sell-side opportunities are virtually the same.
Regarding lifestyle - It's mostly lounges, bars, clubs w/ your friends. The city has too much to offer so its hard to characterize what typical is as you can pretty much make your life whatever you want here. I've definitely enjoyed my time here and thought NYU and NYU students did an excellent job incorporating the city into the educational and social aspects of college . You do need some money to play in NYC but having a part-time internship that pays will give you the money you need to have fun and plus it pads the resume early on as well.
Feel free to PM me if you have any questions about Stern
I would advise not taking on that debt for an undergrad degree. It would be very tough for you to start your career with an $800/mo student loan payment on top of the high standard of living in NY. UVA is a very good school that is large enough that you'll be able to find plenty of non-partiers.
With that said, it's your life. You do you, Scotty P.
Do not take on that debt for an undergraduate degree. It is simply not worth it.
UVA and your other options are still fantastic schools that will allow you to accomplish your goals without the absolutely MASSIVE drag that $80k in debt will put on you.
+1 for state schools.
$80K is a lot of money. That is a down payment on a $400K Chicago condo. Actually I thought sticker price difference between NYU and UVA would be more like $150K, which actually makes it more like a down payment on a 400 square foot Manhattan studio.
I did my undergrad at a state school (you can guess where) and my grad school at a private school. But I felt the culture at a state school is healthier for a smart, driven individual than at an elite private school. UVA's culture would be especially good in that regard, and I think even most people in NYC finance think it's basically an NYU or Cornell, just a bit more frugal on the tuition.
I know it's been said already, but 80k is a lot of debt. It's a lot even IF you get a banking job, and if you don't it will hang over you for a very long time.
lol @ anyone implying taking 80k in loans to go to NYU (no campus, ugly chics, no party scene, no sports) instead of UVA (basically the opposite of everything mentioned about NYU). UVA and NYU are on par as targets, UNC a bit below. But guess what? There are far less kids gunning for banking at UVA/UNC so the absolute numbers on the street are skewed (especially considering alot of UVA/UNC bankers are not in NYC as opposed to NYU). Kid, save your money, go to awesome sports games like UVA vs Duke bball, enjoy the better weather and better looking women, you can get a good IB job out of any of these schools. You can't get the college experience at NYU and you will be too poor to enjoy NYC. If the debt load were equal I'd still advocate UVA/UNC, but this is a no brainer.
Says the guy who went to a "non-target" and is now getting an MSF at SMU, of all places. I'm sure your opinion carries a ton of weight and validity.
Every time I open one of these threads about undergrad I'm reminded how little the resident 18 year olds actually know about life.
I try to give you good advice and he's talking about nontargets. Yea I went to a nontarget, the chics were extremely hot, the sports scene was crazy, and I had a blast. Too much fun? maybe. But I wouldnt trade it for a job. You seem like the type NYU attracts: a cocky gunner than thinks life is finance and finance is life. Its not. That said, im currently in finance, I'm competitive for BB recruiting, and the chics at SMU are absolute bombshells. I think I'm doing well for a "nontarget". Again I advise against NYU, 80k in debt is a ridiculous sum especially when u don't NEED to take that on to go to a good university. Good luck kid.
you can't even take out 240k in loans without your parents backstopping you... at which point they might as well pay
Let me describe a potential scenario for you to consider...
At the rate tution continues to rise, your total loan amount will not be around 240K. You're making the assumption that tuition will stay constant for four years. It will not. A safer number is probably around 250,000. A quarter of a million dollars.
As more and more students flock to the financial world, globalization continues to grow, and technological improvements lessen the need for more workers, the playing field will be ultra-competitive. Companies will demand more of their prospective undergrads, ( I predict the CFA being damn near required for AWM, Equity Research, etc. for newly minted undergrads) they may even just go after MBAs only for certain roles.
Long story short, If you think a quarter of a million dollars of debt is okay before you have reached the age of 21, I think you should reconsider your potential career track. At some point you have to realize that education at that price is no longer an investment, it's a gamble. I think there was a was a gentleman who broke the figures down earlier on a 20 year payback plan. That is insane.
Good luck in your decision.
It is insane, but for a family at that income level what other options are there? It's not like he will get much aid anywhere else. It sucks, but he is almost in the "college donut hole". I hope his parents can pay for this.
The interest rates they are currently offering are between 7% - 11% and the interest starts accruing on the day the loan is disbursed. You will not qualify for the very small amount, federally subsidized loans at 6.8% interest where the interest starts accruing only after you graduate. You will be looking at servicing a $300,000 loan by the time you graduate with an interest rate of around 8% with good credit history. If you default, then they send it into collections, increase your interest rate to 13%. Then for the next 25 years, your life will be pure hell. They will take 25% of any wages you earn. They will put a lien on any house or car you buy which will prevent you from ever selling it.. Anf you have to deal with the abusive phone calls every day. One of my friends graduated law school with $140 K debt. Now the collections agency is telling her that she owes $270 K and she cannot file for bankruptcy. If you start at $300 K debt and default, your life may become a nightmare.
It's true, saw this story a few months back: http://finance.yahoo.com/college-education/article/108846/the-555000-st…
[quote=West Coast rainmaker]It's true, saw this story a few months back: http://finance.yahoo.com/college-education/article/108846/the-555000-st…]
Have you read the comments at the bottom of the article. WTF are those people talking about? They're saying that their principal is going up after not missing any payments and paying more than the minimum. They probably just mean that they'll end up paying back way more than they borrowed. How is that a surprise to anyone when you amortize a loan over 30 years...
Realistically if you work your ass off at NYU and pull >3.7 GPA, what are the chances you can't land IBD FT?
However you best be sure that's what you want to do with the early part of your career
Well, that is the key. It is a gamble. If it works out, he quickly pays off his debts and ends up with a high-paying career path. If it doesn't work out, he is screwed.
Welcome to the rat race.
This is insane. A college education isn't supposed to be a gamble! 2 points: 1.) No education is worth 250k. period. This is not an education anymore, but a trade. You're essentially trying to buy a shot at recruiting...not even a sure job, but just a chance at a job. 2.) This point might be controversial, but I'll say it anyway. I find it asinine to blow 250k on a business degree. You'll graduate knowing finance well ... great. However, any college grad can pick this stuff up over a year on the job. Even if, god forbid, you end up shelling half a million $ on a education, it shouldn't be on something I can learn just as well for a few hundred bucks by buying a few corp finance books! There is value to surrounding yourself with ambitious folk to drive you and make you learn more, and also value of a brand. If you're naturally driven, the marginal utility of the former is negligible. Which then leaves the q - is the Stern brand-name alone worth ~ $200k more than that of UConn? I highly doubt this.
Wrong. The rat race is a race to the top of the industry once you've entered it. If you consider a college education a rat race, you've missed the point of an education.
Once again, you cannot even take out close to 240k in loans without your parents guaranteeing your loans. Your federal subsidized and subsidized aid will not even get close to that #. Max you can loan out as a jobless undergrad is probably 40 to 50k
If I were you, I'd take NYU. It's probably the best shot you've got for finance (compared to a non-target), and if you network early and take advantage of the location, alumni (this is key), the network, etc. there should be no problem taking out those student loans and landing a finance job. Many bankers I work with went to a top program (undergrad or MBA) and said they can pay back the tuition 10x over and that it was completely worth it. That said, not everyone who graduates from NYU gets a great paying job, but with NYU on your resume it will land you an interview much faster than graduates from UConn. From that point on it's up to you to get that job.
If you were to come here and say you wanted to major in something that is not pre-med, engineering, or finance related (e.g. history, english, psychology, majors that will guarantee a lifetime of struggle), then I would strongly advise to go to a school that would give you a full ride. If not, take your chances and invest in yourself. This is the best investment you can make.
Consequatur totam placeat tempore et fuga qui omnis occaecati. Nihil ipsum delectus numquam. Iste nam aut ea sed et nam est laudantium. Aspernatur velit fugiat impedit nemo. Nam ut qui ea quia corrupti accusamus.
Laborum amet incidunt illum expedita cupiditate. Praesentium beatae cum recusandae aut. Nisi suscipit odio at quia sit ipsa. Tenetur voluptates et accusamus commodi qui molestias.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Ut distinctio beatae iure amet. Ea omnis dolores adipisci natus esse rerum. Eum debitis adipisci soluta dolore amet. Neque quidem repudiandae maiores animi sunt quidem et. Quia vel non doloremque et totam nisi. Porro quis atque facilis.
Autem quia rerum repellat et. Est sit non harum aut perspiciatis qui. Nam adipisci quod consectetur et est ut similique. Et omnis non minima et ipsum.
Labore nemo dolores veniam praesentium dolorem. Non iusto qui enim voluptatem enim.
Blanditiis illo et consequatur nesciunt qui voluptatibus. Rerum dicta nisi unde ut.
Pariatur facere dolor quia voluptas eligendi reiciendis. Maxime ipsam tempora tempora esse quos autem. Quia voluptatem sit et sapiente tempore molestiae est. Molestiae similique ut sint velit ut impedit amet. Eveniet veritatis quo eaque sit.
Labore ullam aspernatur excepturi tempora placeat odio. Soluta autem quas maiores libero dolor fuga ducimus. Eum alias expedita labore est itaque similique. Qui non dolor qui accusamus ratione ut natus alias.
Repudiandae numquam culpa voluptates qui expedita est. Qui explicabo voluptate est quod perspiciatis consequatur. Doloribus nostrum totam laudantium eos aut eaque vitae. Voluptatem nisi ipsam dicta quasi. At doloremque quia voluptatibus qui. Voluptas facilis maxime qui dolorem.
Incidunt sint accusamus aut tempore suscipit adipisci. Temporibus quibusdam architecto occaecati architecto voluptatem voluptas quaerat. Nihil incidunt cupiditate eius aperiam aspernatur. Doloribus libero et cumque animi temporibus rerum. Sapiente maiores natus veritatis a qui maxime ducimus.
Ratione voluptas quo dolorem consequatur sed illo incidunt. Veniam quasi non optio magni eligendi.
Ut minus suscipit eos eligendi sunt id reprehenderit. Ipsum dolorem consequatur ut aut. In alias sed necessitatibus corrupti.
Et vitae rerum aliquam aut. Eum quaerat qui est a perspiciatis. Voluptas deleniti esse ea sint impedit. Esse ut qui nihil id error neque debitis sint.
Quia occaecati unde ratione ratione id voluptatum. Aut velit temporibus sit voluptas dolorem debitis est officiis.