I can go to a semi target w 160k of debt, a complete non target in state for around 110-140k of debt, or at the cheapest go to a notorious party school that is even more of a non target for possibly free or very low cost. I am a girl if that matters for finance. I can get no interest loans but I’m just terrified that I’m making the dumbest decision ever.
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I will just say that I’m starting my career right now. When you actually break down COL, you will make much less than you think. 160k is a lot of money, but it could also give you a great environment to grow. I learned a lot at my university from the smart people I was surrounded by, less the classes or partying.
I really want to go there and I think I have a good shot of doing really well I just get nervous when people say I'm basically signing my life away since I legitimately have no choice for debt even if I go CC and transfer (still 50k+ minimum and it would be annoying and difficult that late into college) because I have to pay my way, and I just KNOW I would hate it at the other school since I dislike super party schools. Buyers remorse? Idk.
I personally did not mortgage my future for college tuition, but I also wasn’t do or die banking (and certainly wasn’t on WSO back then). And even those that are at your age — things change and shit happens. By taking out these loans, you’re effectively tying yourself to banking/PE/HF in order to pay it off. Up to you if you’re that committed to a path like this, though people also do break in from just about any school I’ve seen.
I don’t foresee myself wanting to do anything but those careers and Consulting or maybe tech management. Personally my dream career would be art, but it’s just not realistic especially in these times. Hopefully I don’t end up wanting to be a doctor.
The reality is a lot of people start these careers and decide a few years in it’s not for them. The ones in a lot of student debt tend to feel they have no choice but to stay. Not to mention those who change their mind in college, fail some weed out class, don’t get the right GPA, don’t get in the investment club, etc. I don’t know if any that’s going to be you, but it certainly happens and there are a lot of variables along the way. At the age of 18, I personally wouldn’t make that commitment. Knowing what I know now, I absolutely wouldn’t make that commitment.
But to each their own. I’ve absolutely met people in this field that would make that decision 10x over, so I can’t rule it out for you. But IMO you really need to be that person, and not just because WSO says it pays well and is coveted.
You're right, this is something that will probably hang over my head for years. It's just so tough because CC + transfer means recruiting gets screwed up and I'd still be in a ton of debt. I have really good stats and I qualify for huge scholarships but even then I'm still OOS for those schools which means in the end I'm still paying probably 90k despite getting 100k in scholarships because of how OOS tuition works. I just feel like I have no idea what to do because even my in states are expensive as hell, WITH a scholarship too. They actually are continuing to raise prices. It sucks because if I really want to go to these schools and do business I basically either go to a school where party culture is huge (when I say huge I mean significantly worse than most stereotypical party schools) and I don't fit in or I go and get myself into debt (which I pay off myself).
Can I ask why these schools are set in stone and you aren’t considering any other options as of summer when decisions are usually in May (assuming you’re a rising senior)? Is that all tied to scholarship stuff? For reference, I know a number of schools that would not be ~200k OOS, so I’m wondering if there are school options you haven’t considered. CC isn’t a dead end road, I’ve seen it happen before with good networking, but I think recruiting out of any 4 year college would be better.
As for the party school thing… you don’t have to take my word for it since I definitely partied a lot in college. But I went to what’s definitely considered a party school and from my view, I don’t see it at all being a requirement or even that widespread. We often joked that despite being a massive school, you’d see the same 1/5 of the population at the bars. I had friends in college who didn’t drink and they were no less happy being there. My guess is this sounds like a large state school, and it’s cheesy but you really can be whoever you want in those places considering everyone just has their small pocket of friends out of tens of thousands of people.
That said, you seem to think you’d be happier at the other non-target in state? Can you explain which of the in state schools might be objectively academically better (or at the very least, more recognizable)? And on that note, do you actually know that the partying culture is all that different? This may be just my experience, but sometimes the smaller schools (some liberal arts schools are notorious) can be more exclusive or snooty socially, with less people overall, and frankly there are very few schools that don’t party. I’m not so sure that making a “party school” list correlates 1:1 with being bad for people who don’t party, and vice versa. So if you’re choosing to go to that one or the semi-target, I hope you’re sure that you’d definitely fit in better culturally.
ALSO kind of on that note — I actually find the partying culture of IB worse than that of the large SEC school I went to. I’ve experienced more peer pressure in banking than I ever did in college (and it’s different bc you don’t choose your peers). I’ve cut back severely lately due to crazy hangovers, and I’m an adult now so I really don’t care, but I still hear it all the time from coworkers and it’s tiring. I don’t think it’s a dealbreaker if you know it’s the career you want, but to the point on committing to debt… if you’re scared that culture might be a problem for 4 years of college, culture being a problem for 5+ years of your career (due to payoff) isn’t much better. The former without debt might just be a swap for the latter with debt.
Those are just some of my thoughts. I don’t have a great solution for you unfortunately, but trying to provide some experience where possible.
if the cheap school is big 10/other big state school, check if they have selective finance clubs bc they have plenty of resources. since ur a girl u pretty much automatically get into those clubs if u know how to interview. otherwise, and it pains me to say it as i've got further at my non-target than I ever would have at an ivy, either apply to in-state colleges again or go to the semi-target where you'll also be likely to place since firms are targeting 50% women in their classes.
community college isn't an option bc recruiting for u starts in fall of sophomore yr
The state school does have one but it's so tiny that it would be difficult even as a girl because they take people in the single digits. The semi target has people break in and out of the clubs which I like. Why do you say that about the ivies? Just curious. I wanted to apply just because I’ve heard so many good things about recruiting, but I realized I really dislike the competitiveness/cutthroat-ness that is present a lot of times.
could've gone to an ivy with similar debt, but instead i went local big 10 to save.
got a freshman internship (which i wouldn't have at the ivy, i have no connections) -> perfect gpa competing against frat bros -> joined IBW/other finance club. going to the non-target was the best decision i've ever made bc i got to massively improve my EQ (my social skills were TERRIBLE beforehand), have rigorous prep for interviews, and have automatic referrals if i ever needed them.
and then i recruited and got bb ib soph summer (most selective diversity program on the street). i was told that all of the factors above were what made me stand out among only t10 school candidates. now i get to max and relax at a party school :D
edit: make sure that finance club has actual placements in the investment banking division, check linkedin. if it doesn't, i don't think i would bother as that means there's no resources there for u. if ur state has a great in-state school i would take a gap year and apply again, or plan to transfer to a better school after 1 yr (google "transfer-friendly schools wso"). 160k is committing urself to working from 7am to midnight for at least 5 years of your life after you get out of college. that sounds terrible.
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What
Is 160k full cost? I'm kind of with everyone else here, unless that's 100% cost for 4 years you should be considering some other schools - potentially as a transfer if you're already accepted to your current list. There are some good name brand state schools where OOS tuition is not too bad that have good finance recruiting.
and i would say 160k for even a target is too much - buy-side only massively recruits at the T5 targets HYPSW. everything else sell-side is definitely grindable from a respectable state school/transfer as diversity. also i'm wondering why op has really bad financial aid since they have applied to 2 state schools which are usually <25k all-in/yr and that's without scholarships
In short- my state is just obscenely expensive. If my parents could only contribute 1000 a year, this school would still be over 50000 in debt. It's utterly ridiculous. They don't even have good merit aid. It’s a good school but if you’re in state it’s not worth it and you probably get better deals elsewhere.
Wdym full cost? Full cost is actually around 300k, I got half off. And yes, 160k includes all fees not just tuition for all 4 years. I’m not accepted but rather considering my options. These are the prices after doing an Net price calculator.
I would look at other schools - state schools that are cheaper, semi targets that might throw a lot of aid at you, etc
It'd be one thing if these were your 3 accepted schools and your choices all weren't great, but you are limiting yourself so much before you even apply. There are some semi targets that are very generous with merit aid
Party school
Have to suggest you go with the party school.
I didn't read every post in this thread; I just skimmed it, so forgive me if I say something that's already been said. However, if your only choice is a semi-target with a lot of debt, a non-target with a lot of debt, and a complete non-target with no debt, then I would choose community college and transfer as a sophomore to a target, so recruiting doesn't get messed up. It's not a sexy option, but it will give you a second chance to get a 4.0, build an amazing application, save money, transfer to a target, and research scholarships. There's no reason to go acquire a lot of debt just to go to a non-target if your aim is to get into investment banking. And there's definitely no reason to go to a party school that Wall Street doesn't know exists just to get into banking. You're just making your life harder, in my opinion.
Also, sit back and think about how much $160,000 really is. That's A LOT of money to owe for a school that's not even going to help you get into banking. I wouldn't take out that many loans for Harvard.
I wouldn’t take out the loans from a company, it would be from a family friend.
What are the terms of the loan, if you don't mind me asking? They must love you, but I still wouldn't take $160,000 for a non-target. Money, family, and friendship don't typically mix well. You could attend community college, knock out your general electives, and get an easy 4.0. They're the same classes you would take at a 4-year school for less money. They're just basic intro 101 courses like College Writing, Biology, Algebra, things like that. You will also have access to Phi Theta Kappa scholarships. Your high school transcript would be a distant memory, and you can apply to a target with a better application and a lot less debt. Transferring as a sophomore would allow you to still recruit for banking.
If you insist on going to a non-target, then it's still doable, but you will have to take advantage of diversity recruiting and network hard. It's more of an uphill battle for you. You'll also be starting your career $160,000 in the hole in a possible recession. Many companies are already scaling back on hiring and Wall Street bonuses are not what they were last year. I would just think carefully about your options and how they would affect you in the long run. Think about how the decisions you make now will affect your future self and don't be impulsive. You have a lot of time to get into banking as a new high school graduate.
Go to the non target and take advantage of womens programs. If you’re proactive and interview well, you can definitely make it into a bank. I broke in from a non target and military benefits paid the whole thing. You don’t have to drop a ton of money to get a good job.
Go to the non target for free and just do diversity programs. Enjoy college too, don’t take on that much debt just for the target status.
nah its fine. I graduated with $200k in debt. it's manageable.
Did your parents help you? What was your interest rate? And did you go to a target?
No. Close to 7%. Depends on how you define target.
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