Money for College - How much debt?
What's the maximum sum of money you would be willing to pay in order to go to college (undergrad)? Most top colleges run around 60K per year when all expenses are accounted for which seems insane. I'm not from a top 1% family and so 100K+ amount of debt might be a reality. State school is shite and runs for 27K per year, not interested (Rutgers). If I'm looking to get a job on the street, and if I'm looking to STAY in IB for the long run post MBA (until retirement at say age 70), how much debt would it be reasonable to take out with low interest loans?
The way I look at it is like this, taking over $20K a year in loans in crazy, and $20k is the ceiling for me.
If you're coming out of high school, look for scholarships that are merit base and not need base if your parents make over $80k annually combine.
P.S. You must really have something against state schools huh?
Depends on which state you're from. Some state schools are pretty competitive for Wall Street jobs.
Then you have to think about where the money is coming from. Are your parents helping you pay for school? Who's name is on the loans?
Finally, you say that you want to stay in IB for the long haul. How do you know? You have yet to spend a day in IB in all likelihood. No disrespect, but its just unlikely.
I know I didn't answer your question, but these are some of the things you should think about when deciding where you should go, as well as where you can afford to go.
Sorry forgot to mention it in my initial post, State for me would be Rutgers
Well, where have you been accepted? Did you at least apply to Rutgers as a safety school?
If you are sure that you really want to start and stay in banking for your career, then the $240,000 loan you take out for a good college is very insignificant. However if you find that you're not good enough to break into banking or you don't enjoy it...then you're screwed.
I am from a very poor family (~18k/year), and I qualify for full financial aid at my school, HYP. If my financial situation were the same, and I got zero financial aid, I would take out 240k in loans to pay for my current school instead of going to my state school, The University of Illinois, on a full scholarship. You can't put a price on pedigree.
Interesting
i know more than a few people who spent 1-2 years with a cheap state school and transferred to a target for the sole reason of saving money, and they ended up at top shops with all the advantages of the pedigree without paying full price. just something to think about as an alternative
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