Should I sell my soul to the devil to go to college?
Hey guys!
I am a high school senior looking to go to college next year, majoring in Finance, and hopefully, end up in Investment Banking. UW Madison is a decent school for this, and it’s at the top of my list. I visited the school and love it, and I’m certain it would be a good fit for me. However, I have a couple questions/ concerns.
Attending UW Madison (from OOS) will cost me a lot. Around 51-53k a year. My parents will try to help me with half of it, leaving me with 104-106k in debt at the end of it. Is this worth it? I love the school, and it’s the best one I got into as a prospect for Investment Banking, which is heavy on “prestige” and colleges that rank highly. My other options are Virginia Tech (mediocre business school, but I also loved the campus, leaves me around 75k in debt), Miami in Ohio (not as good as UW for investment banking, but the second best school I got into. Leaves me around 80k in debt, haven’t visited), and Pitt (in between Miami and Virginia Tech as far as IB prospects, the cheapest with about 69k in debt, visited and wasn’t too fond of the campus but could make it work).
As I understand it, I’m kind of screwed. I have one more shot in the fact that I applied for a scholarship for the business program, and I think I have a chance to earn some aid, but I’m not sure how much it will be. UW is my best shot (as I understand it) for IB, but for 100k+ of debt, it doesn’t “guarentee” me a place like other top school might. If I do take on the debt, and end up not making it into IB, or switch majors, or decide IB isn’t for me, I’m also screwed.
What would you guys do if you were in my place?
Hot take, if you spend over $125K on UG (regardless of where you got the money from) and didn't go to an Ivy, ya done goofed. Go to an in-state school or at least hit up CC with guaranteed transfers to larger places.