Full ride or Ivy with Debt?
Hey guys this is my first post on this site but its pressing issue for me. I am currently a senior at a midwestern High School. I recently got accepted to a small midwestern liberal arts school (ranked in the 40-50 range) and one of the "lesser Ivies." Now the Midwestern one has sent some people to Wall Street and have some alumni working in London, however I doubt it carries much weight on Wall Street. However it has given me a full ride while the Ivy has given me absolutely nothing. I would be paying my way through and I would be nervous about the debt. And to be perfectly honest I like the midwesten university better. Just wanted some input on what I should do. Should I bite the bullet and come out of school loaded with debt? Or go to school for free but have to fight for a job on wall street? Oh and a bit so side info some firms in the chicago land area do recruit from that school. At least thats what the admissions staff tells me but I wouldn't consider them a completely reliable source. Conflict of interest and what not. Thanks in advance for the input.
If you get an opportunity to go to an Ivy league school, you do not pass an opportunity to go to an Ivy league school.
It is worth it especially if you are motivated, willing to keep your grades high (3.7-3.8), and already know that you want to work on Wall Street. Placement on Wall Street is just one small aspect of our entire freaking life. Having an Ivy brand name will also help you in the long term.
Honestly, depends which lesser ivy. Columbia or Penn? Then go with the Ivy? If it were something like Cornell I would go to the liberal arts school and then try and see if I can transfer to a better target.
columbia is not a lesser ivy r u trolling
I don't think it's a bad school at all; but some consider it "lesser" in that it's not in HYP
Thanks for the inputs I've gotten so far. It is Cornell by the way. However placement on Wall Street does not, in any way, seem like a small aspect in my life and in choosing a college. Although I agree with the prestige that comes with attending an Ivy. But I am confident that I will be able to keep my grades very high no matter where I go.
go to liberal arts school for 1 year, if you like it stay, if not Xfer. easy.
Transferring is a necessary thing to do for many people, but I'll say that it's a pain in the ass, and should be avoided at all costs.
You'll definitely have a tough time getting into Wall Street from a liberal arts non-target.
Curious though, if you like the Midwest, why didn't you apply to Michigan, Northwestern, Notre Dame, Indiana, and uChi?
OP -- I attended a small LAC in the midwest ranked in the 40 - 50's. Feel free to PM me if you'd like.
Take Cornell. Debt is temporary, prestige lasts a lifetime.
inb4 more monkey shit from cornell grads
BT banker. The location wasn't really important for me. I applied to the midwestern one because I loved it there. And a friend of mine who graduated from there is working in London now, which is a place I would love to work in, and he recommended it to me. I applied to a lot of east coast school and a couple Ivies Cornell was the only one I got into. I was also ignorant about the recruiting process for firms. I assumed if I had good grades and was going to a decent/respectable school I could land a job somewhere and I could work my way up from there. I only recently did research and found this site and how hard it really is. Six weeks ago I didn't even know what a Target school even meant in the fiancee community.
What LAC are you talking about in the Midwest if you don't mind me asking
Denison
I'd go to Cornell. You're more likely to regret not going to a better school rather than taking on ~$200K of debt.
200k debt on 6% financing is like $1500 a month after grace period, enjoy that.
are you parents helping you pay at all? If you are confidents in your abilities/have good SAT scores - I would go to the liberal arts college, find relevant internships, get really good grades 3.8+ and transfer to a target after two years (definitely doable if you got in in the first place - you could even email Cornell admissions and say the price was too steep or something).
If you are paying for your entire education via student loans take the full ride. I challenge you to run an analysis as to what 200k in debt at 6% or 7% interest looks like on a 15 year amortization. $1500 a month in debt is paralyzing as a 23 year old even if you are fortunate enough to make it to an elite firm on Wall Street. You are 18 years old. How do you know you will even enjoy Investment Banking? What if your interests change and you want to work in the public sector or in advertising? If you take a job outside of finance (or really outside of IB), your student loan debt will literally force you to move back in with your parents. If this was HPYS maybe this is a debate. Maybe. Take the free ride, work your ass off, and give yourself as many options as you can after graduation.
Thank you for your advice. I think i'll take the full ride then after a year or two I'll try to transfer somewhere better, unless I really really love it or the school actually helps get me somewhere promising. Also the debt I'd have to endure would be significantly less. Easier to manage without having to move back home. If anyone else has any advice or really anything I'd love to hear it.
Dave, I'm also a current senior and was in a very similar situation. I chose Denison, and i think you should too. It would be encouraging to have another highly motivated student with me in this pursuit. I would like to get in touch with you if possible so we can talk about this.
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