Cornell $200k debt?
Little bit of context: US/UK dual citizen living in UK. Long term goal is to work on Wall Street in IB or equivalent, then probably transfer to the buyside along with everyone else.
I've been admitted to Cornell CALS to study a major that isn't really related to finance, but one that I'm genuinely interested in. That said, I do plan to apply to double major in AEM at Dyson as well, and beyond that get involved in the finance clubs even if I don't apply for Dyson.
HOWEVER, I'd likely have to take out ≈$200k of debt to attend Cornell. My parents are relatively well off financially, but they own a lot of assets that are worth quite a lot and essential to their income, meaning that I am not eligible for financial aid, and equally they are not able to finance the degree. They've agreed to lend me the money for the first two years, but past that I'd have to rely on private loans.
I've also been admitted to UNC, which would be $25k a year cheaper, so around $100k debt. But I do not have assured enrolment in Kenan Flagler. While I am 90% sure I would get in if I were to apply when I was there, there’s still that risk of graduating without the KF brand and a lot of debt.
I've visited both and I really like both in different ways. They both have their pros and cons and I would be overjoyed to attend either one of them. I'm definitely leaning towards Cornell, but idk whether it's worth the extra money.
If anyone has anything to share, whether they think it would be worth it or not, please do. I’m not an idiot, I understand the risk of the debt, but I’m confident in my ability to execute. If I land a role in IB, I know that $200K could be paid down fairly quickly by being disciplined and throwing a few bonuses at it.
Also before anyone says I should have just gone to my state school... I don't have a state school because I live in the UK which I why I'm in this predicament.
Based on the most helpful WSO content, here's what you need to consider:
Cornell's Prestige and Network: Cornell, especially with a potential double major in AEM at Dyson, is a semi-target/target school for Wall Street. The alumni network, OCR (on-campus recruiting), and brand recognition are significant advantages for breaking into IB. The finance clubs and resources at Cornell can also provide a strong foundation for networking and skill-building.
Debt Considerations: $200k is a substantial amount of debt, even for someone confident in their ability to secure an IB role. While IB salaries can help pay down this debt relatively quickly, it requires discipline and assumes you secure a high-paying role immediately after graduation. The risk lies in the "what if" scenarios—if you don't land IB or if market conditions change.
UNC and Kenan-Flagler: UNC is a strong school, and Kenan-Flagler is well-regarded, but the lack of assured enrollment adds an element of risk. If you don't get into KF, your chances of breaking into IB could diminish significantly. However, the $100k debt at UNC is more manageable and provides a safer financial cushion.
Long-Term Goals: If your ultimate goal is Wall Street and the buyside, Cornell's brand and network might give you a better shot at achieving that. However, you need to weigh whether the additional $100k in debt is worth the incremental advantage Cornell provides over UNC.
Alternative Pathways: If you attend Cornell and don't get into Dyson, you can still leverage the finance clubs and alumni network to break into IB. Similarly, at UNC, even without Kenan-Flagler, you could explore other majors and network aggressively to land opportunities.
Recommendation:
Ultimately, the decision hinges on your risk tolerance, confidence in your ability to execute, and how much weight you place on the prestige and network of Cornell versus the financial savings at UNC.
Sources: UNC or Williams College, Undergrad School OPTIONS (please help), Fordham 3+2 with Columbia or Georgetown and 300k Debt, Need to make decision today, UCLA ($145k) vs UNC ($160k) with direct admissions to the business school., Debt for Elite School, or none for non target State School
Both Cornell and UNC are good schools. UNC has strong placement in Charlotte and Cornell has good placement in NYC. You can't really go wrong, but I would personally pick Cornell.
anyone know how hard it would be to go from UNC to NY?
Your school is your brand at the start of your career and will continue to be so at a diminishing degree for the years following. Cornell is an ivy. You can get to NYC from UNC, but from Cornell I think your chances are roughly double. Be smart with your money and you can pay off all your loans by 3 years post-grad and will likely make $400k the following year and pocket $150k.
get into any good UK schools? if you got into LSE/UCL/Imperial/Oxbridge could go London - internal transfer to NY?
I applied to LSE and UCL, but I'm yet to hear back from either. While I think that I indeed may be a good candidate to receive an offer, there is a definite risk that I will not get the required A Level grades, as there is with anyone. If I got into LSE and took the offer, rejecting Cornell and UNC in the process, but then did not get the A Level grades and got rejected from LSE, then I'd be at somewhere like Durham or Exeter, when I could have had the chance to go to Cornell. So although taking an offer from LSE, should I get one, may be the smartest thing to do, there's a risk associated with it.
Plus, my overall preference would be to go to college in the States anyway - that's why I've worked so hard to put myself in a position where I can make these choices.
I would say that $200k is a lot for Cornell, but it;s probably worth $100k more than UNC if that makes sense?
Could you accept Cornell and renege if you got into LSE? If not, could you defer Cornell to the next year and do the same thing?
LSE places very well into IB. I'm at a Durham/Exeter type university and am doing S&T at a BB, plenty of friends doing IB/S&T etc. but nothing like LSE.
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