Is NYU-Stern worth 150k more than UMD?
I want to go into IB but my parents say that taking out 150k in loans for NYU-Stern is worth it but i wouldn't be able to change my major and there is no guarantee that this is what i'd want to do. I think it is but there is still a chance that it may change. Is it worth it, if i think i want to go into IB?
Do more research into what IB is and if you really want it. Talk to people in the industry if you can. I'm assuming you have two weeks to decide, so get going on that. If you parents can afford it comfortably and you're sure that its what you want to do, go to NYU. If not, go to UMD.
150k in loans, hence my parents can’t afford it... I’m paying the loans not my parents, I just want to clarify.
No, definitely, definitely, definitely don't go to NYU then. Maryland's a decent school, you can get IB from there if you work hard, and it will be way more fun.
Personally don't think $150K is worth it for NYU over UMD
not worth 150k, you can make up the difference between UMD and NYU by simply working your ass off. just grind undergrad out and network into bank
No
I don't think it's worth it, especially since you will have to compete with everyone at Stern and you'll be at a disadvantage not being in the business school. I'm assuming since it's 150k in loans, that it probably costs you between 200-300k.
Even if everything went your way, you discover you do want to do IB, you transfer into Stern, you beat the Stern curve and get >3.5 GPA, you get a nice IB gig. Out of your 80k post-tax income, you'll be paying 40k/yr back in loans for the first 4 years after graduating. So you'll be crushed at work but you won't even have be able to start saving until you're 26.
no I was admitted to stern
This is the most clueless thing I’ve read on WSO in a long time. Student loans aren’t from the mafia, you don’t pay them back in 4 yrs
yeah it’s usually 10 or 30 for refinancing
$150k is a fuckton though. if you save and invest and and don’t have debt coming out of school, you’re light years ahead.
Being in Stern vs not in Stern actually makes NYU worth considering. OP said that his loans are at 6.5%. At that rate, I would pay them off right away if I had the cash on hand from my bonuses.
150k in loans is fucking insane. Go on LinkedIn and search for “investment banking analyst” and filter by UMD. Plenty of alumni + you’re not even a freshman and know what IB is this far in advance. Way ahead of most people. Have fun and work your ass off but please for the love of god DONT subject yourself to that much debt - complete madness. There are folks from far less “prestigious” schools than UMD who are employed at respectable BB/EB firms. Virtually anyone can make it into IB so long as they are exceptionally prepared and not a total weirdo. Good luck and don’t overthink this
UMD is a ridiculously fun school as well, although to maximize your time I’d strongly suggest Greek life.
Dear God, NO! Kids honestly have no idea how much of a drag debt is if they’re not fortunate enough to have a parent paying for college. I received a half-ride scholarship to a good east coast school and still had debt which was painful.
Go UMD.
It depends on you. If you're willing to go all in and grind for IB recruiting then it might be worth it for you. If you want a more laid back college experience then choose UMD.
I go to Stern and even though my family can afford it, too many times I've found myself wishing I had gone to my state school. I know that maybe I'm falling for the grass is greener thing but there's no doubt that money saved is money saved. I felt a certain pressure to go for ib to "make back" what school cost and it definitely took a toll on me mentally while recruiting, on top of the pressure that recruiting is on its own. That said, there are good things about the opportunities that stern and being in the city have -- but to a large extent i've felt i gave up the traditional fun things about college to work and focus on pre-professional stuff. I applied to umd as well and didn't go since it's not my state school but it would be good to try to get opinions from kids there too
I’m surprised at all the comments overwhelmingly favoring UMD. They’re all pretty thoughtless IMHO, taking a “just avoid debt” approach.
Stern is much more likely to get you into IB, plus if you don’t want IB it’s a better entry program for MC or other top jobs in business. That is clearly worth something.
People saying UMD is a fine school, but by what standard? What is “fine”?
Target schools improve your chances of getting competitive jobs. UMD is not a target school, and Stern is.
Getting a top job can put you on a better path to earning more in your early years and the debt difference is covered fast. Look at average income coming out of the two schools.
Your lifetime earnings are several million dollars, I think it’s probably worth it to invest 150k to get a leg up. Not a no brainer, but I’d lean that way.
don’t u think it’s a bad idea in case I want to do something other than IB(2 and out to HF) in high finance or that my lifestyle would be shot on a 10 year loan cus of the monthly payments? would I have to live like a pauper?
The only reason you should pick Stern is if you want to do BB/EB IB. If not, just go debt free.
Risk 1. You can draw up a scenario where you go to Stern, don't make a high income after graduation, and the debt squeezes you a bit further.
Risk 2. You can also draw up a scenario where you go to UMD, land a lesser job than you would've from Stern, and end up with less money that way.
So its a close call. I didn't mean to suggest its a no brainer. But generally speaking, I'd slightly favor Stern here. I just think Risk 2 is a bit more likely than Risk 1. But I'm just a guy on a message board who thought about it for a few minutes. You should think it through and go with your gut after that. Have your folks help you out, I'm sure their experience is helpful here.
Ignore this guy. He just endlessly tries to be a contrarian on everything and has shitty takes.
is what he is saying true? someone else corroborated it
Ignore this guy. As you can plainly see from this post, he has nothing to add that's of any use to you.
If Kelly (workshop?) for 50k is an option as you said in another comment, I'm not sure what all the commotion is about. Just take that and run.
why do u say that?
Kelly's workshop program is a wayyyyy better deal than the marginal difference you would get from Stern for 100k it's a no brainer. It's probably better than UMD for 50k is you aren't too risk averse and these aren't some ridiculous ~8% private loans.
.
Any ideas on how many people get BB/EB IB at Stern vs. how many people apply?
Do you think it's worth it getting into debt over? I'm interested to see how your experience is trying to get internships and stuff.
Kelley > UMD > NYU (considering levels of debt).. Kelley recruiting is solid and 50k is manageable. 150K in loans is insane. A lot of depressed students at NYU who are callin gthe suicide hotline because of their massive debt. dont be apart of that crew
i posted this as a poll on facebook
https://www.facebook.com/WallStreetOasis/posts/10159859282697516
ok. unpopular opinion here clearly...but $150k is just not that much money, especially as an investment to give yourself the best shot to get into Goldman/MS/PJT or what have you. I know all the college kids and prospects think it is, and as an absolute number certainly it’s striking...but it’s really not that much money when you think about how much you’re going to make if you play things right even 3 years out of college. 3 years out if you’ve done your job you should be cracking $300k+ in PE and then hitting close to $500k in another couple of years either at a hedge fund or more senior PE. you don’t need to rush to pay off 6.5% interest debt as fast as you can (honestly anything 7% and below I would’ve plowed into the equity bull market), and there will be years where your post tax bonus will be large enough to wipe that entire amount in one fell swoop if you so chose to.
^now this is if you know a life in finance is what you want for the 5-7 years of your 20s and potentially beyond.
this is coming from someone towards the other end, reaping the benefits of the investment put into building a finance career. I’m sure it’s hard to visualize the delayed gratification 10 years out from when you have to make this enormous decision, but I just want to give you a differing view from the younger users on here. it seems in this thread the older folk are telling you to take on the debt and run with it, I guess I’m just corroborating that view
Eos occaecati numquam eos eius aliquam ipsa eligendi. Non eum est veritatis a optio. Dolorum reprehenderit dolorem et qui quos similique incidunt.
Veniam unde omnis quod. Consequatur est tenetur dolorem est. Sunt quibusdam sed cupiditate porro iste perferendis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Sunt aut fugiat dolores impedit sint cum perferendis. Quod qui aliquam commodi deleniti. Qui ut tenetur quo autem necessitatibus alias dolorem porro.
Voluptate delectus possimus consequatur illo ducimus animi illo. Quos a minus sit et nemo. Id earum explicabo necessitatibus nemo quia sed ut veritatis. Eius qui exercitationem dignissimos velit laborum.
Assumenda ea similique et ducimus dolores. Occaecati quia id amet voluptatibus. Eligendi nihil voluptatem ex ad ratione. Est rerum voluptatibus eos eius facilis ratione quod.