Penn State Honors vs IU Kelley vs UT Honors vs Umich Ross
Where would I be best off, all things considered. For reference, I am from PA so PSU would be the cheapest (~110k). IU would be ~160k, UT would be ~250k, and Umich would be a nauseating 290k.
It is worth noting that I got into the Honors college at PSU and IU, as well as Business Honors at UT
I want to break into IB, preferably in NY, and my parents can pay ~160k, so IU and PSU would mean no debt. I'm really torn between the value of not having debt versus the top-level placement at UT and especially Umich. I feel that since all of these schools are big state schools that I will have a pretty enjoyable overall experience at all of them, but I was hoping for any input on OCR and IB placement at these schools.
Also, any input on the emphasis placed on where I get my undergrad degree versus an MBA (assuming I get one) would be great.
Any response would be greatly appreciated.
How big of a financial drag will the $160k be on your parents? If you can have them fund your first 2 years at UT without feeling guilty about how it affects them, you can do random jobs on campus, which along with the sophomore and junior internships can reduce the amount of debt taken on.
While it is scary, $90k of debt for UT (plus interest but let's conservatively assume you use savings from internships and part-time jobs to pay off interest) isn't that bad.
Assuming a 10 year loan and a 5% refi, it's under $1k a month in loan payments. That's big but not big enough that you can't pay it off if you end up in a non-banking role.
I am wondering the same thing myself, but they insist that 40k/yr is what they can give me so I'm working with that. I agree with you in that 90k seems scary, but I also agree that it would probably be worth it at UT because of the Business Honors Program and the internships (and eventual job) that it can help me secure. Also, I have a lot of AP credit so I might be able to graduate in 3 or 3.5 years anyways.
$40k/yr isn't bad. You just pay more in interest but you can easily find some income to pay down the added interest from borrowing starting Freshman year. I would do UT just because it's a safe option where you're already in the honors program vs. PSU where you need to get into NLF and IU where you still need to get in the IB workshop. UMich is the best shot on a cost agnostic basis but if you're already averse to debt, UT is the happy medium that provides you target/semi-target status across the street while keeping your debt to an amount that you can handle even if you don't get a banking job, especially if you end up working in Texas, the state income tax savings can go a long way towards those student loan payments
go to psu and spend the extra money making sure you get into NLF
I'd go with IU, no debt, and grind to get into IBC and then IBW.
The placement at UT is good (recruits heavily to Houston, but I see plenty in NY) but I'm not sure it justifies 90k of debt over Kelley IBW
Graduating in 3 years is not ideal for IB. You'd want 2 internships (fresh/soph summers) to be competitive for junior summer internships. 3.5 years is an option to reduce cost.
Go to IU. Your opportunities for NYC will be better than UT Austin, and about the same as Michigan.
If you want to stay home, Penn State today is very different from Penn State 5 years ago. Today, the vast majority of students that want to go to Wall Street get there. There just aren't that many students interested, which is why placements are about 1/2 of Indiana / Michigan's numbers. If you're dead set on Qatalyst and won't work anywhere else, Penn State probably isn't the place for you. If you're fine going to any BB, you'll do just fine staying home.
Btw, did you include the Schreyer money in your PSU cost calculation? 110 seems a little high for in-state honors.
delusional to think IU is close to Michigan
Agreed, and really concerned about the above take on IU vs. Schreyer. Won't comment on UT or UM, but between Kelley and Schreyer, Schreyer is the clear choice. Either way, you're going to have to work to get into IB workshop / NLF, but at the end of the day you're a lot better off with a Schreyer degree, and the PSU Wall Street alumni network is as tight as Kelley's. Agree with a comment above that Schreyer should be cheaper than 110k if you're in PA, but could be wrong.
None of us have crystal balls into the exact placement numbers for any school, which themselves fluctuate year to year. Anything being put into this thread is just roughly based on what we've seen.
Feel free to describe for the guy any opportunities he would have at Michigan that he wouldn't have at Indiana.
If you're deadset on doing IB in NY then I wouldn't go with UT for that price. Honors program doesn't really matter for recruiting and there are only 10-12 non-diversity spots in NY. At that point, you might as well shell out the extra 40k and go to Mich where you have a much better shot at NY.
Go to UT and establish in-state residence and you'll get in-state tuition. UT grad here and know many kids that did this, then UT will be the obvious choice with the value of BHP.
Wait this is a thing...so most kids out-of state just pay in-state tuition? Most state schools don't do this. That saves over 100k for most students.
Yes its a thing, loop hole for lots of OOS students. Don't know the exact details but have personally known many that have done this.
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How are you planning to get in state tuition? Buying real estate is not an option for us right now so I need to find another way to afford BHP.
Penn State student talking here, I was also accepted to better schools and chose to go here and ended up in the honors college so I was probably in the most similar situation that you're in now. I chose PSU because of the opportunities and price that you're getting it at, it is 100% not necessary (but certainly helpful) to join the NLF. I am a sophomore not in the NLF and received 3 BB offers for 2021 SA, it takes a lot of work but it's certainly possible to succeed at PSU and is by far your cheapest option.
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