Will I pay back 300k in Columbia tuition?
I'm an international student looking to break into investment banking in the US who recently got admitted into Columbia for bachelors with no aid at all ($340k tuition). My (thankfully well-off) parents will loan me this. I ran my back-of-the-napkin math and if I do indeed break into bulge bracket and go through the normal salary progression, while eating ramen and cutting on alcohol - I'll probably be able to pay it back in 5 years. Is this right? Should I do this? Will I hate my life?
I also got admitted into a good non-target university in Minneapolis, MN for a full scholarship so I'm considering going there and making another (better) shot at Ivies next year aiming for full aid (since I got waitlised by 3 Ivies so I kinda have a chance next year). What should I do?
- been a long-time lurker here, this place is truly life-changing.
I would do the good non-target university in Minneapolis, MN. 300k in student debt sounds terrible haha.
columbia student here, feel free to pm if u have any questions in your decision process
Well if your parents are loaning you the money it doesn't sound that bad to go to Columbia. What're the repercussions if you don't pay?
If you put in the work you’ll have good opportunities from both schools, that being said, your likelihood to end up in a good shop is a fair bit higher at Columbia. The things Columbia will give you is:
1) more chances to screw up: it is a filter that you got into an ivy. If you screw up a bit (mess up a class, etc) firms will cut you some slack.
2) more on campus opportunities: top firms will target Columbia, that is a big opportunity
3) more alumni and networking (you are in nyc)
4) similar to #2, some opportunities that just won’t be available at other places. Not just on campus vs not, but places that will only look at certain schools
With that, the things are to consider:
1) what school do you like more or think you’ll fit in at? The people, culture, curriculum, location, etc is super important to your happiness. If you aren’t happy, it’s going to be a tough 4 years. It’s also much harder to grind through the work if you aren’t happy
2) how confident are you that you want a high paying career path? If you end up changing your mind and want to go into a different career path, you’ll take a long time to repay this debt
3) similar to #1 what do you want your experience to be like? Are there clubs you want to join? Athletics? Etc
I personally took $100k in debt to attend a target and don’t regret it. I think it was a huge advantage for me in recruiting, even later in my career. I was lucky to get into a high paying profession and have been able to pay things back quickly. But that isn’t guaranteed, just see how many people on these boards hate IB
Hi there, I have a post up between UVA and UMD for my undergrad. The cost differential is about 200k and my parents are willing to foot it. It would be reasonable I pay back 100k as they initially went in willing to pay 50 a year. Would you say the investment is worth it? The official post is on my page.
That’s a tough choice, on one hand Columbia offers some of the best chances to break into finance but you’ll kinda be locked into that path if you don’t want to spend your career trying to pay back your parents.
Are your parents really firm on you paying them back fully?
If you’re really set on IB, I’d say go for Columbia so you’ve got no regrets down the line but 340k of debt is massive though.
Columbia alum here. I graduated CC mid-2010s and figure I could offer some perspective. Note my circumstances were a bit different than yours. I am/was a US citizen and received grants covering about half of tuition, and was fortunate to have parents that footed the other half. As a high school senior, my choice came down to a semi-target flagship public university or Columbia. My family's overall bill for me to attend Columbia was slightly higher than the public school, but not significantly.
Before I say anything else, understand that applying to Ivies as a transfer student and banking on a revised financial aid package is a very bad idea. All the Ivies in principle only offer need-based scholarship assistance, some to all students (the better-endowed) and some to domestic students only (the lesser-endowed). If Columbia refused you aid, don't count on another Ivy doing so, especially if your family is wealthy. That said, here's what I would do if I were you:
1) Consider the $340k in the context of your parents' financial resources. If coming up with that money is a huge stretch for them, it may be too much of a risk. If they are worth ten million, then Columbia should be a no-brainer assuming your admission is for CC or SEAS (not GS).
2) Consider your level of confidence in pursuing a career in finance (or something else that pays well). If you feel reasonably assured of this, the cost of attendance will likely prove its worth over the span of your life and career. If you think you might go become an artist, then it's a different story.
3) Do everything possible to get off the other waitlists. Send letters, call the admissions offices, make a creative video or whatever people are doing these days. Even if you'd rather go to Columbia, there's a chance one of the other Ivies will offer you some aid that you can leverage to negotiate with Columbia's office.
I am biased as an alum. However, I must say that had I not attended Columbia, I highly doubt I would've ended up on the EB->PE track. I might not have ended up in the finance industry at all. The school opened a lot of doors for me and continues to even a ~decade later. Still, you need to make the best decision for you -- I hope this helps a bit. Congratulations on the admission. Like everything these days, it seems to get harder every year.
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