$10k for University of Maryland or $150k for NYU/Georgetown/UVA
I'm an international (african) 11th grade high school student and a US citizen. There's a possibility for me to move to the US soon, and if I do it'll most likely be to Maryland. Now I know I'm counting my chickens before they hatch, but if I were to get accepted into my dream schools (NYU/Gtown/UVA/wharton lmao), and if i were also to get accepted into UMD, which would be better.
University of Maryland has an outrageous tuition scheme so in-state students pay basically $10,000 a year, and when I used the FAFSA student aid calculator it said my household income qualifies for another $5000 in free federal aid. This is without accounting for financial aid from UMD. Now taking into consideration that I will probably receive little to no financial assistance from my family, is it worth it for me to max out my student loans, basically get a full time job and several side hustles to attend one of my dream schools (Stern/McDonough/Darden)?
umd no doubt
Make sure you will qualify for in-state at UMD. Some states have a 12-month in-state requirement or other qualifications to get in-state prices other than just "I live here right now."
I’ve done that. I do!
Assuming you are referring to the pell grant for the federal funding, if you are lower income then Georgetown and maybe UVA could turn out fairly cheap after financial aid grants. NYU is known for terrible financial aid. Generally speaking, the more prestigious schools have higher endowments and higher financial aid spending, so you could end up cheaper than a state school or even free and this is with grants so its not loans you have to pay back. I think the general rule around ivy level schools is under $65k/yr family income gets you a full ride and around $125k/yr income gets you full tuition off and theres a sliding scale above and between those ranges.
Your not adding in the fees and stuff at UMD, so its mostly going to be about 75 k at least over 4 years. I had a similar choice deciding between UMD and Ross/Stern/Cornell at 150 k. You also have to remember that when you are spending more money on something, you care more about it not going to waste so psychologically you will be more motivated and probably waste less money on miscellaneous expenses. Ended up choosing one of the latter, and I'm a first year at a BB, a lot of my friends go to UMD and just a handful break into IB ever year so just keep that in mind. I would say that an upper quartile person at one of those three targets will probably end up with MM IB while an upper quartile person at UMD will probably be at the Big 4. I think the career trajectory from just those starting points alone will close the gap pretty quickly.
Also, if you are not a U.S. Citizen, I do not think many schools provide any aid so just check that as well.
I was born in D.C. so the citizenship isn't in question. Plus I will be living off-campus with family so the only other fees I will pay are books and miscellaneous (~6k a year) Plus I took financial aid, part time jobs and side hustles into account. I was just curious if it is INDEED possible to go to a BB or at least a MM or elite boutique in DC
Not sure about the schools you listed but Ivies/other top schools now have tremendous financial aid programs. Princeton in particular has one of the lowest average costs, about 14K on average post financial aid. The better schools tend to have better endowments and as a result more financial aid to give.
Also, assuming you are black considering you said you were African in your post, there are probably a lot of external sponsorships that you can qualify for and get. I think if you are dilligent about your research/the way you target schools you can be at both a top school/not come out with excessive debt.
Can confirm that UVA promises to meet financial need. Honestly, this is a pretty premature conversation; this is best discussed when financial aid packages are received unless an Early Decision application is being considered.
honestly your right. I just wanted to get a sense of things since I'm pretty clueless of us college application etc other than rankings
I would suggest Stern or McDonough for you.
Go with the best school you can get into.
This isn't a $150k lambo that's going to start depreciating before you even leave the lot. Your school is the one thing you should invest real money into. The benefits last a lifetime: smart/driven friends, a strong base network, and just overall branding. This advice changes if you're looking into lower paying industries, but a couple hundred grand is not lot of money over a career in finance/consulting/etc.
If you get into Wharton/Stern/Georgetown, then I'd say it's worth the $150k, provided you go into a lucrative field post graduation (banking/consulting/tech). Make sure to take advantage of diversity programs to maximize your chances to end up where you want, and you'll repay that debt in no time. UMD is an attractive option because of how cheap it is, but the three schools mentioned above would significantly increase your earnings potential, which in the long run is better
Voluptatem dicta mollitia dicta eos. Molestiae nisi aut tempora sunt et deserunt quia. Corrupti et ducimus sit dignissimos inventore consequatur et. Qui sunt reiciendis quo voluptate distinctio. Ratione et fugiat accusantium hic eos esse.
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...