No Debt from Non-Target vs Debt from Target School
I'm a senior in HS just looking for some input on my choices for UG. I'm set on majoring in accounting/finance, but I'm undecided on what exactly I'd like to do career wise. Once I start college I'll begin to have a clearer picture of my professional aspirations, but for now I'm thinking of a career in a. public accounting, b.corporate law, c. IB. Obviously very different career paths, but all interest me at the moment. Once again, actually starting college should allow me to rule out some of these options.
So as someone who is not 100% committed to going into IB, I would like some input on where to go for UG. My options are:
Rutgers - I'm in-state and will likely earn a lot of merit, should allow me to graduate with little debt. Sets me up well for Big4 or grad school. A non-target for IB but there are a few each year that manage FO roles, especially through their workshop programs/groups (RTWS, LIBOR). Though I haven't heard back yet, I might get into the Honors College with my stats, but I doubt that means much.
Kelley - Should get nice merit here as well. Really good for Big4. Would set me up nicely for grad school because the debt burden would be relatively low. Trust me, I know Kelley overall is not a target for BB IB, but the IBW sets kids up pretty nicely for most banks. I plan on working my tail off regardless of where I go (easier said than done), so I definitely will try for that if I decide I want to go into IB. Once again, debt burden shouldn't be awful.
Everywhere else - I didn’t apply anywhere ED, so the rest of my decisions are yet to come out. I applied to a few targets (NYU, Cornell), and some non-target yet respectable privates (Lehigh, Bucknell, etc). It's a crapshoot but assuming I get into a top target, the debt burden would be massive. My family makes too much for substantial financial aid, but our situation is complicated and we can't afford a 60k tuition. Yes, Cornell is known for decent aid even for middle class families, but we are just above the tier that qualifies for that kind of aid. Obviously, a target would set me up well for IB, but if I decide to not go down that road, I would be financially screwed. Unless I get merit or the financial aid office blesses me, I'm imagining debt north of at least 150k
Personally, I'm thinking either Rutgers or IU. If I was sure of going into IB, I would rethink this but from a financial perspective I can't justify going to a target school. The debt is crippling.
If I end up wanting to do IB there are opportunities at both schools. Indiana fares better with the IBW. Rutgers has their programs, though they aren't exceptional. I suppose I could always transfer to a target if I feel it would benefit me.
So is a target worth the amount of debt I’m describing? If anyone has any input, that would be great. Also I appreciate if you've read this wall of text.
Thanks a ton.
Personally, my thoughts:
Ivies (assuming Cornell AEM) = Ross/Stern + $80k = Kelley/Lehigh + $170k = Rutgers/Bucknell + $240k
Don't pay a ton for a non-target and make sure you go somewhere you will enjoy without regrets
In my opinion debt of 40k or more is not worth it, especially since you can get all your career paths with going to IU or Rutgers. But don't sweat it, decide once you have all the information available to you.
Thanks for the input, I agree with you. And when you said 40k, do you mean total cost or 40k per year?
40k total. I think it's a good amount because you can pay it back within 1-2 years of banking, then start saving for grad school or retirement.
However, I am European so much more conservative when it comes to debt.
Go to a target. Ignore the coping non-targets
Thanks for the input. But just to mention again, I said I was not 100% set on IB. If I go to a target and take out 300k in loans, just to realize I don't want to do IB, that puts me in a pretty bad position. Thanks for the perspective though.
300k in loans wtf hell no, and I was worried about taking 30-40k for Ivey
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A target would certainly help regardless of my career goals. Here’s the problem: both my targets will probably cost me 200k+. I don’t mean to disagree for the sake of it, just wondering whether you think that kind of debt burden is worth it.
And for grad school, I definitely would hate to spend 200k on my UG just to spend even more on further education.
I appreciate the response though.
For Big4 or Law Rutgers is fine (law is more about getting a high GPA/LSAT). If you are set on IB, a semi target or target is worth it.
You make some very good points .I feel like if it is Cornell the debt is worth it because an ivy is an ivy at the end of the day even if you are not dead set on IB .You can get into corporate law from any college assuming you have a good gap and Lsat score and accounting is feasible from all of these schools .So in my opinion if its Cornell take it an ivy can never hurt but as for the other schools especially without aid i do not think it is the wisest choice but this is really something you should be deciding once you have gotten all your decisions back.
Yeah, I will definitely focus in on it when I actually have my decisions back. I tend to worry about things ahead of time lol. Thanks for the advice.
same not gonna lie to you the amount of research i have done on this stuff is crazy and I am still in highschool.
If you get Cornell or NYU-Stern, take on the debt. These schools will open a lot of doors and are well worth it. Don’t do it for the other schools on your list
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