Worth taking on debt to attend a good university?

[Connemara]

Alright so here is my situation. I hope I don't come off too douchebaggy, but that's just wishful thinking.

I've been accepted at Ohio State, Michigan State, probably UMaryland, most definitely UAlbany and UBuffalo, and almost positively not Northwestern.

I currently attend an underfunded, unknown and all-around crappy state school in New York. There are some bright lights among the faculty but, this being SUNY, no single university is a flagship and thus no single university has the ability to attract big names in a variety of fields. Truth be told, I do not like the SUNY system. Of all U.S. state university systems, it is a top contender for "Most Red Tape and Unnecessary Bureaucracy." The state legislature seems content with consigning SUNY to the mediocrity bin and few are saying much about it. If Rockefeller were alive today, I think he would be horrified by the stagnation of his prized system.

I can ***** and moan all I want, but the fact remains that my parents pay all of my tuition/fees. We've spoken extensively about attending a different (and generally speaking more expensive) university. Being parents, they are sort of irrational about it...plenty of "You should be close to home," "Why leave the state," etc. This is after they promised I could attend a different school after 2 years at a SUNY; that is sort of the reason I chose my current college in the first place.

Let's get to the point: I have an opportunity to study at top 20 (Maryland, Ohio State) public universities and, possibly, one of the better private schools in the country. My parents have made it clear that they don't want to spend much more than the yearly SUNY tuition (which is indeed very cheap--about $15K). So the question is: would it be worth it to saddle myself with $25-30K in debt, or should I just stick with what I've got?

 

[dopey]

Originally Posted by Connemara

Alright so here is my situation. I hope I don't come off too douchebaggy, but that's just wishful thinking. I've been accepted at Ohio State, Michigan State, probably UMaryland, most definitely UAlbany and UBuffalo, and almost positively not Northwestern. I currently attend an underfunded, unknown and all-around crappy state school in New York. There are some bright lights among the faculty but, this being SUNY, no single university is a flagship and thus no single university has the ability to attract big names in a variety of fields. Truth be told, I do not like the SUNY system. Of all U.S. state university systems, it is a top contender for "Most Red Tape and Unnecessary Bureaucracy." The state legislature seems content with consigning SUNY to the mediocrity bin and few are saying much about it. If Rockefeller were alive today, I think he would be horrified by the stagnation of his prized system. I can ***** and moan all I want, but the fact remains that my parents pay all of my tuition/fees. We've spoken extensively about attending a different (and generally speaking more expensive) university. Being parents, they are sort of irrational about it...plenty of "You should be close to home," "Why leave the state," etc. This is after they promised I could attend a different school after 2 years at a SUNY; that is sort of the reason I chose my current college in the first place. Let's get to the point: I have an opportunity to study at top 20 (Maryland, Ohio State) public universities and, possibly, one of the better private schools in the country. My parents have made it clear that they don't want to spend much more than the yearly SUNY tuition (which is indeed very cheap--about $15K). So the question is: would it be worth it to saddle myself with $25-30K in debt, or should I just stick with what I've got?
Yes it is, but get your money's worth. My suggestion is take a year off to grow up. Get a job where there are consequences to not showing up or for not getting the job done. I am not being condescending - my brother and sister both did this and I regret that I did not. When you go back to school your approach will be the better for the added maturity and you will get much much more out of it. There is no substitute for an education and you should get the best available to you at whatever cost. The money spent will be repaid in spades.

 

[lawyerdad]

Dopey gives good advice. Obviously, everyone's experience is different. But you don't want to spend the rest of your life feeling that you shortchanged yourself on your college experience.

And honestly, as staggering as that amount may seem now, $25-30k amortized over however many years one carries student loans is not that much in the big picture.

I would look at this mostly in non-economic terms, but if going to a "better" school increasing your post-graduate earning potential by, say, 5-10%, you easily come out ahead.

 

[Pedantic Turkey]

It depends on what your major is and what your plans are after college.

 

[Connemara]

Originally Posted by lawyerdad

Dopey gives good advice. Obviously, everyone's experience is different. But you don't want to spend the rest of your life feeling that you shortchanged yourself on your college experience. And honestly, as staggering as that amount may seem now, $25-30k amortized over however many years one carries student loans is not that much in the big picture. I would look at this mostly in non-economic terms, but if going to a "better" school increasing your post-graduate earning potential by, say, 5-10%, you easily come out ahead.
That's true. I think the potential alumni connections alone are worth it. OSU and Maryland both have huge alumni networks...I mean, you've got graduates in pretty much every possible profession.

 

[Huntsman]

I have $60k, then again I make that a year, and I wouldn't if I didn't go where I went. But I did think it was kind of a waste. It's a millstone about my neck. In the time it will take me to pay it off (5 yrs at 1.25k/month), I would be up to this salary level having gone to a lower school. The debt also kills my chances to go and do something else with my life.

So therefore, be sure of what you expect to make when you get out, and that the school is going to make it worth your while to get that money. OR, that you love what you do sooo much. Because I don't think the maney (short of MD/JD) is enough to compensate.

~ Huntsman

 

[Piobaire]

What is your undergrad? What are your plans after undergrad? If you are just getting a degree as a condition of inheriting, stay where you are and just get a degree. If your goal is to make a living, I would vote for a better school, but like Dopey says, after a year or two of the real world. I took off five years between high school and undergrad, and I think I was much better for it. It certainly made me know what life would be like if I failed at university. Helluva motivation.

 

[CTGuy]

The answer, as is with many things, is that it depends. For undergrad I think you need to keep in mind how much debt you plan to take on, what are your future career plans, etc.

I think if you are planning on going to Maryland or OSU you are obviously looking at 40k instead of 100k and I think that in that case it is likely worth the cost, plus you are already a few years into school.

 

[vc2000]

I'd assume we are talking about undergrad school here? Increasingly I think undergrad is a mere setup for graduate school. If you can stay where you are at and get a good undergrad GPA and score well on the test you'll be fine - you might actually do better then going to a top 20 school. I think it is the last school that you attend that matters most...and only for your first job or where you get placed. Beyond that it is really how hard you work and if you have a passion for your field. I've seen lots of grads of the "good" schools go into fields where they felt they could make $ without passion that end up rather lacking in the end.

Beyond that investing in yourself via education is the best investment you'll ever make so if you have to go into debt to do it - do it. I'd spend the money on grad school though.

 

[bdeuce22]

I would base your decision off of what you want to go into. Each university has programs that are nationally ranked. What type of major you want to pursue should be the deciding factor. another aspect that really should factor in is the off-campus life. in my opinion, nothing beats a large university. all my life i went to small private schools and during high school i decided to attend a large public university and loved every second of it. there seems to be more opportunities at larger schools (bigger job fairs, more well known companies recruiting etc.). Like someone else mentioned the alumni base is so widespread all over the country which really helps in a job hunt. -add- i agree with the above, it depends on if you are going to graduate school, primarily law or b-school. if you are thinking of either of these and want to only put yourself in x-amount of debt, then choose the cheaper undergrad and pick a higher end grad school. i have friends who are going into the interview process for jobs after law school and they have stated that no one has asked about undergrad. my vote is for my alma mater - Michigan State. you won't be disappointed.

 

[lawyerdad]

Originally Posted by Piobaire

What is your undergrad? What are your plans after undergrad? If you are just getting a degree as a condition of inheriting, stay where you are and just get a degree. If your goal is to make a living, I would vote for a better school, but like Dopey says, after a year or two of the real world. I took off five years between high school and undergrad, and I think I was much better for it. It certainly made me know what life would be like if I failed at university. Helluva motivation.

So as far as taking time off, the question is whether or not you want to be Piobaire in 15-20 years.

 

[Piobaire]

Originally Posted by lawyerdad

So as far as taking time off, the question is whether or not you want to be Piobaire in 15-20 years.

Aye, I am quite a disappointment to my mother.

 

[Connemara]

Originally Posted by Piobaire

What is your undergrad? What are your plans after undergrad? If you are just getting a degree as a condition of inheriting, stay where you are and just get a degree. If your goal is to make a living, I would vote for a better school, but like Dopey says, after a year or two of the real world. I took off five years between high school and undergrad, and I think I was much better for it. It certainly made me know what life would be like if I failed at university. Helluva motivation.
Well, it's not like I'm going to inherit $70 million. There will probably be a nice chunk of change left over for me when my parents pass away, but I doubt it'd be a life-changing sum. I'd like to eventually get into government relations/affairs.

 

[gvibes]

Originally Posted by Connemara

I've been accepted at Ohio State, Michigan State, probably UMaryland, most definitely UAlbany and UBuffalo,
Don't know about the others, but I wouldn't take on debt to attend OSU or MSU over even a real crappy state school.

 

[Connemara]

Originally Posted by gvibes

Don't know about the others, but I wouldn't take on debt to attend OSU or MSU over even a real crappy state school.
Are you a Michigan alum?