College choices-Academic

[isucyfan]

Here's something I have been wrestling with that I know the smart folks at CF will bring clarity to for me:

My son is a HS Jr. and is fortunate to have become a National Merit Finalist. There are a few schools in the country who give full ride scholarships for being a NMF. But, these are less-prestigious schools (Texas Tech, Florida State, Florida, etc.) and, of course, he would have to go far away for college (which he is prepared to do).

Another option is trying to get into a more prestigious school and get grants/scholarships that will knock the cost down, but will still likely be $15,000-20,000 a year to attend. This might result in a higher starting salary upon graduation, which would make it easier to pay off the debt.

Obviously, it is his choice to make, but I am wondering what you think the best path may be based on your experiences. At this point, he is undecided on a major.

 

[Gonzo]

If you can get his college paid for through his academic merit, and you're all ok with him attending a good school that's a little farther from home, that's a no brainer in my opinion. What's his field of study going to be?

 

[isucyfan]

If you can get his college paid for through his academic merit, and you're all ok with him attending a good school that's a little farther from home, that's a no brainer in my opinion. What's his field of study going to be?

He's not sure yet on a major, but it is likely to be something in math/science.

 

[BWRhasnoAC]

You can get the same education at any school. It's on the student to find their knowledge. Take the full ride.

 

[Rabbuk]

Here's something I have been wrestling with that I know the smart folks at CF will bring clarity to for me:

My son is a HS Jr. and is fortunate to have become a National Merit Finalist. There are a few schools in the country who give full ride scholarships for being a NMF. But, these are less-prestigious schools (Texas Tech, Florida State, Florida, etc.) and, of course, he would have to go far away for college (which he is prepared to do).

Another option is trying to get into a more prestigious school and get grants/scholarships that will knock the cost down, but will still likely be $15,000-20,000 a year to attend. This might result in a higher starting salary upon graduation, which would make it easier to pay off the debt.

Obviously, it is his choice to make, but I am wondering what you think the best path may be based on your experiences. At this point, he is undecided on a major.

I was a national merit scholar and my view is unless he is trying to go to a top law, medical, or mba program he should probably take the full ride.

 

[Dopey]

Unless the undergrad is like Harvard or Stanford... Take the free ride. Save up money for a top notch graduate degree, if he wants.

 

[Gonzo]

He's not sure yet on a major, but it is likely to be something in math/science.

I think the notion that a prestigious name on your degree automatically delivers bigger opportunities and gobs more earning power is overblown. Obviously if you want to work in NYC at a Goldman Sachs then having an Ivy education will open those doors wider than others. But if he goes to a respected public university like a Florida and graduates at/near the top of his class and forms solid professional/industry connections through internships and faculty, he'll be setting himself up very nicely. I'm sure others will feel differently, but those "prestigious" schools bring equally prestigious pricetags and there's no guarantee he'll get loads of institutional scholarships because pretty much all of the students applying there are going to be high achievers, competition will be tough. You'll also want to think about grad school, if that's a direction he'd want to go. It would make a lot of sense to get a respected undergraduate degree from a good school, set himself apart there, and do it free of charge, and then looking at a grad program at one of those more elite schools. In that situation, if he kicks a$$ as an undergrad, he'd be in a position to earn grad schollies and fellowships that would help offset those costs.

Also, congrats.

 

[BCClone]

He's not sure yet on a major, but it is likely to be something in math/science.

I would go through the process and determine which schools he had interest in and align with his area of study/studies. It doesn’t hurt to have two finalists. One that is what gives the free ride for national merit, and the other that he feels is the best fit (if it’s the same one, better yet). Then go see what the best fit will give for aid and then compare that price to the other. If it turns out to be a couple grand a year and the college is closer to home, travel costs may offset that or may be worth a grand a semester to be able to come home for long weekends.

 

[cycloneman003]

Graduating debt free give you such a huge leg up on starting your adult life it's insane. I'd take the full ride at a good institution vs. $60-80k debt elsewhere.

 

[CascadeClone]

Gonzo is right on about a higher salary due to a "prestige" school. I don't think that is really a thing in the math/science arena, or at least very much.

An BC said about the same thing I was going to say. Pick schools first, then evaluate costs second.

I'm helping my sister with her oldest. He just checked out Minny and is touring ISU in a couple weeks. Likely Comp Sci major, super smart, but he is on the spectrum. Fit will be 110% most important for him.

 

[Sigmapolis]

Admissions selectivity has little/no correlation with earnings for graduates.

https://www.aei.org/research-produc...re-selective-college-equal-a-bigger-paycheck/

Only a four-page PDF. Worth reading for everybody.

The reason "prestige" schools seem to have better outcomes is not because their graduates do better than the graduates of, say, Iowa State, it is because their admitted students are more likely to graduate.

Assuming that you are going to graduate, then where from matters very little.

I will also note this report does not attempt to adjust for regional cost-of-living -- most "prestige" graduates are probably in high-cost metropolitan areas on either coast or their associated states. Graduates of less prestigious institutions tend to live in lower-cost cities or in the interior of the country with cheaper housing.

Include that, and I bet even the (very) modest premium of prestige graduates vaporizes.

Congratulations to your son, @isucyfan, but I concur with the advice others are giving here -- the important things are to pick a school where your son is most likely to graduate and to minimize costs. I made it through 5.5 years of ISU on less than $20,000 the whole way through, and that has made my life since much easier.

 

[keepngoal]

Congrats, and what a time for you and your son!

There is benefit to attending a prestigious school, as the lifelong access to those communities and classmates can be very rewarding. And school debt isn't all bad, its just the balance upon finishing up school that matters. My suggestion is budget out what you are willing to accept for college debt, and then look at the option of a prestigious school. IMO, there is value (and is my preference) in hiring a Drake Law grad over an UofI Law grad and paying more for that service.

If grad school is the target or need, the full-ride may be the better route with an eye on where to go post-grad.

My lean is the quality of the school versus the quantity of the savings.

Also, there is no wrong answer, instead simply one answer is the better fit.

 

[discydisc]

If I could go tell my 16-17 year old self something it would be to get my Bachelors in engineering whether it be Electrical, Mechanical, Chemical or otherwise. If he has an interest in science it will open just about every door to him post graduation with a nice floor salary starting out of school. Also, learn to code, learn to code, learn to code.

 

[intrepid27]

I've been an Executive recruiter for 18 years and can honestly say I've NEVER had a candidate get, or not get, a job offer based on what school they went to. If it is a very technical role like a chemist or plant breeder, there may be a few schools that will help get an interview but that is as far as it goes. I'd even go as far as saying your major is typically not that important as long as it is in a similar field.

There are a lot of jobs that companies may require a certain degree depending on the role. MBA's are also very much sough after in todays workforce.

Disclaimer- most of my experience is with mid-senior level roles but I don't think is is much different for entry level jobs.

 

[TexCyted]

ISU used to offer full tuition for Merit Finalists, is that not the case anymore?

 

[isucyfan]

ISU used to offer full tuition for Merit Finalists, is that not the case anymore?

I believe it is for in-state students only, and we are in Minnesota.

 

[Sigmapolis]

If I could go tell my 16-17 year old self something it would be to get my Bachelors in engineering whether it be Electrical, Mechanical, Chemical or otherwise. If he has an interest in science it will open just about every door to him post graduation with a nice floor salary starting out of school. Also, learn to code, learn to code, learn to code.

I have always said if I could do it again I would have went for an economics or statistics Ph.D. after an economic, statistics, or mathematics undergraduate. But oh well, it worked out just fine on its own in the end.

I've been an Executive recruiter for 18 years and can honestly say I've NEVER had a candidate get, or not get, a job offer based on what school they went to. If it is a very technical role like a chemist or plant breeder, there may be a few schools that will help get an interview but that is as far as it goes. I'd even go as far as saying your major is typically not that important as long as it is in a similar field.

There are a lot of jobs that companies may require a certain degree depending on the role. MBA's are also very much sough after in todays workforce.

Disclaimer- most of my experience is with mid-senior level roles but I don't think is is much different for entry level jobs.

We look at where you graduated from for entry-level jobs -- we have always preferred flagship state schools, however, and places like Virginia, Michigan, and Ohio State are favorites. The quality of instruction and of the graduates at this institutions is just as high as anywhere else and they often come with a bit more of a salt-of-the-earth mentality in comparison to those coming out of private schools and the Ivys. I've known some great Ivy people, and one of my favorite colleagues is a Princeton graduate, but I've known some magnificently arrogant yet idiotic ones, as well.

 

[CYTUTT]

Probably not popular, but JUCO can off-set expenses. It may not be an option.
The school is important in many ways - in regard to earning potential, but so is the environment. Find a school that fits your son, not the other way around.

I am a business and executive coach and see how people are promoted all the time. Many make no sense (based on fit). Great people will find success. Help him find passion and happiness in whatever he does.

My daughter had 2 college choices, but what was important to her success was internships (started after freshman year) and a plan B!
She is making more than her piers and she does the work at a high level. All of her grad school will be paid for by her company.

Your engagement tells me he’s gonna be fine wherever he goes. Good luck!

 

[CycloneErik]

Here's something I have been wrestling with that I know the smart folks at CF will bring clarity to for me:

My son is a HS Jr. and is fortunate to have become a National Merit Finalist. There are a few schools in the country who give full ride scholarships for being a NMF. But, these are less-prestigious schools (Texas Tech, Florida State, Florida, etc.) and, of course, he would have to go far away for college (which he is prepared to do).

Another option is trying to get into a more prestigious school and get grants/scholarships that will knock the cost down, but will still likely be $15,000-20,000 a year to attend. This might result in a higher starting salary upon graduation, which would make it easier to pay off the debt.

Obviously, it is his choice to make, but I am wondering what you think the best path may be based on your experiences. At this point, he is undecided on a major.

If the "less-prestigious schools" are schools like Texas Tech, Florida State, Florida, etc., take the free ride and run wild.

 

[DeereClone]

Based on my experience and the experience of people I know, I wouldn't pay more for a "prestigious" school unless it was Stanford or the Ivy League. Seems like having good people skills, good connections, and good internship experiences means far more in your early professional career than where your degree was from.