Picking the right school...

3anddone · 09-24-2012, 09:44 AM

Would love some input on helping my son pick the correct school. He has applied and been accepted at a few schools ranked in the 50-110 range that have given him decent merit aid. He is also applying to several top tier schools that if he gets in won't qualify for any merit aid and we won't qualify for other types of aid. So here is the question, take the money and go for the lower ranked school or empty the bank on a top tier school. Thoughts...

Chucktown · 09-24-2012, 09:59 AM

What are you gauging your rankings on? General college, or actual engineering rankings? Maybe list the schools.

I would say, as long as they have a good recruiting program set up (ie research their career fair and career services dept) and they are ABET, the best bet would be to come out with as little debt as possible.

TaciturnType · 09-24-2012, 11:43 AM

Is this for freshman acceptance? I didn't know they even released decisions this early. The ED/EA deadlines are normally November 1st.

Regardless, many people suggest that the debt the student takes on should be no more than half his first year's salary. This can be difficult to predict because tuition increases over your 4 years, and the location and your choice of field/major can impact your starting salary.

Many of the top-tier schools offer very generous financial aid because of their large endowments. This often makes them just as financially affordable as the ones where your receive merit aid and thus worth attending. Even if not, many people argue the 40-50K is worth is for a top-5 school. Outside of that there's some gray areas, particularly in the private/OOS publics ranking 20-50. These are often viewed as not worth the 30-40K over going to an in-state public, or a school where you receive considerable merit aid.

Try and choose an amount you would feel comfortable paying. If your son wants to go to a school outside the top 5-10 and take on more than 30K in debt, I would be very cautious. It can be worth it if it's what he really wants, but just make sure he understands how it will affect him.

Lastly, Don't worry too much about how much aid you'll receive now, because there's no real way of knowing until they release the information. You'll generally have at least a month after you receive decisions from the top-tier schools, so compare the exact numbers then.

Gettalife · 09-24-2012, 04:52 PM

Not sure what top tier means to you or what success means to you. Some people focus on yield (payback). For those there is some data though it is pretty fuzzy and one can poke all kinds of holes in it...

And agree with TaciturnType re: top schools providing some generous fin aid, though there is still a fair gap especially against most in-state costs (which are also rising due to the states fin challenges)

Smart Money Payback Survey
Colleges That Help Grads Get Top Salaries - SmartMoney.com

Payscale College Salary Report
Best Engineering Colleges By Salary Potential

WSJ Salary Increase Data (circa 2008?)
WSJ.com

OperaDad · 09-24-2012, 05:09 PM

It also depends upon his major. The school may be known for a particular field of engineering.

Does he have to decide now? You may be pleasantly surprised with an aid package from a better ranked school. Always compare net cost (excluding loans).

eyemgh · 09-25-2012, 01:50 AM

Keep in mind that if you are using US News and World Report's ranking that it is based on one criteria only, institutional reputation. You should log in and read the methodology before putting much emphasis on their engineering numbers.

I will be facing this exact decision next year and have decided that the rankings are relatively meaningless. Based simply on the number of students alone, there will be great differences in experiences. The rankings don't take this into account. Indeed, they don't take anything into account.

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OperaDad · 09-25-2012, 07:25 AM

Not enough information. Why decide today something you can put off until tomorrow. At a minimum, continue to apply, and see what Financial Aid package you get. Then post:

1) What are the two or three schools that are finalists, and what is the net cost to attend (excluding loans).

2) Any idea what field of engineering? Some lower ranked schools are highly ranked for a particular field.

3) How badly would it hurt you financially to attend the more expensive school.

Having the info may allow you play off one school with another. For example College 100 (#100 ranked college) may have a net COA of $10,000/yr, and College 75 costs $20,000. You can tell College 75 that you would love to attend, but the additional cost is a problem. Could they review the Financial Aid package again.

TaciturnType · 09-25-2012, 07:51 PM

Quote:

I will be facing this exact decision next year and have decided that the rankings are relatively meaningless. Based simply on the number of students alone, there will be great differences in experiences. The rankings don't take this into account. Indeed, they don't take anything into account.

As critical of USNews ranking as I am, I really hope that you don't think like this when applying. Certainly a single rank for each college isn't enough to make your decision, but it will help you narrow down your lists of schools.

When you're looking at the list of hundreds of US engineering colleges/universities, it's really pretty unfeasible to go through each of their website's separately and try and gain what you believe is a "balanced" account of the program. That doesn't mean you shouldn't visit each program individually when rounding down to your final application choices and after being accepted, but you do not some guidance as to what 10 or so schools are best to apply to for your interests.