JimSauce

So I got into Columbia and have to pay 27k per year. I also got into UFlorida (in-state) and would be going for free. I plan to major in Computer Science.

The most my mother can pay is 10k a year, and assuming I contribute 3-4k a year through work, BEST case scenario I'd be left with about 50k in loans upon graduation. No telling how much interest will raise that 50k.

I'm leaning towards UF, simply because the thought of paying back 50-60k for DECADES after I graduate makes me sick. (My mother's 54, makes 110k per year, and is STILL paying back her loans. I don't want to be that.) But then again, I love everything about Columbia, and not just for my 4 years there: the alumni network, job prospects, and how much an enriching Ivy league education--along with the Core--will change the rest of my life (do I sound corny and cliché yet?).

My question is, how much would you value that Columbia education? Some would call it "priceless", but seriously: is it working sinking myself 50, 60, 70k in debt? Even with the awesome job prospects?

I'm totally considering transferring after 1-2 years to Columbia (or some other school).

Just want to hear your opinions.

Kdog044

Sorry, no school is worth that kind of debt for UG.

floridadad55

I would definitely go with Columbia.

It is not even a close decision.

You will be working for 40 years after you graduate, so if you "amortize" that 50K over your working life, it is really not that much money.

No doubt Columbia offers much better internship possibilities too, being in a city filled with corporate headquarters, and being the top school in that city.

My son got into UF. If he had gotten into Columbia, we would have jumped at the chance, even if we had to borrow $200,000.

Down here in Florida, I think UF tends to be over-rated. I am not sure it has that great a reputation outside of Florida.

But in any case, Columbia is a great opportunity, and I think it would be foolish to pass it up.

When a top company interviews for job candidates, who do you think they are more likely to hire----the UF grad or the Columbia grad?

Columbia is reknowned internationally.

The leaders of foreign countries send their kids to Columbia.

oldfort

Columbia would be my choice. You would have better opportunity in getting internships in NYC, with higher salary. A lot of people on CC like to advise not to have more loans than the first year salary. I think coming out of Columbia with a CS degree, you could very easily make over 60K. You will have that degree rest of your life. People take out loans to buy 60K car, and it is depreciated over 5 years.

Kdog044

Ouch, what kind of cars are you buying.

oldfort

BMW X5, nothing fancy.

PizzaFatFace

if you really like Columbia and feel that you will take advantage of the opportunities there, such as the core, you should go there. 50K isn't that bad ~ $250-300/mo. . . .esp. with a high paying computer science job.

Kdog044

I'm sorry but I still think that is too much. The bottom line is it's costing $108,000 for that degree. Granted, you may be able to limit your loans to $50K but your parents are paying another $40K and you will need to earn another $18K working during your 4 years. I don't believe any school is worth that cost.

Kdog044

You need to recalculate that unless you are planning on paying over 20 years or more. Assuming you had no interest accumulating during the 4 years (which obviously is impossible) it would be close to $450/month for 15 years to pay that off.

oldfort

kdog044 - that is your personal view. We paid 200K for D1's college education, and we will be paying 250K for D2 in the next four years. We also paid 30K+/yr for each of them from K-12. OP is getting a deal to be able to get a Columbia degree by going into debt for 60K. D1 is employed, and making 6 figures first year out of college. She wouldn't have been able to get that job by going to our state school.

FooMonChew

Keep in mind half the responders on this thread are paying to send there kiddios to Ivy or other expensive privates. You know that sayiing...misery loves company... so they're going to encourage the expensive route.

Go to UF for free, get great grades then go to grad school (for free) to get a "name diploma".

BTW columbia isn't a computer science powerhouse.

poetgrl

Generally, I"m on the don't take out too much debt side of this debate, but I think what you will get from going to columbia, not just the education, but the location, for someone your age, is worth it. It's not like you want to go and teach high school english. I honestly think, given your interests? I would go to Columbia.

I say that's a buy.

jvtDad

A more practical matter to consider: Can your parents or someone cosign you for $60K or whatever the total loan amount is? Make sure you have that checked out because, for example, if your parents' credit worthiness is $40K, how do you cover the rest? On your own you're limited to 5500 the first year and a meager increase thereafter.

oldfort

I also do not believe people should take out too much debt to go to college, but for 60K, that's a no brainer.

Kdog044

Spoken by someone who paid $200K and $250K for their kids.