Simply stated: You cannot afford to attend Emory University if more than $80,000 in loans is needed to afford the total COA over 4 years.
Much better to focus on academics than to worry about student loans.
Find an affordable school. Try for IB if still interested, but also consider other early careers such as consulting and advisory or other finance related jobs. There are dozens of consulting firms which are great starts to one’s professional life. Big 4 accounting firms offer a variety of options for those interested in financial careers and/or consulting.
Trading and Derivatives roles are HARDER to get than I-banking, not easier.
The low “barrier to entry” jobs at financial institutions tend to fall on the retail side of the house-- or small business. Not the super-charged roles using the investment vehicles targeted to large institutions.
It might be possible for you to start at a cheaper school and transfer to a target or semi-target later to cut down on your loan amount. I spoke with someone at my school recently (another IB semi-target) and he did 2 years at his local community college before coming to our school. He interned at Goldman Sachs this summer and will return full-time after graduation. You will have to work really hard to network, especially to get your first internship, but this could be a possible strategy.
At this point, I’m 90% sure I’m not going to be EDing to Emory. I really don’t want my parents to take that amount in loans even though they’re offering to do so and I do want to go.
For those concerned: I know IB, trading, derivatives, etc. is hard to break into but I’m a flexible (and ambitious) person. Hopefully, that will help me out. If it doesn’t, I’m not going to break down. I might be older if I do get in – that’s OK. Maybe I’ll go into a less competitive or tech-y area in finance – that’s OK.
I submitted my RD application a couple months ago so we’ll see. I will be speaking to my parents to see if there’s a way to liquidate the assets feasibly without taking loans. Thankfully, I have a week to confirm my choice.
I do like what @Ae1231 suggested with transferring and my parents and I discussed that idea last night.
I suspect I will be getting a response back from a business school so I’ll update with that and whatever else I get by the end of the month. I do have a physics test so I have to focus on studying for that but I’ll check if people have any suggestions/ideas. Thank you!!
Did you apply to any less costly schools, or ones where you might get merit aid?
Kelley at Indiana is less costly than the elite schools but is an excellent business school.
Southern Methodist University is one that is costly, but you could get merit aid there if you are a strong applicant. While it’s not a direct feeder to NYC I Banking, there is plenty of finance work in the Dallas Fort Worth area.
Yes, I have. Received super generous aid from Binghamton that cuts it down to the in-state cost. UConn and Rutgers are likely. I have applied to privates where my GPA is substantially higher than the average accepted from my school, so some of them might work out.
Unfortunately, I’d prefer to stay close to my family, and they feel the same way about me being far away. I’m focusing on the NYC metropolitan area, Boston, and Philly. I had to push hard just to look at Emory and University of Georgia because they’d never heard about them and it’s a plane flight away. In the Southwest, I’ve only applied to UT Austin and Texas A&M, but given the out-of-state admissions chances and both of the university’s history with my school, it’s unlikely to happen.
I don’t want to be definitive – only for me to be wrong – but based on school history, 90% get accepted into Indiana University and I’m on the highest of GPAs so I could possibly get merit…but it’s very last minute.
I’ve also applied to some well-known state schools with a large New England/North east student population. While those options aren’t the cheapest, they’re still solid choices and I think my parents wouldn’t mind paying for them. Obviously won’t be getting merit aid at UMich but some of them are a tossup.
The good news is that I can commute to NYC schools (about 1–1.5 hours from where I’m at), which would make housing and food more affordable, keeping the total cost at or under $50k-60k from school to school.
I get wanting to stay by home. But if you were willing to go to Atlanta or Austin, then ASU is now on that second tier target list. They have the IBIS program. It can be high 30s to low 50s cost wise. Their NPC will take your stats and tell you.
I wouldn’t suggest you leave your family but since you suggested Atlanta and Austin. A plane ride is a plane ride whether Austin or Phoenix, etc. .
Is that an each way commute? I would very seriously reconsider doing that if so. Also, apart from the time aspect, how would living that far way from school affect your social activities with people at college?
I live in Connecticut and for years watched a high percent of our top graduates head off to UConn every year. I always wondered why. Recently I asked one of our school administrators why and was told that UConn offers a number of academic scholarships for top students, which makes it hard for them to say no.
Have you looked at the scholarship opportunities at UConn to see if you are a fit for any of them? Your high school guidance counselor may be able to help with this.
The best outcome for any student coming out of college is to be debt free. It’s more important to have a great 50 years ahead of you after college than to have a great 4 years in college. You’ve received some great advice here.
We live 10 miles west of port authority, midtown is easily an hour commute, my daughter is looking for a Brooklyn sublease in march because it’s more line 2 hours (34 miles).
I have applied for one of the full scholarships. I haven’t gotten a response and according to past forums here, if you advance you called for an interview in December. It’s been dead silent so I’m guessing I didn’t get it. Hoping something comes out of it (partial merit at least) since it all releases in early March.
My parents are opposed anything far (plane ride) outside of big names (In fact, my mom didn’t want me to apply to A&M or Austin until she heard it from her friends) and it wasn’t particularly on my radar as it’s not culturally what I was looking for. I was able to convince them for the University of Georgia so maybe I’ll be able to…I’ll show them tonight and if they dismiss it, I’ll just apply and pay the application fee on my own without saying much.
SMU has a fabulous finance program and provides generous merit. There is an honors program, I forgot what it is called, where you rotate through the big bank offices in Dallas. The IB placement is fabulous. But- I have a kid going through the process of getting into an IB training program now ( he is a sophomore and applications just opened for the programs post junior year) and I will tell you that the best thing you can do in any school you go to is get into the wallstreet club as a freshman. That is where all the opportunities are, at any school. Also - maybe I am wrong, but I don’t think emory is known for finance? My son is at a similar school, also not really known for finance, and he is still doing ok with finding opportunities.
I have read this whole thread and I’m confused about a few things.
OP, why did you want Emory in the first place when it’s not really a big IB feeder school (it’s known for premed!) yet costs roughly the same as Stern or Wharton? Why are you even applying to UGA when, again, it’s not going to put you on a pipeline to IB nor is it the most cost effective option?
I would not advise ED2ing anywhere when it seems important that your family be able to compare financial offers. To clarify, you did apply ED1 somewhere and were not accepted?
If you want northeast, maybe try for merit at a second tier LAC if those deadlines haven’t passed yet? Or if you’re truly set on IB: you are doing yourself a disservice by not applying to SMU and IU Kelly, as they have good placement and will throw some merit your way if you had the stats for Emory.
I realize I’m the 4th or 5th person to urge an application to SMU. One thing no one’s mentioned is that it would be a heck of a lot more enjoyable than commuting 3 hours every day (one of your scenarios).
I realize this is just an anecdote, but my oldest went to SMU, and on to Goldman Sachs after graduation. (And, without an internship or joining the Wall Street Club). My 2 cents is that it’s worth an application; once all your decisions are in then you can weigh your options.