Thanks for that link, @insanedreamer. Still not clear to me if we’re comparing like to like, but I would not be surprised if Georgia Tech and UIUC engineering grads earn more than SLU ones. The question is, HOW much more, and is it enough to offset any debt required to attend the better-rated schools?
According to the numbers the OP has has right now ($16k/yr COA for SLU or $50k for GT/UIUC), that’s a $136k difference between CT/UIUC and SLU over four years. Is a higher starting salary, even if it’s $10-20k more, worth that?
For many, if it can be done without taking out big loans (beyond the Stafford, for example), it would definitely be worth it. Beyond that? Much tougher call.
Once you get your final numbers, @guavamonster, I’d post the choices in the Engineering Majors forum, and get some feedback from practicing engineers. They’re a very knowledgeable and helpful bunch over there.
UIUC did give out engineerjng scholarships for OOS in February. Son got waitlisted from GT, in UIUC and UW Madison (in state). I think our choice is easier UIUC 45k vs. UW Madison 25k for ME. May not accpet GT waitlist.
@lostaccount I understand and agree with most of your comments but am having trouble understanding what you mean by this >>>>> “Further, some schools have more distractions and fewer top notch engineering students then others-so synergistic possibilities are lower. In some schools you find that there is a greater chance that strong engineering students end up with non-engineering degrees than at other schools. All told, two equally strong students, one beginning at SLU and another at GT will (very likely) end up looking very different 4 years later.”
Are you saying that because the student bodies are different, Student A may get more distracted at the school with fewer top students?
They are more apt to party their way out of or slack off in engineering at the lower ranked school?
What are “synergistic possibilities”?
Why would there also be a greater chance that Student A might end up with non-engineering degree at one school but not the other? I would almost think the opposite as maybe GT engineering is tougher than SLU engineering so Student A might be more apt to be weeded out at GT.
Why or how would Student A very likely look different after 4 years at one school versus the other (aside from maybe the GT program is a bit more rigorous)?
I am not trying to be critical I just don’t understand the points and logic here.
@“Erin’s Dad” I wasn’t comparing the average salaries between GT and UIUC or SLU, but between schools with a high number of engineering grads. And there’s clearly a difference. Now whether that difference is worth the extra debt is another matter - I wasn’t commenting on that. But I just wanted to point out that the data shows that not all engineering degrees earn the same. For example, difference between RPI and RIT is $25K. If you consider earning that salary for 30 years, then $100K in debt is a bargain as you’ll still be making $650K more after paying off the debt. But it’s a risk - you might graduate from RPI and not get a good job, or you might get graduate from RIT and get a job paying $100K. Averages do not reflect individual situations. So a lot depends on your propensity for risk, the prospects of the job market, etc. etc.
Back to the OP’s question,…it looks like St. Louis is the only affordable option for you unless the other schools come through with major aid which you believe is unlikely. If that school has an ABET accredited program it looks like your most realistic option (without having your family go into over $100,000 of debt).
Going back to @insanedreamer and posts number 19 and 25. It’s helpful to look at the salaries broken down by majors. Although the College Scoreboard shows a difference of $25000 in salary between RPI and RIT, that doesn’t hold up with the figures posted by the schools themselves that show salary by major - perhaps because RIT has a very large art school. Electrical Engineering median accepted salary at RPI is $68,282 and at RIT it’s $58,000. Still a difference, but not $25000. See https://www.rpi.edu/dept/cdc/Accepted%20Salaries%202014.pdf and https://www.rit.edu/emcs/oce/employer/salary
If your parents can afford 25K (stretching), and you add about $3K you can earn over the summer plus 2K over the year + 5.5K in federal loans, your total maximum budget is 35K. Not bad at all.
As of now, the only affordable school is SLU - it’s even 9K below budget; see if your parents would be willing to use some of the “saved” money for study abroad, or rent in a city where you get your first internship or a used car.
As of now, that is, before you get your FA packages from UIUC and GTech, GT is $14,000 over budget, and UIUC is $16,000 over budget. However, OOS merit scholarships were already announced, so unless many many students to whom they were awarded, turn them down, you can’t count on anything (as you said yourself.)
Did you apply to other universities which may be within budget but which may be a compromise between GT and SLU?