<p>A lot of people definitely have this problem… not having enough college funds. Since engineering graduates typically have higher starting salaries than the majority of other majors, would taking out more student loans (than the average student) be justified to go to a better engineering school rather than a lower regarded state school?</p>
<p>My thinking is that it would be a lot easier for an engineering student to pay off more loans than a liberal arts major. </p>
<p>Am I totally off?</p>
<p>How much is the difference in terms of money and quality?</p>
<p>Well I suppose in most cases, it would be easier for an engineering student to pay off the loans than most other majors. That doesn’t really mean you should go ahead and incur twice the amount of average debt for a college student; you still have to be smart and not blow your money on crazy things.</p>
<p>Still, spending more doesn’t always equate to making more. Don’t spend $45k a year to go to Notre Dame thinking it will net you more money in the long run than spending barely more than half that going to Purdue (just an example, don’t shoot me anyone…).</p>
<p>Well, I’m definitely not saying that the amount of money you put into a college degree will correlate with the amount of money you get out of it, but would it be worth it to pay more to go to a better, more reputable school?</p>
<p>Money is definitely a huge factor that goes into many peoples college decisions, but would it be stupid to spend say, 10k more a year to go to a top engineering school compared to a no-name state school (keeping in mind that your starting salary will be higher than other degrees)?</p>
<p>It largely depends on your career goals. The top schools generally have a more diverse array of job opportunities available to their students via career fairs. If you are shooting for one of the ultra-competitive companies like Google or something, then successfully completing the degree at a top school will increase your chances as opposed to a no-name school.</p>
<p>On the other hand, if money is a serious issue or if you are fine working at a company that recruits at a less known school (for example, Lockheed recruits at many smaller and less known schools within the regional footprint of their major centers of operation) then it may not be worth it to go to that top school and incur more debt.</p>
<p>Ummm…</p>
<p>I was a Math major who attended Michigan State as an undergrad. I had a less-than 3.0 GPA and still “parlayed” that into grad school at U-Wisconsin, 20 years in the industry with the last 10 years at 6 figures or more (thanks data warehousing and thanks Oracle & SQL Server).</p>
<p>I did not post that to draw attention. I posted that because there are certain areas of engineering and certain geographic areas where one can basically do community college and finish up at a STATE school and live way above the USA average.</p>
<p>If you can goto Cornell or Georgia Tech and not be in too much debt…DO IT. Hell, I went to Top-10 Wisconsin grad school because my employers paid for it. If I had to pay for it?..oh I would have done another “MSU”…Mississippi State University, LOL…and their $250/credit.</p>
<p>^With all respect to GlobalTraveler (because what the hell do I know, I’m still in school), I don’t think that would be possible any more.</p>
<p>It seems like more and more everyone wants you to be a super-student with tons of extracurriculars, good grades, some research experience or internship.</p>
<p>Though I do think you’re right, ending up in a right area in the right specialization can earn you boat loads.</p>
<p>To the OP, I basically did what you’re talking about. I started my major in engineering with about 90 credits already completed (none of them in any core engineering courses), so I basically made the decision to take out a large amount in loans (it will probably be around $60k when all is said and done) in order to pursue engineering. I don’t regret it one bit. I also got lucky since I transferred into one of the best engineering schools in the country, which happens to be an in-state school for me.</p>
<p>What folks have to understand is this is not like the NFL Draft or the NBA draft where the #1 pick (analogous to Georgia Tech) will make a ton more than the #30 pick (analogous to Penn State).</p>
<p>At most the #1 pick in engineering will make no more than $12,000-$15,000 a year more (that’s $8,000 to $10,000 net) than the #30 pick. That difference can be offset by who attends grad school first, geographic location, who stays with the in-demand stuff and employer needs.</p>
<p>It’s not so much a comparison of salaries between different engineering schools since the difference is minimal like you pointed out. All the top universities will give you a high level education and many opportunities. It is more so a comparison of the different majors. </p>
<p>I believe (but don’t quote me) that the average indebtness of a student after college is around 30k. Now that obviously takes in consideration of all students coming from all different majors whether it is a broad liberal arts degree or a specialized engineering degree. Since engineering majors make more money starting out of college, would taking out 40-50k be justified?</p>
<p>I have not had a child enter college yet, but having done it myself and watching relatives go through college, I will put in my 2 cents worth. College loans will never, EVER go away even if somewhere down the road you declare bankruptcy, any and all school loans with haunt you forever. The less debt you leave college with, the better for you. Again, this is said through experience and from witnessing others and their debt issues. Good luck!</p>
<p>I agree with spelling mom. Don’t rely on that average salary jobber jabber that the majority of these post-pubescent college confidential OP’s tout. </p>
<p>With the current state of economy extra loans are not advised. The unemployment these days is bad. Besides student loans are designed to lock you in, so avoid them if possible. Don’t go to privates unless theyre footing most of the bill. Don’t expect to be making 60k etc right after you graduate in engineering either, everyone is different. I know people working 9/hour as an operator while holding a ms in engineering.</p>
<p>
That should say “Expect to be making 60k after you graduate, but there are certainly exception.”</p>
<p>It should say "expect to be making 60k if you have plenty of work experience, stellar resume, great network, great references, great personality, great employer valued characteristics, otherwise expect to make a lot less.</p>
<p>Care to prove me wrong? Find me an entry level job requiring nothing but college experience and with a compensation of 60k. Happy hunting.</p>
<p>You can’t expect to find a good job by just getting a college degree even in a good economy. That’s not what I said.</p>
<p>Don’t mislead people with that average salary bull then.</p>
<p>So you’re saying the average salary is not average? Most people don’t have a good resume, good personality, good employer valued characteristics, etc?</p>
<p>No reasonable minded person should “expect” a salary of 60000 fresh out of college. The OP is thinking that the “higher” salaries makes it easier to pay off loans. In reality taking out loans is not a good idea even if you manage to get lucky and somehow make 60k out of college. When you get a paycheck 60k is not 60k. There are deductions, taxes, which make paying off loans that much more difficult.</p>
<p>Any reasonable minded person should expect to have the average salary (if it’s no 60k, then whatever it is nowadays) if they have the characteristics before you listed before.</p>
<p>I agree that extra loans are probably not a good idea.</p>
<p>Deductions, taxes, etc… I didn’t think that needed mentioning and everybody would know about those, but in any case yes, don’t expect to get the full paycheck in your bank account. I get approximately 60% of it.</p>
<p>Considering that you and everyone else on this forum is majoring in engineering, you people seem quite flustered when it comes to averages…</p>
<p>A 60k salary fresh out of college is unrealistic. It can be done, but I wouldn’t put all my eggs in one basket and take out massive loans just because I have a vague expectation of making a higher salary due to my engineering degree. </p>
<p>It did need mentioning because I don’t think unemployed students seem to understand the difference.</p>
<p>The op asked whether it was reasonable to take out extra loans simply because engineers get a higher pay, to which I answered, “don’t count on it.”</p>