Hi! I’ve been lucky enough to get into the Macaulay Honors Program at CCNY and the University of Michigan, but I don’t know what to choose. I know that I want to either go into Astrophysics/Aerospace Engineering or an English/History related field, though I’m leaning towards physics while doing English on the side right now. I know that wherever I go, I want to get the most out of it and make a real difference.
If I go to Macaulay, I’d graduate with about 20k in debt. If I go to the University of Michigan, I’d graduate with about 200k in debt. My parents tell me that the opportunities offered at UMich will make it worth it and an investment, but they’ve also never been to college in the USA. They also say that they’d help me with the debt, but I’d likely have to shoulder the brunt of it and I have two younger siblings and don’t want to be a burden. Everyone tells me to choose the cheaper option, but I don’t know what I should do. Are my parents right? Would it be an investment? Would I still be able to make it big through Macaulay?
Fortunately the feds only let you borrow $27K total over 4 years - including $5500 the first year. The rest come from private lenders - if you went to $200K.
Given your desired majors, your parents are wrong - and I believe that 100%. In 100 cases, I’d be shocked if even 3 kids could make that tradeoff work over their careers.
You have a wonderful opportunity - but U Michigan will financially strangle you for many many years - thus eliminating any freedom of choice you have in the future - and maybe even the ability to support yourself.
Who would pay the $2500+ a month over the next ten years that would be required.
Also, in addition to interest, loans have fees - so you have to borrow a lot more than 200K to get 200K - maybe 208-10K, etc.
In the end, there are successes and non successes from each and every college - including the HYP of the world and certainly Michigan.
Michigan is a great get, but there are a lot less expensive flagships if you wanted a big school - and a Purdue at half the price (still unaffordable).
And if you didn’t realize, Michigan jacks up the tuition even more your last two years.
You got a gift with CUNY. Don’t make a life altering mistake and pass it up.
That’s financial suicide. Don’t go to Michigan. Regarding CCNY…graduation from an honors program is a tangible accomplishment you can put on your resume.