I’ve been battling with this question for the last two weeks.
My options are Vanderbilt, graduating with 40k in debt; the University of Kansas Honors, graduating with 20k in debt; or Kansas State University Honors, graduating with little to no debt.
I have dreamed of going to Vanderbilt since I was young, but now that it’s come down to it, I am afraid that the debt won’t be worth the prestige. I come from a small school in Kansas which doesn’t offer any AP or IB classes; I have never really felt challenged by my school’s curriculum and I am afraid that I might not be able to handle Vanderbilt. Additionally, I am also starting to shy away from being 9 hours away from home.
However, I am afraid that I will regret turning down the chance to live my dream in Nashville.
Depends on what you want to do. If it’s a field where you’ll need the Vandy name (IBanking), go to Vandy. If not, stay close to home and don’t tack on the debt.
What do you intend to study? If you go to Vandy, it needs to be for a major that will lead to an occupation where paying down 40k in debt on an entry level salary will be doable. So for something like engineering or finance, it could be worth. For something like English or history, where career paths are more unclear – I wouldn’t chance it.
I wouldn’t shy away from Vandy bc you’ll be 9 hrs away; part of college is about being on your own, figuring out how to handle loneliness and distance etc. OTOH – it is not a good idea to go to Vandy ONLY because you think this is your only chance to live in Nashville. Nashville is a thriving city that has really grown a lot in recent years and will continue to do so; if you go to K State and still feel like you want to live in Nashville --nothing prevents you from picking up a summer internship there as a junior or even more likely – a full time job there after graduation.
I think your decision comes down to what you want to study and whether the debt service will be too much.
I’d suggest going with U. of Kansas Honors, unless, per above, there is a specific major you are determined to pursue at Vanderbilt that is clearly superior.
I think you could swing it, because Vanderbilt will open more doors for someone from a small school and, likely, few connections. Are the 40K Stafford + Perkins? Are you URM, first gen, or lower income? if so, Vanderbilt is more important than if your parents make 180K+ and/or have lots of (key) connections within the state.
BTW, Vanderbilt is ESPECIALLY valuable if you plan to major in history, as the Vanderbilt “brand” will carry you way further in that area (for grad school or for leverage into an industry) than KU. There’s a reason art history at KU isn’t very “practical”, but at Williams can be very practical. The caliber of humanities and social science majors will be better (content, peers, research) than at KU, and that’s for this type of majors that “brand” really helps.
Cringe… I love history, but I can’t imagine 40k undergraduate debt for a major w such shaky job prospects.
Let’s put this in financial perspective. Let’s say your starting job after graduation pays 40k. You might expect ~75% of that in net pay. That translates to ~2500/month from which u have to pay health insurance, rent, utilities, food, entertainment, clothes, phone, internet, transportation, clothing, AND STUDENT LOANS PAYMENTS.
Yes, honestly, I wasn’t thinking history when I suggested a clearly superior discipline at Vanderbilt, despite the fact that I wouldn’t doubt Vandy history is indeed better than the other respective universities in question.
I was thinking along the lines of more practical affairs, perhaps STEM or business-related, because that’s a lot of money for this student to take on in his life. This Vandy degree would be ~$20,000 more than Kansas Honors, and a full $40,000 more than Kansas State. A double major could be worthwhile with history, perhaps. But I still think the reputation and costs of Kansas Honors may be a more realistic path towards a successful career, and less debt load.
Comfort level and fit is also a concern – would the OP actually feel better at Kansas? Which place will get you further towards your ultimate goals in life (including paying down debt)?
First off, you can’t take on 40k of debt on your own. Someone else would have to co-sign for some of it, or borrow it for you. So unless you have that co-signer/borrower lined up, and that person is willing to take over all of that part of the debt if you can’t pay it, then Vanderbilt is off the table. Period.
As for U of K vs. KSU, 20k in debt is less than the federal student loan maximum, and is generally considered to be in the range of affordable debt. That decision would depend on how strongly you feel about being in an honors program, and whether or not one of those two places offers you more for your potential majors. If you still want to be in Nashville after you graduate, you can move there then.
@rjkofnovi I have a full tuition scholarship at KSU, so I would only be paying for housing : around 6k a year. KU is around 10k a year.
I am unsure on a major, but will probably be doing something in business or communications. This is part of the reason I am especially scared of Vanderbilt is because I would hate to go there and then change/choose a major that will make the 40k in debt very difficult to handle.
MYOS1634 - Why do you think that this is a “small” financial difference? cluelessinKS hasn’t given any evidence that his/her parents are willing to take on the extra debt that would be needed for Vanderbilt. Not to mention, of course that for most new college graduates, the difference between no debt, and 40k in debt is an extra pre-tax $600 in their pocket each month that can mean they don’t need a high paying job the second the graduate.
“small” difference in that context didn’t apply to Vanderbilt - I realize it’s a huge difference; I meant KU vs. KSU as per post 10 expenditures (second sentence in my response/post dealt with KSU.)
I think @MYOS1634 meant there’s a quality/financial difference between KSU and KU.
I would go with KU. Even though Vandy is a huge name, KU will retain its value given your hesitations by going to Vandy in the first place. 40K debt is a lot and who knows if you will be able to pay that back as soon as possible? You’re not sure what you want to do or major in right now so your job prospect is a giant glaring red X in the world of unknowns and algebra. Congrats on getting into Vanderbilt–that shows you that you received a solid education in your small town in Kansas. Go to KU and thrive in the Honors program there.
cluelessinKS: So let me get this clear. It will cost you 24K out of pocket expensive for KSU and 64K out of pocket expense for Vanderbilt for four years since you say you will have no debt after graduating from KSU. Is that way you’re saying? Unless I am misunderstanding the situation, If you are able to attend an elite school like Vanderbilt for only 16K/year, you really should try hard to make it happen.
One of the references I was thinking of for this student was the public honors website. Kansas honors is mentioned in their list of 50 national honors programs of worth. I would recommend the OP read over some of the articles on the website to be better-informed. I still like Kansas honors as a middle ground for this student – some good opportunities, and a manageable debt load that the OP should be able to take on with or without parental contribution:
Nobody is arguing that Vanderbilt does have some programs with more national recognition, and as the OP now mentioned business or communications as possible avenues, one could potentially make a case for Vanderbilt. But I don’t think it’s the most prudent decision here.
@rjkofnovi : I’m sorry if I mis-spoke. I suppose I should have said that taking out 40k in loans is what we would hope to do in the Vanderbilt situation. However, the cost of Vanderbilt per year for me is going to be around 21k/yr + travel expenses. My family and I would be able to tightly swing it by only taking out 10k in loans per year.
Vanderbilt for 21K a year is a bargain (even with travel expenses, but if you plan ahead, that shouldn’t be tooo bad). There are literally tens of thousands of students out there who are currently green with jealousy at the thought you can attend such a school for 21K.
So, you’re saying your family can pay about 11K a year. You can take on the federal loans (unless they’re already packaged?), add work-study (if you don’t have it, ask for it), work starting NOW until the start of school, and have enough to cover the costs.