<p>
… Huh??</p>
<p>I personally know one young woman with a huge debt load. A philosophy major who has not found any living wage job in 3 years, and has not paid on a lot of the loans. She has deferred her government loans some how because she makes so little money, but the interest continues to accrue. </p>
<p>The private loans are making her life and her mother’s and her aunt’s a private hell for the 3 women. I don’t get much info any more, but it’s a huge problem and the younger siblings are also suffering.</p>
<p>CoE graduate, took out 60K loans. He is making 65k at a consulting firm first year out of school. He is paying down his loans as fast as possible (not just minimum payment of 650) and he is living by himself. I think he is still able to take D1 out sometimes</p>
<p>As someone who comes from a family of a whole bunch of male engineers (including my H), I might be able to explain this… </p>
<ol>
<li> Newish engineering grads start out making a LOT more money than the average grad. Even in low cost-of-living Alabama, engineers start out at $60k per year. In your D’s area, the engineers may start at $70+ because COL requires a higher salary. </li>
</ol>
<p>2) Engineers are notoriously cheap dressers with minimal wardrobes. They cannot be compared to a typical female at her new professional job who will have purchased a wardrobe of office-wear, handbags, accessories, and shoes and will likely have her hair professionally done every couple months. </p>
<p>If you were to compare the closet space that the male engineers in my family use to how much space the females use…lol…well, we’re talking 10% to 90%. </p>
<p>Lauren is looking for a degree from the College of A&S. It’s unlikely that she will be earning what your D’s friend is earning and it’s very likely that she will have far more expenses “maintaining” herself.</p>
<p>Oldfort…what are the jobs that will get you more money “out of the gate” and will get you more money with an ivy degree? (And, keep in mind that jobs in certain regions pay more regardless of where the degree is from.)</p>
<p>I thought it was pretty self explanatory…</p>
<p>1) Wall Street is not the only place where you could get a high paying job (consulting, engineering…).<br>
2) Grad degree is not needed to get a job on WS.</p>
<p>Just on this board (I hope they don’t mind me mentioning them here), mini’s D has a good job waiting for her, Marian’s D also has a job, and both of them are outside of WS. D1’s BF graduated with an engineering degree, but is working at a consulting firm in DC, again not WS.</p>
<p>That which engineers do not spend on clothes, they make up in purchases of electronic gizmos and gadgets. I have engineers in my house too! :)</p>
<p>@mom2collegekids –> As of this point, I haven’t received either an acceptance or rejection from NYU, so that school isn’t even on my radar as a potenetial or realistic school to attend for the fall both academically or financially. I would like to see what happens with NYU, but I am not making any actual plans or truly believing that I would be able to afford going there.</p>
<p>Rutgers: After adding in ancillary expenses, RU will run 29,800 according to the school and a print out I asked for from the financial aid office. This 29,800 does include books, housing, meal plans, education, fees, and about 1,000 of “additional expenses” that may occur. The majority of the state schools run a similar cost for living on campus without the well-known name, but RU offers an excellent business school and the Eagleton Institute (I am a PoliSci and Marketing major – in both Business and A&S schools). </p>
<p>There is a good chance I will not live on campus and will choose off-campus around the school and expenses will be cut as I will be paying for many expenses myself (including a good portion of housing expenses), but at this point, because I am unsure where I will want to live this fall, the current the costs of attendance are very high.</p>
<p>I live in very southern New Jersey. Accordingly, near my home is Stockton… While I would save on housing and meal costs, it wouldn’t benefit me as much as another state school like RU would for my majors. The research opportunities are not available to me like they would be at RU (especially in the politcal science field), and it doesn’t have a highly rated in-state business program/school. Stockton is a great school, but wouldn’t benefit me as much as another state school for my majors.</p>
<p>As an additional side note, my father wants me to be able to get away (which is very considerate and thoughtful of him). I originally was going to go away out of high school, but family matters kept me home.</p>
<p>As an additional side note, my father wants me to be able to get away (which is very considerate and thoughtful of him).</p>
<p>How much will he contribute so that you can “get away”? If he’s not contributing much or anything and doing so requires such debt, then unfortunately that is NOT being considerate nor thoughtful of him. If he’s going to pay back the part of the loans that are for living expenses, then good for him. </p>
<p>How much do you think you’ll be earning after you graduate with those majors? What kind of job will you be seeking? Is it likely that you’d be able to live at home while working in your career?</p>
<p>*1) Wall Street is not the only place where you could get a high paying job (consulting, engineering…).
2) Grad degree is not needed to get a job on WS. *</p>
<p>1) what are other other jobs. (I know about engineering…I’ve talked about engineering in this thread - but those jobs don’t get more money with an ivy degree). And, what are the jobs that give you more money for having an ivy degree??</p>
<p>2) Oh, I never said that a grad degree was a requirement for a job on WS.</p>
<p>According to Dartmouth, large percentage do go into educational field, but highest paying are Business, Finance, Consulting, computer/technology
<a href=“http://www.dartmouth.edu/~csrc/pdfs/09stats.pdf[/url]”>http://www.dartmouth.edu/~csrc/pdfs/09stats.pdf</a></p>
<p>This is Princeton:
[Princeton</a> University - Career Services - Online Publication](<a href=“http://ocsweb.princeton.edu/pro-flip/Main.php?MagID=1&MagNo=1]Princeton”>http://ocsweb.princeton.edu/pro-flip/Main.php?MagID=1&MagNo=1)</p>
<p>They have communication, energy, non-profit, services,manufacturing, financial services, with average salary of $59k, and manufacturing with the highest average salary ($73k)</p>
<p>Cornell:
<a href=“Career Services | Student & Campus Life | Cornell University”>Career Services | Student & Campus Life | Cornell University;
These are sectors where most students get jobs at:
Financial Services ($62k), Consulting ($57k), Hospitality ($45K), Technology($63k), General Business($52k)</p>
<p>A good liberal arts education, whether it’s from Ivy or not, does prepare for many different careers. Employers go to those top tier schools to recruit because it is a good way for them to do the initial filter for good candidates. Employers will not necessary pay up for the name, but they would be more likely to recruit at those top schools.</p>
<p>Oldfort…how much do you think a PolySci/marketing major from Rutgers is going to be earning upon graduation?</p>
<p>I don’t know anything about RU even though it was our IS, I was addressing OP, and your specific post (#18)as I stated in my post (#19).</p>
<p>I looked up Rutgers:
26% report having a job at the time of graduation (same as 2009)
53% of the jobs were in New Jersey; New York was second with 10%
35% report salaries of $40,000 or higher (up from 34% in 2009)
26% report salaries of $50,000 or higher (same as 2009)</p>
<p>In comparison, Cornell shows 42.5% employment at graduation, and Princeton 48%. One would have thought Cornell’s number would be higher if names (ranking) didn’t matter because Cornell is a lot more pre-professional than Princeton (AEM, Hotel, Engineering,ILR…).</p>
<p>So even with a Princeton degree, the chances of having a job at graduation are less than 50%.</p>
<p>This seems to me to be a flat-out argument in favor of not taking on very much debt.</p>
<p>I waiver between Marketing and Econ as my second major. I will have chosen by the end of summer, after taking a couple of courses.</p>
<p>My father plans on picking up the tab for my undergraduate education through loans. Because I know what his current financial situation is, I consider the loans to be a good portion of my responsibility. I cannot burden him with the additional debt and expect him to pay for my entire undergrad education.</p>
<p>Through prior work experience and internships, I have been offered an internship on Wall Street (with the high likelihood of turning into a job at the end of the interning period), and a job within the Bank of Montreal. Both possible prospects are a significant distance from my house and would require me to move. At the same time, both offers would not be fully available for another 2 years, or until I graduate and could change or disappear in the meantime.</p>
<p>I’m sorry for hijacking this thread a bit, OP.</p>
<p>No, because a lot of them do actually go on to graduate school. According to their report, 20% of graduates were still looking for jobs at graduation time. The report was of 2010.</p>
<p>•26% report having a job at the time of graduation (same as 2009)
•53% of the jobs were in New Jersey; New York was second with 10%
•35% report salaries of $40,000 or higher (up from 34% in 2009)
•26% report salaries of $50,000 or higher (same as 2009)</p>
<p>Or put another way, for Rutgers, the vast majority (74%) have no job at graduation. And among the minority who do have a job, most (65%) have jobs making under 40K.</p>
<p>So only one in ten Rutgers grads have jobs making 40K or better. That’s pretty sobering.</p>
<p>Granted, many will get jobs in the first year or two after graduation. But that loan interest is accruing, and the payments are due starting 6 months after graduation.</p>
<p>Not knocking Rutgers at all, other colleges are probably similar. I think that students need to be more realistic about their job prospects, particularly in a down economy, before they take on significant debt.</p>
<p>When it works out, all is well. The debts get paid. Yes, it 's tight for 10 years and it will put the quash on living as well as ones peers with no loans and those with families that are subsidizing. The problem is that it isn’t just a few steps down when things are problematic. Or even a slide down, It 's frigging vertical fast spiral down if you are lucky, with some going just free fall so fast that they are in trouble before they know it without a breath in between. The down side can really be painful. </p>
<p>Borrowing for those families with a bit of cushion financially, a good solid home life and when the student finds a living wage job is a whole other story than when someone coming from a financially and socially stressed household with dysfunctional members takes out stustantial loans. </p>
<p>That’s why it is so difficult to determine whether it’s a doable risk or not. We can’t really assess it from afar and the kid is usually desperately eager to do anything to make it work as are the parents.</p>