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how To finalize on college selection ?

Hi ... I got selected in UCLA for economics and university of Cincinnati for honors LHP program in business analytics with a presendential scholarship. Now I am confused if I should choose college where I don’t pay anything or a big college like LHP which would be a big loan for me ? On what basis I should finalize my college? How would my career be based on which college I become undergrad from? Please suggest . #college #college #undecided

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Syed’s Answer

Hi Harshith,

I would go to the school that offers the most financial aid. Paying off massive loans with high interest (typically >5%) isn't worth it in the long run. It sets you back in your life milestones (buying a house, marriage, saving for retirement, starting a business, etc.).

You're better off being the big fish in a smaller pond as a top student on a full ride. You'll probably get exclusive access to certain networks within the university and alumni base. You can also save a lot of money that you can later use to invest in other things when you finish your degree instead of paying down debt.

Granted, prestige matters when it comes to your first job out of college. However, think about how much more freedom you'd have if you don't have the burden or fear of paying down student loans factoring into your career decision.

If anything, you can get an MBA down the line (after 5-7 years of working) from a more prestigious school than either UCLA or Cincy and pay for it out of your own savings (That you have now that you have no debt).
Thank you comment icon Thank you Syed .. this was helpful. With university of Cincinnati I have co-op option using with which I will be making money during my degree due to which my degree will be for 5 years than 4. But I am also confused if completing undergrad from UCLA would fetch me better job than from cinci. Can you please shed more light how my career can be compared between both colleges ? Would I get good job with good pay by studying in cinci college ? Harshith
Thank you comment icon Hi Harshith, please refer to Payscale's survey tool to check for the differences in pay between Cincy grads and UCLA grads in your desired work geography/title/field: https://www.payscale.com/my/survey/choose I will say this, the starting salaries for Cincy grads will likely be $10k-$15k less than UCLA grads, but you have to consider that with your paid co-op experience you'll have more years of experience than someone entering fresh out of a 4 year program anyway. Especially if you can couple that with some internships. However, there is an opportunity cost to doing a 5 year program as opposed to a 4 year program (1 year less of income). Can you do the Cincy program in 4 years as well? I assume you'd have to give up the co-op. Syed Ferdous
Thank you comment icon Thanks for the response Syed. The program is standard for 5 years and can not be shortened. However, I will be making a considerable amount of income because I am guaranteed 5-6 co-op opportunities. Also, if it makes a difference, my major for the Business Honors Program (LHP+) for the University of Cincinnati is Business Analytics and my major for UCLA is Economics. Does anything change because of this difference? Harshith
Thank you comment icon Hi Harshith, Since you'll have paid co-op experience, you won't be losing much by doing a 5 year program. If you save/invest co-op earnings smartly, you can potentially make more because there's no student loan burden. It's better to be at Cincy studying a directly applicable skill like Business Analytics than to get a generic Economics degree if you want to pursue structured business careers like Data Analytics, Management Consulting, Business Analytics, Data Science, etc. The business school will have more on campus recruiting opportunities plus your co-ops! Also, business school students are better prepped for interviews. I would also think about pursuing a Math minor or Computer Science minor to make yourself even more competitive! Syed Ferdous
Thank you comment icon Thank you very much Syed .. Your comments have very valuable information 🙏 Harshith
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Dan’s Answer

I would go to the school that offers the most aid. Easier to pay off and since you applied to both seems like your interested in either one of them. Sometimes the big school is easier to get lost in. The least amount of debt when graduating the better
Thank you comment icon Thank u Dan Harshith
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Julia’s Answer

Personally, I would choose the school that will be the most affordable as long as you can see yourself as a student there! I chose the university that gave me the biggest scholarship, and I ended up with the same B.S. degree I would have gotten at a more expensive university, but I have no student loans!

Julia recommends the following next steps:

Make a pros and cons list
Decide if you can envision yourself as a student in Cincinnati
Thank you comment icon Thank u Julia Harshith
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David’s Answer

I would personally go to the school that offers the most financial aid college cost are high now and day not just on admission also on books, dorm (living either away from home), transportation and more. Everything builds up on one and another. I agree with previous answer about paying off massive loans with high interest (typically >5%) which isn't worth it in the short run and long run depend which type of loan you got approve for. It will sets you back in your life milestones (buying a house, marriage, saving for retirement, starting a business, etc.). I, myself walk out of college with a very very very loan left to payoff due to in between I also look for more financial aid, funds, grants and etc. to help me make it through. This is just me, going to a well-known school or ivy league schools versus a small college, the different is the work course and the professor if anything can be the same and cost less, I would rather do that plus now and days a Bachelor degree is like a high school diploma really worth less than a Graduate or Master and Above degree. I still believe you will probably go for a graduate degree or higher. Why not plan for yourself to get an MBA down the line (normally after 3-5 years of working) you can probably start, you can do it Online or night class too as a lot of school does offer it now.
Thank you comment icon Thank u David. Agree on ur points. Harshith
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Jennifer’s Answer

Hi, Harshith!

Congratulations! You've got a wonderful dilemma. :-)

College selection can be difficult, but having a list of priorities about what you're looking for in a university as well as in a career can help guide you. Have you been able to visit each campus? Talk to professors, students? Getting a sense of the program and the college can be helpful too. If you haven't been able to physically visit, there are ways to visit virtually.

Cost, debt, and career placement are all important factors to most students. Additionally, there are considerations for connections and networking. Programs like cooperative learning experiences can be invaluable if you're able to take advantage of them. Based on what you'd ultimately like to do, weigh your options.

Don't discredit the liberal arts. There are many debates regarding the value and net worth of the two schools of thought: a specialized education such as business and the liberal arts such as economics. It can be argued both ways, and there are good points to each argument.

In the end, if you are able to select the university which offers you more opportunities and aligns with your priorities and goals you'll be in great shape!
Thank you comment icon Thank u Jennifer Harshith
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Simeon’s Answer

Honors programs are a great investment in yourself, but it won't help your career any more than the one that is being fully paid for you. You can make up for what you miss out on in college by challenging yourself to read and reflect on books/topics that interest you. Additionally, a lot of places make their curricula available. I'd say if you're interested in picking up little bits of what you'd get out of honors college, see what books are in their bibliography for the course and read through those. The in class version is usually just that plus papers and discussion.
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Angela D.’s Answer

Great question and answers! Two other things to consider. One, because you live in Ohio, you would pay in-state tuition of about $11,000 per year, plus you're getting a scholarship. At UCLA you would have to pay out-of-state tuition for your first year, which is around $43,000, then you'll pay in-state tuition of about $13,500 for your remaining years as a resident. Plus, housing is expensive both on campus (+ dining = $16,500+ depending on room type) and off campus. Another plus is the weather is great too (I'm a born and raised Californian) and there are tons of things to do in and out of doors (beaches, mountains, museums, culture/arts, sports, etc.). Two, because you live in Ohio you likely have friends, family, and communities there that can be sources of support and continuity especially as you transition from high school to university. Plus, you may be able to live at home part of the time as Mason is about half an hour away from Cincinnati (which is a vibrant city in its own right). On campus housing runs about $11,900 depending on room type with a mandatory dining plan for your first year. Thereafter, on campus housing can run $7000+ per year, with a meal plan of $2400 per semester. More food for thought, so to speak! Wishing you the best in your endeavors, Dr. B
Thank you comment icon Thank u Angela. I have got full ride including room and board in university of Cincinnati. They also have opportunity of 5 to 6 co-op programs using which I can earn while studying which is a great opportunity. Since UCLA is a big deal too , I am in a confused situation how to proceed . Will surely weigh in all pros and cons to decide . Harshith
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Shikha’s Answer

According to me you should select a college based on what course you want to pursue because that is going to decide your future.
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