How much more money would sway your choice?

[Vulpix]

For my first masters acceptance, I received a $10K merit scholarship (for a $45-70K program, which is the same cost as the other programs to which I've applied). The rest would be independent savings and loans.  Let's say another school offers $5K merit, and another one offers $15K, or even $20K.  In the long run, do you personally think a $10K differential in loans is worth picking one school over the other for?  Obviously this is a complex, personal question that requires a great deal of consideration, but I'm just trying to gauge the general opinion on this.  I kinda feel that if it's a difference of 5-10K, I might as well just pick the school that I like better, even if it's slightly more debt.  Obviously if it's a full ride or significantly more money, it's a different conversation.

Basically:  How much extra debt from your preferred choice is marginal enough to warrant declining a bigger offer?

Edited January 18, 2016 by Heather1011

[MarineBluePsy]

Hmmmm interesting question.  If this were my situation I'd also have to consider the cost of living at each location.  An extra $10k can go really far in some places and absolutely nowhere in others.  

[Vulpix]

39 minutes ago, MarineBluePsy said:

Hmmmm interesting question.  If this were my situation I'd also have to consider the cost of living at each location.  An extra $10k can go really far in some places and absolutely nowhere in others.  

Yes, this is going to be a big deal for me as well, comparing (potentially) Philadelphia (cheap) and Cambridge/Boston ($$$$$$$$$).  

[cwr]

This answer will really depend on field and type of program, as well. I have a friend who turned down full tuition to UChicago Law (tied with Columbia for 4th in the US, per USNWR) to attend Harvard Law (tied with Stanford for 2nd in the US, per USNWR). 

Now, it is undeniable that there is an elite group of universities within the US that mint most of the career academics within my field (physics), but electing to take $150k less in aid to jump from a top 25 to a top 2 program would seem absurd to me, let alone from #4 to #2. 

While turning down $150k for a 2-spot jump in the law school rankings is probably at the extreme end of the spectrum and STEM PhD programs – where everything is funded and there are a larger number of very good programs – at the other, I think it serves to emphasize the point that context (field, program, degree, rankings, etc.) is everything. 

As for my own personal answer to the question, of how much extra money from a school lower on my list might sway me, I'm really not sure. It would probably more likely be something like a fellowship (and the correspondingly lighter expectations where TA'ing is concerned) that sways me, rather than a dollar amount. 

[Vulpix]

6 hours ago, cwr said:

This answer will really depend on field and type of program, as well. I have a friend who turned down full tuition to UChicago Law (tied with Columbia for 4th in the US, per USNWR) to attend Harvard Law (tied with Stanford for 2nd in the US, per USNWR). 

Now, it is undeniable that there is an elite group of universities within the US that mint most of the career academics within my field (physics), but electing to take $150k less in aid to jump from a top 25 to a top 2 program would seem absurd to me, let alone from #4 to #2. 

While turning down $150k for a 2-spot jump in the law school rankings is probably at the extreme end of the spectrum and STEM PhD programs – where everything is funded and there are a larger number of very good programs – at the other, I think it serves to emphasize the point that context (field, program, degree, rankings, etc.) is everything. 

As for my own personal answer to the question, of how much extra money from a school lower on my list might sway me, I'm really not sure. It would probably more likely be something like a fellowship (and the correspondingly lighter expectations where TA'ing is concerned) that sways me, rather than a dollar amount. 

You might get this a lot from people outside of physics, so I apologize, but your post just reminded me of episodes of Big Bang Theory where they make fun of Leonard for going to Princeton for physics because the rest of them went to CalTech or MIT .  

The Chicago/Harvard jump seems absurd, unless of course Harvard also offered your friend some kind of considerable scholarship, even if not a full ride.  The funny thing is, it sounds to me that it would be worthwhile in physics to jump from top 25 to top 2 with considerably less aid, but then again if your expected income after graduation would not be higher, well, you get the picture... but it's good to know that STEM programs are strong in many places across the board.

[cwr]

15 hours ago, Heather1011 said:

You might get this a lot from people outside of physics, so I apologize, but your post just reminded me of episodes of Big Bang Theory where they make fun of Leonard for going to Princeton for physics because the rest of them went to CalTech or MIT .  

The Chicago/Harvard jump seems absurd, unless of course Harvard also offered your friend some kind of considerable scholarship, even if not a full ride.  The funny thing is, it sounds to me that it would be worthwhile in physics to jump from top 25 to top 2 with considerably less aid, but then again if your expected income after graduation would not be higher, well, you get the picture... but it's good to know that STEM programs are strong in many places across the board.

No need to apologize for the Big Bang Theory mention; I like the show! And the fact that you mention MIT/Caltech vs. Princeton is funny, because Princeton is by far my top choice (well ahead of MIT and Caltech). 

I agree that my friend's choice to go from Chicago to Harvard is pretty shocking (I just about fell over when I heard, especially because I remember helping her decide on Chicago while she was still on Harvard's waitlist), but that's the craziest part: Harvard gave her nothing in the way of aid. But she talked over the decision with enough people who know immeasurably more than I do about law school, and she's obviously brilliant, so I'm in no position to question her judgement, only to remark at how crazy the whole thing sounds. 

As far as physics though, you'd probably be surprised at how many really strong programs there are, especially when you consider the different subfields. All else being equal, I would of course choose a top 5 program over a top 25, given the choice, but not if it meant giving up $150k. For example, UW-Madison and CU-Boulder (both ranked #18 overall by USNWR) are top, top programs in my subfield, and arguably much better than Stanford and Harvard for the work that I want to do. And if that didn't shock you, the fact that for the work I'm doing UCSB (y'know, that "party school" in Santa Barbara?) is better than all four of the aforementioned universities ought to. There's really nowhere I can point to outside of the top 25 and honestly say "this school is amazing in my field", but there are still solid places outside the top 25 and a lot of parity within it. 

[Vulpix]

10 hours ago, cwr said:

No need to apologize for the Big Bang Theory mention; I like the show! And the fact that you mention MIT/Caltech vs. Princeton is funny, because Princeton is by far my top choice (well ahead of MIT and Caltech). 

I agree that my friend's choice to go from Chicago to Harvard is pretty shocking (I just about fell over when I heard, especially because I remember helping her decide on Chicago while she was still on Harvard's waitlist), but that's the craziest part: Harvard gave her nothing in the way of aid. But she talked over the decision with enough people who know immeasurably more than I do about law school, and she's obviously brilliant, so I'm in no position to question her judgement, only to remark at how crazy the whole thing sounds. 

As far as physics though, you'd probably be surprised at how many really strong programs there are, especially when you consider the different subfields. All else being equal, I would of course choose a top 5 program over a top 25, given the choice, but not if it meant giving up $150k. For example, UW-Madison and CU-Boulder (both ranked #18 overall by USNWR) are top, top programs in my subfield, and arguably much better than Stanford and Harvard for the work that I want to do. And if that didn't shock you, the fact that for the work I'm doing UCSB (y'know, that "party school" in Santa Barbara?) is better than all four of the aforementioned universities ought to. There's really nowhere I can point to outside of the top 25 and honestly say "this school is amazing in my field", but there are still solid places outside the top 25 and a lot of parity within it. 

Very interesting.  None of those statements really shock me, but it does go to show that you never know which universities are perfect for which programs/people.  It's a shame though, because the general public would assume that you are "brilliant" and getting the "best education" at Harvard, whereas the reality is you are brilliant and therefore choosing the brilliant and better option at UCSB, for example.  

[Neist]

11 hours ago, cwr said:

I agree that my friend's choice to go from Chicago to Harvard is pretty shocking (I just about fell over when I heard, especially because I remember helping her decide on Chicago while she was still on Harvard's waitlist), but that's the craziest part: Harvard gave her nothing in the way of aid. But she talked over the decision with enough people who know immeasurably more than I do about law school, and she's obviously brilliant, so I'm in no position to question her judgement, only to remark at how crazy the whole thing sounds. 

I've worked in a law school for the last decade, so I'm somewhat familiar with what you can pull from certain programs, albeit from a quasi-outsider perspective.

I wouldn't say your friend's choice was necessary a terrible one. The average starting salary of someone graduating from Harvard is considerably higher than pretty much anywhere else in the United States. I think it's around $150k, if memory serves. I think Yale is only around $70k. 

As per the topic at hand, I'm not sure. I'm in a similar situation as the OP. My only offer thus far would be at least $40k in loans a year before living expenses. I was awarded a fellowship, but it's only for $5600. However, there is opportunity for RA positions, but I assume those wouldn't pop up in my first year. I've been advised by some of my faculty members that this program is fantastic, but that's an awfully large amount of loans to take out for a MA. I could always eat those loans and get a funded PhD afterwards, I suppose.

If anywhere else I applied to awarded me a tuition waiver I'd have a difficult time choosing the expensive program over that one. It's something I'd have to invest several days of careful consideration.

[GradSchoolTruther]

It's ridiculous to get into that much debt for grad school. There are programs that offer better funding.

[Vulpix]

4 minutes ago, GradSchoolTruther said:

It's ridiculous to get into that much debt for grad school. There are programs that offer better funding.

Everyone has a different perspective on this.  Personally, I don't have any undergraduate loans like many of my friends, so I'm putting my investment into something else that will significantly change the course of my career.

[rotating_flammable_quark]

USCB is a like living in a beach front villa I hear, especially for the students. As far as the quality of education you're getting, current reports say it is within the top five. There is no shocker there considering the number of Nobel prize winning scientists there that research. What is your subfield if you do not mind me asking. I thought about going there for their physics program but I instead applied to MIT only to be later rejected. I am now solely looking into my options for mechanical and aerospace engineering for a PhD.