Unexpected Dilemna

$40,000 in loans, taken with an 8.5% fixed interest rate a 4.0% fee, would be about $517/mo or $6,200/yr for each of the next 10 years, at the worst. If you end up extending the life of your loan and/or re-entering public service (perhaps in an administrative role with the military) it could be less. It would be a tough call for me, but I think I would go for it, as I do sense that the recruiting and networking opportunities coming out of Cornell would be better. I would especially go for it if (a) I planned to have a dual income household with my significant other, (b) any mortgage payments I might have now or in the future could be easily managed with 500 less a month, and (c) any investments I planned to make to save for my kids college education could be easily made with 500 less a month. If no to either a, b or c or if I was certain I wanted to settle down in the greater Midwest region, I would head to Olin.

40K is not that much money. Really. I had about 54K when I graduated, committed to a 10 year repayment plan and only pay $500 a month. On top of that, I clerked for 2 years while living in an expensive area which meant my salary was comparatively lower than yours is likely to be and didn't go as far considering the COL.

Go to the school you prefer.

I think you should also look at how long it will take you. Based off signing bonus, once you graduate you'll get an extra 15K plus you get another 10K in salary your first year minus taxes you're probably gonna be 20K paid back.

Plus since you're only borrowing 20K, you should be getting stafford for both which is at 6.8% (no great but still) and 17K of that is substidized during school.

I think the earning potential is very different between the schools, with a ROI of roughly 2-3 years, I would take cornell still :D

I think salary figures from schools are somewhat overrated. Schools usually have a different makeup of career fields which their graduates go, and as a result, it's not always comparing apples to apples.

I don't know averse to debt you are, and I think I'd go to whichever school I liked more.

I think in most career fields, Cornell's name is worth $40k more than Wash U's. I'm not sure which I'd choose. I'm not a big fan of Ithaca and haven't ever been to Stl. In my personal case, I happened to choose the school that gave me more money, but I liked it there a lot more too, and made my decision primarily on fit, and not based on the companies that recruit there. Only time will tell if that's a good decision.

One other thing that strikes me as a little weird is that wash u decided to offer you money now. Does that mean that their yield this year is especially poor? I might be reading into things, but I don't know if it's a good sign that a school ups its offer after you say no to them.

Good luck.

Wow! What a dilemma!

I would still go for Cornell. The WashU package is sweet, but Cornell is so much more! It's one of those schools where just being from the school is a feat in any discipline. I knew of it as an international student before I even got interested in grad studies. Who the hell has heard of WashU?

Good job on these accomplishments!!!!

Cornell is a household name.

To the HR departments of mid- and large-size companies, Washington University is also a household name.

Thanks for all the feedback thus far. I feel comfortable in making my decision and alot of the comments here have added further confirmation to what I already knew. As a 28 year old with a family, Cornell feels like a much better fit purely based on demographics of other students. (WashU avg age is 25).

Regarding the offer this late, I dont think it is reading too deep to assume that yield was low and they didnt fill the class. To come back nearly a month after someone rejects your offer and give them a second chance, and 50K more (even after full tuition and fees are covered) tells me that they are missing a few niche student profiles.

I will stick with my guns and head to Cornell despite this new offer. As stated by one comment, only time will tell if this was the right decision.

Thanks for the help

I may be biased as Cornellian, but good choice, GrantChap

If you are a grad student with a family, they hook you up with a good townhouse-looking housing. But it is located in north campus.. kinda far and REALLY far if it starts to snow. But so near the dining hall (foods soo good) that you don't have to worry about meals.

If you want off campus, when I graduated (2006), a nice place like an apt called 312, was about 1,500 for 1 bed room. There are whole bunch of apt in collegetown so you don't have to live too far. And finally, starbucks came to collegetown.

And I als recommend taking a cooking course for non-hotelies @ Hotel school right across the street. I TA-ed that course for several semesters, and it is such a fun class.

Grant, did we meet at Tepper welcome weekend? I don't think you can go wrong at Cornell. Despite the fact that it will cost you more money, I think Cornell is a much safer play and a good choice.