engineers.
How much does where you go matter?
1. DD wants to major in biomedical engineering. She applied to five schools and is now down to two finalists. Her test scores are top 0.5%
a. Flagship state school (27-31 middle ACT range). Accepted into honors program and engineering school. Expected scholarship of $3000 per year. Engineering school in mid-20s by US News (i know, I know..US News...)
b. Local state school (19-26 middle ACT range). Accepted into honors program and engineering school. Expected scholarship of $16,500 per year (and decent shot (⅓) at 100% of tuition, room, board (will know soon). Engineering school not listed by US News (so outside of top 50-60%).
Considerations
1. Hard to ask local engineers whether this matters. The ones who went to the local public school may not want to tell me that it has harmed them. The ones who went to the flagship are probably loathe to criticize the local school.
a. I hear things like “it only matters for your first job”
i. Does your engineering school matter to hiring managers if it is flagship state school versus local state school (not talking MIT here or Johns Hopkins for Biomedical) on the first job? on subsequent jobs? Will the flagship U open doors..and is it worth it.
b. It seems like your first job might determine the rest of your career path but...again...not an engineer.
c. Is it different for biomedical? does that matter more (seems a bit of a different animal to this non-engineer)
2. For my wife any I, we have found that in our medical fields the school barely matters. Almost doesn’t matter at all. But some other professions clearly matter a lot. The top of many professions seem vastly over-represented by top schools (even if the numbers are still small)
3. Time Value of the money in DD’s 529. The 529 has enough to go to state school with no scholarship for ~ 4 ½-5 years.
If she saved $66k - $120K on school that could grow (from 20-65 at 8%) to $2.1MM-3.8MM if i took it out and put it in a Roth for her over 10 years. And we would be willing to do that.
Any advice would be very much appreciated. Now whether my fiercely independent DD will follow that advice is a different story:)
