Butch

So I've already committed to attending Columbia Business School. However, today I found out that I've been admitted to NYU, as well - and that they've awarded me a $25,000/year merit scholarship.

I really prefer Columbia, but I don't know if I prefer it $25,000 a year more - that's a lot of student loans!

I guess I'm going to call the financial aid office at Columbia and explain the situation and hope they can help make this an easier decision for me, but I doubt they will.

Ultimately, I don't want to be a jerk and rescind my commitment to Columbia - I'm about 90% sure I'll stick with Columbia . . . but I'm still rather torn . . .

Any thoughts?

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DarkFury

Honestly, you aren't committed to attending Columbia... and if they aren't paying your way, then I'd go for the "scholarship" if you don't have the cash to pay your own way.

(I'd still go on the scholarship even if I did have the cash... on principle alone. The cash in your pocket can pay other expenses...)

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mcs328

I'd go to NYU personally. What's the financial catch with Columbia if you uncommit?

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Butch

The financial catch isn't much. I'd just be out the $1,500 deposit I paid to Columbia.

Thing is, for the past few weeks, I've already thought of myself as part of Columbia. Many friends have gone there, one of my best friends is getting his PhD at Columbia, and I know a couple other people in the incoming class.

I REALLY never pictured myself at NYU. In fact, I didn't really like the classes I visited, and there was a time in the application process when I was rather unsure about whether I would get in anywhere . . . at that point, I was even debating whether I would turn them down if I got into only NYU and try my luck with other schools next year.

If I go to NYU, I feel like I would be doing it only for the money and the investment. With Columbia, I feel like I would get more personal fulfillment out of it. This is why I say it's about 90% that I stay with Columbia . . . but it is putting my brain in knots.

ufcrusher

First, your happiness at school is worth the additional money. Second, dont listen to all of the people who say that what school you graduate from doesnt matter once you are out in the real world. It does have a major impact for many years. Lastly, is the scholarship to NYU guaranteed? Way back when I was going to law school, I made a decision partially based on a merit scholoarship that they told me I would have for all 3 years so long as I maintained my GPA over 3.5. I figured that would be easy, since it always was before law school, but I subsequently received a 3.1 and lost my scholarship and they told me that it was permanently gone. Suddenly I am at a school I didnt want to be at and I lost the scholoarship that impacted my decision to go there. Its a pretty bad situation to be in, so I would make sure that the offer is truly guaranteed. I was going to transfer our, but that didnt happen either. The moral of the story: dont make your decision based on the scholarship alone...you need to be happy there if you somehow lose the scholarship. Moreover, make sure that the guaranteed scholarship isnt just guaranteed if you keep a certain GPA.

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DarkFury

Hey.. if it's worth $100K+ to go to Columbia, then go for it.

Personally, I'm just saying I'd take the money and get a good education, if the quality of the education were the same/similar.

However, if your heart is set on Columbia, then bite the bullet and go there. Only you have yourself to be accountable to (as long as you pay off that bill when it arrives. )

JaQnAbOx

whats 50 k over 2 years. take out the loan and pay it off over 10 years. once you graduate from columbia business school im sure you'll be making some top $$ and you'll need some tax write offs (interest on school loans).

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DarkFury

Doesn't it take 4 years to get a degree?

That would be 100K ... and that's alot of cash IMHO.

Butch

They're MBA programs, so only two years.

Anyway, I called NYU to find out more details about the award (renewal, etc.), and they mentioned that it was only guaranteed for one year. The second year would be a completely separate process.

With that, my choice is clear. I've declined the NYU offer. Feel pretty good about it.

cadetevon

Nice, I'm glad you called to get further confirmation. It had the potential to have been horribly expensive mistake.

Good luck with your studies.

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DarkFury

Oh... ok, my bad.

I guess I was thinking "undergraduate" Still... alot of money.

guiseppewv

Congrats on getting accepted to NYU and Columbia. Also, congrats on the $25k merit scholarship.


I have to respectfully disagree on this. I could not even tell you where 90% of my co-workers went to school. The ones whose alma mater I do know it is only due to them graduating from one of the acadamies or because they are huge CFB fans. As long as you go to a major univeristy you are fine. If you are going to Wharton for an MBA then people will remember (rightfully so b/c they have a great program) where you went and respect that degree but to base your decision on a name is crazy talk. I do not know what NYU or Columbia's MBA programs are like, so I do not have opinion on if the $25k/year is worth it at Columbia or not.

Prngr44

I think to a certain extent where you go to school influences your first job more than anything else because you have little to no experience to fall back on.

Once you've built up some job history I don't think it really matters where you went, but moreso what you've done.

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Jeffbx

kinda...

It makes a difference for any job hunt, but can make a HUGE difference if you want to get to a high level position, like EVP or C level. If you apply for a VP or higher position (especially in a larger company), they can place a heavy emphasis on not only your education & job experience, but where your degree is from.

Whether it's justified or not, many companies want to have their executive team profiles sprinkled with big school names - Northwestern, Michigan, Harvard, Wharton, Duke, etc. Looks good from a marketing perspective.

The Happy Squirrel

call Cloumbia and say. Here is the deal. I am in love with the idea of attending there. I amabsoutly am. BUt NYU has offered my a merit scholarship thats valued at $25,000. Now you being a prefered educator know that the school of choice is a big decision, almost as big as the finicail decision when connsidering schools. I really would love to be a part of the family at Columbia, but the extra merit that NYU has graciously extended to me might impeed that. What can you do for me to keep me a part of you great tradition there?? IF your grades and test scores are in line they just might throw you a bone. If they dont then go with Columbia anyways becuase in addition to the title of the school, personal satisfaction and happiness will play a huge part in your sucess and achievements while in school. NO regrets!

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renovation

i know my daughter who got her teaching degree from Western Michigan University. has a friend with the same degree from Central Michigan university. both with the same grade point score and field of Education degrees. my daughter had more job offers then the other girl. upon graduation and they both applied to the same school systems for the most part. ok work history may of played a part in why my daughter got more offers .but she was told it was her school she graduated from that played a bigger part in her being asked to come be interviewed and offer jobs.

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Daedalus

I wish it wasn't true, but I agree school name does make a difference in opening doors and increasing your chances throughout your career. It's much easier to get great work experience when you come from Kellogg or Wharton than if you come from even a mid-tier school. The most desirable employers hire a large percentage of their students from top names. They hire much smaller numbers from other schools. The Wharton graduate has a relatively good chance of getting hired by Bain, Merrill Lynch, Proter & Gamble or any of the other "hot ticket" companies. With that company on his/her resume, landing future jobs is also easier. The mid-tier MBA can have just as good a career, but the chances are smaller as there is more competition for fewer slots right out of the gate. Down the road, you likely won't be getting the Sr. Analyst position at Andersen when you're 35 and have 5 years experience at the small accounting firm that you got a job with right out of [mid-tier] grad school.

BTW, I was very surprised to find out that grades don't matter for jack for most companies. Most don't ask, and most students don't even put GPA on their resume. Skip classes for a week before recruiting season starts and polish up your inteviewing skills until you can sell sand to a Sahari. And it's true that who you know is more important than what you know. Open as many doors to good networking opportunities as you can from the start.

brainsmile

Rob Engle is a professor at NYU and was awarded the 2003 Nobel Prize in Economics. I know because he was one of my professors when I was studying my Ph.D in Economics. I'd suggest considering that school aside from the money aspects. He's a great teacher.

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Butch

Well, after nearly a week of reflection on the decision, I still feel quite comfortable with it. Definitely appreciate the input from everybody.

I'm one who definitely believes that a talented student can make the most of any opportunity provided to them at any of the Top 10 b-schools, but I think I fit better at Columbia and would be more motivated there than at NYU.

On top of that, I also do definitely believe that name/reputation does have an impact on a lot of recruiters. Realistically, there's not SUCH a difference between the schools, but the perception can be strong among some.

As for the professors - both have their Nobel winners - Columbia's got Joseph Stiglitz. I don't always agree with Stiglitz, but I'd definitely be curious to take a class from him.

Can't wait to get back to NYC and start school!

brainsmile

good luck. I haven't met Stiglitz but have studied him as all grad students must.