I see the debate all the time. “But if I get into (insert name of any prestigious university) should I go even if I will have to take out loans?” Most students I meet with assume that if they have a prestigious university tied to their name, they are set for life. Not only will they get any job they want upon graduation, but they will also get more money.
Last week, The Boston Globe published an article last week, “Avoid Costly Colleges to Graduate Debt-Free“. One of the experts in the article stated that going to a big name school is often for “emotional appeal”. It does not make sense to go to a costly school because you feel it is a “good investment”.
Fact of the matter is that there is no way to know for sure whether or not paying for a costly college will pay off. In the end, you have no idea what kind of job you will end up with. That is why it is important for students and their families to consider several important factors when choosing what college to attend, including how much debt they can acquire.