Reply to Middle class families - Are you willing to take on a ton of debt for a top college?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Didn't read 15 pgs of this - but for me it depends on how elite the school is + what the kid intends to study. If they want to go down the finance or law road, I would take on debt for Columbia or Wharton - and of course for Harvard. At the end of the day, those are prestige driven professions and while people will pop up saying -- I'm in those fields and have made tons of money -- reality is that investment banking and biglaw recruiting has really narrowed to 5-10 schools; unless you're somehow famous/important, you aren't getting in with a degree from the [b]U of Alabama[/b]. And if you're looking at it from a net worth perspective, starting in banking and biglaw with huge bonuses at a young age sets you up from a net worth perspective and allows you to "downshift" to very respectable jobs later if you want that'll still pay you 150k.

Now if a kid wants to go to UPenn to study history and then do teach for America and find there bliss -- um no -- they can go to state flagship u for that sort of thing.[/quote]
As the list of undergrad schools posted by a PP shows, BigLaw doesn't give a shit where you went to undergrad. It's your law school, and law school only.[/quote]

With the exception of a tiny number of extremely snooty firms, it's your grad school that counts. If you went to the University of Alabama for your BA and then finish an MBA from HBS, or Wharton, you're still well placed for IB. Of course, making the leap into HBA or Wharton from Bama is probably more challenging than getting their from Middlebury. There are some corner cases where a firm explicitly wants recruits with undergrads from elite schools, because they want kids from privileged backgrounds so they can relate to their affluent clientele, but this is rare, and only applies to new recruits.[/quote]

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