Introduction: After doing extensive research on different colleges and universities, I decided to do a cost benefit analysis on Claremont Mckenna

College. This private, out of state college is located in Claremont, California, near L.A. It has 1,264 students enrolled, and is a part of the Claremont schools. The Claremont schools consist of Claremont Mckenna, Pomona, Pitzer, Scripps, and Harvey Mudd. Through this program, you can take classes at any of these colleges and get credit for it. Harvey Mudd is an engineering school, which will benefit me if I do want to pursue a career in environmental engineering. Also, Claremont Mckenna has a perfect science program for me called the Roberts Environmental Center. It raises an awareness of environmental issues, works on natural resource management, and explores scientific ideas, while also incorporating business, economics, law, and government. I like how it is a small school and has very rigorous programs, but also has a lot of life in the campus. There are always fun things to do on the California beach and around the city of L.A. For the purpose of this cost benefit analysis, I have chosen the career of environmental engineering. The annual salary is $102,982.

Monetary Costs of Going to College: o Travel: $4,800 ( o Personal expenses: $2,400

o Rent, Food and Fees (textbooks and technology) for 3 years: 2016 2019: $61,200

o Interest from tuition and fees for 1 year: 2015 2016: $24,394.49

o Entertainment (movies, concerts, etc.): $2,400 o Fees (room, board, textbooks, technology) for 1 year: 2015 2016: $15,125 ( ) ( ) o Tuition: 2015 2016: $195,634.40 o Interest from tuition for 3 years 2016 2019: $60,380.35

Total Monetary Cost: $366,334.24 Non-Monetary Costs of Going to College: o Time doing schoolwork: $27,648

o Far away from family and friends: $46,080

o Stress: $9,216

o Loss of income: $86,016

o Effort making new friends and keeping up with old friends: $5,760 o No home cooked meals: $13,140 o Health: $2,800

Total Non-Monetary Cost: $190,660 Monetary Benefits of Going to College: o More job security: $15,000 o Better job benefits: $200,000

o Higher overall income: $100,000 o More career options: $70,000 o Find a spouse who also went college and will likely make more money: $750,000 o Networking with other like minded people: $500,000 o Delayed family planning: $250,000

Total Monetary Benefits: $1,885,000 Non-Monetary Benefits: o Responsible decision making: $500,000 o Making new friends and memories: $100,000 o State of the art knowledge: $100,000 o Open-mindedness towards diversity: $100,000 o Job opportunity: $250,000 o Job satisfaction: $100,000 o Perseverance: Learning not to quit after failing: $500,000

Total Non-Monetary Benefits: $1,650,000

Total Costs of Going to College: $556,994.24 Monetary Costs of Going to College: $366,334.24 Non-Monetary Costs of Going to College: $190,660 Total Benefits of Going to College: $3,535,000 Monetary Benefits of Going to College: $1,885,000 Non-Monetary Benefits of Going to College: $1,650,000 Reflection: From this cost benefit analysis, I have determined that going to college is worth the price. The return on my investment will quickly enable me to be successful in life from a monetary perspective. From a monetary perspective, I would need to invest $366,334.24, but my return on investment would be $1,885,000. I have also determined that there are non-monetary benefits of going to college that out weigh not going to college, like having state of the art teaching, and becoming more open-minded. Although it may be difficult paying back loans in the time following graduation, in the long run, it is most definitely worth it to attend college. Over a ten year span as an environmental engineer, making approximately $102,982 annually I would recoup my initial monetary investment after about three and a half years. I would feel confident in returning my investment if I pursued a career in the sciences because that kind of career is compensated well. First and foremost, I would want to follow my passion, but money is also a factor in careers. If I was passionate about psychology, I might make $40,000 a year, and it would take me approximately 10 years to pay off my debt. If I did not have supplemental resources, such as from my parents, I would probably reconsider a post high school education that would be less expensive. I also may pursue post graduate studies, which may require additional funds, over and above the initial cost for an undergraduate education, also swaying my decision of where to attend. One of my top priorities in my college process is to examine and apply to schools that may not have the best name or highest ranking on a list but still meet my educational goals. The variation of cost of living of cities could account for my tuition being higher than expected. Some cities are just more expensive to live in, such as Boston and San Francisco. Another factor that could make my tuition higher would be unforeseen health care costs, such as developing a chronic illness or injuring myself. These costs could make my tuition a lot higher than expected. My expected income is $102,982 annually, or monthly, around $8,581.33. If I were to follow the Fixed Standard loan plan, I would pay $3,083.03 per month for 10 years. My loan payment will be 35% of my monthly income if I were to become an environmental engineer. This is way higher than the recommended amount of 10% of my monthly net income.

Conclusion: Too much debt would be having to continue to pay loans from my education after a time period of 15 years. Over time, there are going to be other costs of living such as raising a family, buying my first home and car, and other costs beyond college. I dont want my debts to be piling up on each other, and ideally I would like to pay off my education loan in 10 years, but they may not be realistic, so too much debt would be continuing to pay my loan after 15 years. If my college plan does not work out as expected financially (such as I dont make it as an engineer or do poorly in the business), then I may be in debt longer, because I have no money to pay my loans. The true price of college far surpasses the stated price tag. Not only do you have to pay tuition, which is expensive in itself, but you have to pay fees (room and board, textbooks, technology, etc.), interest on loans, loans, and personal expenses. Because college has so many more unexpected costs that add up to a lot of money and repayment of debt beyond the years of college, another cost is the need to lead a frugal lifestyle. This entails living without luxuries. From this project, I have learned that I need perspective on analyzing the glamour of a college name versus how much it will benefit me as I pursue my career options. I need to be aware that I may chose to pursue a graduate degree, which will cost additional money. The most important factor that I have taken away from this project is that success is what you do, not where you go. Even though the glamour of Claremont Mckenna may draw me to that school, it doesnt guarantee me success in life. It may be more worth it to go to a more reasonably priced school, which would still allow me to pursue my career goals with the same amount of opportunities. A lot of successful people went to second or third tier colleges, but were successful in life because of taking maximizing the opportunities presented to them. For example, the head of all research development at Mayo Clinic trained at University of North Dakota. He didnt go to Harvard, but he is one of the premier gastroenterologists in the world.