aszx5527 wrote:
Hello All!
Recently, I was fortunate enough to be taken off the Booth Waitlist. However, a few days of elation was quickly replaced by anxiety over the amount of loans I will need to take out. I was offered no scholarship. Thus, my two year cost will be about $180,000. In addition, I still have $60,000 in undergrad loans. This means, I will have about $240,000 of loans when I graduate. I just read a report stating that the average indebtness of a Booth graduate is around $75,000, which seems so low! So my question for you guys if do you think Booth it is worth 180K plus the 60K of undergrad loans that I have? Should I apply to a lower-ranked program and hope for a sizable scholarship?
A little about my background. I currently work in the non-profit sector and make around 55K a year. I hope to work within the consulting industry after Booth for a few years to pay off my loans. I know everyone says a top 5 school is worth every penny, but I'm trying to fathom how long it will take to pay everything off.
New Booth Admit
I worked at Booz and can tell you that most top tier Management Consultancies (Booz, McK, Bain and BCG) will pay for your second year tuition if you succeed as a summer intern. In addition, they will probably give you a sign-on bonus of about 20k. The fact is that they will only consider hiring you if you come from a top MBA program. Michigan Ross is as far as they will go.
To sum up, if you really want to pursue a career in Consulting, Chicago is your best option. Also, if you manage to get in a top tier Mgt Consulting firm during your summer internship, you'll be able to reduce your debt significantly!