I just signed and returned a promissary notice to
Sallie Mae for almost that same amount, and that's just for the first year at a tier two school. Figure in a (soon to be) unemployed wife and barely enough in savings to scrape by a meager existence until mid '08 - when I say meager, I mean packed tuna sandwiches and bicycle commuting - yet somehow I have a hard time being convinced that a reputable American graduate business education (arguably the world's best) won't have a positive influence on my career during an anticipated period of sustained global economic growth with record low unemployment rates. And that's taking the WCS in which I will have to start over from scratch after completing an MBA.
As hackneyed as it sounds, nothing worth having in this world is free. An AACSB accredited MBA, even if it's from a trans elite school, opens doors, period. An elite or ultra elite MBA knocks the doors clean off their hinges with the force of a battering ram.
Another certainty is that the door almost never magically opens on it's own.
Anybody can claim financial hardship and request a one year forebearance (with interest accruing), however, inevitably at some point in time the same individual is going to have to face monthly repayments of ~$700 on a $90K loan for a long, long time. What it comes down to is how much is a shot at a significantly life changing opportunity worth to you? How much faith do you have in yourself? Are you just flirting with the idea of an MBA because it seems like the fashionable thing to do or do you you have somewhat of a plan as to where you want to be in 2, 5, 10+ years, allowing for possible contingencies?
If as you say you are 31 now, then you should have roughly 25~30 good working years ahead of you post-MBA. Calculate your salary now with realistic annual pay raises and compare that figure to the bottom 80% of what your school's reported first year starting annual income. Add in conservative wage increases and expand the first figure over 22 years and the second over 20 years. Don't even consider bonuses. If the latter figure is not at least 15% higher than the former, and you place no intrinsic value on knowledge, the advanced degree itself, and potentially a new marketable skill with an exponentially increased professional network, then perhaps an MBA is not for you.