From what i am reading and understand from ISB reputation, you may be better off at ISB. Isn't ISB the Harvard of India? And since you want to stay/continue in India the most value will be from a local school with fantastic reputation where employers come on campus to grab students?
Kellogg has no employment guarantee and H1B work permit will be a hurdle in recruiting. Yes, getting a degree in the US will add more value to your Indian employers, but it will cost more and be filled with a lot more hurdles, adjustment, and hard work. Your wife will be bored stuck at home - a consideration
P.S. It takes time to pay off debt. I would say you will not be able to pay off more than $35K per year even with a $120K salary. If you borrow $140 - that's 5 years (including interest). Are you prepared to spend 5 years in the US paying back your loan? You would have been gone from India for 7. All your friends, connections, and family would be in the US. Your India contacts would be as cold as Lake Michigan in February. Kids would be going to a US school. You will be 3 years away from US citizenship. You won't be able to leave
Agreed! Considering visa hassles, your wife will not get any employment in the US and her MBA will be a complete waste! She will be frustrated and bored sitting at home. Might even lead to family tensions...
The H1B situation is becoming worse by the year - last year, USCIS had to conduct a lottery even for the 20k visas for graduate degree holders. You might work for a year in the US on OPT, after that your fate will be dependent on a lottery system in which an MBA from a 100-ranked school might get through, but a Harvard or a Kellogg MBA might just fail!