The thread BB posted had some great points. Interestingly, the names I recognize as students/alums of schools pretty much said Booth. Now if it was HBS vs a school in the high teens, I think it might have been a different story. But those of us paying what amounts to a small mortgage would say as long as the two schools are in the same tier and there isn't any huge difference in terms of career opportunities for what you want to do, hands down take the full ride. If it was 15k a year that is a different story...but the difference between 150k worth of debt and a few grand a month in loan payments vs no debt is huge right out of school.
I agree. It is quite pressing if you have a $1.5-2K a month payment on your student loans - you can't be an entrepreneur, that's for one. Startup at that point is out of question and the stress of making the payment is not helping either (though I doubt you will have too much hassle finding at least some kind of a job).
There has to be something said about the budget after graduating.
Keep in mind that if you are a "normal" student, you will have quite a few expenses after you graduate:
- Get new clothes (most likely your older stuff won't fit you due to the weight you gain during those all-nighters)
- Buying a new car (potentially)
- Other costs
Your savings will be exhausted at that point and you will potentially have credit card debt (most likely). Having a sign up bonus is very helpful (that's what it is designed to mitigate) but it is not always offered.
On the other hand, you will be making 100,000+ and in a higher tax bracket, so if you made 60K and took 50 home, you will now only take 65% or less. No deduction for Student Loan interest with that income either.... so it adds up to the burden. Not having a loan is very helpful...
Founder of GMAT Club
Just starting out with GMAT? Start here... | Want to know your GMAT Score? Try GMAT Score Estimator
Need GMAT Book Recommendations? Best GMAT Books
Co-author of the GMAT Club tests
Have a blog? Feature it on GMAT Club!
GMAT Club Premium Membership - big benefits and savings