bb wrote:
It is probably impossible to establish the difference in value between the two programs and then quantify them into dollars payable upfront or over a period of 20 years as a loan. It is purely emotional in this case and even though I am not a sucker for brand names, there is some value in attending worlds best school vs #6
My personal opinion is based purely on my paranoid nature and desire to be #1. I don't buy the most expensive items or the best cars - I don't care about BOSE headphones, my Audio Technika does just fine, my old Lexus still drives well and I don't need a new one but in areas that matter to me and that won't be lost on a plane or depreciate over time, I tend to put a disproportionately high value. It is nothing against Kellogg but I would not take anything less than the best in the MBA world. Then of course if you are planning to have kids in a few years and never come back to work it is a diff story
We are all different and my opinion would most likely be different a few years ago. 100k seems like a lot until you try to buy a house in any large city on the cost.... this is where I am at and 100K don't buy you much when houses start at over $1M. It all depends on what you compare it with.
Playing the devil's advocate here. I would choose Kellogg if I were you. You are not a career changer, so I assume that recruitment is not a big factor for you. Therefore, both schools will get you from A to B. Both schools can teach you practically the same concepts in management. The only difference is that HBS has a stronger brand name, and the people will be (slightly) more accomplished. BB (and many others) emphasize on potential future earnings. However, do not forget to live and enjoy the present as well. At Kellogg, you will have no financial worries whatsoever with a 100K scholarship. You will not be forced to stay at your company to pay off your debts and you can live quite comfortably for at least the next five (!) years. It takes quite a while to save up $100K, even on a $150k - $200k (pre-tax) salary.
HBS makes sense if you are dead set on PE/VC and have PE/VC experience (these seem the only type of firms that are not accessible from 'lower' ranked schools), or if you think that HBS is a much better fit.