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the future with debt?

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Current Student
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Joined: 02 Dec 2009
Posts: 221
Location: Chicago, IL
Schools: University of Michigan Ross/SNRE (Erb Institute)
Followers: 5

Kudos [?]: 56 [0], given: 22

Re: the future with debt? [#permalink] New post 19 Feb 2010, 11:49
This is a very interesting topic. I have a full-ride at a barely top-50 school that happens to be strong in what I want to do after graduation (social enterprise). I also have an admit with no money to a Near-Elite with arguably one of the strongest social ent. programs out there. I would say Ross in a heartbeat, but considering the current economic climate, the likelihood that I actually may not make that much money post-MBA, and scary articles like this one: http://finance.yahoo.com/college-educat ... _education , I haven't quite gotten to the send-in-my-deposit stage. I don't have an impressive salary or any savings or assets to speak of, so it'll be loans all the way. So hard to swallow.
Current Student
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Joined: 18 Jan 2010
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Schools: UCLA
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Re: the future with debt? [#permalink] New post 19 Feb 2010, 12:11
conmisdosmanos wrote:
This is a very interesting topic. I have a full-ride at a barely top-50 school that happens to be strong in what I want to do after graduation (social enterprise). I also have an admit with no money to a Near-Elite with arguably one of the strongest social ent. programs out there. I would say Ross in a heartbeat, but considering the current economic climate, the likelihood that I actually may not make that much money post-MBA, and scary articles like this one: http://finance.yahoo.com/college-educat ... _education , I haven't quite gotten to the send-in-my-deposit stage. I don't have an impressive salary or any savings or assets to speak of, so it'll be loans all the way. So hard to swallow.



Dosmanos, I am in a similar situation with money to a "lesser" school. Honestly, I am leaning towards taking it the more I think about it. I would love to graduate debt free. I recognize am also in a different financial situation than a lot of the other people on this board and it may not make sense for me to assume a lot of debt for an MBA.
Current Student
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Joined: 14 Jan 2010
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Re: the future with debt? [#permalink] New post 19 Feb 2010, 12:30
conmisdosmanos, what are you looking to do after school? Have you looked into whether Ross has a fund/program set up to pay off the loans of students who pursue social enterprise ventures? Another other option might be to go work for a federal agency, which would allow you to write off the cost of a certain amount of your federal student loans per year*.

*There are certain strings attached. Also, sadly, they haven't stepped up MBA recruiting by quick grade acceleration programs, at least at most of the agencies I know about.
Current Student
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Joined: 02 Dec 2009
Posts: 221
Location: Chicago, IL
Schools: University of Michigan Ross/SNRE (Erb Institute)
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Kudos [?]: 56 [0], given: 22

Re: the future with debt? [#permalink] New post 22 Feb 2010, 09:16
I'm interested in microfinance as it relates to the US food industry (I am not honestly sure what job function to identify as my goal...), and eventually would like to own my own business. Not necessarily immediately lucrative (or ever lucrative...) career paths! Although I suppose I could manage a couple years in a debt-repaying position before setting out on my own.

Ross has loan forgiveness programs for non-profit/public positions, but not necessarily social enterprise. It's a possibility but not something I'm prepared to count on.

The way I'm looking at it is this: the "lesser" school might make life easier upon graduation, but Ross will continuously open doors for me for the rest of my life. It's a trade-off, but I think it will be worth it. *Cue hyperventilating, sweating, and heart pumping wildly at the thought of the size of my loans...
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Re: the future with debt? [#permalink] New post 22 Feb 2010, 20:18
conmisdosmanos wrote:

The way I'm looking at it is this: the "lesser" school might make life easier upon graduation, but Ross will continuously open doors for me for the rest of my life. It's a trade-off, but I think it will be worth it. *Cue hyperventilating, sweating, and heart pumping wildly at the thought of the size of my loans...


conmisdosmanos - I'm in the same boat with an elite and a lower ranked school. Terrifying but I hope we're right and it's worth it in the end.
Current Student
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Joined: 02 Dec 2009
Posts: 221
Location: Chicago, IL
Schools: University of Michigan Ross/SNRE (Erb Institute)
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Kudos [?]: 56 [0], given: 22

Re: the future with debt? [#permalink] New post 23 Feb 2010, 07:26
dcdevil & SBbound - I sent you guys a PM. It looks like all my recent PMs are just sitting in my outbox (anybody know why?). Let me know if you receive it?
Senior Manager
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Re: the future with debt? [#permalink] New post 24 Feb 2010, 17:10
conmisdosmanos wrote:
dcdevil & SBbound - I sent you guys a PM. It looks like all my recent PMs are just sitting in my outbox (anybody know why?). Let me know if you receive it?


It stays in your outbox until the recipient reads it. After they read it, your PM box will show it as "sent."
Current Student
User avatar
Joined: 02 Dec 2009
Posts: 221
Location: Chicago, IL
Schools: University of Michigan Ross/SNRE (Erb Institute)
Followers: 5

Kudos [?]: 56 [0], given: 22

Re: the future with debt? [#permalink] New post 24 Feb 2010, 22:35
smkrn wrote:
conmisdosmanos wrote:
dcdevil & SBbound - I sent you guys a PM. It looks like all my recent PMs are just sitting in my outbox (anybody know why?). Let me know if you receive it?


It stays in your outbox until the recipient reads it. After they read it, your PM box will show it as "sent."


Thank you!
Current Student
User avatar
Joined: 02 Dec 2009
Posts: 221
Location: Chicago, IL
Schools: University of Michigan Ross/SNRE (Erb Institute)
Followers: 5

Kudos [?]: 56 [0], given: 22

Re: the future with debt? [#permalink] New post 24 Feb 2010, 22:39
xerox wrote:
"Be bold when others are fearful, and be fearful and others are bold" and I think it is generally applicable to big decisions like investing into your own future, too. If it is not scary, it is an easy decision, and so everyone is capable of making a similar one.

MBA is an expensive toolkit, but it is well worth it, and I would always wholeheartedly recommend Wharton MBA to anyone anywhere.

Graduating with an MBA into a down economy is thought to reduce the impact of the education on your career, but you will be in a much better position vs. not having an MBA.



I think you're absolutely right, and in my gut I know I've already made my decision and it's the right one (the expensive one). It's nice to know, however, that I'm not the only one who has the jitters...

Thanks for all the encouragement, everybody, on this thread and across this forum!
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Re: the future with debt? [#permalink] New post 03 May 2010, 20:34
Well add me to the club of jittery thinkers.

I got my loan approved this afternoon and the money won't cover it, so I'll be scraping by and applying for every scholarship in existence I qualify for.

This step has kinda turned the excited factor towards nerves. It's like when you're in line to go on a roller coaster, and when they're giving the safety instruction you keep thinking how much you wanna get off the thing.

I'm so scared about the debt, the life transition, and whether this is the right decision for me - am I sure I wasn't meant for med or law school?
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Re: the future with debt? [#permalink] New post 04 May 2010, 05:55
A very interesting topic..and no right answer.

Two other things to consider:
1. if you did not get an MBA, would your current career path be secure? It may be a mistake to think that your current job/path will stay at status quo (think all the folks in the dot com industry in 2000s or financial services in 2008s). On the other hand, if you work at a small-to-med size business and have a strong trajectory, maybe the MBA is not needed right now and/or can be done in a part time basis.

2. if you know what industry you would like to land in, compare MBA & non-MBA routes there -- there will be individuals that have succeeded via both channels. If a non-MBA alternative appears plausible, it is worth considering.

One variable here -- the MBA does give you flexibility not just coming out of grad school but beyond into your 2nd or 3rd job. While experience matters more at that juncture, the MBA is still sometimes a 'minimum' bar that employers look to.

Good luck!
Aveek Guha, President, www.mbadaycamp.com
Re: the future with debt?   [#permalink] 04 May 2010, 05:55
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