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passivation
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Admitted to Chicago Booth Class of 2012 Full-time MBA Thread 08 Jul 2010, 12:50
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Howdy,
This may relate only to US citizens/residents, I realize that I had long back filled the FAFSA forms etc but I have not yet heard from the financial aid office regarding loan for Booth. When are we supposed to get our confirmations? Or am I missing some emails?
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masscool
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Admitted to Chicago Booth Class of 2012 Full-time MBA Thread 08 Jul 2010, 12:52
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I have not received mine either. But I am an r3.

Posted from my mobile device
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JCTplus3
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Admitted to Chicago Booth Class of 2012 Full-time MBA Thread 08 Jul 2010, 13:31
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I'm round 3 as well, and I haven't heard anything yet. I am going to call next week if I have not heard anything by then.
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shana22
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Admitted to Chicago Booth Class of 2012 Full-time MBA Thread 09 Jul 2010, 06:12
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From what I've heard, you won't get a confirmation email. Booth won't even find out from the US Gov't until they start billing or something like that. I know lots of R1/R2 people who haven't filled out the forms yet, I don't think it's a big rush.
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JCTplus3
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Admitted to Chicago Booth Class of 2012 Full-time MBA Thread 17 Jul 2010, 14:40
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I got what appears to be an award letter earlier this week. I was happy to see that I did get some subsidized Stafford loans.
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booof1042
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Admitted to Chicago Booth Class of 2012 Full-time MBA Thread 17 Jul 2010, 17:21
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Is it just me, or does it seem like the median age for those admitted to the class of 2012 has dropped to to the 25-26 range? Browsing through the community directory, it looks like nearly all of the full-time admits graduated in 2006-2007. Of course, this assumes that they finished their undergrad degrees in 4 years, but still... I'm curious if the admissions was specifically looking to bring in a younger class than years past...
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Admitted to Chicago Booth Class of 2012 Full-time MBA Thread 17 Jul 2010, 17:41
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passivation
Howdy,
This may relate only to US citizens/residents, I realize that I had long back filled the FAFSA forms etc but I have not yet heard from the financial aid office regarding loan for Booth. When are we supposed to get our confirmations? Or am I missing some emails?
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I got mine today.
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booof1042
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Admitted to Chicago Booth Class of 2012 Full-time MBA Thread 18 Jul 2010, 08:32
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Just got done crunching some numbers. Does anyone else look like they're facing around 150k in student loans once they're through with their two years?

Avg debt for Booth grads per Business Week is ~86k. Based on the estimated costs for two years ($82,595 x2 = 165k), this must mean that those not receiving scholarships (two thirds of us) have (on average) around 80k in savings starting out... am I missing something?
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Admitted to Chicago Booth Class of 2012 Full-time MBA Thread 18 Jul 2010, 12:04
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booof1042
Just got done crunching some numbers. Does anyone else look like they're facing around 150k in student loans once they're through with their two years?

Avg debt for Booth grads per Business Week is ~86k. Based on the estimated costs for two years ($82,595 x2 = 165k), this must mean that those not receiving scholarships (two thirds of us) have (on average) around 80k in savings starting out... am I missing something?
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Are you sure that one-third of the class get scholarships? Seems a bit high to me.

I am guessing some students don't take out any loans at all and pay through savings and family contributions (there might even be a few trust-fund babies). $165k is chump change to some folk.
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booof1042
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Admitted to Chicago Booth Class of 2012 Full-time MBA Thread 18 Jul 2010, 14:05
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Yep, the "roughly 1/3" of students receiving some scholarship money was per the admission staff at one of the info sessions late last year.

I guess in some ways it simplifies things - facing so much debt, your career path is pretty much chosen for you (banking or consulting)! :)
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Admitted to Chicago Booth Class of 2012 Full-time MBA Thread 19 Jul 2010, 12:57
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shana22
From what I've heard, you won't get a confirmation email. Booth won't even find out from the US Gov't until they start billing or something like that. I know lots of R1/R2 people who haven't filled out the forms yet, I don't think it's a big rush.
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This isn't true, apparently. I got a letter from Direct Plus saying I had qualified for loans based on a credit check. I haven't heard anything about the subsidized loans....

booof1042
Just got done crunching some numbers. Does anyone else look like they're facing around 150k in student loans once they're through with their two years?

Avg debt for Booth grads per Business Week is ~86k. Based on the estimated costs for two years ($82,595 x2 = 165k), this must mean that those not receiving scholarships (two thirds of us) have (on average) around 80k in savings starting out... am I missing something?
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I don't think your math of what the non-scholarship people have saved up (~80K) is correct precisely because the non-scholarship people are in the average debt figures. People with scholarships probably bring down that average debt figure from something higher than $86K (Booth doesn't appear to consider need).
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Admitted to Chicago Booth Class of 2012 Full-time MBA Thread 20 Jul 2010, 10:47
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booof1042
Avg debt for Booth grads per Business Week is ~86k. Based on the estimated costs for two years ($82,595 x2 = 165k), this must mean that those not receiving scholarships (two thirds of us) have (on average) around 80k in savings starting out... am I missing something?
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Yes. Summer internship earnings of, lets say, $15k. Signing bonus of circa $40k.

Add in some work in the offices / teaching assistant roles which are tax free and you can get that number down further.
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Admitted to Chicago Booth Class of 2012 Full-time MBA Thread 11 Sep 2010, 11:06
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Hi guys! It's been so fun to meet some of you... come up and say hi when you see the glasses-wearing Australian girl around the place...
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