Costs & Financial Aid : Business School Life
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# Costs & Financial Aid

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Manager
Joined: 24 Aug 2007
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Schools: MIT
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04 Nov 2007, 03:30
1)Curious to know how actual living costs compare with estimates on websites, particularly for Ultra Elite schools.
2)For international applicants, I understand there is some kind of a guaranteed loan. In this context, what is the min. amount of money one is expected to show from own savings?
Current Student
Joined: 29 Jan 2005
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Re: Costs & Financial Aid [#permalink]

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06 Nov 2007, 20:20
collegesenior wrote:
1)Curious to know how actual living costs compare with estimates on websites, particularly for Ultra Elite schools.
2)For international applicants, I understand there is some kind of a guaranteed loan. In this context, what is the min. amount of money one is expected to show from own savings?

It really depends on where you live and your lifestyle. I'm not attending an ultra-elite (or even elite) school, however my family budget is roughly $2000 a month, and that's living in a 700 sqft apartment a mere five blocks from campus. Add another ~$500 if you want a car, and another $1000 if you eat out regularly (I cook three meals a day). I do know of a few frugal domestic and international classmates who claim to be scraping by on about$1200 p/month, but I can't imagine how.
SVP
Joined: 01 Nov 2006
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06 Nov 2007, 20:34
it seems like the schools in super-pricy areas (nyu, stanford, hah-vahd) don't have ECLs (estimated cost of living) that make up for their areas high costs.

I think you actually get by in Durham, but there's no way in those pricier areas.

Lepium? Johnny? Any thoughts?

As a former financial counselor, here's my advice: forget how much money you made before. Wipe it out. Now sit down and try to crunch some numbers. What will your rent be? Groceries? Etc? Check out the bottom line, and then adjust. Spend less or bring in more.
06 Nov 2007, 20:34
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