I got a full ride offer. Now what? :)

Question

Hey guys, Ross just increased their scholarship offer to me and offers me FULL RIDE. Now I got lined up Berkeley - no offer Tuck - SIGNIFICANT Ross - FULL HELP ME!!!

Before that I was leaning towards Tuck, as I would most certainly like the location and school spirit, wouldnt mind NOT being near a big city and with the post-MBA goal of consulting -plus the scholarship - thought that it would be the best fit. Obviously Ross has a great ROI now, but its also brand-wise the least recognized around my home country. Any thoughts? Thanks, I appreciate your input.

Steel · Answer

I can only speak for myself - but I think that the amount grant money is very low on my list of priorities when deciding which business school to attend. Given that your intended career path is consulting - I think you should take the same approach to your decision making.

The extra money that you invest now to go to the program that you think is best for you will pay dividends in the end (and while you're at school). You should determine what school that is and run with it.

uphillclimb · Answer

Tuck. Rabidly loyal and supportive alumni, incredible program, established feeder to all of the big consulting firms, plus your s"ignificant scholarship", and one of the prettiest area in the northeast to live in for a couple of years...
I vote "Camp Dartmouth". Tuck it is!

rhyme · Answer

Standard GSB answer: Take the full ride Ross offer subtract from it your tuck offer. This is the differential over 2 years. Look at the employment reports for your target jobs at both Ross and tuck. Attempt to quantify whether or not you think you would be below average in your target market, above average, etc. Factor in geographic differences in brand that may impact overall success and such. Having identified income differentials, I'd consider these over say 5 years -- the likely maximum amount of time you'd follow a given career path. Assuming that Ross is actually lower than Tuck, move on. If Ross is higher, then it wins on both less cost and more money. If Ross is lower than Tuck in the comp department when you factor geographic preferences, then I'd recommend assuming a 3% salary growth rate and a interest cost of 5% on the difference between the scholarships. Then just simply discount the compensation appropriately, consider the cost of the additional interest (careful, this should probably be at least 5 years compounded), then just see which number is bigger.

But seriously, if the difference in scholarship isnt big, just go where your heart is. $10 or $20K isnt going to make a big diff in the end.

But seriously, if the difference in scholarship isnt big, just go where your heart is. $10 or $20K isnt going to make a big diff in the end.

dosa_don · Answer

Wow - congrats on your offer. You are in an enviable situation

I have always believe that $'s should not factor into your decision but in this case, it would like the three schools are relatively similar in terms of ranking (just outside the so called M7, though Tuck is definitely better than Ross IMO). Having said that, what is amount from Tuck? > 50%? I really like Tuck but I decided against applying there because of it remoteness and my wife would have found it impossible to find a job there. I was very impressed with all the alums that I met and interacted with.

kryzak · Answer

first of all, CONGRATS!

Did you have to ask Ross for more $$ or did they just give you money? That was very nice of them! Money is definitely an important factor, but it should NOT override the fit criteria in terms of whether a program is right for you. For example, if I got into Stanford and Anderson (I'm leaving Haas out since that would be a very hard choice), and Stanford gave me no money while Anderson gave me full ride. I would still pick Stanford because of what it can do for me in terms of entrepreneurship and high tech. If I wanted to do marketing and Kellogg gave me no money while Ross gave me full ride, I would probably still go to Kellogg because the fit is better. You gotta consider what the strengths of the programs at Ross, Tuck, and Haas are, and how that will fit with what you want to do, where you want to work, and your long range goals. If they all satisfy the fit, then use the $$ to be the tiebreaker. K. P.S. My biased opinion still thinks you should come to Haas with me.

kidderek · Answer

As rhyme said, the tuition difference between Tuck & Ross is probably negligible in the long run. So if you're heart is set on Tuck, go to Tuck.

I think the only significant difference between your two choices is that you can throw in (do it humbly) during any conversation that you are a full scholarship student at Ross, but not Tuck. But overall, Tuck is probably better for a consulting career.

kryzak · Answer

i think branson is seriously thinking about Haas too... and the price difference there is definitely more significant.

djhouse81 · Answer

Those are all great schools to choose from, Branson. I am not sure how specific you want your career to be (i.e. general mgmt consulting anywhere VS social responsibility on the west coast), but if your career goals are not toooooo specific, I would go with Ross and a full ride. I mean we're talking about a full ride here!!!! All three are great schools, and I don't think one or the other is going to make or break your career (unless you have a specialization in mind that one schools dominates). In the end, whichever school you go to, you will be working alongside MBA's from Haas, Ross, and Tuck...wouldn't it be nice to be doing so debt-free?

There are first-years on the forum who have been in your situation, and they have chosen the lower ranked top-15 school and a full ride over the higher-ranked top-15 and less or no scholarship money (yours happen to be ranked high to middle-of-the-pack in the top-15). I know for a fact that they are doing just fine in their internship hunt. Like Kwam was told at GSB admit weekend, when you're in a top-15 school, you're good to go!

Good luck with your decision, it will be a fun one to make, and last but not least...congrats!

EDIT: Of course you have to like the school, culture, fit, students, etc.

Steel · Answer

Oh GSBers! It's all about the numbers with you. (Note sarcastic and playful tone) Where's the economist in you - UTILITY is a quantifiable (well economists argue on that one) non-financial consideration!

Gotta factor in those qualitative things! (Even if you attach a dollar amount to them).

(While we're furthering school stereotypes, can you tell I love Kellogg yet? gotta bring the touchy feely)

rhyme · Answer

Well sure, you could do the Kellogg method. But then you'd just get it wrong anyway.

Just kidding.

3underscore · Answer

Which school is prettier?

kwam · Answer

How significant was Tuck's offer, 25%, 50%, 75%?

westsider · Answer

Tuck. All the way. The financial difference shouldn't matter.
In fact, to remind yourself of this you should attend Tuck but reject their scholarship - INSIST on paying full price!

skaballet · Answer

Go to Tuck. Then call Ross and tell them to give me your scholarship! :wink:

bherronp · Answer

Hey, that's what I was going to say

branson · Answer

Hhahahahaahha...just burst out laughing...

you guys crack me up, we should all do a gmatclub class of 2010 get together at some point of time towards the end of the first year, what do you say?

Tuck was 20k/year. There I said it.

I am flying over there in April and will attend Days at Haas and the Tuck ASW and also see Ross in between. So on the plane home (that will be April 20th) I will probably know where I wanna go.

Debt free IS very very attractive, indeed, hard to deny.

I appreciate all your answers.

kryzak · Answer

branson, we can chat more once I figure out my own scholarship situation. But you are definitely in an enviable situation with THREE choices to make, and 2 of them offering significant amount of money.

riverripper · Answer

I would say Tuck as long as you would be happy in Hanover for two years. Its probably the closest thing to an M7 that isnt one. The only reason it isnt, is because it is so small.

cougarblue · Answer

I haven't even applied yet (will apply for '09 matriculation) but I would encourage you, as others have done, to not worry about the financial difference too much.

One example that I like is that of Billy Beane, GM of Oakland Athletics, which was popularized by the book "Moneyball". He chose minor league baseball out of high school, instead of a full-ride at Stanford, because of the money and regretted it. After he quickly washed out of MLB he became a Scout then worked his way up to GM. After having success with a small market team, the Red Sox offered him the most money any GM had ever been offered, and he almost took it. Instead he decided to never again make the mistake of making an important decision only for the money.

That's my long way of saying, I think you should go where you think you will have the best experience.

FWIW if it were me, I'd probably choose Tuck.

I got a full ride offer. Now what? :)

Prep Toolkit

Top 5 GMAT Debrief Videos

615 to 715 in 15 Days (Ria's Strategies)

More than Quant/Verbal Abilities: Speed vs. Accuracy

745 with Only Self-Prep and GMAT Club

From 555 to 765: 210-point Improvement

Perfect 805 Score Debrief by Julia

My Rewards