Living Expenses

Question

Apart from the tuition fees, the other major contributor to cost of education at a b-school are living expenses. Can someone tell me the approx. yearly expenses for - # US # UK # France # Singapore To put this all into perspective, since finances are a big factor as far as I am concerned, I'm trying to put together an analysis on the total cost of studying at any given location. Plus, working on getting data on the available loans and scholarships. Help!

Skitalets · Answer

Depending on choices, this estimate could be right on or a little low. I am planning to live alone, but plan to take an inexpensive apartment over by East Campus -- if someone wanted to live alone or in an expensive 2br in one of the popular buildings most JDs and MBAs stay in, you can easily hit $1000/mo. including utilities for rent.

The nice thing about Durham is that if you're going to splurge on housing, you can actually do quite a bit better than Station Nine/Lofts/etc. by actually taking a house. Lots of houses to the northwest of East Campus, roughly 1-1.5 miles from the b-school, for about $1000/month. I am down south of West Campus and renting a townhouse with my wife for $825/mo (utils not included).

BearStearner · Answer

You chose Duke over Kellogg. Did Duke give you a huge scholarship?

refurb · Answer

If I end up at Duke (which is a very likely) I'm gonna have to pick your brain about housing!

RF

Skitalets · Answer

My decision was really all about fit, location, and intended post-MBA trajectory. I grew up in Illinois and went to high school near Chicago, but really preferred to stay down here and love the culture at Fuqua. I also think Duke's international focus is bested only by Wharton among top schools -- I have faith that will pay off down the road when I move into more senior positions with a significant international component. Can't knock Kellogg, though -- if I'd never experienced the South, I would probably be going there. Have lots of friends there who love it, including one who snagged a great finance job in Japan (they're not all debating Wendy's ads there :-)

terp26 · Answer

Quick Question:

If one were to take a summer internship that is not by their school, what are the options for housing? Pay 2 rents? Sublet? Company sponsored housing? What is the most common path?

nink · Answer

On top of compensation for summer employment, my employer arranges discounted company sponsored housing for all summer interns at local universities and etc. For example, tons of out of state summer interns stay at NYU dorms for 10 wks. I am sure you will be able to find such deals with your summer internship. However, it would be as if you were paying 2 rents....

falibay · Answer

You will probably have to pay two rents. In NY, the banks and consulting firm will help you find a cheaper place and the internship salary will help pay for it. Don't expect to save much though, the salary will pay for you expenses (two rents, flights...) not much more.

Jerz · Answer

Unless you sublet your school apartment to a student from a different school with an internship in your school's city.

dabots · Answer

several buildings have 10 month leases. one of the most popular buildings for boothers downtown has a 10 month lease deal.

cbreeze · Answer

Depending on how much furniture you have, you may not want the hassle of moving things into storage and move back again three months later. It is more important to secure a 9-10 months lease in the second year so you are not paying for the summer months when you graduate in May.

isa · Answer

I've heard of some companies (esp in NYC) offering subsidized housing.

I've also heard from current students that they have:
- sublet it (pro: the rent gets at least partially paid, con: you have to possibly pack/move/store all your stuff for two months)
- pay two rents (pro: no hassle in moving stuff, con: you have to pay two rents meaning you may not earn v much from your internship)
- get just a ten month lease (pro: don't have to worry about the two rent thing, con: if you're in the same city as your school it could end up being more $)

From my discussions with them, option 2 seems the most popular...

auman · Answer

Hi All,

I am just a little curious about one thing (fogrive my ignorance)...but dont these unviersites provide hostel facilites as well?? I would certainly opt for an in-campus hostel than a place outside campus if such an option exists.

Belyok · Answer

I think the estimates given by the business schools are sometimes too low.
For example, INSEAD in Singapore states that students spend about 600-800 euros per month for rent. This is true only if you live with someone else and share a flat with a minimum of 3-4 people. Otherwise, the average rental cost is 4000 dollars/month for a 2 bedroom flat on INSEAD's vicinity. Of course there are low cost appartments and suburbs, but you won't fin anything at less than 2000-2500 dollars/month anyway.
Before joining, I spent some time on Singapore's forums. An average estimated cost for a family without childrem was around 50000 for 1 year (with reasonable spending habits, of course).
Chatea and chalet-type accomodation in France are more affordable, but again, not 600 euros per person =)

auman · Answer

Somethings that most people ignore are the networking events, the global learning/ immersion programs, interview meets, club fees etc. They dont usually mention all this in your budget and they may not be mandatory. But if your intention is to make the most out of your MBA experience then these expenses cannot be spared. I would imagine adding another 15-20K over above the Tuition and Monthly expenses would get you close to the proper estimate of your MBA cost.

I would think the best people to ask are those who have completed their course. If they could fill in on some of the details, it could help immensely.

I would think the best people to ask are those who have completed their course. If they could fill in on some of the details, it could help immensely.

novanative · Answer

Sorry this is a super belated reply, but most Universities have very limited on campus housing for graduate school students. Such housing is reserved for undergraduates, and in particular incoming freshmen. Grad students generally have to live off campus as a result. Among the schools that do have on campus housing for grad students, they are often better accommodations than a typical residence hall and are often apartments.

brink44 · Answer

How can I find out more about my housing options here?

novanative · Answer

Check with your university's student affairs office or office of residence life which handles dorms. There are usually a good number of undergrads who want to live off campus and you can learn more options that way as well.

bbjhva · Answer

Quick one on Singapore - unless you share with at least 2 others or are given some subsidized housing by your school, be prepared to spend SGD1k/mo or so at the minimum.

eniac · Answer

San Francisco is insanely expensive.

If you want to live alone, I guess you won't be able to find a studio for less than $1500 + you need to buy furniture in 90% of the cases. Other expenses may vary on your needs but generally you will spend from $30 - $50 a day based on the place you eat. Car is not so necessary if you live and study in the city. If you want to live in the Valley, keep in mind that the gas here is more expensive than anywhere else in the US.

To sum up, if you want to live alone you will probably need in the best possible scenario $2700/mo, but it will probably go up to $3000-$3500. But, since it is a really nice place to live, I guess it is worth it

ARINGO · Answer

We recently created a table of MBA expenses at top MBA programs, including tuition, Housing & Utilities, Transportation, Computer & Books etc. Please visit: https://aringo.com/mba-expenses-comparison/

Living Expenses

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