Changing mind about going this fall due to debt

Debt is certainly an issue. My friend and I joke about taking a $10k vacation before we start bschool. Hell what's another $10k on top of $200k?

I agree with Pelihu about the ultra elites/elites. If you try hard enough at those schools, there's no reason you shouldn't be able to land an 85k+bonus job. But if you're at a lower cluster school, it may be tougher.

Bschool is not for everyone, because some people can't cut it and because some people don't need it. There's no shame in not going.

But, I sense there might be some other issue with you, so I will finish by posting this little gem by Alex Chu (I read this every now and then to inspire myself):

The biggest hurdle facing many joe averages is having the balls to commit to something wholeheartedly. Most people simply are too chicken to emotionally invest fully in something they care about (and no, this doesn't mean quitting your job; it's deeper than that; it's about doing whatever it is you enjoy doing with your heart on the line). They're so afraid of hurt and disappointment that they'd commit half-heartedly, or not at all (because even if it's half-heartedly, you only feel half the disappointment if things don't' turn out well). Some of this starts from early childhood -- they let their parents dictate their choices even through their adult life; they constantly let peer pressure determine how to think, do, and choose; they let their environment or circumstance dictate their choices; the imagination, enthusiasm and curiosity they had as little kids is virtually non-existent by the time they're adults (but the jaded adults will always say that adults aren't supposed to be imaginative or curious because they have to live in the "real world"). They've let everything else dictate who they are that they can't be their own person (or they don't even know the person that they are and are afraid to find that out). They live according to what is *practical* as opposed to what is *possible* -- a HUGE difference between those who can fly and those who stick to their knitting. And to cope with having all their choices being dictated to them, they develop great fear and indifference -- it's a security blanket that allows them to reaffirm the fact that while they haven't been bad citizens at all, they haven't taken enough risks to accomplish great things either. They live in their honeycomb, and look to upgrade to a bigger honeycomb (i.e. a grad degree, a bigger house, a higher paying job), but are afraid to go anywhere that doesn't look like a honeycomb (they are always more worried about "looking bad" or keeping up appearances and seeking reaffirmation from others than following their own path).

So It's this overwhelming fear and indifference that prevents most people from accomplishing great things (you'll notice it in many office environments -- there's always that guy who bitches and moans, and is always planning on leaving but never does right? Or the guy who always responds with "that's just the way it is. It is what it is."). Nothing big accomplished comes without great sacrifice or heartache or a trail of disappointments along the way. It's like loving someone -- the person you love the most is also the very person who can hurt you the most.
So if you think about anyone who overachieves - whether it's athletic, artistic, social/political, entrepreneurial, etc. they poured their heart and soul into it. They weren't casual about their process, no matter how flip or nonchalant they seem to be about it not being a big deal. It is a big deal - few people are in the mood to talk about and relive all the crap they've gone through to get to where they are. You need the courage to endure suffering and heartbreak in order to have your shot at glory (whatever that may be).

Another thing. You are who you associate with. If you want to be inspired to do great things, you need to be around others who have done such things already -- what they have done can help feed, galvanize and inspire you. I'll stop now as it's becoming too Dale Carnegie...
I really hope I'm just touching on the obvious here - nothing I'm saying here is new. But you want to know the difference between an overachiever and someone who's not -- the masses overestimate natural talent, and underestimate the heart and guts necessary to turn that talent into something special.
Alex Chu

I like the topic of this thread - debt is something very very serious to consider. For the few people that I know that went to Stern/Cornell, they did not take out loans. Either their schooling was paid in cash by their parents (paying with checks per semester) -OR- their company's funded them -OR- they had very high-paying jobs and paid for school themselves. None of these three scenarios that I know 1st hand took out any loans of any sort.

I think you have to judge whether or not you CAN (keyword: can) get a high paying job after school. It also depends on the city you want to live in / work in.

If you have an idea that you'd like to work in NYC after school, chances are that your job will be paying you much more right out of school than a smaller city/town. This is a given but I mention this only because you have to consider what you want to do after you have the degree...

If you are in a small town or small city, and you want to stay in that area after school, then be open to the fact that your pay is definitely going to be much lower than in a big city.

food for thought,
- timesquaredesi

Personally, I'd rather make 100K and have a spacious home for my family in the burbs than slave away for 200K to "survive" in cramped downtown Manhattan apartment.

I think I may take the year off...
I don't think I want to go that far in the hole at my age..and have to raid my 401k for my second year..
What I may do is take the Veritas GMAT course to try to get my score above a 730..which may mean more funding....current score is a 690..
I have no doubt I will be able to push it above 700..I need to relax more on verbal..I got 45+ on every single practice exam and got a 40 on the test.
Math..not sure how much higher I can get..got a 43..I may be able to boost that a few points with some targeted practice and some tutoring..

If you retake, save the prep course cash and focus on pumping up your quant score 4-5 points. Manhattan and GMATClub math challenges will give you a good idea as to what Q45+ content will look like. Veritas just teaches the basics.

Keep in mind that elite schools like to see an overall balanced Q/V split, so pushing your verbal might result in diminishing returns.

True, but one must also consider the higher cost of living typically associated with the biggest urban areas. Some people have no choice but to reside in a mid sized city because of family, lifestyle and/or other personal committments. I disagree with the notion that one must work in a large metropolitan region to be successful, unless the only measurement of success is the value of that individual's annual income.

Personally, I'd rather make 100K and have a spacious home for my family in the burbs than slave away for 200K to "survive" in a cramped downtown Manhattan apartment.

I agree with what you say 100%. In terms of success though, I would think that the reason why most people are aiming for GMAT scores north of 700, why people are applying to elite schools, etc, is to earn more money. If that wasn't the objective I think people would be "satisfied" by going to a local school and getting their MBA there.

You're absolutely right though about making 200k a year and living in a cramped apartment. You can definitely live in a small town, make 100k and be successful. But I think if someone is aiming for very high GMAT scores and want to go to an elite university, out of school, they would want to earn the most money they can to pay off loans and other things. Why be 100k in debt after school only to make 100k a year out of it? And generally speaking, large cities like NYC are home to the largest companies in the world - the companies that can pay top dollar for good talent.

But as you said, I honestly am looking at this from the income point of view. I know several of my coworkers have near "mansion" sized homes outside of NYC (one commutes frmo Philidelphia daily!!!) and they work in Manhattan. They are earning much more in NYC and living very comfortably with that money in another state.

I'm just rambling Sorry if I'm veering off topic.

Well said, Riverripper, except about the divorce settlement part. i don't want your money.

Ahh yes, but if you're the one with the job, what if I want 1/2 your money?

Personally I would rather work 40-50hrs a week for a 100K-150K a year than 70+hrs for 450K. Whats the point of making all that money to buy that big house and own that fancy car when you of wasting your life away in an office or flying from one city to the next and living in hotels.

Katz is a good school, but given your limited stats, it seems like you would have been be a solid candidate at any sub-ultra elite.

As riverripper mentioned,CMU and (Penn State) might be other options to look into if you decide to sit out another year.

Either way, you are still going to have to borrow $$$ unless you miraculously hit the jackpot or seriously curtail your spending habits over the next twelve months. I doubt that Katz would extend that scholarship offer to you if you deferred admission, but it may be worth a try.