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Learn what truly sets the UC Riverside MBA apart and how it helps in your professional growth
aszx5527
Joined: 15 Jan 2013
Last visit: 06 Jun 2014
Posts: 22
Own Kudos:
Given Kudos: 1
Location: United States
Schools: Booth '16 (M)
GMAT 1: 710 Q49 V38
GPA: 3.65
28 Mar 2014, 20:24
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Hello All!
Recently, I was fortunate enough to be taken off the Booth Waitlist. However, a few days of elation was quickly replaced by anxiety over the amount of loans I will need to take out. I was offered no scholarship. Thus, my two year cost will be about $180,000. In addition, I still have $60,000 in undergrad loans. This means, I will have about $240,000 of loans when I graduate. I just read a report stating that the average indebtness of a Booth graduate is around $75,000, which seems so low! So my question for you guys if do you think Booth it is worth 180K plus the 60K of undergrad loans that I have? Should I apply to a lower-ranked program and hope for a sizable scholarship?
A little about my background. I currently work in the non-profit sector and make around 55K a year. I hope to work within the consulting industry after Booth for a few years to pay off my loans. I know everyone says a top 5 school is worth every penny, but I'm trying to fathom how long it will take to pay everything off.
New Booth Admit :-D
⚠ This discussion has been closed due to inactivity. Please start a new topic in the Business School Applications Forum if you have a similar question or a comment.
Thank you,
GMAT Club Moderator Team.
Recently, I was fortunate enough to be taken off the Booth Waitlist. However, a few days of elation was quickly replaced by anxiety over the amount of loans I will need to take out. I was offered no scholarship. Thus, my two year cost will be about $180,000. In addition, I still have $60,000 in undergrad loans. This means, I will have about $240,000 of loans when I graduate. I just read a report stating that the average indebtness of a Booth graduate is around $75,000, which seems so low! So my question for you guys if do you think Booth it is worth 180K plus the 60K of undergrad loans that I have? Should I apply to a lower-ranked program and hope for a sizable scholarship?
A little about my background. I currently work in the non-profit sector and make around 55K a year. I hope to work within the consulting industry after Booth for a few years to pay off my loans. I know everyone says a top 5 school is worth every penny, but I'm trying to fathom how long it will take to pay everything off.
New Booth Admit :-D
⚠ This discussion has been closed due to inactivity. Please start a new topic in the Business School Applications Forum if you have a similar question or a comment.
Thank you,
GMAT Club Moderator Team.
28 Mar 2014, 22:34
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That's quite a lot of debt. Do you have any kind of savings at all? I'm personally attending a school ranked in the top 11-16 range instead and will only take out $60k in loans total after the cost savings. I know people will go in debt to attend their dream school no matter the cost, but I can't fathom having that level of debt on my shoulders. What will you do if you don't get that consulting job? Even if you do get that consulting job, that $240K debt is roughly $340K (pre-tax earnings) that you need to earn to pay that off.
Not trying to sound negative but it's worth thinking about.
Not trying to sound negative but it's worth thinking about.
28 Mar 2014, 23:03
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3 Questions:
1. Have you explored all of the angles at scholarship at booth? I know there are a few options i.e. Polsky Center has one.
2. Did you apply only to one school?
3. If it were Harvard, would you have the same reservations?
I have to admit, that's tough to have a debt burden of that size. Not impossible (but it is pretty much a mortgage in most places).
When calculating, I would take out the $60K from your equation since that's not going anywhere and your living expenses should probably be "fixed" too. They are higher in Chicago than in Pittsburgh but there is still a good chunk of them, so let's say 60K is another fixed amount. So your burden from Booth is only $120K
It is probably a bit too late to get money in top 30 or top 20 school (you can try though) for R3
I would say that the difference of MBA vs. BA is magnitude higher than Top 30 MBA vs. Top 5 MBA.
Can you pull together an application in 2 weeks? Most deadlines are around April 15th. all-mba-deadlines-for-157075.html... probably tough to do that and get the money (which usually scholarship funds are pretty dry by this time, but still holding). If you can pull it off and get an admit from a top 20 or 30 school it is worth a shot. I don't know your capacity but looking at your score (schools sometimes try to woo high scoring individuals which helps them with rankings), your chances for a scholarship at this point are about average.
If you are thinking about applying next year, then I would suggest against it. You are making $55K which is not bad but after Booth you will be making 2x that (well, 1.5x since taxes will be a lot more). Usually waiting a year is not worth it to go through the whole exercise again, unless you enjoyed it.
Ultimately, business school application is a process that requires a lot of effort, faith and luck. It tests you where you are weakest and makes you a stronger person. The decisions you make are yours. People in your situation have gone to school and succeeded and people with much less debt failed.
1. Have you explored all of the angles at scholarship at booth? I know there are a few options i.e. Polsky Center has one.
2. Did you apply only to one school?
3. If it were Harvard, would you have the same reservations?
I have to admit, that's tough to have a debt burden of that size. Not impossible (but it is pretty much a mortgage in most places).
When calculating, I would take out the $60K from your equation since that's not going anywhere and your living expenses should probably be "fixed" too. They are higher in Chicago than in Pittsburgh but there is still a good chunk of them, so let's say 60K is another fixed amount. So your burden from Booth is only $120K
It is probably a bit too late to get money in top 30 or top 20 school (you can try though) for R3
I would say that the difference of MBA vs. BA is magnitude higher than Top 30 MBA vs. Top 5 MBA.
Can you pull together an application in 2 weeks? Most deadlines are around April 15th. all-mba-deadlines-for-157075.html... probably tough to do that and get the money (which usually scholarship funds are pretty dry by this time, but still holding). If you can pull it off and get an admit from a top 20 or 30 school it is worth a shot. I don't know your capacity but looking at your score (schools sometimes try to woo high scoring individuals which helps them with rankings), your chances for a scholarship at this point are about average.
If you are thinking about applying next year, then I would suggest against it. You are making $55K which is not bad but after Booth you will be making 2x that (well, 1.5x since taxes will be a lot more). Usually waiting a year is not worth it to go through the whole exercise again, unless you enjoyed it.
Ultimately, business school application is a process that requires a lot of effort, faith and luck. It tests you where you are weakest and makes you a stronger person. The decisions you make are yours. People in your situation have gone to school and succeeded and people with much less debt failed.
