Scholarship Offers v. Top School

Question

So as some of you may know, I have been admitted to one of my favorite schools (Kellogg) and I couldn't be happier. Unfortunately, as a foreigner, this entails a huge amount of concern. They did not offer me any money and I am coming with a wife who will most likely be unemployed for at least the first few months of our arrival.

All in all, I estimate the MBA will cost me around 190,000 US$ (tuition, living expenses and etc.). Assuming a good internship and finding a job for my wife, best case scenario is I come out of school with around 130,000 US$ in debt. Not a great position to be in a tough economy (and I know 2011 may be better - but there's no guarantee). 130K in debt and no job - scary thought.

On the other hand, I have been getting invitations from various lower ranked schools willing to offer full time scholarships + more and guaranteed admission. These are schools I did not even apply to. Sure, it means missing the opportunity to go to my dream school, but on the other hand it removes the risk alltogether - no debt at all.

Should I even consider it?

Edit: upon further thought this became a theoretical debate only...

falibay · Answer

If you are an international students and you are planning to work in the US or Europe, I would select Kellogg without question. If the economy is still so-so in 2011, you will have no chance with a no-name school. Kellogg will open doors to the best "available" jobs and to the company that actually sponsor visas.

Look at it that way, if there is a lot of competition for jobs, who are the company going to hire and who are they going to sponsor?

My 2 cents, I know it is tough to phantom the 150K debt but it seems to be the right thing to do long-term.

Rubashov1 · Answer

I don't think a 20-30 ranked school would be beneficial enough to your career (assuming it's a great career, since you got into Kellogg) to merit taking the time off, moving, etc.

However, if it weren't so late in the cycle, it might be worth applying to some 10-20 ranked schools to see if they would offer significant scholarships.

Gil · Answer

Thanks. upon some thought I agree. The offers are so compelling but I am not leaving my business behind in order to go to a school I did not apply to - even if it is for free.

Raabend · Answer

Kellogg is too good to give up and will def give you better opportunities for the long run.

Gil · Answer

Thanks. You guys are right. It was a moment of weakness:)

belfi · Answer

Wow, you decided in 8 minutes? Excellent work.

For what it's worth I'd go with Kellogg as well.

Jerz · Answer

Just my $0.02 (and obviously I can't be 100% unbiased) -

You only get 1 shot at an MBA..how would you feel 5, 10, 20 years from now? Would you regret passing on the chance to go to your dream school? For me it would be a more difficult choice if the schools offering $$ were top 10-15. But a top 5 school is a totally different league than a school in the lower 20s-30s ranking. If they're offering you scholarships without you even applying to the school, it's a pretty safe bet there won't be many other students there as talented as you are. Leaving school with no or very little debt certainly is attractive, but is it attractive enough to not pursue your dream at Kellogg?

I made a similar decision, turning down a 50% tuition scholarship offer from Duke to attend Kellogg. As much as I liked Duke, Kellogg from the outset was my top choice. As I thought about it, I realized that eventually I would pay off the extra $46k I will need to borrow to attend Kellogg, but I would always have second thoughts about choosing Duke over my top choice school.

Edit: wow, 6 responses while I was typing this. I need to work on my typing skills...

spiridon · Answer

if you dont mind me asking, how r u going to pay for school and life expenses? Are you considering takin loans for inter students in the US?

if ur wife is not american she wont be able to work on student-spouse visa...

also, where do u want to work after ur mba? if u r not us citizen u will need to look not only for a company who will employ u but also for a company who is ready to sponsor ur h-1b working visa.

Kellogg is really famous school so I guess you can land a nice job afterwards.

pu2003 · Answer

How do you know you aren't getting any scholarships at Kellogg? Did you already apply for financial aid and get the results? I am very curious about it, because now that I got into Kellogg my main concern will be scholarships. Unfortunately, I already have significant student loan debt because I have a professional degree. My worst fear is to have to borrow another 100-150K.

Gil · Answer

Thanks for all the replies! It was a moment of weakness but I quickly knocked some sense back into myself:)

I doubt I am getting a scholarship from Kellogg - I understand there are not many for internationals and I have made a relatively reasonable amount in my last job...

martin70 · Answer

Thanks for sharing and these great recommendations..

Scholarship Offers v. Top School

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