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sagarsir
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Need urgent advice... Need to accept offer within next 10 da 24 Mar 2013, 06:24
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Hello Experts,

I have got selection call from UCD Smurtfit, Ireland for MBA programme. However, I have not been able to win any scholarship.
My age is 30 and I am unmarried. I have a bank loan for which about 1.5 lakhs Indian Rupees (INR) still needs to be paid. Also, I have to furnish a bond of 3.0 Lakhs INR
to my present company, if I resign.

Withing 14 days I have to accept the offer and pay Euro 1000 (72000INR). Please advise me what I should do?

Is it worth doing MBA without a scholarship when I am almost bankrupt.
My current job is a state govt job, absolutely tension free and cool with good pay package 42000 INR per month.
I am very keen on MBA and UCD Smurfit is the only school I have applied.

Thanks,

Sagar
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kingfalcon
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Need urgent advice... Need to accept offer within next 10 da 24 Mar 2013, 06:55
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It depends. Why do you want an MBA? Why did you apply to UCD Smurfit in the first place? Are you dead set on living in Ireland? I'm not too familiar with how graduate schooling works in Ireland - will you be able to take out loans to cover the cost of attendance? If so, what will the interest rate be?

You certainly don't want to bankrupt yourself!

Edit: Also, if you are having reservations because of costs, I would reach out to the financial aid office at Smurfit and express your concerns to them. Perhaps they can provide you some other funding or more insight into how you will recoup your investment.
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sagarsir
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Need urgent advice... Need to accept offer within next 10 da 24 Mar 2013, 07:49
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kingfalcon
It depends. Why do you want an MBA? Why did you apply to UCD Smurfit in the first place? Are you dead set on living in Ireland? I'm not too familiar with how graduate schooling works in Ireland - will you be able to take out loans to cover the cost of attendance? If so, what will the interest rate be?

You certainly don't want to bankrupt yourself!

Edit: Also, if you are having reservations because of costs, I would reach out to the financial aid office at Smurfit and express your concerns to them. Perhaps they can provide you some other funding or more insight into how you will recoup your investment.
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Thank you so much. As for WHY MBA.... I HAVE TO... . I really have no choice. I have faired pretty bad in CAT for IIMs (60%ile)
I chose UCD Smurfit because It is a decent college with Relatively low fee. (3600 000 INR total)
I have a low GMAT score (570 - q49, v20). Interest rate is around 15%. The main issue is I am not able to find any sponsor/collatoral. I have to pay 72000 INR as acceptance fee within 10 days. Should I accept offer an then try figuring out ways to fund my education? That would mean risking 72 000 INR... About the bankrupt thing.. I ma already a bankrupt with loan on my head.. for which I have to pay 150 000 INR more and my job bond in 300 000 INR. My current bank balance is about 100 000 INR
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panama5565
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Need urgent advice... Need to accept offer within next 10 da 03 Apr 2013, 07:29
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"As for WHY MBA.... I HAVE TO... . I really have no choice."

No offense, but this sounds like a terrible reason to go into $100K of debt. Do you have to for your job? To switch careers? To fulfill a personal goal? You sound like you're backed into a wall and feel like you need to get an MBA, but don't really want to get an MBA. You also should think about how good of an investment getting your MBA at UCD Smurfit will be. It may be that regionally it's a strong school, but if your end goal is to move back to India, will it really accelerate your career? There's a real possibility that you will end up exactly the same place, at a similar paying job, with a huge additional debt load. Please do some introspection first before you decide to get an MBA. Ultimately, it's tons of work, forgoing a salary, and a huge investment, and if you're doing it because you feel like you have to, rather than because you want to, you'll always regret the decision!

Edit: Also - please think about the local job market in Ireland. Right now it's an absolutely terrible market with literally hundreds of thousands unemployed (15% unemployment rate, even higher amongst the younger generations), so if you're hoping to use this as a catalyst to move to Ireland it might prove to be much more difficult than you think. I work in consulting and we just did a project for a company looking to outsource IT operations - we ended up advising that they choose Ireland over India because it was cheaper and wages were lower than Hyderabad! Again, not to be a downer, but go in with eyes wide open!
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sagarsir
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Need urgent advice... Need to accept offer within next 10 da 03 Apr 2013, 09:02
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panama5565
"As for WHY MBA.... I HAVE TO... . I really have no choice."

No offense, but this sounds like a terrible reason to go into $100K of debt. Do you have to for your job? To switch careers? To fulfill a personal goal? You sound like you're backed into a wall and feel like you need to get an MBA, but don't really want to get an MBA. You also should think about how good of an investment getting your MBA at UCD Smurfit will be. It may be that regionally it's a strong school, but if your end goal is to move back to India, will it really accelerate your career? There's a real possibility that you will end up exactly the same place, at a similar paying job, with a huge additional debt load. Please do some introspection first before you decide to get an MBA. Ultimately, it's tons of work, forgoing a salary, and a huge investment, and if you're doing it because you feel like you have to, rather than because you want to, you'll always regret the decision!

Edit: Also - please think about the local job market in Ireland. Right now it's an absolutely terrible market with literally hundreds of thousands unemployed (15% unemployment rate, even higher amongst the younger generations), so if you're hoping to use this as a catalyst to move to Ireland it might prove to be much more difficult than you think. I work in consulting and we just did a project for a company looking to outsource IT operations - we ended up advising that they choose Ireland over India because it was cheaper and wages were lower than Hyderabad! Again, not to be a downer, but go in with eyes wide open!
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Thanks for the insight. I have decided to write GMAT for next year with a better score. The feedback at this forum was an eye-opener for me. Thnaks again.
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kingfalcon
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Need urgent advice... Need to accept offer within next 10 da 03 Apr 2013, 09:05
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Thank you for coming back to share your decision. Good luck with the GMAT!