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May 0507:00 PM EDT
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In this live 60-minute masterclass, How to Get Ahead of MBA Recruiting Now, we’ll walk through the four biggest mistakes incoming MBAs make and how to avoid them so you’re not scrambling to catch up once recruiting begins.
May 0710:00 AM EDT
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May 0711:30 AM PDT
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Most MBA resumes fail not because of weak experience — but because of how that experience is presented. In this episode, we break down what makes an MBA resume effective, and how to shift from listing responsibilities to demonstrating impact...- May 08
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mc93
Current Student
Joined: 12 Dec 2020
Last visit: 21 Feb 2025
Posts: 101
Own Kudos:
Given Kudos: 47
Location: United States (NY)
Schools: Fuqua '24 (M$) Ross '24 (II) Tepper '24 (II)
GMAT 1: 760 Q49 V44
GPA: 3.4
WE:Corporate Finance (Telecommunications)
Products:
23 Dec 2020, 10:48
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Bookmarks
Hi everyone. I am applying to programs next year, and despite reading extensively on the logistics of financing an MBA, I still find myself confused about a few things. I understand that most T25 MBA programs cost around $200K total, but many have average debt rates around $100K-$130K. Is that number misleading due to scholarships? In my case, I really like Duke's program, I think I have a solid shot at acceptance, but I don't see myself getting a significant scholarship should I be fortunate enough to be accepted. In that case, would I likely have to borrow $200K (assuming I have no money which isn't too far from the truth)? Or, do students who don't get the big merit-based scholarships typically get some other $ from the school in one way or another?
Further, do students who find themselves in that situation typical make massive loan payments ($2K+/mo) over 10 years? I am very privileged to not owe anything for my undergrad education, but despite my best efforts, I still the financial aid apparatus to be incredibly confusing.
Thanks!
Further, do students who find themselves in that situation typical make massive loan payments ($2K+/mo) over 10 years? I am very privileged to not owe anything for my undergrad education, but despite my best efforts, I still the financial aid apparatus to be incredibly confusing.
Thanks!
23 Dec 2020, 11:55
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Bookmarks
Hi! Good question and things are a bit different depending on how things work out. I do know in talking to many MBA grads (all of them actually) is that no matter how excited they were about their comp and pay and no matter how high they thought it was, most are complaining of not making enough despite making close to 200K but that is a slightly diff story I will touch on below. Now about the funding and options:
1. There are scholarships and fellowships and GA (graduate assistantships) - all of these are usually figured as a part of the initial FinAid package/offer the school makes to the admits. There are sometimes (read as once in a blue moon) chance to get a named/school scholarship that is not offered at admit time but that's super rare. Most scholarships are allocated and offered upfront since schools want to attract the best tallent/students.
2. The 130K figure you see if the avearage. Means someone got a full ride, someone had their savings, and someone had a 529 account, employer sponsor, or a rich uncle. All of these are figured into it though there is more as to the real debt level. Below...
3. If you do not want to borrow $$$, your options are as stated above, try to get a scholarship (if you don't think you can get it at Fuqua, perhaps you can get it at McCombs or Anderson). The strategy for applications is to apply to schools you would be willing to attend across the spectrum and hopefully get some choices with and without $$. The value is that not only will you have a choice, but you can also do a Bazar-style scholarship negotiation with business schools telling them you got money elsewhere and they will have to pay for the priviledge of having you attend. In all seriousness, this is the most potent tool to help you with scholarship negotiation.
4. The debt level and payment depend really. If you borrowed $200K, then yes, potentially you have a $2k/mo payment for 10 years. However, many MBA employers front-load their bonuses for the MBA hires. E.g. many firms and companies have signing bonuses which help to settle in and also reduce the loan payment.
5. You can expect about $130-140K with up to 200K total comp with bonus and benefits out of the business school. After all deductions (taxes, 401K, medical), you are probably looking at a paycheck of about $4K every 2 weeks (obviously depends on your state and 401K levels). Yes, it will cut down your disposable income since you are likely to spend another $2-3k on Rent, but you should still have 50% or $4K left for food/living expenses. If you are frugal, you should make this work fabulously. If not, then you will be reporting like the rest of us living from paycheck to paycheck.
at the same time, it is all about spending rather than earning.
My suggestions:
1. Apply to a variety of schools including ones that may offer you a shcholarship being tempted by your high GMAT score and perhaps other aspects of your profile.
2. Consider employer funding if any
3. Expect to be eating top ramen for a few years
1. There are scholarships and fellowships and GA (graduate assistantships) - all of these are usually figured as a part of the initial FinAid package/offer the school makes to the admits. There are sometimes (read as once in a blue moon) chance to get a named/school scholarship that is not offered at admit time but that's super rare. Most scholarships are allocated and offered upfront since schools want to attract the best tallent/students.
2. The 130K figure you see if the avearage. Means someone got a full ride, someone had their savings, and someone had a 529 account, employer sponsor, or a rich uncle. All of these are figured into it though there is more as to the real debt level. Below...
3. If you do not want to borrow $$$, your options are as stated above, try to get a scholarship (if you don't think you can get it at Fuqua, perhaps you can get it at McCombs or Anderson). The strategy for applications is to apply to schools you would be willing to attend across the spectrum and hopefully get some choices with and without $$. The value is that not only will you have a choice, but you can also do a Bazar-style scholarship negotiation with business schools telling them you got money elsewhere and they will have to pay for the priviledge of having you attend. In all seriousness, this is the most potent tool to help you with scholarship negotiation.
4. The debt level and payment depend really. If you borrowed $200K, then yes, potentially you have a $2k/mo payment for 10 years. However, many MBA employers front-load their bonuses for the MBA hires. E.g. many firms and companies have signing bonuses which help to settle in and also reduce the loan payment.
5. You can expect about $130-140K with up to 200K total comp with bonus and benefits out of the business school. After all deductions (taxes, 401K, medical), you are probably looking at a paycheck of about $4K every 2 weeks (obviously depends on your state and 401K levels). Yes, it will cut down your disposable income since you are likely to spend another $2-3k on Rent, but you should still have 50% or $4K left for food/living expenses. If you are frugal, you should make this work fabulously. If not, then you will be reporting like the rest of us living from paycheck to paycheck.
at the same time, it is all about spending rather than earning. My suggestions:
1. Apply to a variety of schools including ones that may offer you a shcholarship being tempted by your high GMAT score and perhaps other aspects of your profile.
2. Consider employer funding if any
3. Expect to be eating top ramen for a few years
mc93
Current Student
Joined: 12 Dec 2020
Last visit: 21 Feb 2025
Posts: 101
Own Kudos:
Given Kudos: 47
Location: United States (NY)
Schools: Fuqua '24 (M$) Ross '24 (II) Tepper '24 (II)
GMAT 1: 760 Q49 V44
GPA: 3.4
WE:Corporate Finance (Telecommunications)
Products:
23 Dec 2020, 12:38
Kudos
Bookmarks
Thanks bb. I probably will not apply to McCombs because their placements are overwhelmingly in Texas, and I want to work in NYC. How is UCLA for NYC placements? I can't seem to find any regional data on their website.
I would recommend Stern and Tepper instead. It’s not so much the problem of Andersen being a bad school but rather that most people don’t want to leave California for New York and not many people who want to be in New York think it’s very logical to go to school in California. I hope that kind of makes sense. 
