How the F am I supposed to even begin to afford this?

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TheoPetro

Banned
Nov 30, 2004
3,499
1
0
Originally posted by: ShockwaveVT
Originally posted by: TheoPetro
So I planned on taking a year off between completing my undergrad and starting my MBA. Im graduating in May so I started looking at MBA programs and holy hell are they expensive. For a 2 year degree going part time its like 69k for just the courses. Tack on another 4k for books and materials and youre at about 73k. My whole undergrad cost around 50.

4 years of undergrad = 50k
2 years of grad = 74k

I paid my way through the undergrad but I dont have ANY idea where the hell im supposed to find 74k in 2 years. I would rather not get student loans for this.

Any GOOD ideas on where to find some $ to finance this?

Edit:

I forgot to mention I have been working throughout my undergrad degree (~4 years). When entering my MBA program I will have ~5 years experience in business with 2 in an accounting/finance role and 1 in a strategic management type role. Thats how I afforded to pay for my undergrad.
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1. Don't go to a private school if you can't afford it.
or
2. Take out some big student loans.
or
3. Work a few years and save up.

I recommend #3.

Also, many MBA programs require x years of post-undergrad experience. Not sure how much part-time intern type work during undergrad would be considered. Be sure you qualify for the program(s) you're interested in before worrying about things like "where am I going to come up with 72k in 2 years without loans" lol

MBA's are intended for people who have put their time in at entry-level and/or lower tier management and have the experience necessary to move up into middle/upper management, but just need to expand their management skill set.
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I think a combination of 2 & 3 is whats going to have to happen.

When I said I was working it was 30-35hrs/week since my sophomore year. So it was pretty close to full time.

Im guessing this will just have to be put off for 2-3 years until I have enough $ to do it.
 
S

Special K

Diamond Member
Jun 18, 2000
7,098
0
76
Originally posted by: TheoPetro
So I planned on taking a year off between completing my undergrad and starting my MBA. Im graduating in May so I started looking at MBA programs and holy hell are they expensive. For a 2 year degree going part time its like 69k for just the courses. Tack on another 4k for books and materials and youre at about 73k. My whole undergrad cost around 50.

4 years of undergrad (finance major, math minor)= 50k
2 years of grad (looking @ strategic management) = 74k

I paid my way through the undergrad but I dont have ANY idea where the hell im supposed to find 74k in 2 years. I would rather not get student loans for this.

Any GOOD ideas on where to find some $ to finance this?

Edit:

I forgot to mention I have been working throughout my undergrad degree (~4 years). When entering my MBA program I will have ~5 years experience in business with 2 in an accounting/finance role and 1 in a strategic management type role. Thats how I afforded to pay for my undergrad.
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Apply for Stafford loans. Once you have received the maximum amount of Stafford loans, use GradPlus loans to make up the difference. GradPlus loans allow you to borrow up to the maximum stated cost of the program. They even come with a super-hot interest rate of 8.5% ;)
 
AreaCode707

AreaCode707

Lifer
Sep 21, 2001
18,447
133
106
Get a job that pays for related schooling. Covers your post-undergrad experience requirement and much or all of your expenses.
 
SMOGZINN

SMOGZINN

Lifer
Jun 17, 2005
14,359
4,640
136
Originally posted by: TheoPetro
So I planned on taking a year off between completing my undergrad and starting my MBA. Im graduating in May so I started looking at MBA programs and holy hell are they expensive. For a 2 year degree going part time its like 69k for just the courses. Tack on another 4k for books and materials and youre at about 73k. My whole undergrad cost around 50.

4 years of undergrad (finance major, math minor)= 50k
2 years of grad (looking @ strategic management) = 74k

I paid my way through the undergrad but I dont have ANY idea where the hell im supposed to find 74k in 2 years. I would rather not get student loans for this.

Any GOOD ideas on where to find some $ to finance this?

Edit:

I forgot to mention I have been working throughout my undergrad degree (~4 years). When entering my MBA program I will have ~5 years experience in business with 2 in an accounting/finance role and 1 in a strategic management type role. Thats how I afforded to pay for my undergrad.
Click to expand...

There is basically four ways to get a graduate degree at one of the expensive private universities: you either have to have a trust fund, get grants, take out loans, or become a professor. If you don?t have a trust fund and don?t want loans, and don?t already have a Ph.D. Then the only way left to you is to start applying for grants. Apply for everything. It will take a huge amount of time, but it can reap a lot of rewards.
 
XZeroII

XZeroII

Lifer
Jun 30, 2001
12,572
0
0
Originally posted by: WaTaGuMp
Get degree file for bankruptcy then profit.
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That doesn't work anymore. Thanks to the hippies, now your student loans are yours forever.
 
EMPshockwave82

EMPshockwave82

Diamond Member
Jul 7, 2003
3,012
2
0
Originally posted by: alkemyst
you are looking at expensive schools.

expensive schools are expensive.
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yep. look somewhere else and i'm sure you'll find a price reduction
 
Oceandevi

Oceandevi

Diamond Member
Jan 20, 2006
3,085
1
0
Originally posted by: joesmoke
something illegal. sell drugs or your body for profit.

bake sale

also you could donate a lot of blood/semen, preferrably not mixed.
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unless your name is trent
 
T

thepd7

Diamond Member
Jan 2, 2005
9,423
0
0
Originally posted by: KnickNut3
LOL, the MBA programs I'm looking at are 70k each year.
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I am not aware of any in the US that are that expensive, last I check Harvard was only $50k, where are you looking at?
 
J

JS80

Lifer
Oct 24, 2005
26,271
7
81
Babbles

Babbles

Diamond Member
Jan 4, 2001
8,253
14
81
Originally posted by: JS80
Originally posted by: KnickNut3
Originally posted by: erub
Originally posted by: KnickNut3
LOL, the MBA programs I'm looking at are 70k each year.
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where?
Click to expand...

http://www.wharton.upenn.edu/m...sions/finance/cost.cfm
http://www.gsb.stanford.edu/mb.../tuition_expenses.html

~$50,000 plus $5k-$10k in expenses, so about $60k. I guess I was mentally including R&B, which I don't think the OP is including.
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lulz waste of monay
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Only a small-minded non-intellectual person could possible consider Wharton a waste of money. Hell even my fur-brained cat looked at that comment and just said, "WTF?"
 
J

JS80

Lifer
Oct 24, 2005
26,271
7
81
Originally posted by: Babbles
Originally posted by: JS80
Originally posted by: KnickNut3
Originally posted by: erub
Originally posted by: KnickNut3
LOL, the MBA programs I'm looking at are 70k each year.
Click to expand...

where?
Click to expand...

http://www.wharton.upenn.edu/m...sions/finance/cost.cfm
http://www.gsb.stanford.edu/mb.../tuition_expenses.html

~$50,000 plus $5k-$10k in expenses, so about $60k. I guess I was mentally including R&B, which I don't think the OP is including.
Click to expand...

lulz waste of monay
Click to expand...

Only a small-minded non-intellectual person could possible consider Wharton a waste of money. Hell even my fur-brained cat looked at that comment and just said, "WTF?"
Click to expand...

yea i guess if you pigeon holed yourself in i-banking for 2 years and now you have nothing to do, it's worth the $160k, then come out of wharton with no wall st to get your $200k+ job to pay off the loan.
 
L

LordMorpheus

Diamond Member
Aug 14, 2002
6,871
1
0
Originally posted by: bananapeel42
stop being a pussy and going to school and get a job.
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In this economy? School is the best place to be!

Of course, when I leave work next fall to go back to school, I'll be getting paid ...
 
RaistlinZ

RaistlinZ

Diamond Member
Oct 15, 2001
7,470
9
91
Originally posted by: Blieb
Originally posted by: WaTaGuMp
Get degree file for bankruptcy then profit.
Click to expand...

You have to transfer the student loan debt off to credit cards. Then let them cool for a little while before doing this ...

I hear that is the new tactic!
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Most decent white collar jobs do a credit check during the hiring process and probably won't hire you if you've filed for bankruptcy in your early 20's. They're not stupid. They'll know exactly why you're bankrupt and it won't look favorably on you. Do you think you're the first person who's tried to skip out on repaying their student loans by filing for bankruptcy?
 
I

imported_Lothar

Diamond Member
Aug 10, 2006
4,559
1
0
Originally posted by: thegimp03
You should work a few years first before going back to school and save the cash. Plus, good employers will usually either comp. the whole amount if it's benefitting them directly, or they will at least put some money towards it to help.

Why do you want to get your MBA right after finishing Undergrad anyways? Most people who go to the top programs are 26-29 years old and already have at least 4-5 years of practical work experience. If you go do an MBA right now, you're not going to get near the value out of it as if you were to wait a few years.
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It would be hard to find that in this kind of market.
 
acheron

acheron

Diamond Member
May 27, 2008
3,171
2
81
Paying the full cost of grad school yourself is generally stupid, with a couple exceptions. (med school, law school, etc.) Get a job that will pay for it, or work as a TA (not applicable for MBA probably), or something. I would think especially for an MBA you could find a job that would pay for most of it.

Also I would keep looking at the big name programs, since roughly 90% of the point of an MBA is to get the name and to "network". No one cares if you have an MBA from Bumfuck State U.
 
S

Special K

Diamond Member
Jun 18, 2000
7,098
0
76
Originally posted by: Babbles
Originally posted by: JS80
Originally posted by: KnickNut3
Originally posted by: erub
Originally posted by: KnickNut3
LOL, the MBA programs I'm looking at are 70k each year.
Click to expand...

where?
Click to expand...

http://www.wharton.upenn.edu/m...sions/finance/cost.cfm
http://www.gsb.stanford.edu/mb.../tuition_expenses.html

~$50,000 plus $5k-$10k in expenses, so about $60k. I guess I was mentally including R&B, which I don't think the OP is including.
Click to expand...

lulz waste of monay
Click to expand...

Only a small-minded non-intellectual person could possible consider Wharton a waste of money. Hell even my fur-brained cat looked at that comment and just said, "WTF?"
Click to expand...

So you think it's still a good deal to attend that school if you have to borrow the entire amount in loans at 6.8% (Stafford) and 8.5% (GradPlus), and factor in the opportunity cost of 2 years of lost wages?
 
E

Elbryn

Golden Member
Sep 30, 2000
1,213
0
0
get a job working at the university you want to go to. go part time while working full time. i did that and ended up with a roughly 80% subsidy to my tuition when i got my mba from a state school.
 
S

Shortcut

Golden Member
Jul 24, 2003
1,107
0
0
Attend an evening MBA program. work during the day, and have your employer pay your tuition.
 
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