Post # 1
I just found out yesterday that I got into one of the top 20 MBA programs in the country. I am struck with mixed emotions. I really didn’t think I would get in, but now I did, I’m reflecting on whether I should go or not. I’ve broken down the pros and cons, and opened up a poll. I think getting some objective views on this will certainly help my decision, but ultimately I will have to decide for myself.
1. top 20, it’s my dream school, #1 program I wanted to get into
2. Increased earning potential in the future (not immediately…see cons below)
3. I would have an MBA
4. Program is only 12 months
5. unrivaled experience that I won’t be able to get anywhere else
1. I will have to take out close to 100k in student loans
2. I will have to leave my current job which is a pretty good gig
3. Immediate earning increase will not be substantial enough due to the nature of the field I want to stay in even after obtaining a MBA
4. I will have to relocate and be long distance from FI, and postponing the wedding
My other option is to defer 1 year if they will let me, but that’s 20% chance. By deferring one year, I will eliminate #4 in cons (still relocate but FI will have 1 more year to find a job). Also, I’ll probably be able to save 50k after a year, and not take out so much in student loans.
Anyway, any words of advice or wisdom will be much appreciated!
Post # 3
I’m currently applying to grad school and unless it was the ONLY school I got into, I would never take out 100K in loans, leave FI, a good job and push back a wedding even if it was the best school in the world. That’s just me though and for me school isn’t my number one priority. Only you know what’s best for you!
Post # 4
@MrsN14: It is the ONLY school I got into, lol. I only applied to two and I told myself if I don’t get into either, I won’t go, no biggie. I got put on the waitlist at the other school but that was my #2 choice anyways. This one is my first. I’d like to add that I will most likely be able to pay back the 100k in 4 years. I don’t know if that’s good or not.
Post # 5
- Wedding: July 2013 - The front lawn of our church
@weddingbee098: If you already have a job you love then I would say don’t do it. I have considered getting my MBA but honestly, I already have the job I want. Yes, getting my MBA would help me get a better job by most people’s standards, I don’t really want a different job. I’m content where I am.
Post # 6
I would definitely try to defer. Currently, I’m studying to take the GMAT (for the second time), so part of me wants to say you’re crazy for not going to school, but I understand how much you’d have to sacrifice. Is there any way you could attend an AACSB accredited Bschool in your area? At least that way you wouldn’t have to postpone the wedding, and you wouldn’t be LD.
Post # 7
- Wedding: November 2013 - St. Augustine Beach, FL
@weddingbee098: I took $80K in loans for my law degree and I wouldn’t recommend doing it. It’s a rock tied to my ankle and while they say it shouldn’t affect your ability to buy a house, it has for me because I can’t save up the money needed for the downpayment due to massive loan bills every month.
Does a school near where you live now offer an online or weekends/evenings part time program for professionals? I would choose that over $100K in loans and try to pay off the tuition fees every semester. My friend went this route and even though it took an extra year, he doesn’t have the added loans to worry about.
Post # 8
@weddingbee098: What 12 month program costs $100k? I didn’t spend that much for three years of law school at a top-3 school.
Post # 9
Is getting an MBA important to you?
Post # 10
That’s a LOT of debt. I wouldn’t do it. Then again, I wouldn’t be able to pay it off in 4 years. Talk to your fiance. Only you and he can make this decision. Can you find out if you can defer and make the decision based on that? Defering may be the best option. Less debt and you can still get married when you planned.
Post # 11
Post # 12
@weddingbee098: How important is it to you to obtain your MBA? Is it something you can do after your wedding? is an MBA more important to you than your wedding at this time? I personally wouldnt go, but I hate school, and debt scares the daylights out of me. I also really want to just get married already 😛
Post # 13
That is a LOT of money for a 12 month program. And how much is it really going to help your career? Do you have something specific in mind that an MBA will be a significant asset for? If getting your MBA will produce guaranteed, solid results, then go for it. But if it’s just to have the piece of paper in hopes that it will benefit you at some point, then I think you’ll regret it. I wish I had known before college what I really wanted to do for a career, I wasted 4 years of my life (and a lot of money) in college and my degree is useless to me now.
Post # 14
I would do it! Especially if you can have the debt paid off in just 4 years!
Post # 15
@HannahGrace: Tuition is 70k, I’m budgeting more and probably rounded up for living costs, fees, health insurance, etc.
@Miss Wellies: Yes, I would like to have one, my family also highly values a MBA and encourages me to go. There’s no doubt on whether I should get one or not, it’s a matter of when.
@beachbride1216: I am unable to do part time program due to my job, I travel every week for work.
@FutureMrsSomeone: Getting a MBA from a top 20 school is important to me, I don’t want a generic MBA from any school because I don’t believe it sets me apart from the masses of ppl with MBAs.
Post # 16
100K for a one year program? That seems CRAZY expensive! I’d probably hold off on it for now. It seems like the cons outweigh the pros in this case.