~$180k in student debt for $145k salary at 28 doing what you like (strategy consulting). Worth it? Is that salary good enough to handle the debt while still being able to prep for having a family?

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DC COL, while not NYC/SF expensive, is still expensive as hell. You essentially get to pick two of the following three options: reasonable mortgage, nice house, good commute

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I'd suggest checking out YNAB. It's a budgeting philosphy/tool. You shouldn't need to guess. You can do the math and know exactly if it's manageable

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Is the $180k a post-MBA debt level? Keep in mind that not all grads from top B-schools get offers for 145k.

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Holy shit that's a lot of debt. Where did you go to school

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Depends on where you live. Texas: doable. NY/SF: a lot more difficult

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Getting an MBA just for MBB not the best idea

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OP: I didn’t take on any debt for b-school. Even without that debt, 🏡 + 👨‍👩‍👦‍👦 cuts into disposable income. And I chose a low cost city to work in for that reason. Debt + big city will require some quality of life sacrifices (less eating out, longer commute to home office, etc). Keep in mind that a lot of people wash out after 1-2 years at MBB, so you really would need to keep an eye both on debt and rainy-day resources.

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This is exactly my situation right now. $165 debt,$140 sal Offered $130 out of mba. I feel like a slave to the debt and pwc

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I’m just considering this level of debt because of the cost of the mba program option that has the best placement in mbb. Doing some quick math, if I’d keep 60% of a 150k salary, my monthly would be $7500. Subtract $2k payments. That’s $5500 to pay mortgage (~$2k) and life. assuming that’s cutting it close. But could assume salary growth too right?

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Do the ROI calculation too. Is the difference in salary and career track enough to cover lost wages and that debt?

uplifting

In the same predicament. Taking out so much debt is not ideal, and taking into account that maybe 1/10 ppl in these programs (usually minorities) even get offers at MBB make it even worse...

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You can chose a longer pay period for loans until your income goes up

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BCG1, did you take Debts for grad school? was it worth it and how are the debts impacting your life now?

uplifting

What is your current background? There are many pathways to MBB that don’t include an MBA

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Honestly I came out with $152k in debt and 1.5 years out, I’m down to $115k. But that means that with my $155k salary and $3600 in take home, things have been tight. As the breadwinner, the $2k per month payments on top of rent make it pretty hard. I’m relatively broke. I’m lucky my firm has tuition reimbursement. You’re not setting yourself up for success tbh

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Just considering mba programs now. Im still carrying a little debt from ug but this is considering FT in NYC.

I’m thinking of potentially looking to relocate to the DC area for family. So COL would be a little lower.

That’s a bit rough. It’ll equate to roughly $2000/mo in payments, which is equivalent to a mortgage payment for a $400k house. So it’s a lot of money unquestionably, but it depends on what your alternatives are and if you are willing to make those payments for 10 years. The reality is there might be either a better way to get to a job you love, or a reasonably high salary that doesn’t require a similar debt

Yes, that or a specialist. That’s why I’m considering these more expensive options vs more affordable options that are also good for consulting but doesn’t have as good placement in mbb. Is this a good idea considering these factors/goals?

If you have rock-star credentials that are likely to make you a no-brainer for MBB, chances are that you will get some money from your program. If you aren’t such an obvious rock star (note: I wasn’t), then I would look more holistically at where grads from your MBA program go and see if that career path is worth the investment.

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