{ "media_type": "text", "post_content": "Anyone here take out massive loans for your MBA — and are you financially ruined by it?\n\n(Committing to a school tonight and looking for a few success stories to bring my blood pressure down a few notches)", "post_id": "609c60807ad1e9002f4f0ca6", "reply_count": 22, "vote_count": 5, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Anyone here take out massive loans for your MBA — and are you financially ruined by it? (Committing to a school tonight and looking for a few success stories to bring my blood pressure down a few notches)

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Took a 200K student loan. Paid it back in 2. Will make 350K this year, 3 years out of bschool.

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BCG pays that to managers?

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No financial ruin bc I went to a top school and got a decent job. If I had this debt with no high level income I would not see financial ruin. I just wouldn't pay it

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I worked full time through my FT MBA. 0/10, would not recommend. I paid for the MBA through a combination of self funding, partial employer reimbursement, and student loans. Still took me 9 years to pay it off. I wouldn't say it financially ruined me, but it definitely put a crimp on my lifestyle and pretty significantly set back my savings goals for the first 5-6 years.

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Paid for it almost 100% with loans and I’m doing ok even with $250k in debt

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S&

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Paid $100k through loans for a working professional MBA. Got a 60k increase midway through. Paid off the loan in 3 years.

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I self funded partially, but still ended up with over $100k in debt. Paid it off in about 2 years at BCG, so I think it was worth it. Wouldn’t be making this kind of money in my early 30’s otherwise...

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I went to a top 10 school in the US and took out loans and it was NOT worth it

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I heard a manager from Bain give this advice to a friend when he was looking at applying to FT B-school: "When you come out of a top business school you will be making more way more than enough money to pay back any of your student loans. I would 100% not let that hold you back from going". They were bf/gf if that dynamic matters and this was in 2017-ish

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Took out $165, paid it off in 3 years (and bought a house and other stuff along the way). Got some help from the Mrs but 0 regrets about going to business school, fully changed my career trajectory and I also made the best friends of my adult life

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Where will your MBA be from? Any scholarships? Staying in consulting or looking to change industries? Answers to those will help!

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Wharton, no scholarships (hence the taking out a significant loan), changing industries

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I got scholarships that covered almost all tuition to a tier 2 school (Top 20, but not top 10). Even without those my debt went from 25K to 100K. I was targeting consulting and had difficulty recruiting bc of my background, but I did get a job at a tier 3 firm. Even so, my salary tripled so well worth the investment for me. If I had to pay tuition too my debt would be double, but I would still come out ahead. But my pre MBA salary was low. You can calculate out all your costs, what you will need to borrow, and what your monthly payments will be. You can also find out what the median salary is for the school you are about to commit to. I know the uncertainty of recruiting is scary, but if you're going to a good school and ready to hustle, you will be okay on that front. If you're going on a student visa and depending on an H1B after, that is much riskier, and honestly I would probably wait until you can get a decent scholarship to reduce your risk if that's the case.

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Took out $225k. Paying off within 10 years. I had a significant increase in salary, so I'm earning more after subtracting the monthly payments then I was before business school. For me absolutely worth it. Managing this has also made me realize that I can take on the responsibility of a house!

I took the option of a less impressive school that offered me an 83% scholarship and asked Accenture to give me funding for the rest

OP what did you decide???

I think Wharton is going to be worth it!

It also depends if you are a citizen or not

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