Financial Aid In Top 15 Business Schools
Hi, I may apply to business school in 2-3 years and was wondering what the financial aid situation is like for the top 15 business schools. According to poetsandquants.com it looks like it costs 150-160k total.
I looked online and it seems there are 3 kinds of financial aid: loans, need based grants, and scholarships. It seems grants are harder to get for business school than in undergrad. I have 3 questions:
1.Is there an online calculator that will properly adjust the cost of attendance to inflation 2-3 years from now?
2.My credit isn't great and I don't know how much if any scholarship money I can get because I haven't taken the gmat yet, so what can I do to maximize the amount of grant money I get?
2.Let's say I have 20k gathered up so far; how much should I be saving for a top 15 business school per month if after taxes I take home about 5k a month?
Thanks in advance.
With Ivy's I know for a fact if you demonstrate financial need, they are very generous when it comes to aid.
Even at the graduate level?
Regards
I've heard of people still paying off undergrad who got help from some schools. Sorry I wasn't specific enough in my 1st.
try to save up a third of your post tax salary (30-33%). that should give you a decent cushion so that you don't need to borrow more than $100k for b-school should you decide to go in 2-3 years. If you don't go to B-school, it will give you a decent amount of money to blow on getting married, opting out of work for a couple of years or starting a business/making an indie film...
The last two options sound way better than the first two
After doing some detailed calculations based on Relenquis' advice, it looks like with the 20k I could gather up and saving 30k after 2 years I am still left with 100k to pay. I guess this is where the schools will look at financial need and hopefully toss me a bone.
Looks like it's time to save even more. Good thing I don't have a girlfriend right now.
Quit your job, liquidate all of your assets, and put it all on red. If you win, you don't need to go to B-School. If you lose, you will get a full ride to B-School as you will be poor. It's a win-win scenario.
Can anybody else answer my 3 questions in the original post please?
There is a little bit of misinformation on this thread. I am matriculating at an MBA business schools ">M7 next this coming fall. Most of the top bschools have merit-based aid. However, this is not merit in the sense of only gmat/gpa, but merit in the sense that the school uses it to attract the candidates it deems most desirable.
Need-based aid varies by school, with HBS students receiving about ~30k in total (if I remember correctly) and Chicago Booth not giving any. However, need-based aid by school is easily researched, as it is something schools love to brag about. Another good indicator is the average debt load of graduating MBAs, which is published by most, but not all, top schools.
How much to save all depends on your personal discount rate, if you take home $5k per month after taxes in your first year of work, you are doing quite well. If you're really making that much money, you should have no problem saving at quite a bit in 3 years.
Thanks everyone. Since the loans are so big, it seems impossible to pay them off interest free.
Culpa et debitis molestias neque voluptas commodi recusandae. Assumenda et maiores sapiente voluptate vel dignissimos error. Veniam et est sunt. Soluta quo voluptatem deleniti veritatis et libero.
Repellendus ea omnis a odio qui. Qui odio ipsa laudantium repudiandae eaque magni. Voluptatem ut dolores nihil nesciunt fugiat architecto. Omnis ad odit tenetur facere sed.
Molestiae repudiandae sunt quas saepe accusantium autem est quis. Necessitatibus recusandae ipsum deserunt est porro odio eius.
Aut saepe et quaerat corrupti qui illo. Laborum necessitatibus ipsum est esse sit voluptate fuga. Est omnis ipsam sit voluptas incidunt distinctio.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...