How much do you pay per month for your MBA student loans?
Contemplating getting an MBA in the next few years. Curious how much I'd be paying back each month post graduation. I know it depends on how much you were given in scholarships/your salary post MBA, but would be super helpful to hear from those of you currently paying it off (or those of you who already paid it off) how much you pay per month for student loans and how many months it will/did take to pay off. Thanks!
bump
Usually SL payments are about 1% of starting loan balance. I’d estimate $50k-$150k depending on the school/scholarship/savings/summer associate positions. So somewhere in the ballpark of $500-$1,500/mo. I have heard CBS/NYU can approach $100k/yr in cost, so I guess the highest end of the range could technically reach $200k if you were pretty reckless. Hopefully this gets you started.
https://joinjuno.com/financial-literacy/student-loans/average-mba-stude…
this seems on the low end...tuition alone is $80k a year, rent in a city like NYC/Chicago/even Philly is going to be at least $1.5-2k a month, all the lavish trips MBA students are known for going on (not to mention nonstop partying)...I don't see the total spend being any less than $200k. Unless people's parents are covering the bill, or if they somehow managed to save a good amount of money in their early professional careers (assuming they didn't have student loans and their parents paid for their undergrad), or they were one of the lucky minority (not sure exactly what percentage of MBAs actually receive financial aid), I see the amount borrowed being a lot higher than your estimate..
I don't have an MBA, but my gf pays 2,200$ per month. Can't recall the total cost or her MBA, but she needed to buy car as well to get around during her studies.
How can anyone answer this? Each loan and rate is bespoke. Can’t you just run a simple excel calc? That would have been faster than making this post.
Borrowed ~$100k and pay $1k per month. I refinanced last year for 3%.
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