Considering applying for an MBA? Don't have much in the way of saving so would be taking out loans? How much is to much debt to have? How much in loans have people hee taken out?
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For the top-15, plenty of people do it fully on debt. Hell, there was a guy at Booth who did it fully in debt, while still having $50k in undergrad loans.
Think of it this way, if you do it fully in debt, you'll have yearly debt payments of ~$20-25k, so lets be say $30k-40k pre-tax salary....Not fun, but since the average salary/bonus is around $140k from the schools, you're still living the life style of someone who has $100k a year salary....with very good salary progression, you got to not work for two years, and recession proof your resume.
On top of that, you'll get signing bonuses, summer internship money, etc, so debt will be a little less than expected.
I agree w/@"ArcherVice" here, you are going to Kellogg, you will most certainly be recession proofed, but someone who gets a MBA from somewhere like West Bumpletonvania College (didn't want to slam any real MBA programs, I have friends w/degrees from there) will still likely have at least $80k in debt and will be lucky to make that after graduation.
good for you on looking at the cost benefit of a MBA. check out some of CompBankers posts, he's done a lot on this, he just finished Y1 at Booth. also, focus on getting into the MBA program of your choice first. if you get into a M7 or even a top 20, debt is worth it.
That depends, what does your resume already look like. Where are you getting your MBA from? What will be your total monthly debt payments and living costs?
I've always heard that a good benchmark (not a rule by any means) is that you want your 1st year post MBA all-in comp to be greater than your student loan amount. So if you borrow $150k, for a top 10 or 20 school and can leverage that into IB or consulting, you shouldn't have a problem making the payments and living comfortably.
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