MBA w/ Undergrad Student Loans?
Hey guys — need to hear some thoughts. I’m an incoming first-year at a BB, graduating from a semi-target (humanities major) this spring planning to recruit for PE. Would like to go to b-school in 4-5 years but I have to pay for undergrad entirely by myself and have 150k in student loans right out of the gate.
Is there any circumstance where going to b-school would be worth the financial hit given I’m already in so much debt? Not going to be able to pay off loans until the year I’d likely start an MBA so wouldn’t have any savings. At that point even H/S/W don’t seem worth the financial hit just for the brand name and network. Would it be ridiculous to even consider an MBA in my position? Seems like I’d just be starting from scratch. Can’t decide if it’s worth it take the GMAT and think about apps, or if I should save my time/energy and just focus everything on building my network/skillset right now ignoring b-school. Thoughts?
One thing that’s nice about business school is it isn’t going anywhere. You can technically get your MBA whenever you want, and you should go whenever it makes the most sense to you. If you are still struggling with your personal finances in the next 4 years, go in 5 or 6, or so on. Also if you are going to a BB, I think you’ll be able to pay off debts before the next 4 years regardless of my previous advice. To be conservative, if your EBIT is 150k we can say maybe after tax you’ll be making 110k. I don’t know the city you live in which is a big factor, but lets say if you can make it on 50-60k that’s, 50k at least a year that can go to loans. I’m sure you’ve already looked at this, but I wouldn’t freak out too too much about your situation considering your line of work. This is even furthered if you can exit to PE, in which you can make 250k or more. Regardless I think it’s going to be alright for you boss, good luck in your endeavors
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