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If you are so against debt, why not just skip the MBA?
To answer the OP, 35k upon graduation
I am hoping that by the time I go for an MBA, I might have enough savings for it. Also, it's unfortunately the case that getting a good job is impossible unless you have a top degree. If it's possible to get into a top MBA program from a mediocre undergrad, why waste even more money at a target undergrad?
Ivy financial aid is 100% grants.
Yea that's bullshit. What the school I got into did, is basically subtract all federal grants I recieved from the total cost of attendance, subtract my expected contribution, and said my parents are expected to contribute the rest (biggest chunk). My parents are unable to afford what they say they are and thus I'd need to take out a loan to cover that differential.
$20K in debt from a known slacker fortress. Closest thing to alumni on the street are the kids at OWS rallies.
OP: take out whatever loans you need for a target school. It absolutely WILL be worth it.
11k. Definitely manageable.
Had $31k at graduation. Had 14k forgiven from a Texas "B-on-time" loan program, leaving me with 17K.
Paid off 12K in the last year and will be debt free after receiving my bonus on June 28!
How much debt are we talking for Cornell?
@Goldman Stanley assuming my financial aid package stays the same the total cost will be around 80k for only two years. If I graduate on time, and assuming my parents can pitch in a bit, I would have around 40-55k in loans. Not the end of the world, but I'm very tempted to stay on my full scholarship at my current school. I live at home, and literally have no expenses.
Okay, I think that is a pretty low amount of debt. For a school like Cornell, and esp. with your major (assuming you are Econ or AEM), it's not that big of a deal. You may have to skimp on expenses here and there but otherwise it's very do-able.
Can you clarify more about your other choice? Public vs. private? LAC vs. full university?
$8k upon graduation. I plan to repay it within first 6 months of FT work.
$0 upon graduating undergrad but that's about to jump when I start my MBA. Probably have $50-60k by the end of grad school.
I graduated with $150k in debt - first year in banking paid down $75k, bless the low taxes where I live :)
This is very difficult to believe unless you lived at home and didn't spend a cent on food and never had a social life. The only cities where this would really be feasible would be Houston and Minneapolis.
Assuming you got paid reasonably well as a first year analyst - call it 130, you are already down close to 85k after federal taxes that's assuming 35%, so you would probably be a little better off than that but still probably near 30%. Did you not contribute to your 401k at all?
That must have been an absolutely miserable year... I am fairly frugal and I also paid down a decent amount of debt and saved some money (mainly because of unusually strong 401k gains and employer match), but that is a huge amount to have been able to pay off in your first year out of school, especially given that even if you were crushing it on your payment efficiency, you would still probably be paying ~5-8% interest depending on the type of loan...
I dont live in US - the tax rate where I live is less than 15% and I have been living frugally. Combined with the year end bonus I was able to comfortably pay down 75k
~$75k
$70k of that is held by my parents through a 15yr home-equity loan at about 2.5% so I'm fine taking the full 15yrs to make the payments.
@Goldman Stanley Yes, it's AEM. My other choice is my current college, which is a no name, commuter college in New York. The enticing thing is that it's completely free.
0 after undergrad. 40K after MSF...the cost of getting a recognizable name on your resume.
@dblock If you had the choice, would you have instead gone to a target undergard, for a bit more debt? I'm actually thinking of going for an MSF, but seems like most of the good ones are extremely quant oriented...
Going into my junior year. However, I am projected to finish my undergrad with ~30K in the bank...been working since freshmen year
Currently an undergrad, set to graduate with no debt (scholarships, working, and awesome parents!).
I go to a large non-target state school. I love it but sometimes I regret not transferring to a target. I'd have to borrow about $20-25k/yr but that wouldn't be so bad over 2 years.
But I can always rebrand with a MSF (I'll have some flexibility with 0 UG debt) if I need to and I'm planning on getting a MBA anyway.
That would rule out many of the best schools.
By the Grace of God, I graduated with $0 in debt. Scholarships, grants, and an amazing mother have worked well for me. Also, thankful going to a MM IB from a state school.
Yea, I would definitely do it different. I knew little about the finance industry and nothing about "target schools". Initially went on a full-ride to a small state school that no-one has heard of and majored in applied mathematics. If I could do it again I would definitely take SATs/college Apps more seriously and would be willing to be in debt for a brand-name education.
I didn't go to a MIT/Princeton MSF but a solid regional one. This may not be the best option for everyone, but for me it was enough and I am starting FT this summer at a small MM bank. I was never that worried about BB->Megafund so I am perfectly happy with how things have played out.
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