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MBA at Chicago Booth: *Total tuition for the two-year program is $149,838 and includes up to 2200 units of coursework, of which 2000 units are required for graduation. The full tuition cost is charged over six quarterly installments, regardless of whether students accelerate, decelerate, or graduate in fewer than six quarters.
Imagine you took 2 full years off your career as an adult and had to take loans for food and housing as well... easy to see where you could end up $200k+
While the number seems high, there's no denying that she's now making huge money to pay it back. When you get an MBA from one of the top 7 schools, you are in an elite group and really have a chance of making the big money... Like they say, you aren't paying for the education, you are paying for the network. Plenty of "connected people" go to these schools, and it's all about networking.
As long as she remains in the workforce for the next 15-20 years, and keeps progressing, the elite MBA will prove to be a good investment, despite it's high cost. Even though it's a big monkey on her back, It's probably best to pay minimum on lower interest student loans while investing in higher return options.
So, more questions...
Who told her she needed to get an MBA before even joining the workforce? I don't know anyone who stays in school for two more years to get an MBA, when they haven't even worked a day in their life.
An MBA should be achieved after you've already had experience working in industry, so you can apply the concepts you learn in the MBA to your experiences in industry. This is common sense.
I still don't understand how someone who makes $500k cannot afford to pay off a $200k student loan. This is literally a problem she could solve in a single year by cutting back on her lifestyle. It's really pathetic, and it should put into significant question her ability to perform.
I could just imagine how annoying this article comes off to minimum wage earners who are sitting on 6 figures of debt.
Well, minimum wage earners are not reading Fortune. Still I don't have any sympathy with a $300k earner who "can't" pay off a lousy $180k loan that got her that lofty salary.
“I have reached a point in my life where if I want to spend $200 on Amazon for no good reason, I can,” Cristobal tells Fortune. No, you can't.
Well, minimum wage earners are not reading Fortune. Still I don't have any sympathy with a $300k earner who "can't" pay off a lousy $180k loan that got her that lofty salary.
“I have reached a point in my life where if I want to spend $200 on Amazon for no good reason, I can,” Cristobal tells Fortune. No, you can't.
I have no sympathy for any who took out a loan. Most of these kids got a BA or MA in political science, basket weaving, journalism, sports marketing of some crap instead of getting eduction to make them competitive in the 21st century.
YOU BORROWED YOU PAY IT BACK - tough life lesson but one that needs to be taught or we will have millions with their fracking hand out for the rest of their lives.
Who told her she needed to get an MBA before even joining the workforce? I don't know anyone who stays in school for two more years to get an MBA, when they haven't even worked a day in their life.
An MBA should be achieved after you've already had experience working in industry, so you can apply the concepts you learn in the MBA to your experiences in industry. This is common sense.
I still don't understand how someone who makes $500k cannot afford to pay off a $200k student loan. This is literally a problem she could solve in a single year by cutting back on her lifestyle. It's really pathetic, and it should put into significant question her ability to perform.
? If you read the article, it said she was working at ESPN before getting her MBA and is now a media executive. Her payment practices aside, she seems to have gone to get her MBA precisely for the reasons you should go on to get your MBA- to use experiences you already have in industry to move up in the field. That said, I am not sure her story is compelling in terms of actually paying off her loans, but she did use her MBA as one would expect.
You’re outside one of the largest and most diverse labor markets in the world. Not everyone is born near schools Within that type of sphere. Not everyone has parents able to or willing to foot the bill for their housing.
Local markets are biased towards their local schools many times because there are working alumni who open doors. Or it’s rightfully just a pipeline of locals willing to work and stay in the area. If someone got a law degree from a local college in Kentucky, what do you think the entry level job search would look like in Boston or new York? I was treated with outright contempt and had numerous inappropriate comments made to me in job searches when I was young in a much more uhhhh undesirable city not on the coasts.
Years later as I’ve moved up in my career, the college brand name elitism by people is absolutely amazing to me. If someone went to a name brand school, they’ll mention it within minutes of meeting you, even if it was 25 years ago. I’d love to shut one of them up someday with a simple “Yet, here I am working in the same companies and roles as you, I guess that means you underacheived”
You’re born where you’re born. Sometimes you have to go out of state and pay out of state tuition and housing costs.
Or you stay locally, and that comes with a potential cost to your earnings and opportunity. It’s a low cost for the same reason you can find some real estate cheap…it’s not sought after.
I've actually said that to someone I used to see at the local bar. He had a doctorate from USC, and I went to state school. It went something like this...
Him:"... sure, but in ten years, I'll be making more money than you."
Me: " Probably not."
Him: "I'm pretty sure i will be."
Me: "You have a doctorate in xxx. I am positive that you won't be making more than me." Then we both laughed.
That was about 12 years ago. I see him on facebook every now and then, and while he is doing okay, he's not making more money than me, not even close. Typically, I wouldn't really care/compare what salary my friends or I make, but he was just so pretentious and cocky that I just couldn't let it slide anymore.
In effect These degrees are like buying a business .
People need to evaluate schools , costs and intended degrees as they would evaluate buying a business.
True, but at 18 or 22, few know how to accurately perform a cost benefit analysis. This is when good parenting comes in play. Unfortunately many young adults bemoan their parents for not paying for a expensive school or a otherwise useless degree. I was there at one point, but now I'm older and life has kicked me in the head, I get it and understand the parents perspective.
And this will be the wise decision when student debt forgiveness is enacted.
Quote:
Originally Posted by City Guy997S
Yet it won't ever get enacted..........that was a campaign promise fantasy to get votes from the desperate!
Family member with a kazillion dollars in student loan debt. Keeps kicking the can down the road with each of these moratoriums.
He is pretty sure that they will ultimately wipe out his debt.
Pisses me off no end that i am paying for his, and others, lifestyle when in school and their refusing to pay the loans even though they have the ability.
What kind of a system thinks this is a good idea? Either financially, or just as importantly, morally. What does a borrower learn when they get yet another nefarious action with no consequences? We "owe" them this? Horsehockey !
Don't get me started.....
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