06-13-2008 03:40 AM
06-13-2008 06:22 AM
06-13-2008 06:35 AM
heather76 wrote:You know, what is most concerning to me is not the loans...it's the aparent cost of tuition. Did you say all those loans are for ONE year!?!? Very few jobs out there require a high-priced college education... are you sure you can't limit your costs? That's entirely too much money to pay in my opinion- my entire Masters Degree costs $9000, not including grad costs. I could pay my tuition plus mortgage payment for two years for the amount you're considering getting. College is like everything else- shop around!
06-13-2008 07:12 AM
ChemGuy wrote:You have to keep in mind that the average student coming out of top MBA programs (Top 15) are making ~100-120k in the first year alone, and 95% recover earn lost wage + school cost in less than 6 years. The investment is well worth it, so long as you are taking a directed approach toward your career. Those attending lower tiered schools average 85k in the first year, so it takes a little more time to realize the return on investment. (To calculate ROI, take difference between projected salary after school and pre-mba salary and divide it into lost wage + cost)
heather76 wrote:You know, what is most concerning to me is not the loans...it's the aparent cost of tuition. Did you say all those loans are for ONE year!?!? Very few jobs out there require a high-priced college education... are you sure you can't limit your costs? That's entirely too much money to pay in my opinion- my entire Masters Degree costs $9000, not including grad costs. I could pay my tuition plus mortgage payment for two years for the amount you're considering getting. College is like everything else- shop around!Here's an example: I currently made 76k / year prior to school and 125k after. So:2 years at B-School: 147k (including living expenses) --- all loansMissed salary: 152kTotal Investment 299k ----- Whoa mamma!Difference in Salary: 125k-76k = 49kTime to recover investment: 299k/49k = 6.1 so 6 years, 1 month and 6 days before I recover investment. And that's treating income as static, which it is not. Couple that with the fact that most students don't take out 150k in loans, and the fact that there have been employers who pay off grad loans.Sounds stellar to me :-) Just wanted to add some perspective. An appropriately chosen career following an MBA can be phenomenally rewarding. By extension, misguided pursuit of the degree can be financially ruinous.
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06-13-2008 09:30 AM
Hubby's FICOs when we started: high 400s (June 2008)
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06-13-2008 10:19 AM
06-13-2008 11:57 AM
06-13-2008 02:54 PM - edited 06-13-2008 03:12 PM
I've never heard of being able to consolidate federal loans more than once (unless you add an additional UNconsolidated loan to the mix).
Where'd you hear that??
06-13-2008 03:10 PM
06-13-2008 07:37 PM
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