I currently have 1 subsidized SL with Direct Loans for $8,500 and I will be receiving an additional $8,500 for the upcoming school year for a total of $17,000. After next year, I will be done with my psychology M.A. degree. Unfortunately, I have really been losing interest in psychology and want to switch to an MBA program after I get my psychology degree. This is the part that scares me, because MBAs are expensive, regardless of where you go.
Case in point, my college choices are basically either continue at local Cal State Fullerton (where I currently attend) and enter their MBA program next year, which is now $6,000 per semester (gotta love those tuition increases) versus commute to University of Southern California (one hour drive) at $108,000 total for a two year program, so $54,000/year versus $12,000/year at Cal State Fullerton. Obviously, USC has a much better business program, better connections, and better business presence in southern california, which is where I plan to continue living. The problem though, is USC specifically states on their MBA website that the business school offers absolutely no scholarships or grants, so I would need to borrow heavily. The thing is, federal SLs are limited to $8,500 subsidized and $12,500 unsubsidized a year for a total of $21,000, which is still $33,000 shy of the yearly tuition cost at USC. Keep in mind I will already have a $17,000 balance of subsidized direct loans before I even start the MBA program.
I know that the school you get the MBA from can make all the difference with regard to employment opportunities after graduation, and of course, I am looking to get a good job, so this is one of the main factors in my decision process. Also, I currently work as an administrative assistant for a medium-sized commercial property management company, and I would like to continue working for this company while I attend school to get more experience. While in the MBA program, my plan is to get my Real Esate Salespersons license and then my Real Estate Broker's license after that so I can start getting commissions on the leases I sign for my currently employer (thus increasing my meager salary considerably).
With all that said, I am hoping the wealth of knowledgable people on these boards can offer me some advice as to what route to go, MBA at USC, which would put me in immense debt plus the commute or MBA at Cal State Fullerton, which is cheaper and close to my residence/work. Hopefully, after enough years of experience as a broker with my current employer, I could try for better paying jobs elsewhere.
Sorry this was such a long post, I just tried to be as informative as possible so I could receive informative feedback. Any advice/opinions are GREATLY appreciated. One last piece of information is that I currently have about $20,000 in savings to apply to my loan balances if necessary (no CC debt), so please factor this information into your advice. Thanks in advance all!
Starting Scores (lender pull 3/27/10): 759 (EQ), 752 (TU), 749 (EX)
IMO, go the cheaper route. I don't think WHERE you go to college really matters these days. Look at all the MBA holders in the unemployment line, bet some of them went to some prestigious schools too! In today's world, it's education PLUS experience. The school name on the piece of paper you get after graduation doesn't get you the job, your knowledge and experience does. Why go into deeper debt when you can get the same education for less money and go into the same field? A degree doesn't guarantee a job anymore.
@kjm79 wrote:IMO, go the cheaper route. I don't think WHERE you go to college really matters these days. Look at all the MBA holders in the unemployment line, bet some of them went to some prestigious schools too! In today's world, it's education PLUS experience. The school name on the piece of paper you get after graduation doesn't get you the job, your knowledge and experience does. Why go into deeper debt when you can get the same education for less money and go into the same field? A degree doesn't guarantee a job anymore.
Thanks kjm. This was basically my thought process too as I'd rather not put myself in the position of ruining my credit because I couldn't pay back $150,000 in SLs. In today's world, it is far too risky in my opinion to spend so much money on a "quality" education at the top universities only to be standing in the unemployment line after graduating. I think I'd rather try my luck at the stock market than attend a ridiculously overpriced college like Harvard or Yale.
