US MBA Loan and Re-Payment->Worth It? A Discussion

[iday]

Originally Posted by kgkid

From what i know after speaking to alums from almost all top-15 schools, repaying the loan is a darn big thing and it takes a pretty long time. People come from India (who have never been to US) thinking about greener pastures and then reality hits them real hard irrespective of which school they attend.

What was that
I thought we'd have enough money. I mean, when we are at school. No one at GSB mentions this as a potential issue. "Money is always a non issue. You'll have enuf and perhaps more". That's what i hear.

After school - we make our own destiny

[aim-wsc]

Iday
he is talking about the Repaying the loans (that is after MBA and not during)

so when you are at school you might get good loan for your ^education^
but after MBA as you said you make your own destiny...

even i heard people talking of repaying the $$ in 15-20 years...which i think is quite a loooong period..

so what KGKID is saying has a point

[kgkid]

Originally Posted by iday

What was that
I thought we'd have enough money. I mean, when we are at school. No one at GSB mentions this as a potential issue. "Money is always a non issue. You'll have enuf and perhaps more". That's what i hear.

After school - we make our own destiny

aim-wsc is absolutely right. I was talking about repaying the loans.
It sure takes a lot of time and that is why sometimes scholarship becomes a very important swing factor for applicants. Sometimes, a person's spouse may also help by contributing towards the expenses. That sure helps a lot.
You would be surprised but a good 'ol friend of mine from IIT Mumbai got a full ride at McCombs and left Kellogg. That is so absurb. But, if you know his direction you would really appreciate the decision. He wanted to be in India as soon as he could and in IT. McCombs is damn famous in IT. He went back to india after graduation with 0 loans and started working as a BDM in SAP-India office.
In short, you would be suprised that many great Indian candidates ditch top 10 not because of money but the 10 years after MBA that they would have to live in US or a developed nation to pay back. The fastest route is finance and consulting but at the expense of family life. So, one has to stop and really think "Is it worth it?"
have your read the book - Monkey Business: Swinging Through the Wall Street Jungle . Read it. nice book on investment bankers.

[iday]

Originally Posted by kgkid

aim-wsc is absolutely right. I was talking about repaying the loans.
It sure takes a lot of time and that is why sometimes scholarship becomes a very important swing factor for applicants. Sometimes, a person's spouse may also help by contributing towards the expenses. That sure helps a lot.
You would be surprised but a good 'ol friend of mine from IIT Mumbai got a full ride at McCombs and left Kellogg. That is so absurb. But, if you know his direction you would really appreciate the decision. He wanted to be in India as soon as he could and in IT. McCombs is damn famous in IT. He went back to india after graduation with 0 loans and started working as a BDM in SAP-India office.
In short, you would be suprised that many great Indian candidates ditch top 10 not because of money but the 10 years after MBA that they would have to live in US or a developed nation to pay back. The fastest route is finance and consulting but at the expense of family life. So, one has to stop and really think "Is it worth it?"
have your read the book - Monkey Business: Swinging Through the Wall Street Jungle . Read it. nice book on investment bankers.

LOL - i agree that this definitely is a concern.
But it differs with the individual's thought process (there is no wrong or right thing)
If his decision was purely made on the money part - the decision looks absurd. Kellogg is such a huge/good school. But when u speak abt his career plans (discount the money) - McCombs makes a great choice. I believe one must always forget the money aspect in making such a big decision - but that is just me

I'll look up the book - thanks for the tip

[kgkid]

Originally Posted by iday

LOL - i agree that this definitely is a concern.
But it differs with the individual's thought process (there is no wrong or right thing)
If his decision was purely made on the money part - the decision looks absurd. Kellogg is such a huge/good school. But when u speak abt his career plans (discount the money) - McCombs makes a great choice. I believe one must always forget the money aspect in making such a big decision - but that is just me

I'll look up the book - thanks for the tip

Yes, money should not be concern in making a decision but after living in US for more than 3 years now, sometimes, you just miss a lot of things. Anyways, I have my spouse working in IT here so she can pretty much pool in for lot of my expenses.

Now just cant wait to start school and carry a back-pack containing laptops, and books with sunken eyeballs and weird look. No not because of studying duh! but because of partying whole night.

[iday]

Originally Posted by kgkid

Now just cant wait to start school and carry a back-pack containing laptops, and books with sunken eyeballs and weird look. No not because of studying duh! but because of partying whole night.

Looks like i'm gonna hear a lot of noise from Duke

[itsrahul]

Originally Posted by kgkid

Now just cant wait to start school and carry a back-pack containing laptops, and books with sunken eyeballs and weird look. No not because of studying duh! but because of partying whole night.

Couldn't agree more with you. Ever since I have received an admit (mid Nov) my motivation to work has decreased. I am eagerly waiting for Sep so that I can join college, meet new people and make new friends.

[kgkid]

Originally Posted by iday

Looks like i'm gonna hear a lot of noise from Duke

or it might be pretty darn close to you in Michigan. Whatever be the case, you would definitely hear some noise.

Enjoy your time at TNDC and definitely budget for the Random Walk.

Then all the PGites can meet in US. If all of us have an offer at the end of internship then we can visit Rahul in Paris. wat say

[itsrahul]

Originally Posted by kgkid

In short, you would be suprised that many great Indian candidates ditch top 10 not because of money but the 10 years after MBA that they would have to live in US or a developed nation to pay back. The fastest route is finance and consulting but at the expense of family life. So, one has to stop and really think "Is it worth it?"

I am not a great Indian candidate but this is completely true in my case. I did not apply to top 10 becasue of financial constraints. I knew that if I get an admit, the school will help me get a loan to fund my education but in the end I will have to repay whatever loan i take. If i had chosen a top 10 school, I would have to spend a long tiem outside India to be debt free and this is something I wanted to avoid. Hence I chose the best college within my loan limits.
In fact, after I received my admit and was discussing my plans with an alum of HEC, he insisted that I apply to a top 10-15 college becasue he felt that I could get into a better college. But I didn't because of above mentioned reasons.

[itsrahul]

Originally Posted by kgkid

Then all the PGites can meet in US. If all of us have an offer at the end of internship then we can visit Rahul in Paris. wat say

Sure . Or it could be the other way round
btw, I would be spending some months in US (New York) before I head off to France. Would love to meet someone there if possible.