Loan worries

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abhishingwekar: Junior | Next Rank: 30 Posts; Posts: 22; Joined: Tue May 20, 2008 10:00 pm

by abhishingwekar » Tue May 20, 2008 10:10 pm

Hi All,
I am an average Indian student working in an MNC IT firm (TCS) from 3 years.I do not have great grades in my graduate exam and I belive I will get a decent score in GMAT (650).So given my details if I choose a college with a fees of $50K/per year, what are my chances of paying it back and in around what time?
I just want to know if I get an average salary of an MBA graduate as quoted by different magzines, will I be able to repay it back in 3-4 years??
Please help??

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Source: Beat The GMAT — The Application Process | Tue May 20, 2008 10:10 pm

codesnooker: Legendary Member; Posts: 543; Joined: Fri Jan 18, 2008 1:01 am; Thanked: 43 times; GMAT Score:580

by codesnooker » Tue May 20, 2008 11:00 pm

Dude one simple question to you (no offense) :-

Suppose if you come to know that you would be able to return back loan amount in 5-8 years instead of 2-4 years, then will you quit right now or start thinking of alternatives?

If answer is NO, then why are you worrying. Just chill !!! and enjoy your time. Work hard during your MBA Studies and after getting job only start thinking about repayment.

CONCLUSION: Its not worth to worry about the things that are not in your hand. You must be just wasting your time and killing your energy.

Hope this would help to you.

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abhishingwekar: Junior | Next Rank: 30 Posts; Posts: 22; Joined: Tue May 20, 2008 10:00 pm

by abhishingwekar » Wed May 21, 2008 1:13 am

See the problem is that I have other loans too, so this laon will also affect my financial situation.

So that's why I want to know about these things as I can plan out my loans even if I dont get any scholarships......

Just what is the average salary of a typical MBA grad from a normal college? and

What is the average cost of MBA in an average college?

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codesnooker: Legendary Member; Posts: 543; Joined: Fri Jan 18, 2008 1:01 am; Thanked: 43 times; GMAT Score:580

by codesnooker » Wed May 21, 2008 2:15 am

Here is the comparison:-

https://www.businessweek.com/table/08/0228_roi.htm

HTH

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VP_MBA_Guru: MBA Admissions Consultant; Posts: 690; Joined: Thu May 01, 2008 12:51 pmFollowed by: 3 members; Thanked: 39 times; GMAT Score:750+

by VP_MBA_Guru » Wed May 21, 2008 6:57 am

Hi Abhi,
MBA loans are not fun - as with most top 2 year MBA programs, you will likely incur at least $100K in loans. That said, I strongly believe the experience and post-MBA opportunites are WELL worth the expense.

As you know, MBA salaries vary significantly, based on industry/position/region. So it is very difficult to say. Ranges go from $60K (for non-profit/government positions) up to $300K and higher (top tier PE/HF). So its very difficult to say. I would say that the average salary is around $100-$150K post-MBA.

Have you considered part-time programs? This would allow you to remain in your job while achieving your MBA. I am not sure if this is an option for you.

Good luck with your decision!

Regards,

NP

Nikhil P. | Admissions Consultant | Veritas Prep

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abhishingwekar: Junior | Next Rank: 30 Posts; Posts: 22; Joined: Tue May 20, 2008 10:00 pm

Thank you

by abhishingwekar » Sun May 25, 2008 11:24 pm

Thank you VP_MBA_Guru and Thank you Codesnooker!!!!!

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mbadrew: Master | Next Rank: 500 Posts; Posts: 198; Joined: Tue Feb 12, 2008 10:16 am; Location: San Francisco; Thanked: 14 times

by mbadrew » Mon May 26, 2008 7:02 am

Abhi,

If you can get into an AACSB accredited state school and pay resident tuition then you don't have to worry about racking up loans. SL's are ugly and painful once you begin paying them. If you've already accumulated debt in SL's then don't accumulate more debt. If your grades and gmat are not stellar then chances are you won't get into a top 10 school, which means average salary upon graduation. Think and then decide.

Andrew

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minalcorrera: Junior | Next Rank: 30 Posts; Posts: 15; Joined: Tue Feb 18, 2014 3:29 am

by minalcorrera » Thu Apr 03, 2014 2:29 am

Hi, I am from a poor family background and wish to pursue MBA from S P Jain Global . I scored 690 in my GMAT and I got a very good GPA .. Will I get any kind of educational loan through the institution ?

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ArnoldBerg: Newbie | Next Rank: 10 Posts; Posts: 2; Joined: Tue Apr 08, 2014 11:41 pm

by ArnoldBerg » Wed Apr 09, 2014 12:25 am

yea ! S P Jain Global provide educational loan of low interest .

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minalcorrera: Junior | Next Rank: 30 Posts; Posts: 15; Joined: Tue Feb 18, 2014 3:29 am

by minalcorrera » Wed Apr 09, 2014 12:27 am

Oh ! Thanks for letting me know that . Can you please tell me what is its eligibility criteria to obtain an neducational loan .

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ArnoldBerg: Newbie | Next Rank: 10 Posts; Posts: 2; Joined: Tue Apr 08, 2014 11:41 pm

by ArnoldBerg » Wed Apr 09, 2014 12:28 am

Hey sorry,I am not aware of the eligibility criteria.
But you can find out in S P Jain Global website. https://www.spjain.org/gmba/faqs.aspx

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