Confused. Debt or no-debt?

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Confused. Debt or no-debt?

by justonequestion » Sun Jul 01, 2012 8:25 am
I personally know that I have a decent chance of getting into a top 10-15 program, but, I cannot pay for it. If I do decide to attend such a program, it will be almost entirely be financed out of debt.

On the other hand, I can attend a somewhat cheaper program like ISB and be relatively debt-free. ISB is not doubt a good school. But, ISB does not align with my goal of working/studying in the states.

On a personal level, it has been my dream to study at HBS, Wharton, or any one of the other elite schools. But, till now, I've had almost no return for all the money I've spent on my education. Most of which has been financed with my mother's life-savings. When I say "no return" I mean to say that I haven't worked long enough to offset the cost of my degree.

Now, the question is, should I take on a massive amount of debt to attend a top 10-15 program in the states? It might be years before I will be debt-free again and be able to finally do some justice to my mother. Or, should I attend a cheaper program, be debt-free and get a quicker return?

Logical says be debt-free, heart says "go for it."
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by Jon@Admissionado » Tue Jul 03, 2012 3:29 am
Actually, your dilemma shouldn't be that hard. I think the thing to do is not to get emotional about it. Treat it like a financial investment. Look at the salary average for HBS for a recent graduate in your industry, look at the average signing bonus. Compare this with ISB. Divide by xxx amount of years of work, factoring in cost of living and you have your answer.

A school, like HBS, once you get in, is almost always worth it, as it gives you access to an elite that you can't get anywhere else. For any price. And its value is tremendous. Not to mention the huge jump in salary you are likely to obtain.

So, I understand your dilemma. That its hard to even imagine paying out such a colossal sum of money for your education. And yes, you should give it thought. It's a big decision. But ultimately use logic to make your decision. I think its the best way.
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