Hi everyone,
I have been accepted into BU’s Full-Time MBA Program and been awarded a $50,000 per year scholarship (which is almost full tuition).
I have also been accepted into UMASS Isenberg school of management’s Full-Time MBA Program and been awarded a fellowship which covers full tuition, insurance and a $10,000 per year stipend.
If I choose BU I am going to need to take out about $50,000 in student loans.
On the other hand, if I choose UMASS, I will only need to take out about $10,000 in student loans.
I know BU’s MBA ranks higher than UMASS, but is it worth the extra $40,000 in student loans?
I appreciate any help in making my decision.
Thank you!
Although I responded on your other thread, I just realized that you never stated the total out-of-pocket cost to you for each program (including anticipated loans).
@Publisher
Thanks!
In the case I go to BU, the $50,000 in loans include what is left of the tuition, other school fees, insurance room and board and any other expenses I may need.
In the case of UMASS, the $10,000 in loans also include all the expenses I may need after subtracting the stipend I get from the fellowship.
You’re going to business school, correct?
I would suggest that the value of isenberg is not 50k less than bu.
The difference is $40,000. Any difference in value depends upon several factors including, but not limited to, internship placement, job placement, average starting salaries, contacts & courses offered in one’s area of interest.
For example, some summer internships pay $4,000 to $4,500 per week for the 10 to 12 week internship plus if a position is offered & accepted some employers pick up the tab for the second year of tuition.
The average starting salary for BU MBAs was about $105,000 in 2017; for UMass-Amherst it was about $81,500.
Also, only 76% of UMass-Amherst grads had full time employment within 3 months of graduation, while almost 91% of BU MBA grads were employed within 3 months of graduation.
@privatebanker , @Publisher
Thank you very much!
Yes. The BU MBA will magically make the 40k disappear. You just tell it to refer all payment inquiries to the self reported salary survey.
It’s all about the individual. BU has a bit more cache and on campus recruiting is better.
It really is not “all about the individual”. It is primarily about getting gainful employment.
Repaying $40,000 with a good paying job is easier than repaying $10,000 with no job. Of course, it really is the “in between” those extremes that becomes the basis for one’s decision.
P.S. That being said, @privatebanker has a point in that low debt gives one freedom from stress & freedom to wait for the right job offer. Not a clear cut easy decision. This is why I encourage you to speak to each program about paid summer internships & job placement.
@Publisher
Yeah, I really should speak to both programs to get a better idea. But I would still like your opinion on Northeastern University and Boston College please?
A significant concern about UMass-Amherst is the small size of the MBA program. An MBA experience is as much about the contacts made as it is about the academics. Small programs offer fewer courses & attract fewer recruiters.
Boston College (not BU, of course) average starting salary & first year signing bonus was about $109,000 in 2017. At graduation slightly over 64% had jobs. 85% had jobs within 3 months of graduation. BC has 175 students enrolled as full time MBA students.
Northeastern University’s figures are $89,300, 42% & 91%. Total full time enrollment = 166 students (about 83 per class/cohort).
Again, BU has 320 full time MBA students.
UMass-Amherst has only 51 full time MBA students. Can this be correct ? Just 25 per class/cohort ? Okay, UMass-Amherst has a part time enrollment of 213. This suggests that recruiters might not make UMass-Amherst a priority stop as most part time students remain working while their current employer pays/reimburses tuition & fees.
Boston College (BC) has a part time enrollment of 424.
Boston University (BU) has a part time enrollment of 646.
Northeastern has 309 part timers.
In the past two years, I have researched BU’s (Boston University’s) offerings in the law school, in the law school tax LLM program & in the MBA program because of cross registration options. I was very impressed by BU’s offerings both in the classroom & online. BU is big time.
(P.S. I search monthly for course offerings in all tax llm programs & masters of taxation business school programs for rare but in high demand courses.)
My point is that if you find a niche specialty that you want to explore, BU is the place to be. (And not necessarily related to taxation.)
In order to help with a broader view, for attorneys wishing to get an additional law degree in tax law, Boston University’s tax llm law school program is regarded as the fifth best in the country out of about 30 to 32 programs total.
So, if you attend BU & take out $40,000 in loans, you must start repaying at 6 months after graduation. Make sure that you pay more than the minimum amount so that you pay down the principle sum in addition to interest. Student loans can get out-of-hand for those making just the bare minimum payments because the loan starts accumulating interest upon interest. $40,000 loan is a very reasonable, manageable amount for an MBA from BU’s full time program in my opinion.
@Collegesurfer093 : Because BU has a broad range of graduate schools, the cross registration privilege of 2 electives (if BU does offer this privilege as done at most other schools) is meaningful if you develop or have a specific area of interest. I realize that law students can take business school courses but not sure that it works the other way. Nevertheless, the are many other grad schools at BU from which to take an elective or two of special interest to you & applicable to your future career plans.
My husband has an MBA from BU (prob at least from 20 years ago) and has done very well however we think its more the fact that he has an MBA rather than where he earned it. $40k is a lot to go into debt for even with a slightly higher paying job. I think this is a good question for “the powers that be” at UMass - they obviously think very highly of you as you received a great stipend/scholarship. Ask them what they will do for you more than what BU could do for you.
@Momtofourkids : A lot has changed in 20 years with respect to MBA recruiting & placement. Also, $24,000 difference in starting annual pay (an almost 30% difference) is not just “a slightly higher paying job”.
OP: Since you would not have started a thread if not concerned about the loan amounts, there are other ways of analyzing the situation. For example, if you do not want to change industries, then UMass-Amherst becomes an attractive option.
Many who want to stay in their current industry, but need an MBA for advancement with one’s current employer or even with another employer in the same industry, might pursue the less costly option, and may even elect to attend part time rather than full time.
Because you are intending to be a full time MBA student, the natural assumption is that you intend to make a significant career change–such as changing industries–and, if so, then you want to select the program with the most robust recruiting with strong job placement, yet affordable.
@Publisher
Okay. So that being said, I shouldn’t consider NU or BC?
My main 2 concerns are the amount of students loans taken out and finding a good position after graduation. I have an undergraduate degree in engineering, but I am looking to get into finance after my MBA; so I am mainly a career changer. So I believe it’s very important to me to have a well a viewed MBA because I don’t have any experience at all in finance.
@Momtofourkids
I will do that. Thank you very much!