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!
I’m not sure that it is worth the difference in $ as you write them here, but where do you plan to live for each program, and what are the costs involved in that? That may make the decision clearer.
In addition, what are your plans for after your MBA, and do you have any full time work experience post-bachelors? This info will help me determine how employers might see you out of each program.
Thanks for your reply.
I will live in on-campus housing for both programs. The cost of the room and board are almost the same for both, although the cost of living is a bit more in Boston than in Amherst.
I am planning on changing careers from engineering to finance. I have 2 years of engineering experience but it won’t be very relevant after finishing my MBA since I hope to be working in finance instead of engineering.
@RoaringMice
Thanks for your reply.
I will live in on-campus housing for both programs. The cost of the room and board are almost the same for both, although the cost of living is a bit more in Boston than in Amherst.
I am planning on changing careers from engineering to finance. I have 2 years of engineering experience but it won’t be very relevant after finishing my MBA since I hope to be working in finance instead of engineering.
Your engineering experience is actually vital to your ability to get into finance. I actively sought former engineers with MBAs for finance jobs. I want 1) your math skills, and 2) your way of thinking/work experience in engineering. So long as you do an internship in finance while you get your MBA, you’re in good shape to make this change.
Since you want finance, and to be honest, many finance companies are ‘education sensitive’ (read that as a bit snobbish about where you got your MBA and with an awareness of things like rankings), I suggest you go to BU. In addition, the higher paying finance jobs/those with the more major companies tend to be in the Boston area, for New England, or in NYC - so again, BU, because it has more of a name factor, and (for Boston) due to its location. (I’m assuming you want a chance at a major company here, or perhaps a shot at “big finance.” If you do not - if you just want to work for some firm in finance, this is a different conversation.)
What I’d suggest is that you make a copy of the financial offer that UMass made you, and speak to someone in financial aid at BU (ideally to the Director of Financial Aid.) Let them know that BU is your first choice, but UMass made you a stronger financial offer, and ask them if they can help you. Your goal is to get them to offer you a bit more re: aid, so that you’re more comfortable attending there. Make sure you tell them that BU is your first choice, as this is key. The worst that happens is that they can’t improve your offer, you say thank you, and you’re happy to attend there anyway. The best that happens is that they come a bit closer to UMass, you graduate with less debt, and all is well in the world. BTW, you’re making a copy of the offer from UMass because BU may well ask to see it. So don’t exaggerate the offer. 
@Collegesurfer093 : To which other MBA programs did you apply?
To which other MBA programs were you accepted ?
What is your GMAT or GRE score ?
With respect as to which offer you should accept, BU is the clear answer, in my opinion, because you are switching industries.
Are you seeking a position in investment banking ?
@RoaringMice
Thanks alot, your reply was very helpful. I will actually try and speak with someone in the BU financial aid office and see if I can get more $. Thanks again!
@Publisher
I’ve also applied to Northeastern University but haven’t heard back yet. Till now, I have only been accepted in BU and UMASS.
My GMAT score is 700.
I am mainly seeking a position in corporate finance, I may also consider investment banking. Not quite sure yet. Hopefully with the start of school and internships I will finalize my decision.
Among BU, Northeastern & UMass-Amherst, BU is the best choice based on the information shared in this thread.
Inquire about internship opportunities/placement after one’s first year as this is a primary path to a full time job offer.
Unless there is a particular program of study, you need to go with location & name recognition & best placement–which is BU.
Employment stats:
Employed at graduation: BU = 60%, UMass = 71.4%, Northeastern = 42%
Employed within 3 months of graduation: BU = 90.6%, UMass = 76%, Northeastern = 91%.
Average starting salary & signing bonus: BU = $105,000, UMass = $81,500, Northeastern = $89.300.
@Publisher
Thanks a lot for your reply. It helped a lot I really appreciate it.
@Collegesurfer093 : One of my posts disappeared due to online issues that kept shutting down my computer.
The question I asked: What is your total COA (cost of attendance) per year at each program ? You have shared the loan amount, but not the COA of each program.
As presented, a quick read of this thread might lead one to think that BU’s total COA for you is $25,000 per year, hence $50,000 in loans, and that UMass’ total COA per year is just $5,000 explaining the $10,000 in loans for the 2 year program. But this does not take into account any savings spent.
BU is the best option. It is unlikely to get you into investment banking without additional hustle but def worth a shot. It is a much more international program and you will meet different types of people compared to the rest.
A significant concern, if my information is correct, is the full time enrollment at UMass-Amherst. Is it just 51 full time students versus BU’s fulltime enrollment of 320 students ? If so, then I think this weighs in favor of BU because you get more current & future contacts as well as more course offerings at Questrom.
@Publisher
What you stated in your comment is correct.
For BU, the total COA is $75,000 per year. I get a scholarship of $50,000 per year, so what’s left is about $25,000 per year; which I need to take out a student loan for.
For UMASS, since all MBA students are awarded a fellowship which covers tuition costs and a $10,000 stipend, I will need about $5000-$10,000 per year, which I will also take out a loan for.
I’m expecting to pay all costs of grad school using students loans and scholarships.
Regarding your second comment; yes, at UMASS the cohort size is 60 students, whereas at BU it is about 300 students.
BU is my first choice, but I am not sure that it will be worth graduating with all that debt? About $40,000 more than if I go to UMASS.
@wertu12
Thanks! I’m mainly seeking a position in corporate finance after graduation, but I won’t mind giving investment banking a try if I have a shot at succeeding.
I am hesitant to suggest asking BU for more money since you have already been awarded a significant scholarship, but if it is leading you to select UMass-Amherst, then you need to share this concern with BU ASAP so that you can get an indication of whether or not BU might offer more money.
Remember that MBA school costs can be ameliorated by a summer internship. Some pay as much as $4,500 per week, and some internship employers pick up the tab for the second year of MBA school if you accept a full time job offer from them.
Did you apply to any other MBA programs which are highly ranked by US News ?
Do you have undergrad debt? If so, how much?
If your only debt will be the grad school debt…that would be a different scenario than if also have undergrad debt.
@Publisher
I have asked BU what other aid they may offer and they said they only offer student loans.
I have applied to Notre Dame, but I am actually rethinking continuing the application process because I am currently planning on staying in the Massachusetts.
I have also applied to Northeastern University and Boston College, but I believe BU ranks higher than both. Is that correct?
@thumper1
No, I don’t have any undergrad debt.