Please let me know your emergency fast advice. I am about to cancel my entire MBA before I start. I am fully approved and already in. However some prices changes occurred and made me look at everyone. It’s like I had a revelation.
I AM BACKING OUT.
I am already in 50K BA debt and do not want to add another 50K MBA debt.
I have a very good job and saving money asap. I can have my BA paid off this year. However, I need to save up for a house and pay off other things. I am so sick of debt and just want to live and save.
Could I actually get my MBA and survive, of-course, but from everything I have read it seems that an MBA is actually not worth it unless you are in a specific job were you can benefit from it.
I was actually just getting it because I wanted to be the complete package on my resume and in case I wanted to switch industries. This is not looking like the case. Even if I did switch industries I would have to start lower anyway because I would know nothing about it. The field I am in now MBA’s mean nothing.
I believe I will be withdrawing asap! If anyone has any last minute words please post now but I think I have made up my mind.
I even might start some business ideas that I have in my head and try those while working to see if I can make some real money as opposed to always spending money and being in debt!
Were you planning on quitting your job and going full time? I would find a good program that you could do part time. Also consider finding an employer who might pay for you to go.
There’s a lot of drama in your posting history. And in the text of this thread you haven’t explained how much the program costs have increased. If you don’t want/need the MBA, then don’t start. Is it possible to defer and work another year?
the program went up about 2k it is not much but like i said it just got me thinking and to recalculate. I do not want to go into 50K more additional debt. I do not know why all of a sudden this has dawned on me.
I can work as long as i want. I have a real job which is great.
I just think i prefer to have my MBA paid for one day by an employer if I ever wanted/needed to get it.
Unfortunately nobody can tell you what to do. If I were in your shoes I would defer, and if that was not possible then I would withdraw prior to classes beginning (making sure that all the “i’s” are dotted and “t’s” are crossed).
I wanted to go for an MBA while my homeschooler was finishing high school (he just graduated) and I was shocked at how much it costs now. Got my law degree for less. Quickly discarded the idea. But that’s me, and I dislike debt.
I think all of you are right, debt is bad, employer should pay, or go when the time is right, part time. Most certainly not because you can take out loans and you are just looking for something to do and something to add on your resume for not exact reason.
Maybe one day if I have an employer that will pay for it I will try to get it again or if I have a lot of extra money I will and can pay cash for each semester but for right now I am no longer going to get into debt to make decisions, I am going to work hard first and then buy. PERIOD!
@needspractice , sorry you had to back out due to money issues. Debt is not an issue if you can assess the risk/reward appropriately. I took a loan of $80k to attend B-school full-time in the late 80s! The returns have been great; I am fully funding my 2 kids’ education including one in Med school currently.
I would suggest that you consult others in the know if you need to take on additional debt to attend B-school. It would make more sense if you are contemplating a change of careers or even bolster your current one. I am proposing likewise (doing an MBA) to my younger D, who is studying Engg. now, to do so after a few years of work experience under her belt.
I agree, although this entirely depends on where you get the MBA from. Top-name MBA programs usually have a great return on investment, producing large average salaries and graduates who have no problem getting plum, highly paid jobs. But there are many MBA programs where students don’t average much more than they would with a BA, and certainly not enough to repay the debt. Most MBA programs publish the average salaries of their graduates as well as the kinds of jobs that they end up in; I would check that out and see what the stats for your particular school look like.
@i012575 I agree 100% if you are going into an exact field or have an exact goal that can pay off, me on the other hand was just getting it to get it, no real purpose. I am just thinking if I change careers and my company wants to pay for it that would be great. If not my current career to which I do very well at and make good money at does not care.
I am just going to do things different in my life now. After I pay off this BA and put at least 100k in the bank, will I consider getting a MBA that I can pay cash for each semester if I choose to fund it myself.
@juillet I agree as well, this will give me the time to research which mba I can get and which will have maximum impact for my dollars or time. I just feel so awaken right now that I am in a position to be debt free, save money, and work hard. I want to make better decisions and I believe saving money and paying cash is the way to go for me and my life at this time. However if someone else is out there and they don’t have the option to put cash away and pay off things I completely understand going into debt and taking a chance. I just don’t want to anymore. I am done.
You may want to consider some cost-effective MBA programs that you can do while working. Western Governors University has a fully accredited, competency based program that would cost around $7k per year and allow you to finish an MBA in 2 years- or less. Many employers recommend WGU to their employees as well… there are many options out there-- keep looking.
@onedecided Yes that is something I can truly consider after paying off my BA and saving up some cash, I can look around for something I can do online or in person that is affordable. If I choose to pay, but I will probably prefer my employer to pay.
You should never pay to learn something that you can get paid to learn. So you should only get an MBA if your company is going to pay for it and if there is a tangible immediate financial benefit, such as a raise or promotion attached. Otherwise the cost of this degree almost never justifies the return. You would get a better return on investment and learn more about buisness if you get a buisness loan and start a small buisness instead of getting a student loan for the same amount and getting an MBA. If the buisness doesn’t go well you can always discharge the buisness loan but you can never discharge the student loan, even if it results in 0 earnings increase.