The cost of higher education....

[Jeffbx]

So I'm thinking to myself that it's about time I furthered my education by starting an MBA program. I go to the University of Michigan home page & start reading up on their program. It's one of the best in the country, it's close by, so I think it's an obvious choice for me.

I'm reading along, noting the requirements, and I come to the page on 'Expenses, Financial Aid and Scholarships'. OK, it'll be a good idea to see how much it costs. For part time evening students (that would be me) it's $950 for the first, and $765 for each additional credit hour!! :eek:

OK, I knew it would be expensive, but for my undergraduate degree I had semesters that I paid less than $950 for 12 credits and a keg of beer!

My company offers tuition reimbursement, but only up to $2k per year... that won't even cover one class :bawl:

So, I guess I'm going to have to look at some more 'reasonable' schools....

[MJordanash]

It's insane to think of how expensive school can be. For me to go to a specific computer school for two years, it is costing well over $33,000 dollars. Financial aid isnt covering anything.

[welfareloser]

u of m has been on quite an ego trip for a while now. their dental school (whose equipment hasn't been updated since the 70's) was 3x the cost of a couple of higher quality schools i looked at. for a non-degree student (me) to take an undergrad class, it was $400 a credit hour... i went to eastern mich u, 20 minutes away, and a huge school in it's own right, for $100 a credit hour... and the class (organic chem) was great... i can't imagine u of m's version being better taught or more challenging.

and don't even get me STARTED on how the determine residency for tuition purposes :angry: all i can say is make sure you AND YOUR PARENTS (even if you're 40) have lived there for at least 3 years.

[Merlin]

If you want to make MBA dollars you got to pay the admission fee. It sucks but it is part of the game. You can go to a cheaper school but then don't expect the same starting apy and opportunity set when you get out. Finance it and then repay when you get the good job after.

[whitak24]

Originally posted by Merlin
If you want to make MBA dollars you got to pay the admission fee. It sucks but it is part of the game. You can go to a cheaper school but then don't expect the same starting apy and opportunity set when you get out. Finance it and then repay when you get the good job after.
it all depends on what you want to use the MBA for.

for some, they need an MBA to help them get promoted in their current job or as a minimum qualification for some job they'd like to take. in a case like that, it may not matter whether the MBA is from Wharton or Kellogg or if it's from the University of Phoenix Online ( :heh: ). what matters is that they have the degree.

in that case, there's no point in paying $25 grand per year to go to a top-10 b-school when something cheap will do.

now on the other hand, if you want to go work for Goldman Sachs or McKinsey or become the next Jack Welch, then going to a top school is extremely important and worth every penny you spend.

Jeff: i don't know exactly where you live or what your situation is, but you might check out western michigan's MBA program. they may have a part-time distance learning option, but i'm not sure. whatever the case, i hear it's a decent program, but since it was recently started, it's dirt cheap to try to attract students.

might not be what you're looking for, but check it out if you want

[DankNstickY]

i feel like im gettin ripped off... i go to the art institute of ca... in santa monica. i live an hour away from the place. so i gotta jump in my civic and drive for an hour to get to class at 7:30am. the tuition is about 20k a year. im goin for the 3 year program. the school's far from my house... so if i wanna go home really quick... well guess what... i cant. i dont get to work as much so my income isnt great. i got car payments.... plus gas... (i spend around $25 - $35 per week. having a "fuel-efecient" civic isnt really helping). so... i hope i win the lottery or somethin. but i dont know. i feel like thats quite a bit of money...

what u guys think...?

[kimchicowboy]

all i know is that after med school, you can be in debt up to $200,000.

[Jeffbx]

Originally posted by Merlin
If you want to make MBA dollars you got to pay the admission fee. It sucks but it is part of the game. You can go to a cheaper school but then don't expect the same starting apy and opportunity set when you get out. Finance it and then repay when you get the good job after.

Well, that's part of the problem. I've already been in the workforce for 10 years. I make fairly decent money, but I also have a mortgage, two car payments and three kids... I'm certainly not in the position to add another $60-100k loan on top of that. Forget about financial aid - I make too much, but it's already all spent!

Since I already have a good job, this will just make me more marketable in the industry. I'm not planning on becomming a consultant, so I'm going to look at some less prestegious schools (State, Wayne, OU - I'll have a look at Western also - thanks Whitak24!)

[molecularfire]

all i know is that after med school, you can be in debt up to $200,000.

Yep. I'm currently borrowing $52,000/year (35,000 tuition, and the rest is cost of living) so I will be over $200,000 in debt by the time I get out of here.





Man... now I'm depressed. :(

/me goes into corner and cries. :bawl:

[IntegraTypeR]

Originally posted by molecularfire


Yep. I'm currently borrowing $52,000/year (35,000 tuition, and the rest is cost of living) so I will be over $200,000 in debt by the time I get out of here.



Where do you go to school? Which school has a tuition of $35k?

[molecularfire]

Finch/CMS.
It's a small private school, so they can milk us for all we've got. :angry:

[Nija]

Originally posted by DankNstickY
i feel like im gettin ripped off... i go to the art institute of ca... in santa monica. i live an hour away from the place. so i gotta jump in my civic and drive for an hour to get to class at 7:30am. the tuition is about 20k a year. im goin for the 3 year program. the school's far from my house... so if i wanna go home really quick... well guess what... i cant. i dont get to work as much so my income isnt great. i got car payments.... plus gas... (i spend around $25 - $35 per week. having a "fuel-efecient" civic isnt really helping). so... i hope i win the lottery or somethin. but i dont know. i feel like thats quite a bit of money...

what u guys think...?

work at activision which is across the parking lot... mad overtime and you get paid to play video games... you can work nites... usually..5 to 1 :) or days it's 8:30 to 5:30ish

[Cheesypuff]

Yeah...school really kills my pocket book....I'm paying $21,000 to take 18 credits!!!

[welfareloser]

Originally posted by molecularfire


Yep. I'm currently borrowing $52,000/year (35,000 tuition, and the rest is cost of living) so I will be over $200,000 in debt by the time I get out of here.





Man... now I'm depressed. :(

/me goes into corner and cries. :bawl:

that's one advantage to the md/phd program that prm and nds are in... tuition is paid, and a stipend for all but the last two or three years of med school. so we'll only be borrowing two or three years worth of living expenses *whew* no more than $50,000 total, probly more like $20-30,000.

[molecularfire]

Yeah, but MD/PhD programs require brains and *gasp* work. There are many things I'll do for money, but work isn't one of them. ;)

[welfareloser]

Originally posted by molecularfire
Yeah, but MD/PhD programs require brains and *gasp* work. There are many things I'll do for money, but work isn't one of them. ;)

i'm with you on that one! heck, i'll even not work for no money, i'm so la- errr, dedicated... :P

[Ladogaboy]

Originally posted by molecularfire
Finch/CMS.
It's a small private school, so they can milk us for all we've got. :angry:

:hmm: Claremont/Mudd/Scripps?

[Napoleon54]

Originally posted by molecularfire
Yeah, but MD/PhD programs require brains and *gasp* work. There are many things I'll do for money, but work isn't one of them. ;)

That's the route I might be going if I decide to get my medical degree as well as my doctorate. Full tuition waiver plus they pay minimum $18k/year, even when I'm working on my med degree. As of now I'm going in as a straight PhD student, but I have the option of joining the MD/PhD program in a few years. I like to be well-rounded, and it's always been something I've wanted to do.

[brain]

My friend is going to Princeton undergrad. He gets a scholarship of $25k per year. However, it still doesn't cover half of his $50k plus tuition. Ouch!