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Is $140K a "low" price for an MBA?

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  • Is $140K a "low" price for an MBA?

    http://www.businessinsider.com/stude...es-2013-6?op=1

    When I graduated at 24 with a B.S. in business, I was about $60,000 in debt between a car loan, student loans, and credit cards. I found a job I hated right after graduation and quit after a month. That wasn't a good move, but I did it. After living off of credit cards and bumping my total debt to $80,000, about 6 months later I finally landed another job as a low-level QA Engineer. I eventually paid down my debt to about $40,000.

    But my $12/hour wages weren't cutting it. I decided I needed an MBA to move up in my career. I earned one in 2004 (for the "low" price of $140,000), but it didn't open the doors I imagined it would. I've barely made a dent in paying off my debt. In the last 9 years, I've been homeless, bankrupt, and have consistently struggled to find employment that offered enough compensation or advancement to pay off a mountain of debt.
    I guess that $140K was for 2 years at the "rack rate" at one of the most expensive universities around, plus living expenses. Private universities - telling their prospective students that their degree will get them great a job that will more than pay off the debt - really are like drug pushers.

    I'm not sure if he was able to get any non-student loan debt discharged, but even the $140K seems to be past the student debt "event horizon" at which a poorly paid job will not be able to pay even the interest on this. It's the financial equivalent of being a fugitive from the law.

  • #2
    Not related to student loans but rather to the MBA degree: Twenty years ago, my brother, who had a BS degree in Electrical Engineering and was making about $60K per year, decided that he wanted to do something else. He earned an MBA degree going to school nights for a couple of years.

    He makes over $200K per year as one of the vice-presidents of a large securities firm. The degree is merely a meal ticket. You have to have something on the ball in order to be recognized.

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    • #3
      Granted that was in 2004, I don't believe it costs $140,000, which is equivalent to $180,000 now to acquire a two year MBA. The top private Medical Schools are averaging $70,000 per year and this includes living expenses, medical and dental insurance, transportation etc.

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      • #4
        Hi Joshuagraham,

        I work at a small private university in wa state. Our MBA program must appear to be a bargain at $37,260. The education field had become very competitive.
        Filed Chapter 13 - 07/20/12
        Discharged 8/2/16

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        • #5
          i don't know i don't think 140k is way out there for an MBA. i know my daughter first went for an MBM (after under grad degree) and prior to her PhD ) an MBM is a masters of business management as opposed to administration (MBA), the MBM back in the mid 1900's ran approx 90k for her and then later,her PhD was another maybe 120k. now in her field she's lucky to make enough to even cover student loans, still. i raised her absolutely SO WRONG!!! instead of going for a nice corporate business job, to make MONEY...OH nope she wants to save the world and have mental health service for everyone for free.

          my son went for his MCS (Master of Computer Science) it ran well was over 86k. NOT including the costs of any under grad studies!! so all toll with under grad costs at approx 30k a years for yes, 5 that is FIVE years (because he got a duel degree business and corp communications, may i add here he can't even write a note to his mommy so i have no clue what he needed for a communications degree).

          and yes, i bragging here because i am so proud of my kids, but certainly not the debt they incurred trying to get ahead. both are so responsible yet find it so hard to make ends meet after spending all that money on education. it's such a shame.
          8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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          • #6
            Tobee, it's not that your kids were raised wrong, it's that education system is crooked (for profit), and jobs that make most money are those that serve corporations, rich, etc. rather than humanity. I applaud to your daughter for wanting to save the world. It seems that the number of such people is growing (I have similar values as well). Hopefully, we'll be able to gradually change the values of this society, so that world becomes a better place indeed, so that education and healthcare are free for all, and artists and scientists are paid better than administrators and bankers.

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            • #7
              WAIT! dina! i thought that is what OUR generation did LOL!! there are always those people stopping it all, who are they, i don't have a clue. i thought when we protested in the 60's we were doing something good, yet look at washington today??
              8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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              • #8
                Yours was first wave. And it did good. Now they're trying to undo it in Washington, but they won't be able to, because of public protests, petitions. Because of instant communication through the internet, and because now more people awaken than ever before. More problems come into the open, while before they were concealed. But times are changing, and in the long run, it will be for the better.

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                • #9
                  Originally posted by kornellred View Post
                  Not related to student loans but rather to the MBA degree: Twenty years ago, my brother, who had a BS degree in Electrical Engineering and was making about $60K per year, decided that he wanted to do something else. He earned an MBA degree going to school nights for a couple of years.

                  He makes over $200K per year as one of the vice-presidents of a large securities firm. The degree is merely a meal ticket. You have to have something on the ball in order to be recognized.
                  Yes that may have been the case 20 years ago. It's not anymore. The degree is no longer a ticket for anything except debt. You can't make $60k in present day right out of school in EE, You can't even make 40 imo.

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                  • #10
                    Originally posted by gml120 View Post
                    Yes that may have been the case 20 years ago. It's not anymore. The degree is no longer a ticket for anything except debt. You can't make $60k in present day right out of school in EE, You can't even make 40 imo.
                    If you REALLY want the MBA, look at your local schools and see if they offer free or reduced tuition to employees. Then find a job at the school.

                    My total tuition cost for a 36 credit master's degree was $450 (+ books). $75/semester registration fee.

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                    • #11
                      Originally posted by dina13 View Post
                      Tobee, it's not that your kids were raised wrong, it's that education system is crooked (for profit), and jobs that make most money are those that serve corporations, rich, etc. rather than humanity. I applaud to your daughter for wanting to save the world. It seems that the number of such people is growing (I have similar values as well). Hopefully, we'll be able to gradually change the values of this society, so that world becomes a better place indeed, so that education and healthcare are free for all, and artists and scientists are paid better than administrators and bankers.
                      Lofty goals that are noble for sure but who and how is that free education and healthcare get paid for?

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                      • #12
                        MY DH has one, for all the good it's done us.
                        We still are too broke to file.

                        Keep On Smilin'

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                        • #13
                          Originally posted by df04527 View Post
                          Lofty goals that are noble for sure but who and how is that free education and healthcare get paid for?
                          It's done in Europe. It's universal healthcare and public universities. It's not a matter of lack of funds, it's just a matter of priorities (for instance, huge military spending in US, corporations not being taxed, etc.). Money is there, but it has to be spent for the good of most rather than for the good of few.

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