Anyone else having severe anxiety about paying for their MBA?
I managed to avoid thinking about it through the entire application process, brushing off my parents’ worried comments and reminding myself of the fat paycheck awaiting me after graduation. Besides, what was the point of worrying about money during the application process? Nothing douses enthusiasm faster than $150,000 worth of debt, and I needed all the enthusiasm I could muster.
Regardless, the day has arrived when I must acknowledge my fate. Even before school starts I’m staring down an intimidating line of expenses:
- $2,500 deposit
- Flight and hotel for Admit Weekend
- Flight, hotel, and rental car for apartment hunting
- Apartment deposit
- Moving expenses
- Car purchase, registration, and insurance
- New laptop
- Flight home for a wedding after the first week of school
And this is all BEFORE financial aid arrives. I actually went to pay my rent the other week and found my checkbook shivering in the back of a drawer. It put up a little bit of a fight as I pulled it out, but the really creepy part was the little voice screaming “Heeeeelllllp meeee!” as I ripped out the check. That’s normal, though, right?
By the way, if you’re having any amount of anxiety about paying for school, DO NOT look up the monthly loan payments you’ll be making after graduation. Also do not look at interest rates, calculate the increase due to deferred payment, or consider the effects of compounding (which you will be well versed in as a good business school student). Or, if you do, have a friend ready with a soft pillow and some smelling salts.
Look forward to my Adventures with Financial Aid in the weeks to come as I navigate the world of federal and private loans. Now please excuse me as I go comfort my distraught checkbook. She’s wedged herself behind the bookcase and refuses to come out.
New admits – How will you be paying for school?
Graduates – Any words of wisdom?