Well, cong again at first.
Then we do a little bit accounting calculation.
Let's assume you need $50K loan each year, $100k in total, to finish the MBA, and you can earn about $100K gross salary in the first three years after graduation.
After taking out the tax, assuming the tax rate at 40% in USA, you could leave $60K net income in the pocket. You certainly need some of them for living, let say $20 per year. Then you possibly have $30-$40K available to pay back the loan. It would take you 3-4 years to pay up the student loan for MBA. Plus the two years for MBA, you could possibly pay up all the debt after six years from now.
Assuming you are 28, may be youger, you will have to work just for the loan by the age of 34 or 35. I can fairly sure that you wouldn't like to miss the boat to have a nice marriage, family and children. These things are costly and time comsuming. Therefore it would extend your student loan payment.
Over here, there is an importnat question you need to answere yourself. Do you want to live with the debt all along in the most important part of your life? Therefore, the $50K scholarship does matter and could have a significant impact of your life.
Now we move to the solution.
Solution A: To take the news to Wharton and be honest with every party involved. People understand that this thing happens. If you can have a good bargin with Wharton and gain some fund there, that would be the best solution.
Nevertheless, it doesn't stop there. The outstanding arrangement as I can understand is to keep the cash and take out the full student loan. The student loan has very low interest. In other words, the cost of capital is extremely low. You'd better keep the cash as the seed fund and invest into the financial market while you do your MBA. Wharton and Chicago B-School are the ones really strong in Finance. Therefore, there is a good probability that you can learn the advanced financial knowledge and skills, apply the know-how into practice and may gain a windfall during MBA study. There are unlimited financial resources in both schools, the invesment club, unversity endowment fund, real projects with investment Banks and many others. You can spot on the investment opportunities, invest the seed fund and sort out the finance thing even just in MBA period. It is an ambitious but certainly an achievable target. It depends on how you maximize the financial resources in either one of the shcools.
Solution B: With no doubt, to stay with Chicago. Be realistic and pragmatic! And then take out a full student loan, so you can have the seed fund to invest.
If you really have a difficult to make up your mind, why not to take a week out and spend a few thousands dollar to visit both schools?
Solution C: To dive into the pool of Wharton with no regret. It likes a girl in love who die to stay with her beloved. Well, a lot of time, the end was not pleasant. At the end of the day, they are just business schools, not even the one you fancy. It doesn't worth that much for the risks you may take.
Hope you can make up your mind without regret. We are human being and can only make the best decision on the basis of the best information we can have.
I am sure you can success in your way in the future. However, I hope you will contribute back to our great China at the right time in the future. Perhpas you had a difficult time in the past, but it is still our land and still full of our people. It likes everywhere having nice people and a little bit natsty lads. Having been wondering oversea for so many years and meeting so many different people, I conclude that our Chinese people are the prettiest one and our Chinese culture is the superb treasure. We have resonsibility to make it better and make it shine.
By all means, there are so many young boy and girls calling you as 'Sister Goddess'. They have the expectation on you. We all have the responsibility to do some things for them and one day to hand over the torch to our next generation.
Wish you all the best and hope it helps.
-- by 会员 LBSMIF (2011/5/16 20:21:07)
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发表于 2011-5-16 22:51:32
