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January 26, 2006

The High Price Of Higher Ed

It's "application season" for business schools, which means a lot of folks are evaluating and applying to different MBA programs across the country. As such, I've received a number of e-mails recently from folks that are considering the UW, and are looking for more information about it.

So as I was browsing the Seattle PI this morning, an article headline caught my eye ("Huge college loans eating up salaries") that's all about how taking on too much student debt can screw up your life:

This combination of forces has the potential to create a new class of working poor -- those who have fallen behind before they've had a chance to get ahead. These are secret strugglers. They aren't counted anywhere, and no one is sure how large their ranks are, although anecdotal evidence would suggest they are increasing. They don't necessarily look, act or identify themselves as financially challenged. They are rich in education, but they've leveraged their futures for the privilege.

I've written before about how expensive MBA educations can be, and, for those of you who are applying right now, I would advise you to be conservative with your financial projections. Yes, having an MBA can help you get a higher-paying job. But the MBA is not a guarantee of a swank job and corner office, and, indeed, many people get MBAs to do something that's more enriching to their soul or intellect than their bank account. The more you owe in loans, the less flexibility you have when it comes to choosing your job, company, or part of the country you want to live in.

Incidentally, and this PI article is part of a larger series they're running on the working poor here in King County. I'd missed a lot of it the first time 'round - it's fascinating (and depressing).

Posted by Gavin Shearer at January 26, 2006 12:47 PM. Posted to UW MBA.

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