UCLA Loves Me!
I managed to get accepted in the UCLA Anderson School of Management. Since I applied in the third round I think thats quite an achievement. Of course, applying so late virtually guarantees no funding or fellowships. This kind of sucks since I did get a 740 on my GMAT which typically helps in getting MBA fellowships (unless you’re going to the top 5 schools). But on the other hand UCLA is ranked #12 for the full-time MBA program.
I was looking forward to not having any student loans when I graduate, especially after receiving a fellowship from UCSD. But UCLA’s program is much more highly ranked so the question is whether its worth spending the extra $60,000.
Of course, if we go through a period of hyperinflation (which I think we’re already in the beginning stages of) then in 10 years, $60,000 might only seem like $10,000! In which case, going to even the most expensive school will look like a good investment in hindsight.
In the worst case, I’ll take out a tax-deductible student loan to cover the costs of my education. Well actually thats not the worst-case scenario. Having to sell off my investments and gold & silver coin collection would be the worst case! But I’m hoping the passive income generated by my investments will help provide me with living expenses for the duration of the MBA program. Or maybe someone will buy my blog for $50,000! 
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May 13th, 2008 at 1:31 am
That’s great but now you have a very tough decision. The top business schools are most worth it I think if you are good at networking taking advantage of internship opportunities etc. You’ve got to ask whether this is likely to pay off for you. UCSD is a good university with a strong econ department and probably the formal content won’t be so different? If you want to go there I’d talk to them and tell them you got a scholarship from UCSD and are having a real tough time deciding. Maybe they can give you some discount then.
May 13th, 2008 at 6:41 am
Congrats! Looking forward to seeing what you decide.
May 13th, 2008 at 8:06 am
Congratualations on your acceptance. I also think that we might be in a period of high inflation ( not hyperinflation though). Thus, taking loans at the low interest rates and repaying them with worthless dollars years from now might be the best investment opportunity of the decade ( other than buying US stocks).
And even Buffet thinks that education is super important
May 13th, 2008 at 8:23 am
In my opinion, the prestige of the school is unusually importantant for an MBA due to the importance of networking for b-schoolers. Unless UCSD is just a few rankings below UCLA, I think it’s probably worth the expense over the long run. An MBA is really all about networking, so go wherever you feel you would make the best connections.
May 13th, 2008 at 8:54 am
Congrats on getting in – one of the side benefits to going to a higher ranked school is the potential to network with people who are financially well off. For me this is one of the most important parts of getting an MBA.
May 13th, 2008 at 9:40 pm
Congrats dude….once you graduate, we’re in the same hating ‘SC alumni team
May 13th, 2008 at 9:41 pm
Sorry, make that “we’ll be”.
God I need to check my grammar.
May 14th, 2008 at 8:21 am
Congratulations! That’s a high pricetag, but it sounds like you believe it’ll pay off. Good luck, either way.
May 15th, 2008 at 12:02 pm
Congrats! I’m relieved that I’m going to avoid the whole student loan situation. I’m just hoping that I can also avoid consumer debt…
May 18th, 2008 at 1:37 pm
Congratulations! I would recommend going to the better ranked school if you can reasonably afford it. And while I’m peddling free advice
, I would also recommend that you consider waiting a year and reapplying in the first round to UCLA and any school that you would consider that is ranked above UCLA. Some schools will also admit you and allow you to defer starting the program for 1 or 2 years.
And you probably already realize this, but the ability to write off school loan interest phases out at a pretty low level if you’re single (~$50-$65,000ish last I recall). If you’re married the limit is higher, but still not that high if you are a two income household. Here’s a somewhat dated article that discusses it:
http://www.kiplinger.com/columns/ask/archive/2004/q0227.htm
Best of luck with your decision, and if you’d like someone to bounce questions or ideas off of please feel free to contact me. I’m always willing to discuss my grad school experiences. Just shoot me an email (available at my blog).
May 18th, 2008 at 3:38 pm
Hi Todd
I wasn’t aware that the phase out limits were so low. I guess one way of getting around it putting $50k into a 529 plan and using the deduction this year. I can also roll over my 401ks into Roth IRA’s and use this 50k deduction to offset the taxes against it.
Hmmm…I guess its time to talk to the CPA.
October 12th, 2009 at 10:58 pm
LOD – I love UCLA and Anderson! The lifestyle, campus, and weather there are awesome!
I think it’s good you went to UCLA. $60,000 may seem like a lot now, but after 5 years working, you’ll see it as chump change and money well spent. Trust me on this! I got my MBA at Berkeley and the returns have been $50,000+/yr for the past 5 years I believe. It’s a no brainer!