The potential for high salaries and career opportunities comes with a price that is getting harder to nail down.
MBAs are often lauded among the few graduate degrees to consistently pay off, with many Master of Business Administration graduates seeing starting salaries above $100,000.
But the potential for high salaries and career opportunities comes with a price that is getting harder to nail down. In 2018, the National Center for Education Statistics reported that the average MBA graduate left school with $66,300 in student loans. Since then, business schools have been less forthcoming about their students’ average debt load, making it harder to gauge your potential return on investment.More recent estimates show an average MBA debt of $75,000.
Pros: Sticking with the standard repayment plan will give you a set repayment timeline and debt payoff date. It also allows you to know your exact monthly payment and the total interest cost. This can be a good option for those who value stability and predictability. Cons: Extending your payment term will likely increase your total repayment amount because you’ll pay more interest. For example, if you refinance a $30,000 student loan with a 6% interest rate and 10-year repayment term to a loan with the same interest rate and a 15-year term, you’ll pay $80 less each month but $5,602 more overall.
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