Out of every three business school graduates, at least one is seriously worried about their capability to pay back their student loans, and one in five declare they are “very or extremely” worried. These figures come from a recent study of MBA alumni by the Graduate Management Admission Council (GMAC).
Over the last years, the financial debt load of MBA graduates (and not only these students) from the country’s leading programs has constantly been growing, and hikes in tuition fees have much higher than possible increases in starting MBA earnings. The recent Great Recession has hurt a lot of students as well, and many students started out with their professional education while having a lot less money in the bank to finance their academic studies.
The average debt level for MBA graduates at Wharton and Columbia is nowadays already well into the six-figures and average debt levels at schools like Duke, Yale, Dartmouth, Michigan and Virginia’s Darden School are already exceeding $100,000 for MBA graduates.