Dolla Dolla Bills Y’all
This blog post is all about money, dough, cheddar cheese & stacks. To date The Senator has spent over $5,000.00 in direct costs applying to business school. How, you might ask? No I didn’t get one of those fancy consultants, no I didn’t do multiple visits with overnight stays to multiple schools. But yes, I applied to too many schools. When I started I saved in the ballpark of $2,500.00 thinking between app fees and a few interview invites (I stress few) I would likely have a saved enough money to handle the process comfortably. Boy I was wrong. So how did it go so awry? listen up here ESPECIALLY IF YOU ARE APPLYING via CONSORTIUM.
I knew because I didn’t live on the east coast it would be hard for me to make multiple trips to a majority of the schools I was applying for. However what I didn’t hedge for is just about every school I applied for requested an on campus interview. This isn’t an uncommon situation and I hope many of you find yourself in this predicament. Problem is, while all the invites are flattered and of course everyone wants to rack up acceptances as a sort of b-school ‘bling bling’ for your peeps to pat you on the back for, you must prioritize where you will interview.
The costs started escalating quickly, $400 for a flight here, $500 for another one here, cab fare, dry cleaning, hotels, food… you get the point. Without boring you with additional details, I already had to withdraw my app from one school after doing a cost-benefit analysis, ultimately deciding it wouldn’t be worth it. And to another school I basically just had to say, “Hey, can you kindly hook me up with an alum that’s in town?” And I wasn’t embarrassed about it either – it’s almost like a first test in decision making. I believe part of this process of becoming a good business leader (even in the app cycle) forces you to make those tough choices.
Believe me, many of you in the next days and weeks will be faced with making these hard choices. Then once you look down the road into August you kind of have an “Oh Sh#*” moment when you realize the money you’d been putting away for living expenses during school is suddenly no longer there. Which also brings me to the next tough choice you will have to make financially….
You get into a dream school, but you know that you aren’t getting little to no money to go to school there, sigh. Then you get into your almost-dream school and they say, “Hey, we like you, but only so much”. And then you get into your safety school and they make it rain like Rick Ross (full scholarship, maybe more). What do you do? It’s a tough choice with many variables of course, so I apologize for over simplifying. At any rate I’ve decided maybe I should post a poll and see what everyone thinks