Has anyone found private loans that are cheaper than the Graduate Plus loan? I have good credit and my parents, who have great credit, will consider co-signing. It seems ironic that some people can get a 30 year fixed mortgage for around 5% but the Graduate Plus long is 8.5%. What have do people think the cheapest way to finance the MBA is after the Stafford loans?

Great question. I recently spoke with a representative at Graduate Leverage. They helped consolidate my previous school loans and I've found them to be very helpful. The rep told me that private loans could be a good option if your prior debt is less than 10K. SInce the interest rates are variable, you risk saving in the short term but paying more if you don't finish paying your debt in say 5 years. She also mentioned that no private lender would give more than 30k per year, so basically you'll need the Stafford Loan (20k) then Grad PLus (up to total budgeted amount) and then if you still need more money you should consider the priavate. She spoke about some positive assurances provided by federally regulated grad loans and also about how the bailout money will help with these issues. I'm still not clear on this, but maybe experts on the panel can help us figure out what our best options are.

There's more risk in a student loan, so you pay a higher interest rate. It does seem silly though. I don't know of a better loan program, yet. But, I'll update you if I come across one. Please do the same. Thanks!

Check out the link below. I haven't tested this our for myself, yet. But, I bet it works like lending tree for student loans. They advertise rates as low as 3.5%, but I'm sure the terms would have to be pretty bad. http://www.findstudentloans.com/

As the previous poster alluded to, the decision will be based on two things: payment horizon and forward curves of the Libor or Prime Rate.

With a forward curve, you can isolate what your break-even payment year would be with respects to the Grad Plus Loan. Once you have that year, it's up to you whether you believe you can pay the loan off by then.

One value in the grad plus that needs to be considered is that you have roughly 3 years of forbearance, depending on the servicer. Nobody ever likes to think they would need payment postponment but if the interest cost is higher on the grad plus, consider it as a premium for an unemployment safety net. If you have higher rate debt at graduation, like credit cards, this technique can also be used to pay those higher cost loans more aggresively.

Private loan forbearance options are at the lenders disgression. In this market, will never go beyond 12 months after graduation unless you enlist in the military.

Thanks for the replies. Is anyone else out there considering taking out loans for the full cost (nearly $140k)?

Does anyone have any tips on approaching management about paying for PT MBA's? My company is in the midst of a layoff I'm just not sure how to bring up the topic, assuming I get the good news that I'm admitted. The 3 year UC PT programs are more expensive than a 2 year program from tuition standpoint, plus I'd be flying in for the weekends. Honextly I don't see how I can do it without my employer sponsoring me. Any tips/advice will be greatly appreciated especially in this environment.

It might very difficult for a company to fund education when they are laying off employees, and especially this market conditions. But, I believe there will always be a way to convince the employer. Try to come up with a short email/document that shows all the skills that you would learn during your MBA, and how that can benefit your employer. You should articulate how your employer can benefit from your higher education. Keep this ready. Also, speak to few people who are currently doing the program. They might have other ideas. Best of luck!

I would also consider articulating some great accomplishments you have achieved during your employment and how the MBA will provide a bridge for future accomplishments through new skills, leadership tools, etc. Good luck.

Thanks for the advice. I will see what kind of audience I get once the admissions decision comes out.

Hello All, I am in the initial stages of doing my research for the right MBA programs. I am looking for MBA programs with a concentration in Biotechnology. I thought I'd ask this group if there were any good MBA programs in Biotechnology that you'd recommend. I know the top 5 schools probably have great programs for this but I was also looking for some recommendations in the 20 - 50 rank range.

Thanks!

PS: Here's my profie: Female, International - Indian, No work experience, Excellent academics and recommendations.

Northwestern (Kellogg) has an excellent program in Biotechnology, in both pharma and med devices. I'd reach out to their Health and Biotech Club for more info on types of activities they offer, speaker series/conferences/case comps, and what not. Biotech is a pretty big field, ranging from mgmt consulting, to finance (banking/priv equity/venture cap), to working in house

Rady UCSD is a new program but very focused on technology and life sciences. May be most relevant in Southern California though. San Diego is a really amazing place to live if you are interested in those industries.

I'm interested in biotech, so I put a lot of time into researching this same question. Here are the schools that seem particularly strong in this area (not ranked, because I think they're all roughly equal wrt biotech):

-Stanford - Look at the BioX program, which is open to MBA students. Strong collaboration with other departments w/in Stanford, particularly the schools of engineering and medicine, both of which are phenomenal.

-Kellogg - Only top MBA program with Biotech major that is distinctly separate from a Healthcare major. Well known for having one of the strongest biotech programs among the top MBA schools. Strong healthcare/biotech club.

-Wharton - Well-respected Health Care Management major. You must indicate that you want to major in this WHEN you apply, and the choice seems somewhat binding. Majoring in Health Care changes your first year courses, which will make your experience quite different from that of the typical Wharton student. I was never fully convinced that the major wasn't targeted more toward those who are interested in healthcare, rather than biotech specifically. Altogether, if you are interested in healthcare specifically, then Wharton may be your strongest option. If biotech, then perhaps not.

-Sloan - MIT has the top biology department among U.S. universities, and collaboration between Sloan and the rest of MIT is extremely strong. Cambridge is the biotech center of the U.S. Disclaimer: I have been admitted to Kellogg and did undergrad at MIT.

Oh my God, I just hugged a murderer. I thought to myself. But only moments later, I was hugging another one.

I had boarded the bus to the Cleveland Correctional Facility near Houston at 6am that Saturday morning entirely out of duty: As a member of the McCombs Venture Fellows student organization (www.venturefellows.org), I was required to "volunteer" for the Prison Entrepreneurship Program (PEP). I was told I would be helping prisoners who would soon be entering the "free world" by providing feedback on their business plans.

It would be dishonest to say I wasn't scared at the thought of spending the day in prison. As I was frisked by the guard, I fervently wished that our charity outreach activity involved ladling soup somewhere in Austin instead of palling around with convicted felons.

Our wallets, watches and jewelry had been locked safely on the bus. After passing security screening, we quietly and tentatively walked down the grim halls. We exchanged puzzled glances as techno music echoed off the concrete surfaces. As we entered a large classroom, we finally understood the reason for the music: the prisoners were dancing.

Rows of chairs had been arranged and we took our seats with other MBAs and executives on the left half of the room, while the prisoners kept dancing up in front and on their half of the room. Though their dancing made them less intimidating than I'd anticipated, I was still grateful for the separation.

After a few moments, the director of the program, Catherine Rohr, came to the front and explained that it was time for the MBAs and business professionals to introduce themselves to the group. We were told we would have to dance up the aisle, just as we had seen the prisoners do. Row by row, professionals in their obligatory business casual step-touched and spun like wedding guests after several cocktails. Egos had left the building. And it was only 10am.

We then formed a line on our side of the room, while the prisoners formed a line on their side. We were facing each other, eye to eye, with about 15 feet between us. The inmates had made a line through the center of the room with pens. Each time Ms. Rohr said something that applied to us (the prisoners or the professionals), we were to walk to the center of the line.

"I've killed someone." Many inmates stepped forward.

"I've stolen from someone." All of the inmates stepped forward.

Ms. Rohr asked the professionals and MBAs to remember that these things weren't easy to own up to.

"Imagine if you were known for the worst thing you've ever done," she said to us. "Imagine if that became your identity."

She continued: "I didn't graduate high school." All of the inmates stepped to the center line.

"I've abused drugs or alcohol." All of the inmates, and more than a few professionals, also stepped to the line. In the middle, a professional and a prisoner hugged.

"I never knew my father."

"I've been in jail for five years." Almost all of the prisoners were at the center line.

"Ten years." About half remained.

"Twenty years." Two stood at the line. I was no longer afraid of them. I was afraid of myself. I didn't know what to do or how to act, and I didn't want to betray the pity I felt for them. I couldn't imagine being in jail for that long.

They've missed the internet. I thought.

By the time business plans were presented, I no longer saw these men as criminals. They had shared their sins with us, owning up to their mistakes openly and honestly, without blaming anyone, and with a hunger to set things right. With business as the common language, it became like any other seminar. I looked at three different plans; one for a landscaping business, one for a mobile semi-truck cleaning service, and one for an administrative and legal staffing company.

Wow, these guys have really done their homework. I thought. They knew each cash flow by heart, every logistical issue had been considered backward, forward and sideways. They had assessed their potential competitors and had detailed plans to recruit employees and gain customers.

Even more remarkable, they had done all of this without access to the internet, using only bits of market research that other MBAs had cobbled together and sent in. The entrepreneurial marketer in me loved to think about how these men would launch their businesses. How effective would demos be? Could they afford to advertise and was it even necessary? How could they encourage word of mouth?

Though I was only eight weeks into my MBA program, I found I could still provide useful advice by imparting lessons learned from my work experiences prior to school, as well as by sharing new skills I had only recently acquired. It was an incredible feeling.

So much of business school is about personal gain: you come to learn, to find your "true" calling, to get a great, high-paying, job. While there's nothing wrong with wanting to succeed personally, business school is largely a process of taking, of getting. This was the first time since beginning the program that I truly understood the concept of a network good: I had experiences and knowledge that had been given to me, and sharing it with these prisoners didn't diminish what I had in any way. In fact, it made me better. Their hunger to succeed was as contagious as my desire to be useful.

I had come to the prison out of duty. By the time I left, "duty" had taken on a whole new meaning.

Those of us who are lucky enough to be in business school have opportunities that most, whether behind bars or not, can't comprehend. Every MBA has an implicit duty, it comes with admission, and it's really quite simple: Learn as much as we can, succeed to the highest levels we are capable of, and share what we know readily and often.

I didn't learn that from the CEO speaker series, a lecture by a distinguished professor, or a conversation with our class's biggest hotshot. I learned it from 40 prisoners east of Houston, real future business leaders of America.

About the Prison Entrepreneurship Program: Founded in May 2004, PEP is a 501(c)(3) non-profit organization based in Houston, Texas. The mission of PEP is to stimulate positive life transformation for executives and inmates, uniting them through entrepreneurial passion, education and mentoring. PEP engages the nation's top business and academic talent in this innovative solution by creating high-impact service opportunities. We constructively redirect inmates' talents by equipping them with values-based entrepreneurial training-enabling them to productively re-enter society. To learn more, please visit: http://www.prisonentrepreneurship.org/

About the Venture Fellows Program: Founded in 1999, Venture Fellows (VF) is a unique organization which offers entrepreneurial MBA students the opportunity to gain real-world experience through an internship program with local venture capital and private equity firms and a venture capital-focused curriculum. The Venture Fellows is not a student club, but rather an organization outside of the University of Texas MBA program founded and managed by UT MBA students and funded by outside sponsors. In essence, the VF program is its own start-up business. A start-up that continues to refine its business model and build on the momentum gained in the prior years. To learn more, please visit: http://www.venturefellows.org