How Three Full-Time MBAs Financed Their Degrees

Getting an MBA is a major investment in yourself that pays remarkable dividends, unlocking new career possibilities and connecting you to a highly accomplished global network. That said, it is still an investment, and many prospective students' first question as they begin their journey toward an MBA is, “How am I going to pay for this?”

At Michigan Ross, there are a multitude of resources available to help fund your degree and life in Ann Arbor, from scholarships and fellowships to assistance for U.S. military veterans, childcare subsidies, loan support, and more. If you’re considering applying to the Michigan Ross Full-Time MBA Program, you can find a breakdown of tuition, fees, and other costs of attendance to help create your budget — but every applicant is different and will have different circumstances to consider.

To help address these unique circumstances, we asked three current students to tell us how they paid for their MBAs, including what resources they found helpful, how they navigated comparing offers between schools, and how they weighed program ROI.* 

*The Michigan Ross admissions and financial aid teams partner with students based on their unique circumstances to find solutions that work for their needs. The views expressed by students in this article are their own, and the third-party financial resources mentioned below are not directly sponsored or endorsed by the university.

Alexis Black, MBA ’26

What tips would you give someone thinking about the return on investment of an MBA?

When evaluating ROI, do not limit it to salary outcomes alone. Think about the full picture. The network at Ross has been the most valuable return for me. Nearly everyone I know, including myself, secured internships and full-time roles through a Ross connection.

I made the difficult decision to turn down a full-ride offer elsewhere because the community, long-term opportunities, and values at Ross better aligned with my own. Sometimes the highest financial offer is not the highest return. Ask yourself: Which environment will help me grow, challenge me, and support my family or priorities the most?

How did you explore different loan options, and were there any helpful resources you took advantage of?

I started by comparing rates and terms through Juno and ultimately secured my loan through Earnest. What appealed to me was the collective negotiation across business schools, no processing fees, and the ability to secure a competitive rate.

As a parent, I also found far more support at U-M than I saw elsewhere, including the CEW+ Scholarship, emergency funding, childcare stipends, caregiver grants, and more. I created a flyer to help other students navigate these options because many people do not realize how much exists until they arrive.

When did you lock in your financing plan?

My priority before starting was not financing. I focused on making sure my family was settled, figuring out my recruiting path, and transitioning well into the program. I locked in my first-year loan about a month before classes through Earnest, and then applied for an additional loan for my second year. There are also often opportunities you do not know about until you are here, so staying flexible matters.

Did you weigh scholarship offers from different schools, and what helped you make your choice?

Yes. I applied to Ross three times. On my third attempt, I applied through the Consortium along with 11 other schools. I was offered a full ride at one program and about 70% at another, compared to roughly 25% at Ross.

A mentor asked me a question that changed everything: If you took money off the table, where would you go? What experience are you actually seeking, and what does your family need?

For us, the answer was Ross. The MoMBAs community, Partners Club at Ross, Partners and Littles Group, and the overall support system mattered more than the scholarship size. I also shifted my mindset from scarcity to abundance, thinking not about the cost today but the trajectory for my family long term. 

I am grateful I chose Ross. When I had an emergency surgery on my second day of classes during my first year, classmates immediately stepped in to support us. I also went on MTrek to Barcelona before starting classes, which set the tone for my entire experience.

It is also worth noting that more funding becomes available after admission, including CEW+, daycare stipends, and other competitive scholarships, along with campus-wide options. My advice is to visit campuses, talk to students, listen to your intuition, and choose the community that feels like home.

What advice do you have for budgeting for living costs plus potential travel or other experiences during your MBA?

Make budgeting a strategy and sometimes even a game. I love finding creative ways to save, whether that means thrifting or choosing not to join every club. You can still participate in events without paying multiple membership fees. I learned that after joining seven clubs my first year.

We also intentionally chose an apartment with a shuttle, which allowed us to avoid buying a second car and came with perks like free breakfast and coffee. Small choices add up. Whatever you think you will spend, double it. There are endless opportunities to travel, get involved, and say yes, and FOMO is real.

Some things that helped us manage costs:

• UMich and external scholarships (OSW, CEW+, Phi Beta Kappa, daycare subsidy)
• Ross student jobs, including teaching assistant, peer coach
• Shared costs such as Ubers and groceries
• Buy and sell Slack channel
• Shuttle or e-bike instead of a second vehicle
• Day-of-event ticket discounts (primarily from other students)
• An 18-month, no-interest credit card to bridge timing

My approach is to be mindful, not restrictive. This is a once-in-a-lifetime experience. Enjoy it, be intentional, and give yourself permission to participate without guilt.

Isaiah Pihlstrom, MBA ’26

What tips would you give someone thinking about the ROI of an MBA?

When you think about the ROI of a Full-Time MBA, it helps to take a long-term view. There is a real opportunity cost because you step away from a full-time salary for two years. But the degree also gives you the chance to pivot into career paths that may not have been available before, many of which come with higher earning potential and more room to grow.

I also view an MBA as an investment in where you want your career to be in five to 10 years. Your trajectory after business school can look very different from the one you were on. You gain a strong network, new skills, and access to roles that can speed up your development. These benefits add up over time and often matter more than the short-term financial cost.

How did you explore different loan options, and were there any helpful resources you took advantage of?

I started by estimating my full cost of living, then used websites like Best Education to compare interest rates from different private loan providers. From there, I looked at repayment flexibility and how easy each application process seemed. I chose Earnest because the rate was competitive and the application was quick and simple. It made the financing piece feel much more manageable and let me focus on preparing for the program.

When did you lock in your financing plan?

I locked in my financing plan during the summer before starting my MBA. Once I figured out where I was going to live in Ann Arbor and what my monthly expenses would look like, it became much easier to decide how much funding I needed for the first year. Getting everything settled early took a lot of pressure off and helped me start the program with a clear sense of stability.

Did you weigh scholarship offers from different schools, and what helped you make your choice?

Yes, scholarships were a big part of my decision-making process. I compared the cost of attendance and cost of living at each school and looked at how the scholarships changed the overall investment. I also paid attention to differences in day-to-day living costs, since being in a place like Ann Arbor is very different from living in a larger city where you may need a car or pay much higher rent. I then looked at employment outcomes for the roles I was interested in after business school. Putting all of that together helped me see which program offered the strongest return on investment.

What advice do you have for budgeting for living costs plus potential travel or other experiences during your MBA?

My advice is to plan for both regular expenses and the extras that come with an MBA. Estimate rent, groceries, and other basics, and account for travel, including social trips with classmates and trips home during holidays. Tracking your spending for a few months before school can give you a realistic sense of what you’ll need. I also recommend talking to current students to see if their actual costs ended up higher than expected. Building in a small buffer each month will help you stay on budget while still enjoying the full MBA experience.

Brendan Miller, MBA ’26

What tips would you give someone thinking about the ROI of an MBA?

When considering the return on investment for an MBA, I think it’s important to look at it from both quantitative and qualitative perspectives. On a purely financial level, it’s wise to analyze the numbers — tuition costs, opportunity costs from time spent out of the workforce, and the potential boost in earning power after graduation. Calculators can help estimate how long it might take to recoup your investment and start realizing net gains.

However, the real ROI of an MBA often extends far beyond the financial calculations. There’s tremendous value in the less tangible benefits: the opportunity to make lasting connections with peers, faculty, and a powerful alumni network. These relationships can open doors and provide support throughout your career. Additionally, an MBA can be a catalyst for personal and professional growth, enabling you to pivot into new industries or roles that might otherwise be out of reach.

So, my advice is to approach this decision holistically. Consider both the financial metrics and the broader impact an MBA can have on your trajectory, sense of fulfillment, and long-term opportunities.

How did you explore different loan options, and were there any helpful resources you took advantage of?

When exploring my loan options, my first step was to utilize the University of Michigan’s financial aid website, which offers clear guidance on the differences between federal and private loans. Through my research, I learned it's generally best to maximize federal funding before considering private loans — a principle echoed by advisors and fellow students. In my case, after exhausting my federal loan eligibility, I needed to pursue private loans to fully cover my educational expenses.

U-M provides dedicated resources and a list of reputable loan providers to help students navigate this process. I also broadened my online search to compare rates and offerings across multiple lenders, ensuring I found the most competitive terms available. Reflecting on my experience, I strongly recommend that incoming students take advantage of U-M and Michigan Ross resources and reach out to current students for firsthand insights into their funding strategies. Doing so helped me make informed decisions and feel confident about my financial planning for my MBA.

When did you lock in your financing plan?

For my MBA, I approached my financing plan with both flexibility and careful consideration. Throughout my professional career, I saved enough to fully cover my living expenses while in school. However, I did need to secure loans for tuition. Instead of locking in my plan immediately, I chose to wait until the university released the official cost of attendance over the summer. Receiving that information around mid-to-late July allowed me to make a truly informed decision, ensuring I took out loans for exactly what I needed — no more, no less. This approach was important to me because I wanted to be responsible about the amount I borrowed, keeping future debt and interest payments manageable. Ultimately, I finalized my financing plan over the summer, once I had all the accurate figures to work with.

Did you weigh scholarship offers from different schools, and what helped you make your choice?

Yes, I carefully weighed scholarship offers from several schools. For me, the decision was about much more than just financial considerations; I wanted to ensure I was choosing the environment where I’d thrive both personally and professionally. I visited each campus to get a genuine sense of what daily life would be like in each city or college town, and I paid close attention to the unique campus cultures.

Beyond location, I deeply considered long-term outcomes — looking at the strength of each school’s career services, the power of their alumni networks, and the track record of career placement for graduates. Each of these factors contributed significantly to my decision-making process. While the scholarship offers at other schools were attractive, I realized that the overall value and opportunity I would gain from a Ross education far outweighed the immediate financial benefits elsewhere. In the end, choosing Ross was not only a strategic investment for my future but also one that aligned with my values and ambitions, and I feel very confident in that decision.

What advice do you have for budgeting for living costs plus potential travel or other experiences during your MBA?

My top advice is to find a budgeting system that genuinely works for you and commit to it. For example, I use an app called You Need a Budget, which is free for students and helps me plan and track my monthly spending. It makes it easy to allocate funds for essentials like food, social activities, and unexpected events — a lifesaver given the busy, unpredictable nature of the MBA experience.

When it comes to budgeting for travel or unique opportunities, I recommend anticipating a realistic range of expenses and, if possible, setting aside towards the higher end of that range. This way, you’re less likely to feel restricted or miss out on experiences because of tight finances.

One of the simplest ways I’ve found to reduce living costs in Ann Arbor is sharing housing. I’ve had five roommates each year, and while it’s certainly not for everyone, living with others has deepened my friendships and created a supportive community. Plus, splitting rent and utilities makes a significant difference in freeing up money to dedicate towards travel, networking events, and the various experiences an MBA offers.

Ultimately, a thoughtful, flexible plan lets you focus more on learning and growth, rather than stressing about finances. And, if you’re open to creative solutions like shared housing, you’ll find it easier to seize all the opportunities that come with your MBA journey.