Ramsey Baker, WG’16, was awarded a fellowship from Wharton, along with a number of fellowships and scholarships from other organizations. He used CommonBond loans to cover the remaining balance of his budgeted expenses and borrowed up to the student educational budget less his scholarships.
Wharton’s Financial Aid Office was incredibly helpful for him in figuring out all the details. “It has all the resources to make sure you optimize your experience,” he said. “Be sure to leverage them.”
Enjoy the Experience
Ramsey recognized that expenses related to social events and clubs can add up quickly “if you’re not disciplined and succumb to the fear of missing out (FOMO).” Still he believes the Wharton MBA experience is an experience to be enjoyed so he took advantage of many extracurricular opportunities at Wharton.
“I probably have a larger appetite for risk in terms of debt, considering I have fewer responsibilities than a student with a family,” he said. “On the other hand, my budget is smaller since I only have to support myself.” He cut down on living costs in his first year by sharing a two-bedroom apartment with another first-year Wharton student.
Ramsey’s advice to incoming students is straightforward: “Don’t let money be a hindrance. Enjoy the experience. If there’s a trek that you’re on the fence about, a social event you’re contemplating, or a suit/dress that you have your eye on for an upcoming interview, go for it!”
Posted: April 19, 2016