By John A. Byrne via Fortune Article
“The total cost of the Stanford program includes two years worth of tuition, fees, books and supplies, mandatory medical insurance, the estimated costs to live and eat in Silicon Valley, and the $4,000 cost for a global study trip. Stanford says that its $23,391 estimate for rent, food, and personal expenses is for a “moderate lifestyle.”
But as often is the case, these estimated numbers by the business schools tend to be conservative. They rarely include the inevitable 3% to 5% increase in tuition during a student’s second year. And they tend to underestimate the “personal costs” of attending an elite MBA program, from expensive dinners out with friends to traveling to ski resorts over long weekends with new student friends.
The actual annual MBA tuition at Stanford is just $57,300, but all the additional costs add up quickly. According to Stanford, they include $2,184 a year in books and supplies, $1,710 a year in “instructional materials,” $963 for “transportation,” $3,600 for medical insurance, and an annual $537 “health fee.”
If a single student decides to live off-campus, Stanford says the cost of the MBA program will likely be $195,580 — another $10,500. For a married student living off-campus, the school says the cost will be a breathtaking $220,822. “Depending on marital status and other factors,” says Stanford, ‘you should budget an additional $30,000 to $47,000 per year for living costs, books, and other expenses.'”