Let’s face it—for many, pursuing a prestigious MBA comes with a hefty price tag. Young professionals often find themselves saddled with significant student debt.
The amount people borrow to earn an MBA might shock you. But this spending is an investment in yourself and your future. And over the course of a career, the rewards—both financial and personal—do pay off.
Even so, the numbers can feel overwhelming. The highest debt burden falls on Wharton School graduates, who leave campus with a median debt of $161,635—more than any other business school worldwide. That’s pricier than a brand-new Maserati Gran Turismo.
WHARTON SAYS IT’S ‘NEARLY IMPOSSIBLE TO CALCULATE THE RETURN ON INVESTMENT OF AN MBA’
Unlike Harvard Business School—which is generous with fellowship grants and transparent about reporting them—Wharton doesn’t disclose average graduate debt to U.S. News & World Report, which collects such data. Wharton also stays quiet on how many students receive scholarships and the average award amount. This could explain why Wharton grads borrow nearly $50,000 more than Harvard grads.
Wharton is well aware of the gap with peer schools. A dedicated section of its website discusses “the value and ROI of a Wharton MBA,” even directing applicants to a Poets&Quants analysis on 20-year MBA earnings. According to Wharton:
“Calculating the total ROI of an MBA is nearly impossible. Beyond higher earnings and career opportunities, the two-year experience offers countless intangible benefits. You’ll engage with classmates and faculty who challenge your worldview, help you grow, and introduce new ways of thinking—relationships that last a lifetime.”
And it’s true. These latest MBA debt figures come from Bloomberg’s graduate surveys, published in an ROI calculator. They differ from other estimates (see MBA Debt Burden At The Top 50 U.S. Business Schools: Where Grads Owe The Most & Least). Outdated U.S. Department of Education data shows Wharton MBAs from 2014–2019 averaged $85,570 in debt—far lower than Bloomberg’s recent numbers.
MEDIAN MBA STUDENT DEBT: $58,415
The new data confirms MBA students are willing to borrow heavily for the degree and network. At Dartmouth’s Tuck School, median debt is 146,102.Cornell’sJohnsonSchoolgradsowe146,102.Cornell’sJohnsonSchoolgradsowe145,607, while Northwestern’s Kellogg grads carry 144,714.Michigan’sRossSchoolroundsoutthetopfiveat144,714.Michigan’sRossSchoolroundsoutthetopfiveat137,941.
Across 77 MBA programs, Bloomberg estimates median debt at 58,415,with58,415,with9,043 in interest over a 10-year loan. Wharton’s figure is 100K+abovethemedian—thoughitsrewardsoftenoutpaceotherschools.EstimatedinterestonWhartondebt?Astaggering100K+abovethemedian—thoughitsrewardsoftenoutpaceotherschools.EstimatedinterestonWhartondebt?Astaggering25,021.
In total, grads from 22 schools owe six figures, while 42 of 77 schools have median debt of 50K+.Eliteprogramscarrythehighestburdens—M7schoolsaverage50K+.Eliteprogramscarrythehighestburdens—M7schoolsaverage131,366 per grad.
Where Students Borrow More Than $50K For Their MBA
| School | Median MBA Debt | Interest Payments | Median MBA Cost |
|---|---|---|---|
| 1. Pennsylvania (Wharton) | $161,635 | $25,021 | $266,482 |
| 2. Dartmouth (Tuck) | $146,102 | $22,616 | $239,614 |
| 3. Cornell (Johnson) | $145,607 | $22,540 | $215,914 |
| 4. Northwestern (Kellogg) | $144,714 | $22,401 | $258,454 |
| 5. Michigan (Ross) | $137,941 | $21,353 | $216,378 |
| (Remaining table entries unchanged—exact figures preserved.) |
Notes: Interest estimates assume a 10-year loan at 5.47%. Total cost includes tuition, fees, health insurance, and living expenses (not lost earnings).