Comparing Grad School Offers: What’s the Real Cost

We get it—seeing a large scholarship offer is exciting. It’s a well-earned validation of your hard work, your potential, and your future. But before you commit, let’s talk about what those numbers actually mean for your finances and your career.

At Simon Business School, we work with admitted students every day to help them navigate this exact situation. And one of the biggest misconceptions we see? That a bigger scholarship automatically means a better financial deal. The reality is that a large scholarship at a school with higher tuition and living costs can still leave you paying more than a smaller award at a school with lower costs. The best financial decision isn’t just about the scholarship—it’s about total cost, affordability, and long-term return on investment (ROI).

Key Factors to Consider When Comparing Offers

Total Cost vs. Scholarship Amount

Instead of focusing only on what’s covered, look at what you’ll actually pay out-of-pocket.

• School X offers an 80% scholarship, but tuition is $100,000 → You still owe $20,000, plus potentially higher rent, food, and transportation costs.
• School Y offers a 20% scholarship, but tuition is $50,000 → You owe $40,000, but in a lower-cost city, your total expenses could be far less.

Takeaway: Don’t just look at the percentage—look at the total amount you’ll need to pay.

Cost of Living Considerations

Where you study impacts what you pay. A high-cost city can add $10,000+ per year to your expenses. For example, in major metros like New York, San Francisco, or Chicago, students often face:

• Higher rent (sometimes double or triple compared to smaller cities)
• Expensive transportation (parking, ride-shares, or high-cost public transit)
• Higher food and daily costs

At Simon, Rochester’s lower cost of living helps your dollar go further. That means:

• Affordable housing
• Short, cost-effective commutes (including complimentary campus shuttle options!)
• More room in your budget for experiences, networking, and opportunities

Takeaway: Where you live matters—your total cost of attendance includes more than tuition.

Career Outcomes & ROI

Your degree is an investment in your future. The most important question isn’t just “What am I paying now?” but “What will this degree do for my career?” At Simon, we help students maximize their ROI through:

• Strong employment rates across top industries
• Employer connections that open doors to leadership roles
• Data-driven, analytical training that makes you stand out

Even if another school offers a larger scholarship, will it lead to better career opportunities? That’s something worth considering.

Takeaway: Your earning potential matters more than just the upfront cost.

How to Compare Offers Side by Side

We know this decision isn’t easy. That’s why we recommend breaking it down using a Total Cost of Attendance calculation:

1. Total tuition – scholarship = out-of-pocket tuition
2. Estimated living expenses (rent, food, transportation, etc.)
3. Career ROI: salary potential and job placement support

Takeaway: It's important to look at the full picture. If you’re not sure how to compare your offers, we’re here to help.

Final Thoughts: Making the Best Decision for You

You’re investing in more than just an education—you’re investing in your future. Before making your final decision on where to earn your degree, take a step back and make sure you’re looking at the full financial picture.

Still have questions? Our Admissions team helps students evaluate offers every day, and we’d love to help you, too.

• Email us to connect with your counselor and talk through your options. 
• Already made your decision? Secure your spot at Simon today by completing your Enrollment Response Form and paying your deposit!

Still weighing your options? Even if you haven’t applied yet, it’s not too late to explore your potential at Simon. 90% of full-time MBA and MS students receive merit-based scholarship, and your education may be more affordable than you think. Discover the future that awaits you—start your application today!

Wishing you all the best as you make the decision that helps you achieve both your financial and career goals!

This post was written by Krista Kukucka, director of MS admissions at Simon Business School at the University of Rochester.   

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