Ross 2012 - Calling All Applicants

I had called the umich credit union a couple of days ago to ask about this and was told that there is no option for a loan for internationals, even with a consigner. I understand that the website is worded a little oddly and seems to give the impression that there is a non-cosigner loan, but as of now, I don't think we have that option. Maybe the adcom can clear this up if someone wants to call..

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A friend of mine and fellow International admit called financial aid, and they told him they were sympathetic to his plight but there was definitely no no-consigner option available.

I'm pretty sure "Winter 2012" refers to Jan - Mar of 2012. So you would have had to been admitted before Jan 2012 in order to get the non-cosignor loan. Poor wording on their part.

Josh

Ross has terminated the no co-signer loan program for incoming International Students and they have no plans to introduce a similar loan option. The school is unable to maintain the program due to many instances of Int'l Students defaulting on their loans (Yes, extremely irresponsible, inconsiderate and unethical bunch of people there). I am sorry to learn that you have been admitted / are likely to be admitted to some great schools but may eventually have to turn down their offers. I know that the Ross Finaid Office is trying to help International Students (or so they claim) by giving out more scholarships this year. That said, with a class size of 500, and the current economic climate, it's unlikely that they will be able to do much unless you are a superstar applicant. I know of some International Students who are unable to attend Ross due to the closure of the no US co-signer loan program. If you are from India, you may however have other financing options. Hope things will work out for you soon! And don't despair even if you are unable to get into Ross/McCombs. These are good b-schools for sure, but there are many other b-schools that are probably a better fit with your current financial situation.

Always remember that an MBA is but only one of the many means to achieve your final goal. You are as great as you want yourself to be

If you are admitted you will get a call and the following mail that clearly says that you there is no Loan.

''
"Given that international students may not receive their packets for a few weeks, we wanted to be sure that you were aware of important funding information in advance. The no-cosigner loan program that has been available to our international students will be discontinued beginning with the incoming class. However, we have compiled information on over 130 third-party loan and scholarship opportunities available for international students (the Student Life tab of iMpact, the Ross intranet, for more information). We continue to search for additional third-party loans and scholarships for international students so that we can maintain the diversity that is so important to our culture. As we identify new funding sources, we will post the new information on iMpact and through the admitted student Google group."'


I am in a similar situation and its end of road for me. Arranging for $150,000 is not easy through any other loan scheme.

I am just curious how internationals can fund MBA without no-cosigner loan. Any Ross admitted internationals here who can really arrange funding at home through third party loans, scholarships or savings? Ross surely does not soften funding blow with more financial aid.

Based on this forum, there seems to be a massive funding shortfall for internationals and some may have to withdraw as a result. Would internationals still apply to Ross next year or choose BSchools with no-cosigner loan?

I decided not to interview at Ross and withdrew my application for this very reason. I really liked the school, but it wasn't a financially viable option for me.
Although, there are countries where loan options worth $150k are available. Some overseas banks even offer lower interest rates than the rates (extremely high) of non-cosigner loans from the schools.

Just curious as I have a friend considering Ross. If you default on your loans without good reason (say some horrible medical emergency or something), will Ross retroactively cancel the degree that you earned? Has anyone heard of something like this happening?

If you graduate, your degree cannot be taken away from you for defaulting on a loan. The only reason I can think of is academic dishonesty of some kind that was discovered after the fact.

I have no idea how the school would react under those circumstances, but that question is sort of eyebrow-raising. Is your friend planning on defaulting on his/her loans?

And are there also any 'good' reasons to default (considering that medical emergency (perhaps even resulting in death) is not)?

Haha...well I can see how the question could come off that way with the way I poorly worded it. He is a prospective student so not like he is eligible for loans from Ross anyway, so there's nothing he could feasibly default on. My friend's parents will be his only "loans"...so any default would be a family matter only. I don't think they'll be kicking him out of any Chinese New Year celebrations for "defaulting" on his "loans" though.

I was just curious because the issue has been talked about a lot among Ross' intn'l applicants, and I know at least one person who turned down the acceptance for that matter only. I was more just curious what recourse, if any, the school had against int'l students that ran away and didn't pay their loans.

Just got the round 3 acceptance call!! Excited to be a part of the Ross Community

Congrats! I didn't realize that R3 calls were starting today. Good look to everyone who's waiting!

I wasn't expecting it either, but seeing an Ann Arbor area code come up on my phone definitely took the sting off of not receiving a call from Tuck today

Congrats!!

YES! I'm in, baby!