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Ross 2012 - Calling All Applicants

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Re: Ross 2012 - Calling All Applicants [#permalink] New post 04 May 2012, 06:25
tejache, you might want to double check with admissions. A Ross matriculating friend of mine is international and we've only discussed the fact that the financing option was KO'd during the app cycle. If it had changed in his favor, I would probably have an email in my inbox with a million exclamation points of joy.

I could be wrong, but everything I've heard is the internationals are in a tough spot right now.
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 04 May 2012, 07:35
Please cehck this link below
http://www.bus.umich.edu/admissions/fin ... gnLoan.htm
It says that the fall 2012 batch international students have an option for non-co-signer loan.
If Ross also doesn't give non-cosigner loans, then i am in big trouble. I am admitted at McCombs but I do not have a cosigner and cannot join because of the non-cosigner thing. Hence, waiting for Ross decision.[/quote]

I am really sorry to inform this but if you visit the link you can see that loan option is for continuing students.
That means students from batch of 2011 who would be completing their MBA in 2013 and have to pay their
2nd year fees for fall 2012.
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 04 May 2012, 07:52
ya, but the website (read the first sentence) says students admitted before winter 2012. so that should include fall 2012 students right..
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 04 May 2012, 08:13
tejachebrole7 wrote:
ya, but the website (read the first sentence) says students admitted before winter 2012. so that should include fall 2012 students right..

hmm, thanks for pointing that out.
Now we both are in doubt :?
Better option would be to contact the adcom.
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 04 May 2012, 08:19
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..

Posted from my mobile device Image
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 04 May 2012, 09:22
topMBA12 wrote:
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..

Posted from my mobile device Image


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.
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 04 May 2012, 10:18
rashidmanzar wrote:
tejachebrole7 wrote:
ya, but the website (read the first sentence) says students admitted before winter 2012. so that should include fall 2012 students right..

hmm, thanks for pointing that out.
Now we both are in doubt :?
Better option would be to contact the adcom.


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.

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Re: Ross 2012 - Calling All Applicants [#permalink] New post 05 May 2012, 00:03
tejachebrole7 wrote:
ya, but the website (read the first sentence) says students admitted before winter 2012. so that should include fall 2012 students right..


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 :-D
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 09 May 2012, 07:37
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.
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 09 May 2012, 08:28
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?
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 09 May 2012, 09:07
Jock4MBA wrote:
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.
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 09 May 2012, 19:58
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?
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 10 May 2012, 10:38
xzeppelin wrote:
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.
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 10 May 2012, 10:49
method wrote:
xzeppelin wrote:
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?
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 10 May 2012, 12:16
imalawyer wrote:
method wrote:
xzeppelin wrote:
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)?
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 10 May 2012, 18:27
imalawyer wrote:
method wrote:
xzeppelin wrote:
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?


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. :lol:

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.
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 11 May 2012, 09:29
MBAbound12 wrote:
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!
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 11 May 2012, 09:32
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
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 11 May 2012, 10:05
MBAbound12 wrote:
Just got the round 3 acceptance call!! Excited to be a part of the Ross Community


Congrats!! :woohoo :woohoo :woohoo
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Re: Ross 2012 - Calling All Applicants [#permalink] New post 12 May 2012, 12:05
YES! I'm in, baby!
Re: Ross 2012 - Calling All Applicants   [#permalink] 12 May 2012, 12:05
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