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Toronto Rotman 2012 - Calling All Applicants

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Joined: 23 Sep 2010
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Concentration: General Management
Schools: Rotman (A), NUS (S)
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 29 Feb 2012, 10:06
alinomoto wrote:
sachintendua wrote:
I am in a quandry. I have an admit both from rotman and ivey. I will prefer to join ivey as it is a 2 year program and i want to make a switch into banking and hence prefer Ivey.

However, I received an email from ivey that they have increased my scholarship. At Ivey the total tution fees is 88 000, I have already paid 5000 admission fee and my total scholarship is 25000. Hence my total cost comes to 58000 CAD.

At Rotman the tution fees is 99000 but I have schol of 10000. SO my total cost is 88000. Also at rotman unlike ivey I can get low interest rate loan.

Is 89/58 = 1.53 . How much advantage I will have if I join Rotman as compared to Ivey

Also is it worthwhile sending an email to rotman asking for more scholarship ? :lol:


Umm are you sure Ivey is a 2-year program? I am pretty sure that it is 1-year. Also, if you are going to switch careers, I would highly recommend a 2-year program like Rotman or Schulich, which feature a summer internship.

Rest is entirely up to you. Both Ivey and Rotman are strong in banking.


I am sorry. I meant rotman is a 2 year program
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 29 Feb 2012, 10:18
LatinAmericanMBA wrote:
Either way, I wouldn't sweat about 30,000 CAD. Over an entire career this difference amounts to 100 $/month. Go for the school that you really like and forget about the rest!


+1. This is useful. In the end the difference will not amount to that much. But if you compromise now, you may question your decision forever.

I would go with your gut and not let finances get in the way too much. Either ways you are going to be making a huge commitment both financially and with time. You should be happy in the end, no matter where you go.
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 29 Feb 2012, 10:21
alinomoto wrote:
LatinAmericanMBA wrote:
Either way, I wouldn't sweat about 30,000 CAD. Over an entire career this difference amounts to 100 $/month. Go for the school that you really like and forget about the rest!


+1. This is useful. In the end the difference will not amount to that much. But if you compromise now, you may question your decision forever.

I would go with your gut and not let finances get in the way too much. Either ways you are going to be making a huge commitment both financially and with time. You should be happy in the end, no matter where you go.


My gut says Rotman. But the total cost differential is more than 30K cad as Rotman is 2 years vs one year of Ivey. I want to make a career switch and My only concern is that how much of a disadvantage will I have if I go to Ivey as compared to Rotman. I am an international applicant (Indian citizen).
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 05 Mar 2012, 09:39
Had the worst phone interview ever on Thursday, but got an admit email today. No $$ though.
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 05 Mar 2012, 09:55
snowbolster wrote:
Had the worst phone interview ever on Thursday, but got an admit email today. No $$ though.


Was it mainly from your end or did it not jive with Bailey? I found interviewing with her very easy. Anyhow, congrats on your admit though.
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 05 Mar 2012, 09:59
Congrats!
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 05 Mar 2012, 12:59
alinomoto wrote:
snowbolster wrote:
Had the worst phone interview ever on Thursday, but got an admit email today. No $$ though.


Was it mainly from your end or did it not jive with Bailey? I found interviewing with her very easy. Anyhow, congrats on your admit though.


It was mainly because of me:) , the interview actually was in around 11 pm after a long way in work. I was tired, not focused, and besides all that interview over the phone is just plain awkward. Bailey was very direct most of the interview and I couldn't really understand from her whether she likes my answers or not.

Overall took about 50 mins...

I think it's true what people say, Rotman do the interview just to make sure you are not a psycho, so unless you will say something incredibly stupid, you'll get accepted:)
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 06 Mar 2012, 11:31
Hey Guys,
Looking for some advice on the PSLP.

I am having a hard time choosing b/w BMO and RBC PSLP.

The biggest difference I found:
BMO - prime +0.5%.

RBC - prime + (upto 3%). The RBC rep says that Rotman students have been paying prime+1%. RBC also has a grace period and comes with Loan Protector Insurance.

What do you recommend? I don't plan to use the grace period (hopefully :) ).
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 06 Mar 2012, 11:59
StewieGriffin wrote:
Hey Guys,
Looking for some advice on the PSLP.

I am having a hard time choosing b/w BMO and RBC PSLP.

The biggest difference I found:
BMO - prime +0.5%.

RBC - prime + (upto 3%). The RBC rep says that Rotman students have been paying prime+1%. RBC also has a grace period and comes with Loan Protector Insurance.

What do you recommend? I don't plan to use the grace period (hopefully :) ).


Haha, I was in the same dilemma as you. The RBC rate "could" be upto 3%, vs a guaranteed 0.5%, over prime. They don't say how much, which is what bothered me. However, they give you an additional 12 month grace period after your degree, before the payments kick in.

So, in essence, it depends on how long you think you'd need to pay back the loan. If the timeline is within a few years after graduation, RBC, may actually be better. If you are planning on stretching it over 5+ years, then BMO would be the better bet.

If you get prime +0.5 with RBC, then RBC for sure.
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 06 Mar 2012, 13:57
I will try saying it in the most polite way possible, but it might still be a bit rude unintentionally: how can it be that you got into Rotman and not know how to compare two loans to see which is cheaper? :S
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 06 Mar 2012, 20:28
I am an applicant from India. Had an interview with Sheldon, Marie-Eve and alumnus Soumak, in Mumbai on 29th Feb. I was told that my decision would be emailed in two weeks. Heres my timeline

App submitted 20th Feb
Invitation to Interview 20th Feb (Yes..same day within a few hours)
Interview 29th Feb


It seems that decisions are released immediately or within days after the interview. Wondering why it would take 2 weeks in my case. I guess it is because my application would not have gone through the necessary reviews before the interview invite was sent.

Also, I received a letter from Rotman saying how Rotman is the right school for me (And I totally agree to that) and also a signed copy of a book written by the Dean Roger Martin "Diaminds". Did anyone here receive such a package after sending GMAT scores to Rotman?
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 07 Mar 2012, 01:19
mvpatki wrote:
I am an applicant from India. Had an interview with Sheldon, Marie-Eve and alumnus Soumak, in Mumbai on 29th Feb. I was told that my decision would be emailed in two weeks. Heres my timeline

App submitted 20th Feb
Invitation to Interview 20th Feb (Yes..same day within a few hours)
Interview 29th Feb


It seems that decisions are released immediately or within days after the interview. Wondering why it would take 2 weeks in my case. I guess it is because my application would not have gone through the necessary reviews before the interview invite was sent.

Also, I received a letter from Rotman saying how Rotman is the right school for me (And I totally agree to that) and also a signed copy of a book written by the Dean Roger Martin "Diaminds". Did anyone here receive such a package after sending GMAT scores to Rotman?


Hi,
From what i understand about the admission process, once the interview is done, the interviewer presents your case before the admissions panel and the panel takes a joint descision. Since you are an applicant from India, you may have to factor in that your interviewer has to return to Toronto- that is my guess. By the same logic, decisions on Skype/Telephone interviews will be made sooner.

I have not heard of anyone(certainly not me) receiving a book even after I turned in the deposit, let alone a signed copy.
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 07 Mar 2012, 01:33
StewieGriffin wrote:
Hey Guys,
Looking for some advice on the PSLP.

I am having a hard time choosing b/w BMO and RBC PSLP.

The biggest difference I found:
BMO - prime +0.5%.

RBC - prime + (upto 3%). The RBC rep says that Rotman students have been paying prime+1%. RBC also has a grace period and comes with Loan Protector Insurance.

What do you recommend? I don't plan to use the grace period (hopefully :) ).


If you strech your amortization period to 15 years, you have to pay 679.14/month - per a third party amortization calculator(you can get the exact amount from BMO - they MAY have processing fees).
With RBC you will have to pay 475/month only on interest (@6% /Annum). Financially speaking, it looks like BMO is a safer and better option.

But you have to take a call also taking into account the relationship you have(or may want to have) with the banks and other value added services. Hope this helps.

For internationals like me(esp for students from India), the grace period is valuable since we will be loaning the remaining amount from indian banks @13.5% compound interest. We would want to complete our loan with the indian banks ASAP post MBA.

PS: I have considered your principal to be 95K and have assumed that we do not have to declare the amortization period/amount first up. So that means later into the loan you can pay up and complete the loan early.
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 07 Mar 2012, 04:55
Quote:
Also, I received a letter from Rotman saying how Rotman is the right school for me (And I totally agree to that) and also a signed copy of a book written by the Dean Roger Martin "Diaminds". Did anyone here receive such a package after sending GMAT scores to Rotman?


I received that book and letter as well. I suspect - and I could definitely be wrong - that they were only sent to candidates with high GMAT scores (I know a couple of other people with GMAT > 730 who had also received these), so if you did get those, that's a good sign.
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 07 Mar 2012, 05:07
itwasme wrote:
Quote:
Also, I received a letter from Rotman saying how Rotman is the right school for me (And I totally agree to that) and also a signed copy of a book written by the Dean Roger Martin "Diaminds". Did anyone here receive such a package after sending GMAT scores to Rotman?


I received that book and letter as well. I suspect - and I could definitely be wrong - that they were only sent to candidates with high GMAT scores (I know a couple of other people with GMAT > 730 who had also received these), so if you did get those, that's a good sign.


Agreed, I received a signed book as well, as well as many feel good emails on how Rotman was the place for me, and how they really really would love to have me. It is easy to be slightly influenced by this gentle persuasion, so it is important to keep things in perspective. Rotman really does try hard because they know that a lot of students with a certain GMAT/GPA combination automatically gravitate towards the US schools.

I also received a personal email from an MBA 2 and leader of one of the clubs that I was interested in joining. Rotman recruitment is very very busy. It is a good thing, but just be aware of that.
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 07 Mar 2012, 07:00
LatinAmericanMBA wrote:
I will try saying it in the most polite way possible, but it might still be a bit rude unintentionally: how can it be that you got into Rotman and not know how to compare two loans to see which is cheaper? :S


Lol...Perhaps, I should have written it better.

Of course, I know which is cheaper and that is why wrote down the interest rates.

According to your logic , nobody in Rotman would even consider RBC. Obviously that is not the case. Some domestic students have taken RBC loans but I haven't spoken to any of them. I have only spoken to international students who were eligible for only RBC loans. So I thought -'Before I call up some current domestic student who has a loan with RBC, let me ask the folks over at gmatclub'. But, you seem to have got caught up in "Look!How dumb can somebody be!!".

There has to be something more that RBC offers. It is this something "more" that I was hoping to find out.
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 07 Mar 2012, 07:32
LatinAmericanMBA wrote:
I will try saying it in the most polite way possible, but it might still be a bit rude unintentionally: how can it be that you got into Rotman and not know how to compare two loans to see which is cheaper? :S


This kind of condescending attitude really does betray your general helpful nature on these forums. There really is no room for comments like these unless you have evaluated the options for yourself and in your mind there is only one clear answer.

There is nothing wrong here. We can all do the basic calculations in figuring out what is cheaper or not, so thank you for berating that point home too.

What he was simply asking was if anyone had any personal experience on getting either loan. The RBC loan is kind of a black box as they don't specify clearly what the rate will be (all they say is Prime + x% ( 0< x < 3)). BMO clearly states their rate at prime + 0.5%. The amortization period is the same (10 - 15 years). If you manage to get the same rate at RBC as BMO (prime + 0.5%), the RBC is a better buy because they give you an additional year of grace period after graduation. No such thing with BMO.

If the best rate you can negotiate with RBC is prime + 3% then BMO is a better option.

IF you have nothing useful to contribute then sometimes it is better not to speak at all.
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 07 Mar 2012, 07:44
itwasme wrote:
Quote:
Also, I received a letter from Rotman saying how Rotman is the right school for me (And I totally agree to that) and also a signed copy of a book written by the Dean Roger Martin "Diaminds". Did anyone here receive such a package after sending GMAT scores to Rotman?


I received that book and letter as well. I suspect - and I could definitely be wrong - that they were only sent to candidates with high GMAT scores (I know a couple of other people with GMAT > 730 who had also received these), so if you did get those, that's a good sign.


Hi itwasme, if you don't mind me asking, did you get a scholarship from Rotman? You can PM me the answer if you don't mind.

Thanks
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 07 Mar 2012, 08:28
mbizhtk, yes, I did.
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Re: Toronto Rotman 2012 - Calling All Applicants [#permalink] New post 07 Mar 2012, 10:12
alinomoto wrote:
What he was simply asking was if anyone had any personal experience on getting either loan.


Point taken. I misunderstood. I thought Stewie was asking how to incorporate a grace period when calculating the NPV of a loan.
Re: Toronto Rotman 2012 - Calling All Applicants   [#permalink] 07 Mar 2012, 10:12
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