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# Financial Aid Discussion for Internationals

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Manager
Joined: 25 Jan 2008
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Re: Financial Aid Discussion for Internationals [#permalink]

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31 Mar 2008, 13:05
1
KUDOS
GSB has loans for internationals and it does not require a co-signer. But there is a co-signer option which seems so much better..Look at some of the differences below. They add up to quite a lot.

Insurance Fee
No Co-signer - 5% of the loan amount
Co-signer - None

Interest Rate
No Co-signer - LIBOR + 3.5%
Co-signer - LIBOR + 2.65%

Borrower Benifits
No Co-signer - 1% interest rate deduction at 24 consecutive on time monthly payments + 0.25% for direct debit
Co-signer - None

How do some of these compare to what is being offered at the other schools?
Current Student
Joined: 07 Aug 2007
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Re: Financial Aid Discussion for Internationals [#permalink]

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31 Mar 2008, 13:52
1
KUDOS
At Michigan: no need for a co-signer and these are terms:

Interest-Prime
NO FEES of any kind
50bps if you make 24 consecutive payments and 25bps for direct debit

I dont know about the co-signer option though
Manager
Joined: 25 Jan 2008
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Re: Financial Aid Discussion for Internationals [#permalink]

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01 Apr 2008, 06:42
Ross certainly seems better than Chicago in this regard. 5% insurance fee is quite a bit...
Senior Manager
Joined: 30 Mar 2007
Posts: 496
Schools: Darden '15
GMAT Date: 12-07-2011
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Re: Financial Aid Discussion for Internationals [#permalink]

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02 Apr 2008, 16:08
Yeah Ross is gret when it comes to loans and giving out free money

but, all internationals are supposed to show about 8K in the bank for the I-20 to get issued (8K beyon the amount that the loan covers) . I have like 0 USD saved in liquid money that I can show so now i am trying to figure out how to come up with 8K in about a month
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Senior Manager
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Re: Financial Aid Discussion for Internationals [#permalink]

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02 Apr 2008, 20:18
8K only?? cornell wants proof of 130K !!! jeez. Altho after you get the I-20 and Visa you can get a tuition loan so you don't have to spend the whole 130K, but still...
Senior Manager
Joined: 30 Mar 2007
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Schools: Darden '15
GMAT Date: 12-07-2011
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Re: Financial Aid Discussion for Internationals [#permalink]

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02 Apr 2008, 23:45
So you have to show the entire tuition+expenses money before you can a apply for I-20 and visa? That doesn't make sense, since ... why would you need a loan if you already have the money, and you need to have access to 130K to show them, right?

I know 8K is not all that much but when you have not planned on it, it becomes a really bad surprise

aceman626 wrote:
8K only?? cornell wants proof of 130K !!! jeez. Altho after you get the I-20 and Visa you can get a tuition loan so you don't have to spend the whole 130K, but still...

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Current Student
Joined: 10 Dec 2007
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Re: Financial Aid Discussion for Internationals [#permalink]

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03 Apr 2008, 05:52
Does anyone know how a financial statement should look like?

I mean, noone has 150k in the bank, and as Darden said, I am not going to take out a loan NOW, but rather in September, when payments are due.

what is the bank supposed to write on that statement?

I am completely clueless...
Senior Manager
Joined: 30 Mar 2007
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Schools: Darden '15
GMAT Date: 12-07-2011
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Re: Financial Aid Discussion for Internationals [#permalink]

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03 Apr 2008, 06:13
1
KUDOS
For Ross the process is like this:

- You send a Citiassist loan application to the School (you have it in your admit binder)
- The admission office sends a letter to the international center of UofMich saying that the loan is guaranteed and will be disbursed in August/September
- You send a bank statement letter to the itnernational center of UofMich that confirms that you have at least 8,000 USD in your account (this 8K cannot be covered by the loan so therefore you have to provide this).
- The Intl. Center of U of Mich issues you visa support documentation.

You can talk to your bank about this letter, they will know what it should look like and will make it for you, but it is a special letter not just a regular bank statement that you get every month.
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Intern
Joined: 13 Jul 2009
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Schools: Kellogg, MIT, Haas, Stanford, McCombs
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Re: Financial Aid Discussion for Internationals [#permalink]

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31 Dec 2009, 04:16
I am not sure if this is the right forum.
I am an Intl Student from India planning to attend Fall 2010. I have an admit from Kellogg and am looking for ways to finance my MBA. Anybody on the forum know how to go about it. Kellogg has two loan options for Intls.
Op A - With US Co-signer - 7.5%
Op B - With Intl Co-signer - 8%

Does anybody else know of any other options for kellogg.
VP
Joined: 08 Apr 2009
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Concentration: General Management, Strategy
Schools: Duke (Fuqua) - Class of 2012
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Re: Financial Aid Discussion for Internationals [#permalink]

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05 Jan 2010, 19:38
1
KUDOS
recent BW article may be of interest to this discussion.

Manager
Joined: 18 Nov 2009
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Re: Financial Aid Discussion for Internationals [#permalink]

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17 Feb 2010, 18:40
i was looking around the net for information regarding Stafford Federal loans. Offhand, I'd say I'm not qualified given that I am not a US citizen, but the websites I visit keep saying that it's available for "eligible non-US citizens." This naturally begs the question: WHAT IS AN ELIGIBLE NON-US CITIZEN?!? can someone please shed some light on this matter?

poch
Manager
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Re: Financial Aid Discussion for Internationals [#permalink]

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11 Mar 2010, 17:06
pochcc wrote:
i was looking around the net for information regarding Stafford Federal loans. Offhand, I'd say I'm not qualified given that I am not a US citizen, but the websites I visit keep saying that it's available for "eligible non-US citizens." This naturally begs the question: WHAT IS AN ELIGIBLE NON-US CITIZEN?!? can someone please shed some light on this matter?

poch

It probably means US permanent residents i.e. those with green cards.
Current Student
Status: Stay focused...
Joined: 20 Apr 2014
Posts: 445
Location: United States (MI)
Concentration: Finance, Strategy
Schools: Ross School of Business - Class of 2017
GMAT 1: 760 Q50 V41
GPA: 3.2
WE: Project Management (Other)
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Financial Aid Discussion for Internationals [#permalink]

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06 Oct 2014, 00:11
Since most of the data here is outdated (from the perspective international aspirants applying in 2014-15 season), I believe we can start a fresh discussion.
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I'm happy to help if you wanna know about Ross & UMich, but please do not come to me with your GMAT issues or questions. And please add a bit of humor to your questions or you'll bore me to death.

Current Student
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Re: Financial Aid Discussion for Internationals [#permalink]

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17 Feb 2015, 08:51
neo656 wrote:
Since most of the data here is outdated (from the perspective international aspirants applying in 2014-15 season), I believe we can start a fresh discussion.

Where? I am researching CBS and LBS financing options.
Re: Financial Aid Discussion for Internationals   [#permalink] 17 Feb 2015, 08:51

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