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Financing MBA: School credit w/o cosigners

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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 20 Jul 2011, 06:53
Folks,

I am an international student without the luxury of a US co-signer. I was looking up for loan information at the website of different univs and have a few questions around that:

1. On the Haas loan website it is mentioned under "2011-2012 Loan Program" that the max loan amount is $52,328. I was wondering if it is annual (i.e. - per year) or for the whole program? Do you have any clarity on that?

2. I also looked up at the financial aid / loan websites for MIT and Darden but didn't find any detail of loans for international student. I am wondering if there is none. Do you have any clue?

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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 20 Jul 2011, 08:00
ifountainhead wrote:
Folks,

I am an international student without the luxury of a US co-signer. I was looking up for loan information at the website of different univs and have a few questions around that:

1. On the Haas loan website it is mentioned under "2011-2012 Loan Program" that the max loan amount is $52,328. I was wondering if it is annual (i.e. - per year) or for the whole program? Do you have any clarity on that?

2. I also looked up at the financial aid / loan websites for MIT and Darden but didn't find any detail of loans for international student. I am wondering if there is none. Do you have any clue?

Thanks,
FTH


1 - I would be surprised if that was the total amount you can borrow, typically the financial aid loan package allows you to borrow just over the total amount of tuition for each year. Typically you will have a 2011 - 2012 program and then a 2012 - 2013 program (at least that's what I have at Tuck), also you will almost certainly apply for and be granted the full amount for both years as part of the financial aid process.

2 - MIT info here - http://mitsloan.mit.edu/mba/admissions/loans.php, Looks like MIT runs its own program (MIT Graduate Loan program) that internationals can apply for.

Darden info here - http://www.darden.virginia.edu/web/MBA/Financial-Aid/Applying/International-Prospective-Students/. I think they will only send you full details once you are accepted.

All I would say is that the institutions you have listed all have years of experience dealing with internationals and once you are accepted loans will be made available to you. Having said that I would caution that the loans you will get most likely will not cover the full cost of attending so you will need some other source of funding as well in order to apply for a visa.

Hope this helps.

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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 20 Jul 2011, 21:17
MIT's official reply

Yes we do offer private loan programs to international students and a co-signer is not required. To learn more about the private loans that we offer, please go to the following link: http://web.mit.edu/sfs/loans/private_lo ... ernational
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 05 Aug 2011, 01:36
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Hi Guys,

This is a great idea of Vorskl to pull this info together. A couple of comments based on my experience at MIT Sloan:

1) There are laws in the US controlling what schools can and cannot say about loans. My experience has been that most schools will only go so far as to say "Over the past three years, our students have used loans from the following companies". What this means, rather frustratingly sometimes, is that if a school has a good loan programme for international students, you have to sift through a lot of stuff, do a lot of digging, to find out.

2) At MIT Sloan specifically, such loans are available from the MIT Federal Credit Union, covering the whole cost of tuition and the school's estimated living expenses, as shown on MIT Sloan's website. These living expenses are somewhat meagre, and don't include optional international treks, but it is possible to *survive* on them. The loan rate for international students without cosigner is US Prime + 2.75%, with a 0.25% discount if you set up automatic payments. US Prime is currently 3.25%. Full details are at: http://mitsloan.studentchoice.org/node/3

3) More broadly, studentchoice.org administers a lot of school loan programmes via Credit Unions. Searching Google for "School Name" site:studentchoice.org can bring up school-specific credit union results. (e.g. Harvard, Wharton). Note: It's not clear to me if all of these loans are directly linked to the school, or if some of them are independent initiatives. After all, MBA students are pretty bankable.

4) When doing this spreadsheet, consider:
- Are the rates variable or fixed? If they're variable, what are they tied to?
- Are there any Draw Fees?
- Can the principal balance be repaid at any time fee-free?
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 05 Aug 2011, 21:41
myself ashish from India , from a middleclass family taking a loan [100%fees]and thought to do mba in usa ,i have few questions
[1]is mba from average university in usa is worth to be taken as loan to pay tuition fees or there is hamburger of universities like scene in India and one cant pay loan so easily
[2]in order to pay loan i have to remain in usa for long time [as there is currency difference and if i come to india i cant pay loan],and to stay in usa i have to file h1b during opt status ,what are chances of this narration as of international student previous experience in this regard
[3]IS only top ranking 15 business school in usa fruitful in my case ,if yes their 2years tuition fee is around 100 k but i donot have that money and i have to take loan do they provide loan for international student?
[4] is scholar ship available .please comment
[5]my email id is -agodara97@yahoo.in
[6] my phone is 09460550497
[7]does international student placements are there in usa in top business school
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 05 Aug 2011, 22:14
i am an international student and want to do mba from usa top business school and i require a loan from usa business school for international student . if any one have a list of business school that provide educational loan without a cosigner plaese forward to me .if any other international student facing same situation please personal message me so that we can search together i am from india please give your email id my email is agodara97@yahoo.in
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 06 Aug 2011, 00:30
ashish3 wrote:
i am an international student and want to do mba from usa top business school and i require a loan from usa business school for international student . if any one have a list of business school that provide educational loan without a cosigner plaese forward to me .if any other international student facing same situation please personal message me so that we can search together i am from india please give your email id my email is agodara97@yahoo.in


dude read the first post and download the xls file.
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usa mba and taking loan without a cosigner [#permalink] New post 06 Aug 2011, 04:09
i am an international student preparing for gmat ,i believe a good gmat score along with a good profile makes me to a good businees school,but when i see that tution fee of 2years in good business school[harvard wharton],i quote it at around 1lakh thousand dollars and around 40000dollars of living expenses
i donot have that money to pay to college as so iam looking for loan option , as being not having a usa cosigner that is most times needed for loan for international student
i am looking at athose mba businees school which either provide loan without cosigner [to pay tution fee] to international student,if you have list of that shortlisted university please forward to me
or student in my situation personal message me so that we can serach thogether by making a group
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 20 Oct 2011, 00:03
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I have just received a letter from the NY Stern saying they do not provide no co-signer loans at the moment, though they are working on it...
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 20 Oct 2011, 00:13
ozwizard wrote:
I have just received a letter from the NY Stern saying they do not provide no co-signer loans at the moment, though they are working on it...


would you apply?
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 20 Oct 2011, 00:17
don't think so... do not have neither money nor a US co-signer )
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 11 Dec 2011, 18:22
INSEAD offers loan via Prodigy finance but it is almost impossible to finance the full cost of attendance most likely not even full tuition.

Why is it written Some for Sloan in the excel sheet? As far as I know they provide full cost of attendance to intl stds w/out a cosigner. No?
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 11 Dec 2011, 20:37
alobar00 wrote:
INSEAD offers loan via Prodigy finance but it is almost impossible to finance the full cost of attendance most likely not even full tuition.

Why is it written Some for Sloan in the excel sheet? As far as I know they provide full cost of attendance to intl stds w/out a cosigner. No?


Sloan offers full cost of tuition + living expenses with no US co-signer via the MIT Federal Credit Union.

I expect the reason why 'some' is listed in the spreadsheet is because of an earlier comment I made that the loan does not cover optional international treks that some students choose to take. Whilst these are great fun and I'd highly recommend them - doing these treks isn't a formal part of completing your studies, and plenty of people don't do them.
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 15 Dec 2011, 10:25
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updated info for INSEAD and Sloan
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 16 Dec 2011, 10:13
ozwizard wrote:
I have just received a letter from the NY Stern saying they do not provide no co-signer loans at the moment, though they are working on it...

Vorski : Could you please update the xls for stern
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 16 Dec 2011, 10:16
Hi Vorski,Could you also let me know about SAID and LBS in UK. Said has a tieup qith PRODIGY, the same org, that provides loans for INSEAD without requiring a co-signor . Now as someone on this thread stated that INSEAD provides 90 % of the tution cost , would you expect the same for SAID ?
What about Tuck ? You said the Loan without co-signor is Limited .
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 16 Dec 2011, 10:17
Commendable job by Vorski and the guy who started this thread . KUDOS to everyone who contributed positively on this thread
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 17 Dec 2011, 11:09
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Looks like Columbia ceased offering non-cosigner loans for internationals and that is becoming a tendency among the top US schools (Stern). I am wondering why?

With MBA loan interest rates topping 6-7-8% in USD I don't think availability of money is the issue. US guys, what is a typical mortage/car loan rate? I'd assume around 3-4%? If so, for banks MBA loan shall appear more attractive than mortage or consumer credits.

My bet is that a defaul rate is growing steady, thus schools are facing more and more issues with unguaranteed unreturned loans, thus they are phasing out these programs.

Check this http://rankings.ft.com/businessschoolra ... kings-2011 (click on 'employment'). There are some REALLY SCARY numbers on employment among top school graduates. To name a few:
Duke - 77%
IMD - 83%
INSEAD - 82%
Ross - 78%
Wharton - 84 (!)

Also, there is intersting stat is on Salary increase. Looks like attending Haas, IMD and some other schools actually decreases your salary :?:
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 17 Dec 2011, 11:18
Vorskl wrote:
Looks like Columbia ceased offering non-cosigner loans for internationals and that is becoming a tendency among the top US schools (Stern). I am wondering why?

With MBA loan interest rates topping 6-7-8% in USD I don't think availability of money is the issue. US guys, what is a typical mortage/car loan rate? I'd assume around 3-4%? If so, for banks MBA loan shall appear more attractive than mortage or consumer credits.

My bet is that a defaul rate is growing steady, thus schools are facing more and more issues with unguaranteed unreturned loans, thus they are phasing out these programs.

Check this http://rankings.ft.com/businessschoolra ... kings-2011 (click on 'employment'). There are some REALLY SCARY numbers on employment among top school graduates. To name a few:
Duke - 77%
IMD - 83%
INSEAD - 82%
Ross - 78%
Wharton - 84 (!)

Also, there is intersting stat is on Salary increase. Looks like attending Haas, IMD and some other schools actually decreases your salary :?:

What about Darden ? Your excel sheet says Darden does give private loans without requiring a co-signor
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Re: Financing MBA: School credit w/o cosigners [#permalink] New post 22 Dec 2011, 16:41
very useful file. Thanks.
Also Yale provides a loan w/o co-signer.
Wharton did until this year but is changing its lender.
you might want to update that info.
Re: Financing MBA: School credit w/o cosigners   [#permalink] 22 Dec 2011, 16:41
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