Financing MBA: School credit w/o cosigners

That's a useful resource that you are building, Sir!

I asked the McCombs School of Business last year and here is the response I got:

"......
All applicants, internationals included, are automatically considered for recruiting scholarships at the time of application and during the admission cycle following. No special application is needed. In addition during the first semester, international students may apply for Current Student Scholarships. Scholarship application forms are available starting in April of the spring semester in the MBA Program Office. However, such scholarships are extremely limited and should not be relied upon. Therefore, international students should be prepared to meet all expenses two full calendar years from their own resources. McCombs suggests $61,000 per year for tuition and living expenses. This does not include tuition and fees for summer courses. We would recommend that you contact the International Office (phone: (512) 471-1211) for more advice on financing your graduate education.

For an international student, there are more loan options (and better loan terms) if the student has a U.S. citizen or permanent resident co-signer, than if they do not. There are a number of lenders that offer private loans for international students requiring a co-signer. We currently do not have a lender that will offer a loan program to an international student that cannot obtain a U.S. citizen co-signer, or have three years U.S. credit history in his/her own name. As an International student if you have questions about loans you may contact the in-house Financial Aid Officer at 512-471-7698, FinancialAid@mccombs.utexas.edu.

An alternative loan provides funds from a private lender (bank) of your choice. Most alternative loan lenders require loan certification from the school in order to verify your enrollment and cost of attendance amounts.


Up to the Cost of Attendance (Look for MBA Program column on page 2), minus other financial aid and resources.

Please keep in mind that the tuition and fees at McCombs are quite low, especially for a top business school. McCombs provides the best value in MBA schools by combining a consistently top-ranked program with low tuition costs! For additional financial aid and scholarship information, please visit our site at: https://mba.mccombs.utexas.edu/admissions/finaid/ If you have any more specific questions about being admitted I would recommend that you follow-up with one of our admissions officers and here is some information to get you started https://new.mccombs.utexas.edu/MBA/Full- ... ation.aspx.

Regards,

Financial Aid Office"

- Also, I think you should make a coloumn where good schools who don't offer such loans are mentioned. Will be helpful.

Can I share your excel sheet on my blog, if that's okay?

Cheers!

I updated the file with the latest info. As you see, there are both types of schools mentioned - those that offer loans and those that do not.

You can freely use the file and any info from there. My aim is to share important information between applicants and to help avoid painful mistakes when you get accepted into a school just to realize you cannot afford attending it.

I'll update the file as open Google doc so everyone will be able to alter it with his or her info on new schools.

Can anybody tell me which lenders will offer loans to people who are not US Citizens, don't have a co-signer, but do have three years US credit history? This is exactly the situation that I am in and if this is a real option then it would have been a heck of a lot easier to get the full financing for my course.

Has any body built up a list of lenders? That could be a really useful resource!

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 - https://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 - https://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.

RHB

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: https://web.mit.edu/sfs/loans/private_lo ... ernational

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

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.

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

would you apply?

don't think so... do not have neither money nor a US co-signer )

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.

Vorski : Could you please update the xls for stern

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 .

Commendable job by Vorski and the guy who started this thread . KUDOS to everyone who contributed positively on this thread