Find all School-related info fast with the new School-Specific MBA Forum

It is currently 23 Oct 2014, 11:44

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

Financing MBA: School credit w/o cosigners

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
Senior Manager
Senior Manager
User avatar
Status: Happy to join ROSS!
Joined: 29 Sep 2010
Posts: 279
Concentration: General Management, Strategy
Schools: Ross '14 (M)
Followers: 17

Kudos [?]: 102 [0], given: 48

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 03 Jan 2012, 02:01
Anasthaesium wrote:
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.

=========
More and more I have a strong temptation to update the topic with words 'skip US schools, find better choices in Europe/Asia' :)
1 KUDOS received
Verbal Forum Moderator
Verbal Forum Moderator
avatar
Joined: 31 Jan 2010
Posts: 500
WE 1: 4 years Tech
Followers: 10

Kudos [?]: 73 [1] , given: 149

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 03 Jan 2012, 02:49
1
This post received
KUDOS
Vorskl wrote:
Anasthaesium wrote:
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.

=========
More and more I have a strong temptation to update the topic with words 'skip US schools, find better choices in Europe/Asia' :)

Vorskl Why !!!
_________________

My Post Invites Discussions not answers
Try to give back something to the Forum.I want your explanations, right now !
Please let me know your opinion about the Chandigarh Gmat Centrehttp://gmatclub.com/forum/gmat-experience-at-chandigarh-india-centre-111830.html

Manager
Manager
avatar
Status: Taking heavily leveraged but calculated risks at all times
Joined: 04 Apr 2010
Posts: 185
Concentration: Entrepreneurship, Finance
Schools: HBS '15, Stanford '15
GMAT Date: 01-31-2012
Followers: 1

Kudos [?]: 29 [0], given: 12

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 03 Jan 2012, 04:46
Vorskl wrote:
Anasthaesium wrote:
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.

=========
More and more I have a strong temptation to update the topic with words 'skip US schools, find better choices in Europe/Asia' :)


Wow! any specific reasons other than the apparent myth of the next superpowers arising out of BRIC ? :)

All said and done ( maybe there is even a little dust of truth to that myth), I believe that 2-5 years of work experience in developed markets combined with 2 -5 years of working in BRIC markets is a powerful and potent force on the resume and network.
1 KUDOS received
Verbal Forum Moderator
Verbal Forum Moderator
avatar
Joined: 31 Jan 2010
Posts: 500
WE 1: 4 years Tech
Followers: 10

Kudos [?]: 73 [1] , given: 149

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 03 Jan 2012, 04:54
1
This post received
KUDOS
Anasthaesium wrote:
Vorskl wrote:
Anasthaesium wrote:
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.

=========
More and more I have a strong temptation to update the topic with words 'skip US schools, find better choices in Europe/Asia' :)


Wow! any specific reasons other than the apparent myth of the next superpowers arising out of BRIC ? :)

All said and done ( maybe there is even a little dust of truth to that myth), I believe that 2-5 years of work experience in developed markets combined with 2 -5 years of working in BRIC markets is a powerful and potent force on the resume and network.

Vorski said that from the Loans perspective
_________________

My Post Invites Discussions not answers
Try to give back something to the Forum.I want your explanations, right now !
Please let me know your opinion about the Chandigarh Gmat Centrehttp://gmatclub.com/forum/gmat-experience-at-chandigarh-india-centre-111830.html

Senior Manager
Senior Manager
User avatar
Status: Happy to join ROSS!
Joined: 29 Sep 2010
Posts: 279
Concentration: General Management, Strategy
Schools: Ross '14 (M)
Followers: 17

Kudos [?]: 102 [0], given: 48

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 03 Jan 2012, 10:31
Quote:
Vorski said that from the Loans perspective

--
correct, from this POV + on the basis of an amalgamated feedback of my friends who face some interesting time in the US schools trying to secure an internship or to find a job upon graduation.

and, just a practical question - where are going to get usd200k if you favorite US school just closed down the lending program? :)
1 KUDOS received
Verbal Forum Moderator
Verbal Forum Moderator
avatar
Joined: 31 Jan 2010
Posts: 500
WE 1: 4 years Tech
Followers: 10

Kudos [?]: 73 [1] , given: 149

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 09 Jan 2012, 08:45
1
This post received
KUDOS
I dont think Kellogg offers loans without requiring a co-signor .Could someone please confirm
_________________

My Post Invites Discussions not answers
Try to give back something to the Forum.I want your explanations, right now !
Please let me know your opinion about the Chandigarh Gmat Centrehttp://gmatclub.com/forum/gmat-experience-at-chandigarh-india-centre-111830.html

1 KUDOS received
Intern
Intern
avatar
Joined: 21 Aug 2010
Posts: 14
Followers: 1

Kudos [?]: 4 [1] , given: 2

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 12 Jan 2012, 02:37
1
This post received
KUDOS
some minor contribution:
- IMD in Switzerland offers a loan without a co-signer or a combination of such a loan and a scholarship to cover the most of the tuition fee (up to 65,000 francs out of 85,000).
http://www.imd.org/programs/mba/fees/IMD-MBA-Loans.cfm

- IESE in Barcelona offers the same scheme - any int. student may borrow up to 80% of the tuition fee that is 55.700 Euro out of 70.700 Euro. You are also eligible for scholarships but also only to cover tuition costs.
http://www.iese.edu/en/MBAPrograms/prog ... l_loan.asp

- IE in Madrid may offer a loan up to 30.000 Euro that is roughly half of the tuition fee. Another half you may cover with a scholarship, if you get one, of course.

In all the cases above the living costs are to be covered by students themselves. Of course, such expenses vary depending on the location and the duration of the program. E.g. IMD and IE programs are 11 and 13 months respectively, while IESE program is 20 months long. At the same time, I believe live in Switzerland is much more expensive than in Barcelona or Madrid.

I guess, this could be added to the excel chart with relevant notes.
1 KUDOS received
Verbal Forum Moderator
Verbal Forum Moderator
avatar
Joined: 31 Jan 2010
Posts: 500
WE 1: 4 years Tech
Followers: 10

Kudos [?]: 73 [1] , given: 149

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 12 Jan 2012, 12:38
1
This post received
KUDOS
ozwizard wrote:
some minor contribution:
- IMD in Switzerland offers a loan without a co-signer or a combination of such a loan and a scholarship to cover the most of the tuition fee (up to 65,000 francs out of 85,000).
http://www.imd.org/programs/mba/fees/IMD-MBA-Loans.cfm

- IESE in Barcelona offers the same scheme - any int. student may borrow up to 80% of the tuition fee that is 55.700 Euro out of 70.700 Euro. You are also eligible for scholarships but also only to cover tuition costs.
http://www.iese.edu/en/MBAPrograms/prog ... l_loan.asp

- IE in Madrid may offer a loan up to 30.000 Euro that is roughly half of the tuition fee. Another half you may cover with a scholarship, if you get one, of course.

In all the cases above the living costs are to be covered by students themselves. Of course, such expenses vary depending on the location and the duration of the program. E.g. IMD and IE programs are 11 and 13 months respectively, while IESE program is 20 months long. At the same time, I believe live in Switzerland is much more expensive than in Barcelona or Madrid.

I guess, this could be added to the excel chart with relevant notes.
Are you sure about IE .I am remember writing to them and being told that they offered no loans.You have the link . Please
_________________

My Post Invites Discussions not answers
Try to give back something to the Forum.I want your explanations, right now !
Please let me know your opinion about the Chandigarh Gmat Centrehttp://gmatclub.com/forum/gmat-experience-at-chandigarh-india-centre-111830.html

1 KUDOS received
Intern
Intern
avatar
Joined: 21 Aug 2010
Posts: 14
Followers: 1

Kudos [?]: 4 [1] , given: 2

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 12 Jan 2012, 12:56
1
This post received
KUDOS
here some questions I sent to the IE admissions and the answers I have just received today:

1) Did I understood correct from your web-site that an international student can take a loan from a Spanish bank without a Spanish co-signer up to the 30,000 Euro?
Yes, that’s right, unless you enroll a blended or part-time program.

2) If I get a loan, can I receive a scholarship from the IE as well?
Yes.

3) Is it possible to get a loan, a scholarship and a fellowship together?
No, IE loans can be accumulated to a scholarship or a fellowship, but students never receive more than a scholarship or more than a fellowship.
Verbal Forum Moderator
Verbal Forum Moderator
avatar
Joined: 31 Jan 2010
Posts: 500
WE 1: 4 years Tech
Followers: 10

Kudos [?]: 73 [0], given: 149

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 12 Jan 2012, 13:04
Allrite thats nice Thank You Kudos to You for this info
_________________

My Post Invites Discussions not answers
Try to give back something to the Forum.I want your explanations, right now !
Please let me know your opinion about the Chandigarh Gmat Centrehttp://gmatclub.com/forum/gmat-experience-at-chandigarh-india-centre-111830.html

Intern
Intern
avatar
Joined: 21 Aug 2010
Posts: 14
Followers: 1

Kudos [?]: 4 [0], given: 2

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 05 Feb 2012, 14:36
Anasthaesium wrote:
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.


are you sure about wharton? its web-site claims that "Wharton will provide information to international students interested in applying for loans without a U.S. cosigner after admission to the program."
Manager
Manager
User avatar
Status: INSEAD - Class of July 2013
Joined: 27 Jun 2011
Posts: 71
Location: Moscow, Russia
Schools: Berkeley Haas, Stanford, MIT Sloan, INSEADw/$$
WE 1: Five years in hi-tech in sales/marketing roles
Followers: 2

Kudos [?]: 9 [0], given: 2

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 06 Feb 2012, 00:50
MIT Sloan offers up to 180K wthout a cosigner.
P.S. Did you apply to IMD? =)
_________________

"A leader is the one who climbs the tallest tree, surveys the entire situations, and yells, 'Wrong jungle!'" - Stephen Covey

Director
Director
avatar
Joined: 03 Mar 2007
Posts: 981
Location: Hong Kong
Concentration: Finance, Economics
Schools: HKUST MBA - Class of 2014
GMAT 1: 740 Q48 V44
GPA: 3.2
WE: Consulting (Consulting)
Followers: 9

Kudos [?]: 45 [0], given: 8

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 06 Feb 2012, 04:40
UCLA has a program to provide loan to international students but its only $42,000 per year through their Eli Lilly credit union without requiring co-signer. The figure is supposed to go up but as of now its still 42K. Given that program fee+living expenses equals $75,000, that means there is a shortfall of 33K per year.

After getting an admit from UCLA+fellowship, I was told by the fin aid office to come up with $20k on my own for the first year of studies only. For year 2, I could cover the difference through TA, other private loans, but to get the F1 visa, I need to show a minimum of 20k in my bank account.

Its really frustrating that this information does not show up on the generic mba site but only when you have been accepted, do you get to know about the loan options or rather the lack of it through the admit portal .
Intern
Intern
User avatar
Joined: 24 Feb 2012
Posts: 16
Followers: 2

Kudos [?]: 5 [0], given: 92

GMAT ToolKit User
Re: Financing MBA: School credit w/o cosigners [#permalink] New post 24 Feb 2012, 01:35
Anasthaesium wrote:
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.



Wharton does not offer loans without a co-signor.

From the Wharton admissions site - "At this time, Wharton is unable to provide a loan product for our international students without requiring a U.S. citizen or permanent resident co-signer. If you are an International student who is neither a dual U.S. citizen nor a U.S. permanent resident, we encourage you to investigate all sources of funding within your home country, including government and private scholarships and loans, so that you are aware of alternative financing solutions."
Manager
Manager
avatar
Joined: 27 Nov 2011
Posts: 84
Location: Morocco
Concentration: Social Entrepreneurship, International Business
Schools: Northwestern (Kellogg) - Class of 2014
GMAT 1: 760 Q50 V44
WE: Information Technology (Consulting)
Followers: 1

Kudos [?]: 10 [0], given: 1

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 24 Feb 2012, 05:43
iissosmarts wrote:
Anasthaesium wrote:
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.



Wharton does not offer loans without a co-signor.

From the Wharton admissions site - "At this time, Wharton is unable to provide a loan product for our international students without requiring a U.S. citizen or permanent resident co-signer. If you are an International student who is neither a dual U.S. citizen nor a U.S. permanent resident, we encourage you to investigate all sources of funding within your home country, including government and private scholarships and loans, so that you are aware of alternative financing solutions."


I received an e-mail from Wharton last week explaining that they managed to obtain an agreement for a no cosigner loan for internationals. More details should be provided on their website soon.
Manager
Manager
avatar
Joined: 24 Nov 2011
Posts: 68
Location: United States
GMAT 1: 720 Q49 V40
Followers: 0

Kudos [?]: 18 [0], given: 9

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 27 May 2012, 11:56
Hi Guys,

Wharton is offering no-cosigner loans to International students starting from 2012. More details will be given to admitted students.

Stern also has a no-cosigner loan option but it is currently available for the 2012 class. Stern asked me to check for 2013 once admitted to the program.

Duke, Berkeley, Chicago and Tuck are also offering no-cosigner loan option. Darden is currently securing a no-cosigner loan option for international students.

Cornell does offer a no-cosigner loan option. However, you cannot show the loan amount as part of your finances for the I-20. You can only apply for the loan once you land in the US.

I am actually confused by the replies I got by Kellog and MIT. Both were sort of non-committal and asked me to check the website.

Looking through this post, I now know that MIT does offer a no-cosigner option. On the website, they still ask you to check for private lenders instead of giving details about their own loan program.

Kellog's website is equally frustrating. It seems that they do offer no-cosigner option but only to few students. Is my observation correct?
Manager
Manager
avatar
Joined: 16 Nov 2010
Posts: 62
Followers: 1

Kudos [?]: 9 [0], given: 6

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 27 May 2012, 12:41
icecube6000 wrote:
I am actually confused by the replies I got by Kellog and MIT. Both were sort of non-committal and asked me to check the website.

Looking through this post, I now know that MIT does offer a no-cosigner option. On the website, they still ask you to check for private lenders instead of giving details about their own loan program.

Kellog's website is equally frustrating. It seems that they do offer no-cosigner option but only to few students. Is my observation correct?


RE your "noncommittal" point:

Some schools don't offer these loans directly, but through a partnership with a local bank or credit union. In that sense, these loans constitute "private loans".

There's a whole bunch of regulation in the US, which essentially means that schools can't recommend a specific private loan to students (for fear of kickbacks, etc). All they can do is publish a list of lenders that their students have used in the past.

It's absolutely not a case of schools trying to give misinformation or be unhelpful when you ask such questions - it's just that their hands are bound by the law.
Intern
Intern
avatar
Joined: 24 Aug 2012
Posts: 1
Followers: 0

Kudos [?]: 0 [0], given: 0

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 24 Aug 2012, 01:06
In general, the co-signer can be held responsible for the loan if the applicant defaults. This is why I won't ever attempt to co sign any deal.
Forum Moderator
Forum Moderator
User avatar
Status: doing good things...
Joined: 02 Jul 2009
Posts: 1245
Concentration: Entrepreneurship, Finance
GMAT 1: Q V
GMAT 2: 690 Q49 V35
GPA: 3.77
WE: Corporate Finance (Commercial Banking)
Followers: 157

Kudos [?]: 527 [0], given: 531

GMAT ToolKit User Premium Member Reviews Badge
Re: Financing MBA: School credit w/o cosigners [#permalink] New post 10 Mar 2014, 23:40
So , what is about financing the degree now?
Any updates on that?
_________________

Follow me, if you find my explanations useful.

Audaces fortuna juvat!

Get the best GMAT Prep Resources with GMAT Club Premium Membership

1 KUDOS received
Intern
Intern
avatar
Joined: 12 May 2014
Posts: 18
Followers: 3

Kudos [?]: 8 [1] , given: 3

Re: Financing MBA: School credit w/o cosigners [#permalink] New post 12 May 2014, 03:42
1
This post received
KUDOS
Hi all,

Just an update on some of these schools. In particular, the spreadsheet suggests that Columbia does not have an international student loan programme. Columbia is now testing a pilot loan programme with limited funds, by working with Prodigy Finance (the same funder serving INSEAD and Oxford Said students).

As a member of Prodigy's marketing team, I can report that our loans do not require any collateral/guarantee/co-signers. We also fund top business schools not on the Excel spreadsheet--such as Cambridge Judge and London Business School. Loan programme specifics differ by business school, so check our website for the relevant max loan sizes, representative APRs (interest rates), etc.

How does Prodigy Finance work?:
Prodigy Finance offers international students like you a new way to finance your MBA. We work closely with the university to design loan programmes tailored to what international students need. The loans are funded by a community of alumni investors, who were once in your shoes themselves, and by other investors who wish to support higher education.

Why choose Prodigy?
- 150 nationalities covered
- Competitive interest rates
- No collateral, guarantees, or co-signers required
- Easy online process
- No repayments while you study
- Excellent customer service

What business schools are covered?
Currently, we have programmes at Cambridge Judge Business School, Cass Business School, Columbia Business School, Cranfield School of Management, ESMT, INSEAD, London Business School, Manchester Business School, Oxford Saïd Business School, and Vlerick Business School. However, we are adding new programmes all the time, so interested student borrowers should consult our website for the most recent list.

Last edited by prodigyfinance on 13 May 2014, 08:01, edited 1 time in total.
Re: Financing MBA: School credit w/o cosigners   [#permalink] 12 May 2014, 03:42
    Similar topics Author Replies Last post
Similar
Topics:
Which schools for MBA with finance direction Skag55 4 01 Feb 2014, 09:42
22 Loan Programs for International Students w/o US Co-Signer??? finmaster 30 13 Jul 2012, 20:07
Loans w/o a Co-signer For International Students widerangeinput 4 15 Jan 2011, 09:55
MF Finance Programs w/o work experience andrewtanner 0 19 Mar 2010, 14:07
4 Experts publish their posts in the topic MBA Credit Cards (to use while in Business School) bb 26 12 Jun 2009, 22:37
Display posts from previous: Sort by

Financing MBA: School credit w/o cosigners

  Question banks Downloads My Bookmarks Reviews Important topics  

Go to page   Previous    1   2   3   4    Next  [ 63 posts ] 



cron

GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.