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Financing your MBA - International Students

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Re: Financing your MBA - International Students [#permalink] New post 20 Dec 2010, 00:30
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anyone willing to discuss UNC's tuition and cost of living?
I recently got into UNC but i haven't received any scholarship.
I want to know if anyone else is in the same boat?
WillMba2012, does UNC's loan only cover tuition and required fee?
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Re: Financing your MBA - International Students [#permalink] New post 21 Dec 2010, 01:13
can someone shed some light on the cost of living and other expenses at Chapel Hill?
UNC estimates it at $21,000 .
Is it really this much for each year?
any help is appreciated.
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Re: Financing your MBA - International Students [#permalink] New post 21 Dec 2010, 01:52
ariel wrote:
Rux10 wrote:
Great thread, there's a lot of ambiguity surrounding financing for the top shcools. Does anyone know of a site or link where the schools are listed with their specific financing options?


If you mean speficially in the context of international borrowers, I doubt it - hence this thread. Let us know if you find something though. Another way to think about it is also by lender (as opposed to school), since that's a lot easier to categorize and be exhaustive. For instance, Citi, BofA and Fannie Mae will lend to international students. It is also advisable and often easier to get a loan from your home country.


Unfortunately, I will be looking for home financing from Ireland. Any idea how tough it is getting money from an Irish bank at the moment! I'm hoping Citi, BofA and Fannie Mae can come through when the time comes to apply for financing.
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Re: Financing your MBA - International Students [#permalink] New post 23 Dec 2010, 10:12
Pdgmat2010 wrote:
can someone shed some light on the cost of living and other expenses at Chapel Hill?
UNC estimates it at $21,000 .
Is it really this much for each year?
any help is appreciated.


Cost of living varies a lot depending on your life style, but as a reference a one bedroom close to KFBS is about $900 a month, now if you are willing to have a roommate you could be paying $500 to $600. If you eat on campus probably you will need $15 a day for food (much cheaper if you cook).

One thing you have to keep in mind is that the $21k is what the US government asks you to prove in order to get a visa. Chapel Hill is much cheaper than Chicago or NYC, if you watch your expenses you could need only $10K a year, but not likely.

I hope this helps
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Re: Financing your MBA - International Students [#permalink] New post 23 Dec 2010, 16:04
Can anyone share your experience with Haas (UCB) on Financial aid?
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Re: Financing your MBA - International Students [#permalink] New post 23 Dec 2010, 20:02
willmba2012 wrote:
Pdgmat2010 wrote:
can someone shed some light on the cost of living and other expenses at Chapel Hill?
UNC estimates it at $21,000 .
Is it really this much for each year?
any help is appreciated.


Cost of living varies a lot depending on your life style, but as a reference a one bedroom close to KFBS is about $900 a month, now if you are willing to have a roommate you could be paying $500 to $600. If you eat on campus probably you will need $15 a day for food (much cheaper if you cook).

One thing you have to keep in mind is that the $21k is what the US government asks you to prove in order to get a visa. Chapel Hill is much cheaper than Chicago or NYC, if you watch your expenses you could need only $10K a year, but not likely.

I hope this helps

Absolutely, Thanks Will. This helps a lot & is the most clear information I have received thus far.
Cheers!!
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Re: Financing your MBA - International Students [#permalink] New post 23 Dec 2010, 20:50
I haven't really looked at loans yet - just been focusing on getting my apps in and hopefully have a school to go to in the Fall. I'm a Canadian and will have worked in the US for 2 years by the time I go to business school. Does anyone know if I can still qualify for the US-based loans? Or am going to have to go down the international path?

It's going to suck to have to give up my L1-A visa but 'tis life I guess...
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Re: Financing your MBA - International Students [#permalink] New post 26 Dec 2010, 09:52
Interesting topic, but I don't understand how business schools would be very sure that the international student will pay his/her loan back, especially that most of them will leave the states after graduate!
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Re: Financing your MBA - International Students [#permalink] New post 30 Jun 2011, 14:09
Hey Ariel, This is a great thread and I'm glad that I stumbled upon it!

I am really curious to know how you managed to work around the fact that Cornell does not allow the student loan to be used on the declaration of finances form? I recently heard from admissions that my application, which was wait listed in R2, is being considered for the class of 2013 provided I can work through the VISA part pretty quickly. But I know for sure that gathering the financial resources in order for Cornell to issue me the I-20 is going to be very tough......so any light you or other current students could shed on this will be really very helpful.
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Re: Financing your MBA - International Students [#permalink] New post 22 Jul 2011, 19:54
If a person(non resident, non citizen) has worked here and his/her credit history is good, will that credit score help in securing the student loan for MBA in US?
Will that help him in securing loan for MBA outside USA?
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Re: Financing your MBA - International Students [#permalink] New post 24 Jul 2011, 03:20
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These are the details of Tucks 2011 - 2012 loan program for internationals. Fingers crossed that they don't mind me posting this. Also, the loan program seems to be independent from scholarships, I was awarded a reasonable scholarship and I was still allowed to take the maximum amount out in loans.

• Individual maximum amount varies and is determined by Tuck’s Financial Aid office by performing needs analysis
• Finance up to the cost of tuition and mandatory fees (not to exceed $57,000 annually)
• Apply once and secure financing for your entire graduate studies with a unique Line of Credit structure
• Zero origination or pre-payment fees
• Variable interest rate based on Prime Rate plus 4.00% for student only
• 0.50% interest rate discount for borrowers with an approved U.S. co-signer
• Co-signer not required
• Interest is added to principal upon entering repayment
• Flexible repayment options, including full deferment of payments while in school
• 20 or 25 year repayment period, depending on loan balance – or repay early at any time with no penalty
• 6 month grace period prior to entering repayment
• 0.25% rate discount for automatic electronic payment during repayment
• Optional graduated repayment which provides lower payments during the first two years of repayment
• 24/7 Call Center and Online Application
• Loan is granted and held by your not-for-profit credit union – a lender relationship you can trust

Tuck will determine the maximum line of credit amount the student may be eligible to borrow. This is determined by a needs analysis based on a variety of factors, including cost of the program, their ability to contribute, debt levels consistent with successful repayment, and availability of funds. The school reserves the right to limit or decline educational loans or lines of credit on the basis of a student’s overall debt burden, credit history, or other relevant factors.

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Re: Financing your MBA - International Students [#permalink] New post 12 Mar 2012, 05:28
ariel wrote:
I thought I'd get a thread going where international students can discuss their experiences and share tips on securing (cheap) funds for their education, obtaining a study permit, etc.

This thread is open to all international students studying or wishing to study anywhere in the world. However, please kindly limit all discussions to financing and immigration issues only.

It might also be useful to share school-specific intelligence on requirements to obtain a certificate of eligibility to be presented to the student visa issuing authorities.

As a Canadian accepted at a few US schools, I'm a bit baffled at the stringent regulations international students face as well as the lack of cheap and accessible financing.

For instance, Cornell expects international students to show proof of liquid assets in the amount of $142,404. The most troubling part is that they would not allow a US student loan (such as the one they guarantee to all international students) to be used towards the exorbitant amount required. How have others handled this issue?

On the other hand, other schools, such as Ross, only require proof of living expenses for the first year - a far more palatable $8,251.

What are the requirements of the school you will be attending? How did you get around the financing issue?

I would be particularly interested to hear from other Canadians as well, who might be able to provide specific information on Canadian lenders. After speaking with a few of the big banks (BMO, Scotia, TD), I realize that no Canadian bank would underwrite a loan for a student studying outside of Canada unless they have a Canadian co-signer. Also for those living in Ontario, OSAP is shelling out a whooping $210/week of study in TOTAL (including tuition, all incidental expenses, etc). What did you do? How did you handle that part?

Also, has anyone found any good websites indexing private scholarships or any third party financing opportunities?

Any tips, ideas, suggestions, school-specific info would be greatly appreciated!


Really, really annoying to be hit with news like that after you're in. Well looks like it's good-bye Cornell for me too. What's even more annoying is how they never place information like this on their websites. I'm selecting my schools based on whether or not they offer loan programs to international students without a co-signor - so even after restricting myself (good-bye dream school Wharton) - I now have to prepare for being hit with annoying terms as the one given above. GREAT!

I'm sure people who have been looking to apply to Columbia have already seen this on their financial aid website, but if you haven't its pretty useful - www4.gsb.columbia.edu/null/International+Resources?exclusive=filemgr.download&file_id=7218279&showthumb=0
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Re: Financing your MBA - International Students [#permalink] New post 12 Mar 2012, 18:57
We all know that Ross doesn't offer loans for international students wo co-signer this year. What do to do next? Is it possible to contact any banks asking about a direct loan wo co-signer? If yes, what banks should I choose from?

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Re: Financing your MBA - International Students [#permalink] New post 21 Mar 2012, 22:49
ulm wrote:
We all know that Ross doesn't offer loans for international students wo co-signer this year. What do to do next? Is it possible to contact any banks asking about a direct loan wo co-signer? If yes, what banks should I choose from?

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Hi dude , take the list of top-100 banks worlwide and contact them one by one.
Ask your current employer to provide you a loan.

You know, in Moscow there are plenty of financial sources, but the question is would you agree to pay the higher interest?! Check Societe Generale, they provide loans to russian MBA students, but interest rates are high ehough.
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Re: Financing your MBA - International Students [#permalink] New post 11 Jul 2012, 01:37
Hi all, a bit late for this post but did any body figure out a generic option for covering cost of education in US MBA's for Indian/Chinese students? Apart from Kellogg/Wharton/Booth/HBS which have their own programs, is there any other institution in the US which covers our loans?

I heard somebody above got Citibank for the first year at an exorbitant interest rate, which is what I may be forced to do in the end as I'm Indian, but otherwise what else? What about 2nd year?
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Re: Financing your MBA - International Students [#permalink] New post 12 Jul 2012, 01:26
Aximili85 wrote:
Hi all, a bit late for this post but did any body figure out a generic option for covering cost of education in US MBA's for Indian/Chinese students? Apart from Kellogg/Wharton/Booth/HBS which have their own programs, is there any other institution in the US which covers our loans?

I heard somebody above got Citibank for the first year at an exorbitant interest rate, which is what I may be forced to do in the end as I'm Indian, but otherwise what else? What about 2nd year?


Hi Aximili,

I don't think you will find a generic U.S. loan option for international students who don't have U.S. cosigners. If you have a U.S. citizen (or permanent resident) willing to cosign for you then most private student loan options are open for you.

Most top MBA programs however do have loan options for international students which don't require U.S. cosigners. HBS, Stanford, Wharton, Kellogg, Booth, Tuck, Darden, and Johnson are the schools I am aware of having no-cosigner loans. I am sure there are others. Top schools of note which don't have a no-cosigner loan option are Ross and Columbia.

Hope this helps.
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Re: Financing your MBA - International Students [#permalink] New post 30 Jul 2012, 23:09
i am looking financial aid for my distance MBA. Need suggestions.
Thanks in advance
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Re: Financing your MBA - International Students [#permalink] New post 31 Jul 2012, 08:41
Gokhra wrote:
Hi Aximili,

I don't think you will find a generic U.S. loan option for international students who don't have U.S. cosigners. If you have a U.S. citizen (or permanent resident) willing to cosign for you then most private student loan options are open for you.

Most top MBA programs however do have loan options for international students which don't require U.S. cosigners. HBS, Stanford, Wharton, Kellogg, Booth, Tuck, Darden, and Johnson are the schools I am aware of having no-cosigner loans. I am sure there are others. Top schools of note which don't have a no-cosigner loan option are Ross and Columbia.

Hope this helps.


I think without a co-signer, the interest rate from any U.S. based loan may be as much as a student loan from India or Citibank.
You will probably have to weigh your options at that point.
The bottom line unfortunately is :either way you will have to pay a pretty hefty interest on the loan
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Re: Financing your MBA - International Students [#permalink] New post 26 Sep 2012, 13:32
Just keeping this thread active for a second year in a row, thanks first to the OP for bringing this topic up. I was curious to know if you guys had any info on how an international applicant's US credit history impacted securing student loans from the school's credit unions. My background is I am currently on H1B and I have lived in the US for a good 10 years. I have a good credit history. Does this impact the credit rate I might receive should I go for a US loan?

Also, I think this goes without saying that it is important to check if a school offers a loan without co-signer prior to applying. From what I heard last year, McCombs Austin does not offer student loans.
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Re: Financing your MBA - International Students [#permalink] New post 04 Nov 2012, 14:04
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Hello everyone,

I am really glad I found this thread, it is really important and the whole financial aid matter is not explored enough on this forum as much as it is for domestic US students.

Like many international students here, I will not apply to any school I could see myself in because of the financing options. For example, there is no reason for me to apply to Wharton if my country in western Balkans is sanctioned by OFAC on Quorum loans offered by Wharton. The only way for me to finance my MBA is through private loans and scholarship while the personal assets will be just a humble contribution. And if I cannot get aid from the schools, potential admission would not matter to me if I could not attend.

After my research I see it is doable to get these loans but not at all schools. For example, at Duke/MIT you can fully finance your MBA through loans while Columbia does not offer them to international students. I think the key before applying to any school in the USA is knowing your limits (or limits of the school). You simply cannot think the same way Americans do about attending, say, Columbia unless you come from a very wealthy family or country (wealthy countries have better financial markets and better options of getting those loans).

My goal is to find a dream school out of those that offer loans and there is nothing wrong with that. To help some people out, I created a small table about financing options at 14 schools in the US. Some of these schools are of interest to me, some of them I looked into just for my curiosity. The file is attached to this post, you will be able to see the price of the first year, availability of loans, specialization of some schools (not fully researched), and scholarship range I looked from Aringo MBA admission consulting website.

My question for you people is this: I know that if I got into Duke I would be able to get loans for the cost of attendance. Naturally, I would prefer to get a scholarship first and to cover the rest in loans. But, is it realistic to hope for a person (not just me and my profile) to get both scholarship and loans, or it is 1) full loans or 2)partial scholarship while I cover the rest?

p.s. let's keep this topic alive!

EDIT: So a person PMed me with various questions regarding the spreadsheet I created. I realized it is not comprehensible for most people (I do not blame them), so I am editing this post by posting my reply to the person who has sent me his questions. I hope it clarifies things a little more for all of you.

Quote:
First of all, I guess I needed to provide more clarification in that post. I made the spreadsheet more for myself than for other people but I decided to share it. However, I will gladly provide you with the necessary info.

-The colors mean the following: Green means "you can go for it since you can get fully financed without any scholarship", orange means "it is doable but you will need at least some kind of scholarship because there are certain limits to how much you can borrow" while red means "you cannot finance it since you either need a US co-signor or there are other limitations."

-As I mentioned, scholarship range I got is from Aringo MBA consulting website. That means if you get admitted your scholarship could also be significantly higher or lower. It is more of a yardstick, not a definitive scenario. Moreover, it kind of makes sense for Sloan to offer lower scholarships than most schools (although that may not be actually the case), since they guarantee financing to every student in full amount of cost of attendance (COA).

-As far as Kellog is concerned, I do not remember things all that well since I am not all that interested in applying. But I do believe that my info is correct. You should check it on their website. If it is your target school, contact the financial aid office. They could have changed financing options since 2010, such things happen especially in this kind of economy.

-Tuck, YSOM (and I think Johnson was the same scenario). It means that you can borrow up to a full tuition but not total cost of attendance (room, board and fees). Thus, if you received, say, $30K scholarship from those schools it would apply towards tuition cost only. You still have to pay for other costs from your own pocket. Do you see what I mean?

-Anderson is same as three schools above except that you can, to my understanding, receive scholarship for room&board and fees and then apply loans towards tuition. And yes, they do provide loans without co-signor, but not in the full amount of COA.

-"$$$ = Scholarship for room/board to cover the difference" means that you cannot receive scholarship for room/board, only tuition (I kind of said it already). It is just an explanation, like an asterix

-and those four schools I mentioned are my schools I will be looking at. That's all.

-"/" in the scholarship column means that I could not get any info.

Attachments

File comment: A small simple list of schools and their financial aid structure for international students. Scholarship range is based on the info I found on Aringo MBA consulting and scholarship could also be actually smaller and bigger.
MBA Schools.xlsx [11.64 KiB]
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Last edited by Baracuda123 on 16 Nov 2012, 01:38, edited 1 time in total.
Re: Financing your MBA - International Students   [#permalink] 04 Nov 2012, 14:04

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