collegesenior wrote:
fall09 wrote:
jb32 wrote:
For post 400 I wanted to get everyone's thoughts, and this isn't meant to get the international applicants worried or up in arms.
What happens if US business schools can't find loans for international applicants without a co-signer? Does that mean many int'l students won't be able to attend? Do they open more spots for domestic students this year? I'm just curious to get everyone's cause/effect predictions. What do you guys think will happen? What will be the impact on applicants and admissions? Would you guys apply somewhere else outside the US as a safe school in case this scenario does play out?
Thanks guys.
I cannot speak for all International students but those from India should not have a problem.A lot of banks will provide student loans.Infact I got one for my Masters.My Dad was the co-signer.
Am surprised, but interested in this. My sense was that most Indian banks don't lend over INR 2-3 million or $40-60K. The recent depreciation in the Indian (and similar) currency by over 20% doesn't help
Could you please explain who can be a co-signer?
At least for the next several months, we might have to wait and do with understandably general messages from schools that are "committed to diversity", "speaking to MBA leadership" or engaging at the highest levels"
From what I know the maximum amount you can borrow from an Indian bank is Rs 15 Lakh, and that requires collateral.
I've heard HSBC offers a higher amount, if you have collateral equal to the amount of the loan - but at an exorbitant rate of interest.
jb32 wrote:
For post 400 I wanted to get everyone's thoughts, and this isn't meant to get the international applicants worried or up in arms.
What happens if US business schools can't find loans for international applicants without a co-signer? Does that mean many int'l students won't be able to attend? Do they open more spots for domestic students this year? I'm just curious to get everyone's cause/effect predictions. What do you guys think will happen? What will be the impact on applicants and admissions? Would you guys apply somewhere else outside the US as a safe school in case this scenario does play out?
Thanks guys.
There are only few schools in the US which offer loans to international students without a cosigner or US credit history.
Some examples (until recently): HBS Stan Wharton Kellogg Chicago Ross Duke Darden UNC Emory.
A lot of schools did not offer guaranteed loans even when the economy was better (eg: Tepper).
The situation is not very rosy in Europe either. Most top schools don't offer loans to cover entire cost of attendance. Cambridge-Judge I think is one of the few which does. INSEAD and Oxford don't. IESE offers loan for tuition only and LBS offers a maximum of GBP 50,000 for the entire program.
PS: This is probably a big reason why the Indian School of Business, Hyderabad received applications in tonnes (And why their avg GMAT is over the roof). Guaranteed Loan. No F1 VISA needed. Almost guaranteed job. No H1-B VISA lottery tension.
PPS: This probably doesn't make any sense to the American folks out there, but I had to rant somewhere.