Loans for International Students
Greetings from warm New Delhi, India! After a whirlwind week of travel in Europe last week, followed by a quick return to Chicago to participate in our Chicago GSB Diversity Live program, I am now spending a few days in India meeting prospective students and GSB alumni. I am traveling with the Polsky Center for Entrepreneurship who is hosting an immersion trip here in India on Entrepreneurship. It's off to a great start.
I know many of you have concerns about what financing options will be out there should you apply to b-school this year. As many of you well know, loan programs for international students without a co-signer at most top-tier programs ended abruptly a few weeks ago due to the credit market crisis that is happening worldwide. As you can imagine, we were all taken by surprise and are actively engaged at the highest levels in the school/university in identifying potential new loan sources for the upcoming year. At Chicago GSB, we remain committed to providing access to loans for all our students regardless of citizenship. What the new program will look like is still a mystery, but we as an institution are committed to providing access.
In the interim (and in between preparing your applications and continuing to work,) I would encourage you to take a look at the various financing opportunities that you may be able to find in your home countries. Rates and terms will vary by location, but it makes sense for you to have this information available so that you can evaluate the terms schools are able to provide for similar loan types when that information becomes available. I recognize that the uncertainty around this situation is uncomfortable, but I would also encourage you to remain positive as we all look to find the best solutions moving forward.
In closing, it is important to remember that your investment in an MBA is a long-term investment. While markets are cyclical, the wisdom, knowledge and experience you will get from obtaining your MBA will help you navigate the many opportunities and challenges over your lifetime. As I learn more information on this topic, I promise to update you here. Warm regards, Rose
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