Financing Your MBA

at which point would you go for a variable rate loan based off of 1 month LIBOR instead of Prime?

would the spread need to be 2.75%, or maybe 3%???

Prime less 0.25% vs LIBOR + 2.75???

How about

Prime less 0.25% vs LIBOR + 2.5? (I'd assume LIBOR on this).

are we expecting libor and prime to stay around 3% apart for the foreseeable future? or should I just go with prime less 0.25% in either case because it'll most likely be more constant?

This question may already be answered somewhere, but when is the best time to apply for grad PLUS loans? Is it too early to apply now?

I had a question regarding the financing option for international students. BTW, after my research on this topic I believe it is about time for international GMAT-clubbers to make a topic only concerning MBA financing for international students - loans, scholarships, fellowships, outside sources, visa issues etc. Obstacles are different and it is not all about what is the best interest rate in current market or what bank is the best lender, although these discussions are much appreciated.

Anyway, to get back to the question. I looked into Kenan-Flagler and really liked the program. Then I glanced at financing options and was happy to hear that it offers no co-signor loans to international students. But to my disappointment, when I downloaded a financial aid brochure I realized that the loans cannot cover living expenses (sigh). So I am guessing that, basically, they expect an Eastern European like me to shell out $29K, which I don't have, each year on top of the loans I would need to get . Basically, the best option for me seems to be to get a co-signor and hope that I would be allowed to borrow money to cover living expenses.

So my question is, are international students with a US co-signor allowed to borrow for living expenses? I have a relatives in US who might be interested to help out (and seem to be well off) but I am not sure how much of a burden would those loans impose on their credit score...any ideas? Oh and what are exactly fellowship?

eek, not only the 50K cap a year but Prime Rate + 5.00% variable with origination fee of 2%. International students have it rough, I would honestly look for other options...

With a cosigner, you can go through a private lender and receive a loan up to the schools total cost (tuition + living expenses and whatever else they roll into it)

Question to those that have already applied for private loans (and especially those receiving the lowest rates):
when applying, are you inputting your current income information (assuming you're still at your job), rent, etc or are you submitting your expected income (for me, that would be zero, unless I estimate next summer's internship earnings)?

Thanks!

I had thought you were supposed to say zero, but then the last private lender I spoke with told me to input my 2012 income because that's what this company used to determine eligibility. However, this lender is a private-public partnership only available to CT residents or those going to school in CT (CHESLA) and it's a flat 5.99% rate for anyone who passes the credit check. So, bottom line, not sure if it's a representative guideline.

When I applied on my own using zero income, I was offered loans for Discover and SallieMae and denied at Chase. The rates I was offered weren't great, though. Best advice I can give is to double check with each lender for their policy--I think my situation was really the exception and you don't want to get into a situation where your loan is revoked for misrepresentation. What a headache that'd be!

I got the lowest rate possible through SallieMae.

What I did (and what SallieMae told me to do)
1 put total HHLD income for 2012 (w2 totals)
2 put current rent
3 GET A COSIGNER!!!! No matter what your credit is, a cosigner with great credit will put you in a much better place

I went the variable route, and got the best possible rate for the payment plan I selected.

thanks guys - very helpful.

Well I can say my experience with Sallie Mae was a waste of time. I applied for a variable rate private loan and their "offer" was a joke - 7% interest rate (their stated range is 2.5-7%, so basically I must be the worst credit out there). I have excellent credit with no debt at all, excellent income (>100k), and a substantial amount of assets. I was literally shocked / insulted to see the interest rate they wanted to charge me.

wow... that is crazy... Sorry to hear that

Don't feel too bad. I had the exact same experience. 780 credit score, 100k+ income, absolutely zero debt, and was quoted a similar rate. What a joke!

I had a question about financial MBAP programs. I know my employers does tuition reimbursement, but the program I am interested in requires that the total tuition of $100k be payed in installments of 25% (basically 25k a semester). I'm not sure who has just 25k sitting out to pay for tuition for a semester, so I am wondering, how do most people pay the tuition for the semester and wait for grades in order to get there employers tuition reimbursement?

hi can someone tell me loan options available for international students ?

I have filled out a FAFSA application, and am now filling out a separate application for my school. The school application requires that I list any car I own as an asset. Does anyone know the effect this will have on my loan eligibility?

I am planning for my MBA, but don't have finance,I really appreciate about your government toward you people....

Have any of the international applicants/admitted folks contacted GLSC regarding a loan w/o co-signer? I didn't get a response from them, though I e-mailed them!

Best
KK

Can you post still more details pls