{"id":19440,"date":"2013-07-03T10:00:12","date_gmt":"2013-07-03T17:00:12","guid":{"rendered":"https:\/\/gmatclub.com\/blog\/?p=19440"},"modified":"2013-07-03T13:40:23","modified_gmt":"2013-07-03T20:40:23","slug":"against-the-odds-indian-mba-applicants-find-a-way-to-pay","status":"publish","type":"post","link":"https:\/\/gmatclub.com\/blog\/against-the-odds-indian-mba-applicants-find-a-way-to-pay\/","title":{"rendered":"Against the Odds: Indian MBA Applicants \u2013 Find a Way to Pay"},"content":{"rendered":"

\"ROI-in-MBA-admissions\"<\/a>A quick survey of total out-of-pocket MBA expenses at some of the world\u2019s top business schools<\/a> may leave you weak in the knees. The range is about $150,000 to over $200,000 USD. That\u2019s before adding in lots of extra costs like travel, computers, and loan interest repayments.<\/p>\n

Now most schools offer some sort of financial assistance. Harvard<\/a>, for example, boasts that 65% of students receive some sort of financial aid.<\/p>\n

But as an Indian applicant, you may have a few additional hurdles ahead as you secure financing for a U.S.-based MBA. The current 1 USD \u2192 60 Indian rupee exchange rate means you\u2019ll have to dig deeper into your bank account to cover costs. You also have fewer resources than U.S. citizens when it comes to securing loans if you choose an American MBA program.<\/p>\n

What are your options then for financing your MBA?<\/p>\n

Personal and family resources, company sponsorships<\/strong><\/p>\n

Most schools suggest you should first rely on your own savings, then assistance or loans from family. For those who\u2019ve been savvy savers or lucky enough to have deep-pocketed relatives, this zero percent interest approach is a great way to start chipping away at your behemoth tuition fees and expenses.<\/p>\n

If you plan to return to the company where you\u2019re currently employed, then ask for a corporate sponsorship! Not only will this cut down on your costs out-of-pocket, but it may also enhance your chances of acceptance. Many one-year and accelerated MBA programs look very favorably on sponsored candidates as it means guaranteed tuition payment, and guaranteed job placement.<\/p>\n

Loans<\/strong><\/p>\n

**Please note that all these resources are suggestions, not endorsements. Loan terms may be subject to change after publication of this blog post. Be sure to verify these sources on your own.**<\/em><\/p>\n

Domestic loans from India<\/em><\/p>\n

Start at home on your hunt for loans. But school financial aid websites can also be a good place to start!<\/strong> Cornell Financial Aid<\/a> has a great website listing domestic loan options specifically oriented to Indian students. Columbia<\/a> also has a page that lists domestic Indian loan and grant options.<\/p>\n

US Federal Student Loans<\/em><\/p>\n

Unfortunately, international students are not eligible for US federal student loans through the Department of Education, unless you are a permanent resident with a green card, or in the case of some other very rare exceptions<\/a>.<\/p>\n

Private US Loans<\/em><\/p>\n

That leaves the private loan market as the only lender source for Indian nationals. It will take dedicated research to identify the right loan provider for your needs. Several US loan programs that did not require a creditworthy U.S. co-signor shut down in the aftermath of the 2008 financial crisis. Deutsche Bank then launched an alternative program in 2009 called ALPS (Affiliated Loan Program for Students) that was embraced by some top MBA programs, but they have since stopped offering loans to new borrowers. Lenders have a tendency to start and stop their programs frequently. It is thus best to confirm directly with schools that a loan program is still in existence before deciding to depend on it as a funding source.<\/p>\n

Private US loans -- no U.S. co-signor<\/em><\/p>\n

Several MBA programs such as Wharton<\/a>, Harvard<\/a>, Stanford<\/a>, Cornell<\/a> and others offer loans through credit unions that do not require a U.S. co-signor. Carefully read the terms of the loan though. Wharton\u2019s program covers only 80% of the first and second year budget. Cornell\u2019s arrangement funds \u201ccost-of-tuition only less any scholarship received.\u201d If you choose this option, you will likely have to cover additional expenses with another funding source.<\/p>\n

Private US loans \u2013 with U.S. co-signor<\/em><\/p>\n

Again, make school financial aid websites your first stop when on the hunt for such lenders. Check out numerous schools\u2019 sites, even if you don\u2019t plan to apply. They may have information on private loan sources that your choice hasn\u2019t mentioned. For example, Cornell<\/a> has a list of resources for private loans requiring a U.S. co-signor. Check it out!<\/p>\n

School grants or fellowships, outside scholarships<\/strong><\/p>\n

If you\u2019re a stand out applicant, it\u2019s likely you\u2019ll be offered some money to attend.<\/p>\n

Schools make this decision as part of the application process. If you don\u2019t receive an offer with your letter of acceptance, it\u2019s likely you won\u2019t be considered for an award. But after you\u2019re accepted, it still never hurts to ask.<\/p>\n

If you do receive money from one school, be careful and tactful about playing schools off each other to get more award money. Each program may have different criteria to determine who gets awards. Money may be available to you at one school, but not another.<\/p>\n

Some schools make additional grants taking your background or nationality into consideration. Stanford just announced the new Reliance Dhirubhai Fellowship<\/a> that covers \u201ceverything for up to 5 Indian students to attend Stanford GSB, and the top 50 finalists for the Fellowship will even receive a break on applying \u2013 submitting Stanford\u2019s application for free.\u201d<\/p>\n

Check out this list of other school fellowships oriented to students from developing countries. And again, scour your top choice schools\u2019 financial aid websites for more information:<\/p>\n

\u2022 Wharton: https:\/\/www.wharton.upenn.edu\/mba\/admissions\/grants-and-fellowships.cfm<\/a><\/p>\n

\u2022 Insead: https:\/\/mba.insead.edu\/schlmgmt\/dsp_schl_info.cfm?schlcode=EC01<\/a><\/p>\n

\u2022 Esade: https:\/\/www.esade.edu\/ftmba\/eng\/fees-and-financing\/need-based-scholarships-programme<\/a><\/p>\n

\u2022 HEC: https:\/\/www.mba.hec.edu\/How-to-apply\/Funding\/(level2)\/281<\/a><\/p>\n

\u2022 IMD (Women): https:\/\/www.imd.org\/programs\/mba\/fees\/scholarships\/Nestle.cfm<\/a><\/p>\n

Finally, here\u2019s a brief list of outside scholarships oriented to Indian students. They\u2019re all competitive, but worth your time to consider.<\/p>\n

\u2022 AAUW (Women): https:\/\/www.aauw.org\/what-we-do\/educational-funding-and-awards\/international-fellowships\/<\/a><\/p>\n

\u2022 Aga Khan Foundation: https:\/\/www.akdn.org\/akf_scholarships.asp<\/a><\/p>\n

\u2022 Fulbright: https:\/\/www.iie.org\/Programs\/Fulbright-Foreign-Student-Program<\/a><\/p>\n

Every penny counts, especially those you don\u2019t have to pay back!<\/p>\n

Stay tuned for the last posts in this series<\/a> \u2026<\/em><\/p>\n

 <\/p>\n

\u2013 Prepare for your job hunt now \u2026 at home or abroad, what\u2019s best<\/em><\/p>\n

\"Michelle<\/a> Michelle Stockman<\/a> is a professional journalist, former Columbia Business School admissions insider, and experienced MBA admissions consultant.<\/em><\/em><\/p>\n

 <\/p>\n

 <\/p>\n

Accepted.com's experienced admissions consultants<\/a> can help you create the most impressive application possible with comprehensive packages<\/a>, <\/i><\/b>or provide targeted assistance from picking perfect programs<\/a> to designing a dazzling resume<\/a>, constructing engaging essays<\/a>, or preparing for intense interview<\/a>s<\/a>\u2026and more! Accepted.com has guided thousands of applicants to acceptances at top MBA programs since 1994 \u2013 we know what works and what doesn't, so contact us<\/a> to get started now!<\/p>\n

This article originally appeared on the Accepted Admissions Consulting Blog<\/a>, the official blog of Accepted.com.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A quick survey of total out-of-pocket MBA expenses at some of the world\u2019s top business schools may leave you weak in the knees. The range is about $150,000 to over…<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,6,1,939,775,113],"tags":[189,177,537,506,1149,521],"class_list":["post-19440","post","type-post","status-publish","format-standard","hentry","category-mba","category-current-events","category-uncategorized","category-accepted","category-admission-consultants","category-applications","tag-international","tag-international-student","tag-international-students","tag-loans","tag-paying-for-your-mba","tag-student-loans","entry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/19440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/comments?post=19440"}],"version-history":[{"count":3,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/19440\/revisions"}],"predecessor-version":[{"id":19445,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/19440\/revisions\/19445"}],"wp:attachment":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/media?parent=19440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/categories?post=19440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/tags?post=19440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}