A thread for applicants from over-represented pools

I know someone who put together 6 applications for R2. She said it was hellish. However, she was very successful and gained admission to 4 out of 6. It is definitely possible to do 6 applications in 3 months, but just because something is possible doesn't mean that YOU should do it. It's like deciding to run a full marathon simply because it's possible for the human body to run 26.2 miles, but you've never even run a mile before. It's not gonna happen. And this is exactly what you're trying to do with your "bomb every school in the top 15 with an application" approach. I don't care if you split these schools between rounds, you are NOT ready to even begin working on your applications.
1. You have yet to take the GMAT
2. You have barely researched schools
3. You don't know your post MBA goals and have done minimal research to figure them out. You have a kitchen sink career goal (combine consulting, engineering, and corporate finance) that throws together unrelated parts of your background and probably doesn't even exist in the real world. You need to learn about different career options before you can even think about writing how you're going to get to them. This alone can take several weeks.
4. You haven't strengthened your candidacy for the caliber of schools to which you want to apply

I am not trying to be a Debbie Downer but you haven't put in the legwork necessary to be able to rattle off 6-7 applications in one round. You need to take a more realistic approach because while you firmly believe that if you apply to 12-15 schools at least one of them has to let you in, that is not the case at all. Submit 15 applications that are as haphazard as your current plan is and you will receive 15 rejections. Admissions are NOT a game of probability. Crappy applications do not have a higher chance of gaining an admit the more schools you apply to. The application has to be GOOD first to even have a chance to play the odds. I sincerely think you're overestimating 1) the ease of putting together a quality application and 2) your candidacy as it stands.

Also please do not assume that just because you write well that you can write good bschool essays. I have seen beautifully written essays that are absolutely terrible (str1der can tell you about the early drafts of my career goals essays). It can take weeks of writing and rewriting to get even ONE essay submission ready, let alone 3-4 essays each for 6-7 schools (and don't think you can just copy paste and be done with it).

As I said before you will probably only truly like 6-7 of the schools you are "targeting." Figure out which schools these are and thoroughly prepare R2 apps for only these schools. R2 deadlines are about 6 months from now. In that time you should be able to take (and possibly retake) the GMAT, research and solidify your career goals, coach your recommenders, and maybe even take on additional responsibility at work. Unless something drastically changes this instant, you will not be ready for R1.

Well, actually I've not started writing the career goals essays yet. I'm working on the other essays until the L1 result is out. Once, that result is out, I'll think about what to do with the career goals essays.

I was just checking if I could link the different aspects of my background and so far it seems that it won't be a very good idea since that won't make any sense. So ultimately it all boils down to my reporting the CFA L1. I will decide on that once the result is out.

On a slightly unrelated topic, yet one pertinent to all of us international "over-represented pool" students, how are you guys planning on financing an American MBA?

One needs a US citizen cosigner for American B-school loans, and our local government banks won't cover educational loans of that magnitude.

What are you guys planning? I know a handful of schools (Kellogg etc.) help students get loans, but the majority don't..

What's everyone's fallback?
-A

Wharton:

Wharton is pleased to announce a new partnership with Quorum Federal Credit Union that will provide a non-cosigned loan product for incoming international students. This loan program does not require a U.S. cosigner, and specific information on this program will be made available after students are admitted. Some U.S. banks will also permit international students to borrow through them provided the student has a creditworthy U.S. citizen cosigner.

Please Note (OFAC Sanctions): In accordance with mandatory federal regulatory guidelines, students from the United States Treasury Department’s Office of Foreign Assets (OFAC) sanctioned countries are not eligible for the private education line of credit through Quorum Federal Credit Union. If you are an applicant from these countries, please complete a thorough search of funding opportunities to help with the cost of attendance at Wharton.

https://www.wharton.upenn.edu/mba/admiss ... ograms.cfm

Stanford:


The Stanford University Graduate School of Business has partnered with the Star One Credit Union to provide private educational lines of credit to international Business School students. There may be other private educational loans for international students. However, many private educational loans do not offer the combination of relatively low interest rates with the possibility of not requiring a US co-signer for the loan.

Please Note: Star One Credit Union will not approve a line of credit for international students who are from countries listed on the United States Treasury Department's Office of Foreign Assets Control (OFAC) list of programs and countries with Financial Sanctions. The list of countries include Western Balkans (Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Kosovo, Albania, FYR of Macedonia), Belarus, Myanmar (Burma), Cote d’Ivoire (Ivory Coast), Cuba, DR Congo, Iran, Iraq, Lebanon, Libya, North Korea, Somalia, Sudan, Syria, and Zimbabwe.

https://www.gsb.stanford.edu/mba/financi ... loans.html

Harvard:

Harvard University has partnered with the Harvard University Employees Credit Union (HUECU) to provide private educational loans to international students with no co-signer for 2012-2013. There may be other private educational loans for international students, and we urge all students to investigate their home country and/or country-of-residence loan options.

OFAC Sanctions Note: Lenders based in the United States (including HUECU) may not be able or willing to make loans to students from countries on the United States Treasury Department's Office of Foreign Assets Control (OFAC) Sanctions; or to individuals identified by name, or related to or connected with anyone on the Specially Designated Nationals List. All applicants from these countries are strongly cautioned to be prepared to make their own financial arrangements to attend HBS

https://www.hbs.edu/mba/admissions/loans ... ional.html

Kellogg:

The option to borrow with a non-US co-signor is there. You can borrow with a co-signor in your home country.

https://www.northwestern.edu/sfs/student ... erest.html

Chicago Booth:

Chicago Booth is committed to providing financing opportunities for all students regardless of their citizenship and has loan programs available for students without U.S. co-signers. More specific information regarding these programs will be made available via the admitted students website upon admission to the program.

https://www.chicagobooth.edu/fulltime/ad ... alaid.aspx

You may also refer to the following thread:

financing-your-mba-international-students-95916.html

Thank you Finamster, very helpful.. but my understanding is that these are limited to specific schools, other programs don't have these offers.. there seems to be no generic fall-back for other schools.

I just mailed CBS, MIT, and TUCK and sought more info from them.

As far as Harvard, Stanford, Wharton, Kellogg, and Booth are concerned, the answer is in the positive.

I suggest you too take a similar approach. What do you care about the schools you're not going to apply to?

BTW, I would not worry too much about a few percentage points on interest here and there. When you look at what an MBA from a top school will give you in the long-term, it doesn't really matter much.

NYU Stern:

UFSB Stern International Loan
The NYU Stern School of Business has collaborated with The First Marblehead Corporation and Union Federal Savings Bank to create a loan program for eligible international Stern graduate students with no co-signer required. For more information, please contact the Stern Graduate School financial aid office at fin-aid@stern.nyu.edu or call us at 212-998-0790.

Disclaimer: Mr. William R. Berkley, a Vice Chair and Trustee of NYU, is Lead Director and a shareholder of The First Marblehead Corporation, which is the facilitator of this loan program and the parent company of both the lender, Union Federal Savings Bank, and the loan processor, First Marblehead Education Resources, Inc. Mr. Berkley disclosed his relationships to both NYU and First Marblehead, and has confirmed that he has not participated and will not participate in any aspect of the loan program on behalf of NYU, First Marblehead or their affiliates. NYU's Board of Trustees followed its conflict of interest policy in approving this loan program and will continue to follow such policy as it may apply in connection with this loan program.

https://www.stern.nyu.edu/portal-partner ... /index.htm

haha good point, that's why i disregarded your first mail actually
Jokes apart, yes I agree if its the difference between 6 and 8% one can overlook, its when its 7 and 11% that I start sweating a bit, hard to look beyond MBA right now when I'm thinking of shelling out half of my savings for one StacyBlackman essay and the other half for school visits.. =(

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