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Intern
Joined: 09 Feb 2013
Posts: 20
Own Kudos [?]: 1 [0]
Given Kudos: 3
GMAT 1: 680 Q45 V38
Director
Joined: 26 May 2010
Posts: 719
Own Kudos [?]: 215 [0]
Given Kudos: 642
Location: United States (MA)
Concentration: Strategy
Schools: MIT Sloan - Class of 2015
WE:Consulting (Mutual Funds and Brokerage)
Intern
Joined: 29 May 2013
Posts: 9
Own Kudos [?]: [0]
Given Kudos: 0
Director
Joined: 13 Sep 2011
Status:Can't wait for August!
Posts: 985
Own Kudos [?]: 364 [0]
Given Kudos: 109
Location: United States (MA)
Concentration: Marketing, Strategy
GMAT 1: 660 Q44 V37
GMAT 2: 680 Q45 V38
GMAT 3: 710 Q45 V42
GPA: 3.32
WE:Information Technology (Retail)
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???

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?
Intern
Joined: 23 Oct 2012
Posts: 20
Own Kudos [?]: 4 [0]
Given Kudos: 3
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?
Intern
Joined: 09 Jul 2012
Posts: 49
Own Kudos [?]: 25 [0]
Given Kudos: 29
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?
Director
Joined: 13 Sep 2011
Status:Can't wait for August!
Posts: 985
Own Kudos [?]: 364 [0]
Given Kudos: 109
Location: United States (MA)
Concentration: Marketing, Strategy
GMAT 1: 660 Q44 V37
GMAT 2: 680 Q45 V38
GMAT 3: 710 Q45 V42
GPA: 3.32
WE:Information Technology (Retail)
Baracuda123 wrote:
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)
Intern
Joined: 10 Mar 2009
Posts: 2
Own Kudos [?]: [0]
Given Kudos: 0
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!
Manager
Joined: 28 Feb 2012
Status:Yale SOM 2015!
Posts: 180
Own Kudos [?]: 64 [0]
Given Kudos: 107
Location: United States (MA)
bert384201 wrote:
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!
Director
Joined: 13 Sep 2011
Status:Can't wait for August!
Posts: 985
Own Kudos [?]: 364 [0]
Given Kudos: 109
Location: United States (MA)
Concentration: Marketing, Strategy
GMAT 1: 660 Q44 V37
GMAT 2: 680 Q45 V38
GMAT 3: 710 Q45 V42
GPA: 3.32
WE:Information Technology (Retail)
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.
Intern
Joined: 10 Mar 2009
Posts: 2
Own Kudos [?]: [0]
Given Kudos: 0
Intern
Joined: 19 Apr 2011
Posts: 44
Own Kudos [?]: 12 [0]
Given Kudos: 6
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.
Director
Joined: 13 Sep 2011
Status:Can't wait for August!
Posts: 985
Own Kudos [?]: 364 [0]
Given Kudos: 109
Location: United States (MA)
Concentration: Marketing, Strategy
GMAT 1: 660 Q44 V37
GMAT 2: 680 Q45 V38
GMAT 3: 710 Q45 V42
GPA: 3.32
WE:Information Technology (Retail)
dilbert99 wrote:
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
Intern
Joined: 06 Dec 2010
Posts: 5
Own Kudos [?]: [0]
Given Kudos: 0
dilbert99 wrote:
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.

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!
Manager
Joined: 27 Dec 2012
Posts: 88
Own Kudos [?]: 4 [0]
Given Kudos: 1
Location: United States (TX)
Concentration: General Management, Technology
GMAT 1: 740 Q49 V41
GPA: 3.51
WE:Engineering (Energy and Utilities)
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?
Intern
Joined: 08 Dec 2013
Posts: 1
Own Kudos [?]: [0]
Given Kudos: 0
hi can someone tell me loan options available for international students ?
Intern
Joined: 23 Jan 2013
Posts: 2
Own Kudos [?]: 5 [0]
Given Kudos: 0
Location: United States
Concentration: Finance, General Management
GMAT 1: 690 Q42 V42
WE:Project Management (Insurance)
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?
Intern
Joined: 04 Feb 2014
Posts: 7
Own Kudos [?]: 5 [0]
Given Kudos: 0
Location: India
I am planning for my MBA, but don't have finance,I really appreciate about your government toward you people....
Manager
Joined: 24 Apr 2013
Posts: 146
Own Kudos [?]: 25 [0]
Given Kudos: 22
Location: India
Concentration: Operations, Other
GMAT 1: 710 Q50 V35
GRE 1: Q530 V800
GPA: 3.9
WE:Engineering (Telecommunications)