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Financing Your MBA

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Manager
Manager
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Joined: 13 Jul 2013
Posts: 51

Kudos [?]: 15 [0], given: 8

Location: United States
Concentration: General Management
Schools: Tepper '16 (M)
GMAT 1: 720 Q47 V42
GPA: 3.45
WE: Business Development (Energy and Utilities)
Re: Financing Your MBA [#permalink]

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New post 02 Jun 2014, 07:28
brandon432 wrote:
^yup. Mine are split between Discover (4% var. after discounts, full deferral) and CharterOne (3.25 var., interest only in school). CharterOne's servicer FirstMark is a PITA, but the rate makes it worthwhile. Discover is easy all around.

Sterling credit, good income at time of app, wife co-signed.

If you're shopping loans, keep in mind all apps for student debt within 30 days only count as a single hard inquiry for credit scoring purposes. Apply everywhere at once.

Posted from my mobile device


This is good to know - thanks.

Sallie Mae and Discover both quoted me variable interest around 7%, which seems ridiculous to me considering my credit score, income/debt ratio, etc. My undergrad loans were ~3.5%. I'm not sure if it's a sign of the economy getting better or if grad loan borrowing is more stringent from private lenders.

At this point I'm better off doing Federal Stafford loans with the origination fee and the 5.41% interest. I'll have to check out Charter One.

Thanks again - please keep me in the loop if anyone finds rates more competitive than Federal Loans.

Kudos [?]: 15 [0], given: 8

Current Student
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Joined: 30 Jan 2010
Posts: 301

Kudos [?]: 141 [0], given: 73

Location: United States
Concentration: Strategy, Economics
Schools: Chicago Booth - Class of 2015
WE: Project Management (Real Estate)
Re: Financing Your MBA [#permalink]

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New post 02 Jun 2014, 07:35
Don't forget you can only get Staffords for $20,500/year.

Did you apply with a consigner? I think that contributed quite a bit to my low rates.

Posted from my mobile device

Kudos [?]: 141 [0], given: 73

Manager
Manager
avatar
Joined: 13 Jul 2013
Posts: 51

Kudos [?]: 15 [0], given: 8

Location: United States
Concentration: General Management
Schools: Tepper '16 (M)
GMAT 1: 720 Q47 V42
GPA: 3.45
WE: Business Development (Energy and Utilities)
Re: Financing Your MBA [#permalink]

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New post 02 Jun 2014, 07:49
brandon432 wrote:
Don't forget you can only get Staffords for $20,500/year.

Did you apply with a consigner? I think that contributed quite a bit to my low rates.

Posted from my mobile device


I applied for the Sallie Mae loan with a cosigner (was quoted the same rate with and w/o). Discover was quoted w/o cosigner. I'll try to get a cosigner for the others. Thanks again, good info to know that competitive rates are out there.

Kudos [?]: 15 [0], given: 8

Senior Manager
Senior Manager
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Status: busyness school student
Joined: 09 Sep 2013
Posts: 419

Kudos [?]: 306 [0], given: 145

Location: United States
Schools: Tepper '16 (M)
GMAT 1: 730 Q52 V37
Premium Member
Re: Financing Your MBA [#permalink]

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New post 02 Jun 2014, 09:18
Definitely check out Citizens Bank (CharterOne). My variable loan rates for Sallie Mae/Discover/CitizensBank were about 7/4/2 %. And as Brandon mentioned, definitely try to find a co-signer - they can only help (in terms of interest rates).
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Kudos [?]: 306 [0], given: 145

Current Student
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Joined: 30 Jan 2010
Posts: 301

Kudos [?]: 141 [0], given: 73

Location: United States
Concentration: Strategy, Economics
Schools: Chicago Booth - Class of 2015
WE: Project Management (Real Estate)
Re: Financing Your MBA [#permalink]

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New post 02 Jun 2014, 16:03
It's also possible the landscape has shifted in the 10 months or so since I've applied. I'm waiting until July or August to apply for next year to see how some scholarships and my full-time employment offer shake out, so I won't be able to update until then.

Kudos [?]: 141 [0], given: 73

Intern
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Joined: 10 Jun 2014
Posts: 7

Kudos [?]: [0], given: 0

Re: Financing Your MBA [#permalink]

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New post 10 Jun 2014, 17:56
Great advice! Thanks for sharing!!

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Manager
Manager
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Joined: 06 Feb 2013
Posts: 59

Kudos [?]: 11 [0], given: 7

Location: United States
Concentration: International Business, Strategy
Re: Financing Your MBA [#permalink]

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New post 16 Jun 2014, 13:13
Wanted to share this article I just read from the CEO of SoFi on taking out fed loans vs private loans

https://www.sofi.com/blog/still-school- ... -graduate/

Kudos [?]: 11 [0], given: 7

Intern
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Joined: 18 Jun 2014
Posts: 6

Kudos [?]: 1 [0], given: 2

Schools: HBS '16 (M)
Re: Financing Your MBA [#permalink]

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New post 18 Jun 2014, 20:36
The Perkins loan is really ideal if you are able to qualify for it. Definitely look into that!

Kudos [?]: 1 [0], given: 2

Intern
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Joined: 03 Dec 2014
Posts: 4

Kudos [?]: 5 [0], given: 1

Re: Financing Your MBA [#permalink]

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New post 09 Dec 2014, 20:13
hey guys,

i was planning to start my applications for the class of 2018 (US b schools only) next year and was doing research on the financing options. i have the following questions:

1. could someone provide an estimate of any minimum amount that the students are asked to contribute by the lenders? for e.g. i was reading that wharton's loan programme only covers 80% of the total budget. would this mean that the remaining 20% would have to be contributed by the student.

2. another question which i wanted to ask is about the extent to which living expenses can be covered by the loans, if at all they are covered. what amount can be expected to be approved by the lenders under the head living expenses? is there a benchmark which lenders follow or do lenders only approve the total loan amount and the student has the discretion to allocate the funds between tuition and living expenses?

lately, i have been doing a lot of research on the above topics but have not been able to come across a definitive answer to my queries. i am new to this area so request your consideration if the questions are silly.

p.s. i am an international applicant

Kudos [?]: 5 [0], given: 1

Manager
Manager
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Joined: 30 Aug 2010
Posts: 144

Kudos [?]: 66 [0], given: 2

GMAT ToolKit User
Re: Financing Your MBA [#permalink]

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New post 09 Dec 2014, 22:42
devashishgmat wrote:
hey guys,

i was planning to start my applications for the class of 2018 (US b schools only) next year and was doing research on the financing options. i have the following questions:

1. could someone provide an estimate of any minimum amount that the students are asked to contribute by the lenders? for e.g. i was reading that wharton's loan programme only covers 80% of the total budget. would this mean that the remaining 20% would have to be contributed by the student.

2. another question which i wanted to ask is about the extent to which living expenses can be covered by the loans, if at all they are covered. what amount can be expected to be approved by the lenders under the head living expenses? is there a benchmark which lenders follow or do lenders only approve the total loan amount and the student has the discretion to allocate the funds between tuition and living expenses?

lately, i have been doing a lot of research on the above topics but have not been able to come across a definitive answer to my queries. i am new to this area so request your consideration if the questions are silly.

p.s. i am an international applicant


I am not an international student, but this is my understanding of the process.

As an international student, you will have to take it on a school-by-school basis. Unfortunately, you are not eligible for the government loans that many US students will take. This means that you will have to go with private loans from banks like a Wells Fargo. The additional complexity is the cosigner - in general, international students who take out private loans needs to have a US citizen with good creditworthiness sign with them. There are some no-cosigner loans available as well, but these are harder to come by. Check out Prodigy Finance for an example of this. n addition, many international students rely on family funds, personal savings, government or company sponsorships, and/or loans secured in their home countries.

This part I am less certain is applicable to you, but for American students, we can borrow public and private loans at a student rate up to the published school budget. Here's Columbia's for instance:

Tuition: $63,148
Mandatory fees: $3,531
Health services and insurance: $3,392
Books and supplies: $900
Room and board: $20,700
Personal expenses: $4,797
Total first-year budget: $96,468

What basically happens is that Columbia first subtracts out any scholarships, grants or sponsorships that you receive. The remainder is your responsibility. Say those things cover $56,468. You then have $40,000 outstanding. You can either pay for this out of pocket, or take out loans at the student rate up to this amount.

Hope this helps.

Kudos [?]: 66 [0], given: 2

Intern
Intern
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B
Joined: 11 Nov 2012
Posts: 40

Kudos [?]: 4 [0], given: 2

Location: Russian Federation
Concentration: General Management, Strategy
GMAT 1: 640 Q46 V32
GPA: 3.15
WE: Analyst (Manufacturing)
Reviews Badge
Re: Financing Your MBA [#permalink]

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New post 12 Dec 2014, 16:44
Hey guys,
I was recently admitted to business school. I was saving up for it but unfortunately all of my savings got deprciated by 70% due to the inflation in Russia, so I am not able to pay even for 1 year. That's a real dissapointment.
I still don't know about the scholarship. I deffered my admission so they will tell me about the scholarship by the time of releasing their decisions to the rest of the applicants. However, I don't count that. If I get any then it's okay. If not then not.
The most important part is that this university provides assistantships with tuition waivers to the students. I want to ask the department about that.

So my question to you guys is: would it be okay to contact the school and tell them about this unfortunate situation of mine and to ask if they can provide me with an assistantship?
I am concerned that this question would seem tactless.

Thanks!

Kudos [?]: 4 [0], given: 2

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Manager
Manager
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Joined: 30 Aug 2010
Posts: 144

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Re: Financing Your MBA [#permalink]

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New post 12 Dec 2014, 16:47
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bakavoice wrote:
Hey guys,
I was recently admitted to business school. I was saving up for it but unfortunately all of my savings got deprciated by 70% due to the inflation in Russia, so I am not able to pay even for 1 year. That's a real dissapointment.
I still don't know about the scholarship. I deffered my admission so they will tell me about the scholarship by the time of releasing their decisions to the rest of the applicants. However, I don't count that. If I get any then it's okay. If not then not.
The most important part is that this university provides assistantships with tuition waivers to the students. I want to ask the department about that.

So my question to you guys is: would it be okay to contact the school and tell them about this unfortunate situation of mine and to ask if they can provide me with an assistantship?
I am concerned that this question would seem tactless.

Thanks!


100% yes! The worse they can do is say no.

Kudos [?]: 66 [1], given: 2

Intern
Intern
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Joined: 11 Nov 2012
Posts: 40

Kudos [?]: 4 [0], given: 2

Location: Russian Federation
Concentration: General Management, Strategy
GMAT 1: 640 Q46 V32
GPA: 3.15
WE: Analyst (Manufacturing)
Reviews Badge
Re: Financing Your MBA [#permalink]

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New post 13 Dec 2014, 10:17
QiuYidio wrote:
bakavoice wrote:
Hey guys,
I was recently admitted to business school. I was saving up for it but unfortunately all of my savings got deprciated by 70% due to the inflation in Russia, so I am not able to pay even for 1 year. That's a real dissapointment.
I still don't know about the scholarship. I deffered my admission so they will tell me about the scholarship by the time of releasing their decisions to the rest of the applicants. However, I don't count that. If I get any then it's okay. If not then not.
The most important part is that this university provides assistantships with tuition waivers to the students. I want to ask the department about that.

So my question to you guys is: would it be okay to contact the school and tell them about this unfortunate situation of mine and to ask if they can provide me with an assistantship?
I am concerned that this question would seem tactless.

Thanks!


100% yes! The worse they can do is say no.


Well, it makes sense. What's the worst that can happen? Not more than them saying "no".
Thank you! :)

Kudos [?]: 4 [0], given: 2

Intern
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Joined: 03 Dec 2014
Posts: 4

Kudos [?]: 5 [0], given: 1

Re: Financing Your MBA [#permalink]

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New post 14 Dec 2014, 01:13
QiuYidio wrote:
devashishgmat wrote:
hey guys,

i was planning to start my applications for the class of 2018 (US b schools only) next year and was doing research on the financing options. i have the following questions:

1. could someone provide an estimate of any minimum amount that the students are asked to contribute by the lenders? for e.g. i was reading that wharton's loan programme only covers 80% of the total budget. would this mean that the remaining 20% would have to be contributed by the student.

2. another question which i wanted to ask is about the extent to which living expenses can be covered by the loans, if at all they are covered. what amount can be expected to be approved by the lenders under the head living expenses? is there a benchmark which lenders follow or do lenders only approve the total loan amount and the student has the discretion to allocate the funds between tuition and living expenses?

lately, i have been doing a lot of research on the above topics but have not been able to come across a definitive answer to my queries. i am new to this area so request your consideration if the questions are silly.

p.s. i am an international applicant


I am not an international student, but this is my understanding of the process.

As an international student, you will have to take it on a school-by-school basis. Unfortunately, you are not eligible for the government loans that many US students will take. This means that you will have to go with private loans from banks like a Wells Fargo. The additional complexity is the cosigner - in general, international students who take out private loans needs to have a US citizen with good creditworthiness sign with them. There are some no-cosigner loans available as well, but these are harder to come by. Check out Prodigy Finance for an example of this. n addition, many international students rely on family funds, personal savings, government or company sponsorships, and/or loans secured in their home countries.

This part I am less certain is applicable to you, but for American students, we can borrow public and private loans at a student rate up to the published school budget. Here's Columbia's for instance:

Tuition: $63,148
Mandatory fees: $3,531
Health services and insurance: $3,392
Books and supplies: $900
Room and board: $20,700
Personal expenses: $4,797
Total first-year budget: $96,468

What basically happens is that Columbia first subtracts out any scholarships, grants or sponsorships that you receive. The remainder is your responsibility. Say those things cover $56,468. You then have $40,000 outstanding. You can either pay for this out of pocket, or take out loans at the student rate up to this amount.

Hope this helps.


thanks. this was helpful.

Kudos [?]: 5 [0], given: 1

Current Student
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Joined: 27 Mar 2013
Posts: 42

Kudos [?]: 19 [0], given: 10

Location: United States
Concentration: Strategy, Entrepreneurship
GMAT 1: 710 Q48 V40
GPA: 3.25
WE: General Management (Energy and Utilities)
GMAT ToolKit User
Re: Financing Your MBA [#permalink]

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New post 02 Jan 2015, 09:43
Has anyone ever heard of accepting admission offers last minute in an effort to have scholarship money thrown at you?? My friend just had it work for him with law school. I wasn't sure if anyone had ever heard of it for B-school.

Thanks!

Kudos [?]: 19 [0], given: 10

Current Student
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Joined: 23 Dec 2013
Posts: 60

Kudos [?]: 16 [0], given: 0

Location: United States
Concentration: Finance, Strategy
GMAT 1: 720 Q49 V38
GPA: 3.1
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Re: Financing Your MBA [#permalink]

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New post 20 Jan 2015, 18:20
CharlieHorse wrote:
Has anyone ever heard of accepting admission offers last minute in an effort to have scholarship money thrown at you?? My friend just had it work for him with law school. I wasn't sure if anyone had ever heard of it for B-school.

Thanks!


No. Some schools will hand out more scholarships when students with scholarships decline their offers. But, the next batch of scholarship offers are probably independent of whether or not they have accepted offers. In a down year that might be the case from all I've heard applications appear to be up at most schools and there are plenty of applicants on the wait-list who would gladly take your spot. That being said it's like comparing european options to american options... there is some time-value... it doesn't cost you anything to wait until the last minute.

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Joined: 01 Mar 2013
Posts: 27

Kudos [?]: 10 [0], given: 4

Location: United States
Concentration: Technology, Strategy
GMAT Date: 10-30-2013
GPA: 3.3
WE: Marketing (Advertising and PR)
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Re: Financing Your MBA [#permalink]

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New post 20 Mar 2015, 08:17
Hi,

I received financial aid offer and wanted to know if you could take out a loan for the scholarship that had been awarded.

e.g. cost of attendance is 60k, there's a 20k scholarship so that leaves me with 40k of loans. Can I still get the 20k scholarship as a loan privately?

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Current Student
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Joined: 30 Jan 2010
Posts: 301

Kudos [?]: 141 [0], given: 73

Location: United States
Concentration: Strategy, Economics
Schools: Chicago Booth - Class of 2015
WE: Project Management (Real Estate)
Re: Financing Your MBA [#permalink]

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New post 20 Mar 2015, 08:30
No. For federal or private loans, the school still has to certify. They won't certify more than the COA less scholarships.

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Joined: 01 Mar 2013
Posts: 27

Kudos [?]: 10 [0], given: 4

Location: United States
Concentration: Technology, Strategy
GMAT Date: 10-30-2013
GPA: 3.3
WE: Marketing (Advertising and PR)
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Re: Financing Your MBA [#permalink]

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New post 20 Mar 2015, 08:34
brandon432 wrote:
No. For federal or private loans, the school still has to certify. They won't certify more than the COA less scholarships.


With that in mind, how can I get the school to increase my cost of attendance? I don't have a child but would have significant travel and family costs.

Kudos [?]: 10 [0], given: 4

Current Student
avatar
Joined: 30 Jan 2010
Posts: 301

Kudos [?]: 141 [0], given: 73

Location: United States
Concentration: Strategy, Economics
Schools: Chicago Booth - Class of 2015
WE: Project Management (Real Estate)
Re: Financing Your MBA [#permalink]

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New post 20 Mar 2015, 09:35
The short answer is that you likely can't. Schools typically have a petition/appeals process, but I don't have any firsthand knowledge.

Why do you think the COA will be insufficient?

Kudos [?]: 141 [0], given: 73

Re: Financing Your MBA   [#permalink] 20 Mar 2015, 09:35

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