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Financing Your MBA

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Re: Financing Your MBA [#permalink]

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New post 20 Mar 2015, 09:37
brandon432 wrote:
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?


For networking and trips abroad with the school. Mainly just commuting to NYC for networking events every month which isn't factored into the COA and will likely rack up a decent amount for me.

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New post 20 Mar 2015, 09:51
I doubt schools will increase the COA for those reasons, because they're discretionary.

Have you actually put together a real budget? I'm sure you can "find" money in other lines. For Booth anyways, some of the numbers are pretty generous.

$2,100 for books - I probably spent less than $300/year, and most of that was the $25/class coursepack fees.
$1,500 rent - I am married with a kid. We have a very nice, huge 2BD with garage parking and pay less than $2,400 for rent/elect/gas/cable/internet. So "my share" is less than $1,200.
$1,800 for computer - Don't buy a new one if you don't actually need one.
$600/mo for food - Grocery shop. We cook 3-4 nights a week, eat out every weekend, and spend <$400/ea.

That's almost $10k savings right there. If you go through that exercise for every line, I'm sure you can find a few grand for travel. Don't spend the max on your fixed costs just because COA breakdown gives a budget for $1,500 in rent.

Also, don't forget you'll have a salary over the summer (could be $22-27k) which doesn't count against the COA. Coupled with whatever savings you're coming in with, that should be more than enough to get you through.

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New post 08 Apr 2015, 14:50
brandon432 wrote:
I doubt schools will increase the COA for those reasons, because they're discretionary.

Have you actually put together a real budget? I'm sure you can "find" money in other lines. For Booth anyways, some of the numbers are pretty generous.

$2,100 for books - I probably spent less than $300/year, and most of that was the $25/class coursepack fees.
$1,500 rent - I am married with a kid. We have a very nice, huge 2BD with garage parking and pay less than $2,400 for rent/elect/gas/cable/internet. So "my share" is less than $1,200.
$1,800 for computer - Don't buy a new one if you don't actually need one.
$600/mo for food - Grocery shop. We cook 3-4 nights a week, eat out every weekend, and spend <$400/ea.

That's almost $10k savings right there. If you go through that exercise for every line, I'm sure you can find a few grand for travel. Don't spend the max on your fixed costs just because COA breakdown gives a budget for $1,500 in rent.

Also, don't forget you'll have a salary over the summer (could be $22-27k) which doesn't count against the COA. Coupled with whatever savings you're coming in with, that should be more than enough to get you through.


Do they give you that amount? after they pay off all tuition?

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New post 08 Apr 2015, 17:22
Basically, yes. Here's a very simple example:

1. You accept loans for the entire COA. Let's call it $99,000.
2. One third ($33,000) of that is disbursed directly to the school in September for the first quarter.
3. Your tuition and fees for the first quarter are $19,500.
4. The school credits your account and then refunds the remainder ($13,500) to you .
5. You have to budget that to last through the quarter.

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New post 08 Apr 2015, 23:25
Hey guys,

As an international student, I really want some clarity on what my living expenses (excluding rent) maybe per month. Just wanted some light on how an average MBA student spends. Could anyone help me in this? If anyone can talk about Atlanta in particular, it'll be even better!

Thanks!
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New post 09 Apr 2015, 19:28
Can't help with Atlanta. Maybe this post will help - how-much-do-you-really-spend-in-business-school-168796.html#p1345126

Your best data source is probably current students. Try to connect via email or ask at admit weekend.

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New post 05 May 2015, 04:05
Hi there,

Finding ways to finance your MBA can be challenging depending on the personal situation (availability of other sources of finance, amount of personal savings, current standing of the loan seeker etc.). I come from Eastern Europe where very limited number of sources of finance were available for financing my INSEAD MBA. The only alternative to local banks, out of which many could only offer 10.000 EUR or so, was Prodigy Finance. I got the amount I requested; the entire procedure was very efficient and the terms and conditions were fair. Please note that this solely relates to my case: in some countries, you may encounter more alternatives to Prodigy Finance. A great relief was the fact that I got to loan without a co-signer.

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New post 11 May 2015, 09:52


Webinar: How to Pay for Your MBA


Date: May 19th, 2015. Tuesday
Time: 4 PM Pacific Time

Learn how to understand the full cost of attending business school, identify sources of financing, and the calculations you need to know.

Julianna Young, VP of Operations at CommonBond, will teach you:
- How to understand the full cost of attendance.
- How to identify sources of support—scholarships, loans, and more.
- The mechanics of lending – the terms and calculations you need to know
... and much more!

Register now to learn how to pay for your MBA.
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New post 07 Jul 2015, 09:11
I finished the GMAT last month and ended up with a 730 total score and a 49Q. I am 23 years old with 2.5 years of background in corporate finance in the education industry. I didn't graduate from a top 50 school, but managed to graduate with a 3.98 GPA taking courses initially in Athletic Training before switching majors to Business Administration at the end of my 1st semester sophomore year.

My dream school is HBS, but I am also very interested in Tuck, Booth, Yale SOM, and Darden.

Given my initial statistics, what are my chances of gaining admissions? Is my undergraduate school selection going to hurt me? Is it something I should address in my application?

I'm relatively new to this whole process and have so many questions. I've been researching a lot, but it seems everyone has a different answer to how everything works. The finance issue is where I have the most questions.

How much cash should I save before entering the program? I'm in the process of getting my applications together to apply in Round 1 now, but I'd only have a measly 6k saved at the time of matriculation. I don't mind financing my cost of living and tuition if the ROI is there. Will 6k in cash be enough for spending money and misc expenses? If I wait another year I will have saved roughly 16k by the time of matriculation. I'm assuming you can finance expenses such as rent and food, please correct me if I am wrong. Another important note to consider: I'll be moving with my fiance and our two dogs, can you finance housing for a situation such as this?

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How much cash should I save before entering the program? I'm in the process of getting my applications together to apply in Round 1 now, but I'd only have a measly 6k saved at the time of matriculation. I don't mind financing my cost of living and tuition if the ROI is there. Will 6k in cash be enough for spending money and misc expenses? If I wait another year I will have saved roughly 16k by the time of matriculation. I'm assuming you can finance expenses such as rent and food, please correct me if I am wrong. Another important note to consider: I'll be moving with my fiance and our two dogs, can you finance housing for a situation such as this?


- How much to save? The more, the better.

- Is $6k enough for spending and misc. expenses? Depends what things (e.g. rent/food) you're not including elsewhere. Probably not.

- Waiting another year? If the ROI for an MBA exists, waiting another year for $10k cash probably doesn't make sense.

- Financing expenses? You can finance 100% of the published cost of attendance, which is published on each school's website and varies among schools. This includes tuition, fees, books, rent, utility, food, a laptop allowance, personal care expenses, etc. It doesn't include travel, big nights out at the bar, etc. Most people find ways to save on the first list to have money for the second list. People definitely make it work within this constraints, but you'll have to have a good plan/budget. Also, don't forget that you'll have an intern salary ($10-15k for corporate roles up to $25-30k for consulting/banking).

- Fiance? So you have some household income. I did too (also a child). That helps.

- Financing housing? I have classmates who bought houses/condos because it was cheaper than renting. Cash flow is probably the most important consideration though.

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New post 09 Jul 2015, 06:51
thanks for the info

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New post 30 Jul 2015, 07:55
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Hi guys,

One option is to get a regular student loan and then refinance it with companies that work specifically with MBA's such as CommonBond and Sofi.

As far as I know, they are both great and offer very good rates for MBA loan refinancing. It might be a good idea to talk to them b4. I'm not sure if you can get a loan directly from them though... I believe they only refinance, but find out.

Hope this helps.

On another note, you guys should check out a site called pymetrics. They are a neuroscience game-based career assessment platform that matches you with industries, companies and ultimately real internship and job opportunities. I found my summer internship through them and thought they were awesome. Wish I had heard about them b4 entering b-school.

http://bit.ly/1JxEviS

Good luck!

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New post 26 Aug 2015, 13:00
could anyone mention suitable scholarship options for non-US people studying in the US? Thx a lot!

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New post 26 Aug 2015, 13:04
I hope it has not mentioned. If yes, I apologoize and maybe you could refer me to that post. thx!

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New post 18 Nov 2015, 06:59
Graduate PLUS Loan is a loan limited to graduate students. While it has terms similar to and takes its name from the Federal Parent Loan for Undergraduate Students (PLUS).
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New post 20 Dec 2015, 22:18
So I will be funding my MBA through a combination of loans and parental support, and have a question around the best way to manage this.

My understanding is that if my parents pay directly to the school, that amount does not count towards the $14,000 IRS "gift exemption". I also see that this exception only applies to tuition, not living expenses. Is there a way to ensure that the amount that they pay directly to the school goes towards the tuition and that the loans I take out cover the living expenses?

Basically, if tuition is $65,000 and total Cost of Attendance (including living expenses) is $95,000, can I have my parents pay the $65,000 specifically for tuition and take out $30,000 in loans specifically for living expenses, without counting any $ towards the "gift exemption"?

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New post 21 Dec 2015, 00:32
barcelonafan wrote:
So I will be funding my MBA through a combination of loans and parental support, and have a question around the best way to manage this.

My understanding is that if my parents pay directly to the school, that amount does not count towards the $14,000 IRS "gift exemption". I also see that this exception only applies to tuition, not living expenses. Is there a way to ensure that the amount that they pay directly to the school goes towards the tuition and that the loans I take out cover the living expenses?

Basically, if tuition is $65,000 and total Cost of Attendance (including living expenses) is $95,000, can I have my parents pay the $65,000 specifically for tuition and take out $30,000 in loans specifically for living expenses, without counting any $ towards the "gift exemption"?


I'm curious to know as well!

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New post 05 Jan 2016, 12:07
barcelonafan wrote:
So I will be funding my MBA through a combination of loans and parental support, and have a question around the best way to manage this.

My understanding is that if my parents pay directly to the school, that amount does not count towards the $14,000 IRS "gift exemption". I also see that this exception only applies to tuition, not living expenses. Is there a way to ensure that the amount that they pay directly to the school goes towards the tuition and that the loans I take out cover the living expenses?

Basically, if tuition is $65,000 and total Cost of Attendance (including living expenses) is $95,000, can I have my parents pay the $65,000 specifically for tuition and take out $30,000 in loans specifically for living expenses, without counting any $ towards the "gift exemption"?


Although these message boards are extremely helpful, I would suggest that you consult the financial aid office of the school that you decide to attend and possibly a licensed tax professional.

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New post 11 Jan 2016, 19:16
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Hey guys, if you're looking at some of the newer options like SoFi/CommonBond, a friend of mine at Booth wrote a great blog post with these options that's pretty helpful to get started - https://medium.com/@lexzhao/paying-for- ... .an0yyt28t

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New post 11 Jan 2016, 19:16
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Hey guys, if you're looking at some of the newer options like SoFi/CommonBond, a friend of mine at Booth wrote a great blog post with these options that's pretty helpful to get started - https://medium.com/@lexzhao/paying-for- ... .an0yyt28t

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Re: Financing Your MBA   [#permalink] 11 Jan 2016, 19:16

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