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Financing your MBA - International Students

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wiseguyMBA
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Re: Financing your MBA - International Students [#permalink] New post   25 Jun 2010, 07:02
unplugged wrote:
That was exactly the reason why I didn't apply to Cornell. While I cannot give you any tips/suggestions, I can share my experience with Kellogg

I think I had it quite easy.

1) Kellogg determined the loan amount I'm eligible to take on the basis of my savings/contribution from family/current salary etc. The amount they sanctioned covered 90% of the student budget

2) They gave me 2 options - Option A US cosignor or Option B non-US cosignor

Along with the I -20( certificate of eligibility for student visa), they sent me the letter which stated that Kellogg guarantees a loan of XXX to you. I showed it during my visa interview and they were perfectly OK with it


hi unplugged
I wasn't aware Kellogg had a no co-signor option. They gave me an Option A loan. Did you specifically ask for Option B.?

thanks
wg
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luka01
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Re: Financing your MBA - International Students [#permalink] New post   25 Jun 2010, 07:52
Hello everyone,
This is a great link for us international students :)
Also thanx about about the info on cornell as it means i wouldn't have to waste my time applying as i need a loan or else i wont be able to go to business school :(
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Re: Financing your MBA - International Students [#permalink] New post   30 Jun 2010, 10:04
Will thanks for the timeline. I am still awaiting to hear the official stuff from my college so this is really helpful.

willmba2012 wrote:
Hi everyone,
I'm an international student going to start my MBA this fall at UNC and I wanted to share my experience with you all. I know this is also true for DUKE international students as well because I was accepted to their program but decided to go to UNC (I won't discuss my reasons for choosing UNC over DUKE).
Both school offer loans without a US cosigner, the process is very simple. As soon as you get your admit letter they tell you that the option is available, the problem was that nothing official about the procedure came until early June. A very simple online form for pre approval, then a 10 page from that you send to your school and in 5 days I had my loan ready and approved.
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Re: Financing your MBA - International Students [#permalink] New post   30 Jul 2010, 11:43
Hi, I'm an international student for UCLA Anderson.

As most of you, I'm also facing a big obstacle with the nocosignor loans. UCLA apparently hasn't been able to reach an agreement with the credit unions, therefore they are suggesting us to find alternate sources.

Now my question is this, how is it that some schools are able to provide these loans (Kellogg) while others find it much more difficult? Is the school ranking and brand name a factor in all this?

I'm a bit torn because I still have time to hold on to my job and apply for another school next year instead of paying for the first year of my MBA with money out of my pocket.
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jennelia
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Re: Financing your MBA - International Students [#permalink] New post   09 Sep 2010, 05:22
[size=85]Finance
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Re: Financing your MBA - International Students [#permalink] New post   13 Nov 2010, 07:11
Hi all,
Do you know if a private loan with cosigner can be denied? and what could be the reasons?
I am asking that because I may have found a cosigner but he is worry that his current salary and other existing loans won't help me qualify for a private loan with Citibank (although he doesn't have a bad credit history).
I have been admitted to CBS and I will probably have to borrow the full cost+living expenses.
Any insights, advices???
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Rux10
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Re: Financing your MBA - International Students [#permalink] New post   13 Nov 2010, 09:13
Great thread, there's a lot of ambiguity surrounding financing for the top shcools. Does anyone know of a site or link where the schools are listed with their specific financing options?
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ariel
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Re: Financing your MBA - International Students [#permalink] New post   14 Nov 2010, 10:58
nachoa18 wrote:
Hi all,
Do you know if a private loan with cosigner can be denied? and what could be the reasons?
I am asking that because I may have found a cosigner but he is worry that his current salary and other existing loans won't help me qualify for a private loan with Citibank (although he doesn't have a bad credit history).
I have been admitted to CBS and I will probably have to borrow the full cost+living expenses.
Any insights, advices???


You won't know until you apply. It's possible they might not loan you the full amount you're requesting, or more likely they will but under not particularly favorable conditions. It really makes a difference, so I'd go with the most creditworthy co-signer possible, if your situation allows it. Good luck!
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Re: Financing your MBA - International Students [#permalink] New post   14 Nov 2010, 11:01
Rux10 wrote:
Great thread, there's a lot of ambiguity surrounding financing for the top shcools. Does anyone know of a site or link where the schools are listed with their specific financing options?


If you mean speficially in the context of international borrowers, I doubt it - hence this thread. Let us know if you find something though. Another way to think about it is also by lender (as opposed to school), since that's a lot easier to categorize and be exhaustive. For instance, Citi, BofA and Fannie Mae will lend to international students. It is also advisable and often easier to get a loan from your home country.
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nachoa18
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Re: Financing your MBA - International Students [#permalink] New post   14 Nov 2010, 16:39
Hi ariel, Thanks for the response.
In my case, I'm going to check with some banks (in home country) what kind of options I can get. We'll see...
And good luck to everyone.
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Re: Financing your MBA - International Students [#permalink] New post   23 Nov 2010, 02:42
Hi,
lately i heard about many b-schools that created loan programs for international students with no need for an american co-signer. the rates are not bad and they can cover the tuition (minus any scholarship received). you should probably check with the specific schools you are applying to.
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Re: Financing your MBA - International Students [#permalink] New post   20 Dec 2010, 01:30
1
Bookmarks
anyone willing to discuss UNC's tuition and cost of living?
I recently got into UNC but i haven't received any scholarship.
I want to know if anyone else is in the same boat?
WillMba2012, does UNC's loan only cover tuition and required fee?
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Pdgmat2010
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Re: Financing your MBA - International Students [#permalink] New post   21 Dec 2010, 02:13
can someone shed some light on the cost of living and other expenses at Chapel Hill?
UNC estimates it at $21,000 .
Is it really this much for each year?
any help is appreciated.
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Re: Financing your MBA - International Students [#permalink] New post   21 Dec 2010, 02:52
ariel wrote:
Rux10 wrote:
Great thread, there's a lot of ambiguity surrounding financing for the top shcools. Does anyone know of a site or link where the schools are listed with their specific financing options?


If you mean speficially in the context of international borrowers, I doubt it - hence this thread. Let us know if you find something though. Another way to think about it is also by lender (as opposed to school), since that's a lot easier to categorize and be exhaustive. For instance, Citi, BofA and Fannie Mae will lend to international students. It is also advisable and often easier to get a loan from your home country.


Unfortunately, I will be looking for home financing from Ireland. Any idea how tough it is getting money from an Irish bank at the moment! I'm hoping Citi, BofA and Fannie Mae can come through when the time comes to apply for financing.
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Re: Financing your MBA - International Students [#permalink] New post   23 Dec 2010, 11:12
Pdgmat2010 wrote:
can someone shed some light on the cost of living and other expenses at Chapel Hill?
UNC estimates it at $21,000 .
Is it really this much for each year?
any help is appreciated.


Cost of living varies a lot depending on your life style, but as a reference a one bedroom close to KFBS is about $900 a month, now if you are willing to have a roommate you could be paying $500 to $600. If you eat on campus probably you will need $15 a day for food (much cheaper if you cook).

One thing you have to keep in mind is that the $21k is what the US government asks you to prove in order to get a visa. Chapel Hill is much cheaper than Chicago or NYC, if you watch your expenses you could need only $10K a year, but not likely.

I hope this helps
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Re: Financing your MBA - International Students [#permalink] New post   23 Dec 2010, 17:04
Can anyone share your experience with Haas (UCB) on Financial aid?
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Re: Financing your MBA - International Students [#permalink] New post   23 Dec 2010, 21:02
willmba2012 wrote:
Pdgmat2010 wrote:
can someone shed some light on the cost of living and other expenses at Chapel Hill?
UNC estimates it at $21,000 .
Is it really this much for each year?
any help is appreciated.


Cost of living varies a lot depending on your life style, but as a reference a one bedroom close to KFBS is about $900 a month, now if you are willing to have a roommate you could be paying $500 to $600. If you eat on campus probably you will need $15 a day for food (much cheaper if you cook).

One thing you have to keep in mind is that the $21k is what the US government asks you to prove in order to get a visa. Chapel Hill is much cheaper than Chicago or NYC, if you watch your expenses you could need only $10K a year, but not likely.

I hope this helps

Absolutely, Thanks Will. This helps a lot & is the most clear information I have received thus far.
Cheers!!
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Re: Financing your MBA - International Students [#permalink] New post   23 Dec 2010, 21:50
I haven't really looked at loans yet - just been focusing on getting my apps in and hopefully have a school to go to in the Fall. I'm a Canadian and will have worked in the US for 2 years by the time I go to business school. Does anyone know if I can still qualify for the US-based loans? Or am going to have to go down the international path?

It's going to suck to have to give up my L1-A visa but 'tis life I guess...
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Re: Financing your MBA - International Students [#permalink] New post   26 Dec 2010, 10:52
Interesting topic, but I don't understand how business schools would be very sure that the international student will pay his/her loan back, especially that most of them will leave the states after graduate!
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AriBenCanaan
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Re: Financing your MBA - International Students [#permalink] New post   30 Jun 2011, 15:09
Hey Ariel, This is a great thread and I'm glad that I stumbled upon it!

I am really curious to know how you managed to work around the fact that Cornell does not allow the student loan to be used on the declaration of finances form? I recently heard from admissions that my application, which was wait listed in R2, is being considered for the class of 2013 provided I can work through the VISA part pretty quickly. But I know for sure that gathering the financial resources in order for Cornell to issue me the I-20 is going to be very tough......so any light you or other current students could shed on this will be really very helpful.
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Re: Financing your MBA - International Students [#permalink]
30 Jun 2011, 15:09
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