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Gnial
Joined: 30 Nov 2014
Last visit: 09 Oct 2016
Posts: 27
Own Kudos:
Given Kudos: 4
Concentration: Strategy, International Business
Schools: Kellogg '18 (I) LBS '18 (M)
GMAT 1: 740 Q47 V45
GPA: 3.2
WE:Consulting (Law)
29 Feb 2016, 19:52
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pdog
I'm trying to see if I can refinance my house here to finance the MBA instead, but they're quite reluctant to lend me the money when they find out I will be quitting my job to do full-time study. Last resort to cover living expenses for me is to borrow from the "Daddy bank"...Yeah I imagine the LOC is just for Canadians, or those with Canadian collateral of some sort.
I should mention, I followed up on the $250,000 I had mentioned before, and that option has vanished into thin air. I was told I misunderstood her, but I think she just made a mistake when describing the LOC options. Apparently each person, based on their own credit, would apply for a LOC (unsecured), so each person in a couple could try to qualify for $80,000 to $100,000, or $160,000 to $200,000 total. I have alright credit so interest rate is Prime + 1 (3.7% today), and then I incur the exchange charge, whatever that is, to turn it into pounds.
You really have to hammer at these bankers though to get the LOC up and rates down - go to multiple banks and negotiate them against one another. It helps to have family members with accounts at different banks.
01 Mar 2016, 12:34
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pdog
pdog,
take a look at Prodigy Finance: https://prodigyfinance.com/london-business-school/loan
They have better rates compared to Future Finance (the link you shared here) and they do not require being a UK resident or having a co signer
Future Finance requires both!
hopefullythisyear
02 Mar 2016, 04:37
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pdog
I think living expenses of GBP35K for a year is a little too high. MBA1 I spoke to said GBP 20K-25K should be enough for a year, including the trips and parties.
Secondly, many students I spoke to said that the internship stipend should be around GBP 8K-10K.
I have around GBP35K of savings too, and I was pretty comfortable after I heard about the internship stipend. Correct me, if I am wrong, so that I start looking for options too.
