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19 May 2017, 13:40
Kudos
Bookmarks
Hello guys
I am planning to apply on the R1 and I have heard that some business schools offer an international student loan program (no cosigner needed).
Do you know what schools have this loan? is there a list of schools?
Thanks you guys.
I am planning to apply on the R1 and I have heard that some business schools offer an international student loan program (no cosigner needed).
Do you know what schools have this loan? is there a list of schools?
Thanks you guys.
stevkang8
Joined: 14 Feb 2015
Last visit: 05 Jun 2020
Posts: 449
Given Kudos: 14
Location: Canada
Concentration: General Management, Operations
Schools: Sloan '18 (D) Darden '18 (D) Tepper '18 (D) Desautels '18 (A$) HEC Dec '17 Mendoza '18 (A$) Olin '18 (M$)
GMAT 1: 740 Q50 V40
GPA: 3.6
WE:Supply Chain Management (Manufacturing)
Products:
Schools: Sloan '18 (D) Darden '18 (D) Tepper '18 (D) Desautels '18 (A$) HEC Dec '17 Mendoza '18 (A$) Olin '18 (M$)
GMAT 1: 740 Q50 V40
Posts: 449
19 May 2017, 14:05
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cesarucv
I know Olin has it, and most of the schools in the top 30 have it I heard.
I think this is a wonderful feature for international students. Although the interest is ridiculously high, around 10% at Olin (compared to the 3-year treasury bond yield lol), it does offer students a.......humm, an option.
For people who come from certain areas in the world, if they do not get to stay in the US afterwards, it is nearly impossible to pay off the loans if they have to work in their home countries. Just treat this kind of loans as the option to just default and walk away clean with a degree because...if you work hard but do not get to stay in the country, the school and the country failed you, period. (that's probably why the interest rate is 10%....)
Having that said, now under the Trump administration, it became much harder for people to cheat the H1B system, so the average chance of winning the lottery is actually much higher (except for people from a certain region). Hopefully not too many people need to take the default route.
Sorry for going on a tangent. Back to your main question, as long as you get into a top 30 school, chances are you will have that kind of co-signer free loans for international students.
Schools that Offer Loans for International Students without a Co-signer
There is also Prodigy Finance that offers student loans exclusively for international (non-US applicants). Their interest rates are more reasonable but they finance up to 80% of the Tuition + Living Expenses so you have to have some savings/other sources of funds. That can be significant - $20 or $40K.
Things have much more improved for international students in the last few years in terms of financing and borrowing.
Stanford GSB: - https://stanfordgsb.studentchoice.org/pr ... rnational/
Loan Amount: up to $200K
APR: 7% - 7.5%
Term: 20-25 years
No SSN/Co-borrower required
HBS - https://www.huecu.org/student-loans/gra ... plication/
Harvard University Employees Credit Union (HUECU) provides private educational loans to international students with no co-signer.
not much info but lots of scholarships and fellowships
APR: N/A
Term: varies
No SSN/Co-borrower required
Wharton - https://mbawelcome.wharton.upenn.edu/wp ... n-Tips.pdf
Several options are available. Loan amount up to the full tuition + living expense amount
APR: 7-8%
Term: varies
No SSN/Co-borrower required
Chicago Booth - only up to 80% can be borrowed. Detailed information is on the Admitted Student website
APR: N/A
Term N/A
No SSn/Co-signer required
Tuck - https://www.discover.com/student-loans/ ... /tuck.html
Loans through Discover
APR: 7.75%
Term: 20 years
No SSN/Co-signer required
Duke Fuqua - https://financialaid.duke.edu/loans/rec ... -lenders-0
Several options available but only up to 80% of tuition + living expenses
APR: N/A
Term: N/A
No Co-signer required but SSN is probably required
No options offered without a US Co-signer
Kellogg - https://www.northwestern.edu/sfs/financi ... index.html
Only one option without co-signer through mpower but only up to $25K Max?
APR: N/A
Term: N/A
No SSN/Co-signer required
MIT Sloan - https://mitsloan.mit.edu/mba/admissions/ ... aid/loans/
Maybe
Working on others but here is a list from 2013 meanwhile: https://gmatclub.com/forum/loan-program ... 35745.html
