NEW HERE? LEARN MORE
closeclose
Last visit was: 26 Apr 2024, 01:13 It is currently 26 Apr 2024, 01:13
Decision Tracker
My Rewards
New posts
New comers' posts

Close
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Go to My Error Log Learn more
Close
Request Expert Reply
Confirm Cancel

Non-US internationals: How do you finance your FT MBA?

SORT BY:
Date
Kudos
User avatar
branson
Current Student
Joined: 10 Dec 2007
Posts: 327
Own Kudos [?]: 23 [1]
Given Kudos: 0
Send PM
Non-US internationals: How do you finance your FT MBA? [#permalink] New post   11 Jan 2008, 06:53
1
Kudos
There is thread about financing your MBA on another board, but it discusses mainly options for US citizens.

How do other people go about financing their MBA? Are all of you so loaded that you can pay for it with savings?

Appreciate any thoughts.
User avatar
bsd_lover
SVP
SVP
Joined: 17 May 2007
Posts: 2437
Own Kudos [?]: 1682 [0]
Given Kudos: 210
Send PM
Re: Non-US internationals: How do you finance your FT MBA? [#permalink] New post   11 Jan 2008, 13:57
Part savings part loan for me. It really depends on where I get in...
User avatar
toDoorNot
Senior Manager
Senior Manager
Joined: 12 Aug 2007
Posts: 324
Own Kudos [?]: 6 [0]
Given Kudos: 0
Send PM
Re: Non-US internationals: How do you finance your FT MBA? [#permalink] New post   11 Jan 2008, 14:17
I intend to make use of the International Student Loan Program (ISLP). https://www.iefc.com/intl/intl_islp_grad_tc.cfm

I have relatives in US who are permanent residents,who can be my co-signers, and the interest rate is ridiculously low compared to private loans in my country.

Most of the schools i have applied to are in the eligible school list.
User avatar
togafoot
Current Student
Joined: 18 Dec 2007
Posts: 983
Own Kudos [?]: 144 [0]
Given Kudos: 10
Location: Hong Kong
Concentration: Entrepreneurship, Technology
Schools: Hong Kong University of Science and Technology (HKUST) - Class of 2010
Send PM
Re: Non-US internationals: How do you finance your FT MBA? [#permalink] New post   11 Jan 2008, 14:25
I can fund it myself if its a cheaper course, but other than that, it will have to be a bank loan or a loan which a school can source for me
User avatar
rk4g63
Manager
Manager
Joined: 10 Sep 2006
Posts: 64
Own Kudos [?]: 4 [0]
Given Kudos: 0
Send PM
Re: Non-US internationals: How do you finance your FT MBA? [#permalink] New post   26 Jan 2008, 15:28
US schools all have excellent loan systems. You don't realize how good these are, until you look at Eurpoean schools.
European schools are not even close to US schools in offering financing options.

As as as I'm concerned, I'll pay up with some savings and the rest on a loan.
avatar
perfectexamscore
Manager
Manager
Joined: 12 Jul 2008
Posts: 69
Own Kudos [?]: 4 [0]
Given Kudos: 0
Send PM
Re: Non-US internationals: How do you finance your FT MBA? [#permalink] New post   17 Jul 2008, 20:12
most schools have some financial aid.
User avatar
trader1
Senior Manager
Senior Manager
Joined: 30 Jul 2007
Posts: 385
Own Kudos [?]: 62 [0]
Given Kudos: 5
Location: Europe
Concentration: General Management
Schools:St. Gallen '09
 Q47  V40
Send PM
Re: Non-US internationals: How do you finance your FT MBA? [#permalink] New post   18 Jul 2008, 05:24
rk4g63 wrote:
US schools all have excellent loan systems. You don't realize how good these are, until you look at Eurpoean schools.
European schools are not even close to US schools in offering financing options.

As as as I'm concerned, I'll pay up with some savings and the rest on a loan.


While I agree that most European schools don't offer attractive loan options, there are some schools like LBS that have agreements with top banks to which you can apply for financing. Not a guarantee that you will get financing, but if you don't have solid prior work history or proof of modest earnings then you will find it hard almost anywhere to access outside financing.

As far as my school St. Gallen goes, I received a full loan (minus the 6000 CHF deposit) directly from the university to cover the tuition for the year. This was only for non-EU citizens and my terms were 5% p.a. with payback over 36 months (beginning 6 months after graduation), whereas EU/Swiss citizens can access direct loans at a slightly better 4% p.a. from Credit Suisse. This was the only European school I ever came across during my MBA research and application process that actually lends directly to the student.
User avatar
trader1
Senior Manager
Senior Manager
Joined: 30 Jul 2007
Posts: 385
Own Kudos [?]: 62 [0]
Given Kudos: 5
Location: Europe
Concentration: General Management
Schools:St. Gallen '09
 Q47  V40
Send PM
Re: Non-US internationals: How do you finance your FT MBA? [#permalink] New post   18 Jul 2008, 05:29
toDoorNot wrote:
I intend to make use of the International Student Loan Program (ISLP). https://www.iefc.com/intl/intl_islp_grad_tc.cfm

I have relatives in US who are permanent residents,who can be my co-signers, and the interest rate is ridiculously low compared to private loans in my country.

Most of the schools i have applied to are in the eligible school list.


I wish you the best of luck with that, because the ISLP has been terminated. TERI, which used to guarantee the loans for this program, filed for Chapter 11 Bankruptcy protection, and subsequently all the lenders pulled out from lending in this particular student loan market segment.

(IEFC must not be doing a good job of cleaning up their webservers)

https://www.iefc.com/intl/intl_index.cfm

International Students

As of April 18th, 2008 our private loan lenders stopped accepting new applications for the private International Student Loan Program (ISLP) and CanHELP loan programs. We are actively working to develop alternative programs to support the borrowing needs of international students, and will post new information as it becomes available.

If you had an ISLP or CanHELP loan in process before April 18, 2008 and would like to check on its status, please contact us at :

US and Canada: 888 296 4332
UK & Europe: 00 800 1270 1270
Australia: 00 11 800 1270 1270
User avatar
branson
Current Student
Joined: 10 Dec 2007
Posts: 327
Own Kudos [?]: 23 [0]
Given Kudos: 0
Send PM
Re: Non-US internationals: How do you finance your FT MBA? [#permalink] New post   21 Jul 2008, 02:39
I am really wondering how many internatioanl students will have to pull out of their MBA programs before they begin, because they now have trouble financing them.

I am lucky to have parents who can give me a loan at a great rate, and to have the strong euro, but what about students from other countries? They will have to accept double-digit interest rates, and that in a horrible economy. Not something to look forward to.
GMAT Club Bot
gmatclubot
Re: Non-US internationals: How do you finance your FT MBA? [#permalink]
21 Jul 2008, 02:39

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne
Main navigation
GMAT Resources
Partners
MBA Resources
www.gmac.com|www.mba.com | | GMAT Club Rules | Terms and Conditions