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14 Apr 2007, 21:36
Kudos
Bookmarks
I was just wondering...has there ever been an instance where a person got accepted to a good school but didn't get enough financial aid to survive?
Here is my situation in a nutshell. I'm an American that graduated with a 4.0 in Finance(from a not so great state Uni), but after graduation I ended up in China teaching English (long story, could be a whole new thread) and I make the equivalent of $600 a month. I scored a 720 on the GMAT and am gunning for a top 15 school (matriculating Aug. 2008), but I have Minnesota as a backup because my parents are there. In short, if I get accepted to any school besides Minnesota, I will NEED financial aid because I can't save a serious amount of money making only $600 a month.
Now, let's say that I get accepted by one of the schools on the top of my list. Is it possible that I could get my fafsa aid package during the summer of 2008 and discover that I am getting much less than I need to survive? By that time it will be too late to go to Minnesota. What do you all think?
Here is my situation in a nutshell. I'm an American that graduated with a 4.0 in Finance(from a not so great state Uni), but after graduation I ended up in China teaching English (long story, could be a whole new thread) and I make the equivalent of $600 a month. I scored a 720 on the GMAT and am gunning for a top 15 school (matriculating Aug. 2008), but I have Minnesota as a backup because my parents are there. In short, if I get accepted to any school besides Minnesota, I will NEED financial aid because I can't save a serious amount of money making only $600 a month.
Now, let's say that I get accepted by one of the schools on the top of my list. Is it possible that I could get my fafsa aid package during the summer of 2008 and discover that I am getting much less than I need to survive? By that time it will be too late to go to Minnesota. What do you all think?
15 Apr 2007, 00:02
Kudos
Bookmarks
Just off the top of my head, I believe that every top school guarantees loans for domestic students. Some even guarantee loans for international students that wouldn't otherwise be able to borrow from lenders in the US; but you're an American so that shouldn't be a concern. You might consider emailing a few of the financial aid departments, but I don't think you should be too worried about it.
15 Apr 2007, 08:12
Kudos
Bookmarks
You should also get your financial aid package much earlier -- in March or April.
As you consider financing your MBA, what you make now is less important than what you'll be making post-MBA. As Peli mentioned, you can finance your entire education - and living expenses - through a combination of scholarships, stafford loans, Grad-PLUS loans, and private loans. Getting those loans won't be an issue, especially because you're American. But it's the loan payment that comes later you'll need to contend with.
As you consider financing your MBA, what you make now is less important than what you'll be making post-MBA. As Peli mentioned, you can finance your entire education - and living expenses - through a combination of scholarships, stafford loans, Grad-PLUS loans, and private loans. Getting those loans won't be an issue, especially because you're American. But it's the loan payment that comes later you'll need to contend with.
