NEW HERE? LEARN MORE
closeclose
Last visit was: 02 May 2024, 13:06 It is currently 02 May 2024, 13:06
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

Financing Your MBA

SORT BY:
Date
Kudos
   1  ...  8   9   10   11   12   13   14   15   16   17   18   19   
User avatar
L
Narenn
MBA Section Director
Joined: 22 Feb 2012
Affiliations: GMAT Club
Posts: 8706
Own Kudos [?]: 10029 [0]
Given Kudos: 4544
Test: Test
Send PM
GMAT ToolKit User
Re: Financing Your MBA [#permalink] New post   11 May 2015, 09:52
Expert Reply


Webinar: How to Pay for Your MBA


Date: May 19th, 2015. Tuesday
Time: 4 PM Pacific Time

Learn how to understand the full cost of attending business school, identify sources of financing, and the calculations you need to know.

Julianna Young, VP of Operations at CommonBond, will teach you:
- How to understand the full cost of attendance.
- How to identify sources of support—scholarships, loans, and more.
- The mechanics of lending – the terms and calculations you need to know
... and much more!

Register now to learn how to pay for your MBA.
avatar
B
doneil13
Intern
Intern
Joined: 07 Jul 2015
Posts: 9
Own Kudos [?]: [0]
Given Kudos: 2
Schools: Tuck '19 (A) Darden '19 (A$) Ross '19 (A)
GMAT 1: 730 Q49 V40
GPA: 3.98
Send PM
Reviews Badge
Re: Financing Your MBA [#permalink] New post   07 Jul 2015, 09:11
I finished the GMAT last month and ended up with a 730 total score and a 49Q. I am 23 years old with 2.5 years of background in corporate finance in the education industry. I didn't graduate from a top 50 school, but managed to graduate with a 3.98 GPA taking courses initially in Athletic Training before switching majors to Business Administration at the end of my 1st semester sophomore year.

My dream school is HBS, but I am also very interested in Tuck, Booth, Yale SOM, and Darden.

Given my initial statistics, what are my chances of gaining admissions? Is my undergraduate school selection going to hurt me? Is it something I should address in my application?

I'm relatively new to this whole process and have so many questions. I've been researching a lot, but it seems everyone has a different answer to how everything works. The finance issue is where I have the most questions.

How much cash should I save before entering the program? I'm in the process of getting my applications together to apply in Round 1 now, but I'd only have a measly 6k saved at the time of matriculation. I don't mind financing my cost of living and tuition if the ROI is there. Will 6k in cash be enough for spending money and misc expenses? If I wait another year I will have saved roughly 16k by the time of matriculation. I'm assuming you can finance expenses such as rent and food, please correct me if I am wrong. Another important note to consider: I'll be moving with my fiance and our two dogs, can you finance housing for a situation such as this?
avatar
brandon432
Senior Manager
Senior Manager
Joined: 30 Jan 2010
Posts: 301
Own Kudos [?]: 162 [1]
Given Kudos: 73
Location: United States
Concentration: Strategy, Economics
Schools: Chicago Booth - Class of 2015
WE:Project Management (Real Estate)
Send PM
Financing Your MBA [#permalink] New post   07 Jul 2015, 10:06
1
Kudos
doneil13 wrote:

How much cash should I save before entering the program? I'm in the process of getting my applications together to apply in Round 1 now, but I'd only have a measly 6k saved at the time of matriculation. I don't mind financing my cost of living and tuition if the ROI is there. Will 6k in cash be enough for spending money and misc expenses? If I wait another year I will have saved roughly 16k by the time of matriculation. I'm assuming you can finance expenses such as rent and food, please correct me if I am wrong. Another important note to consider: I'll be moving with my fiance and our two dogs, can you finance housing for a situation such as this?


- How much to save? The more, the better.

- Is $6k enough for spending and misc. expenses? Depends what things (e.g. rent/food) you're not including elsewhere. Probably not.

- Waiting another year? If the ROI for an MBA exists, waiting another year for $10k cash probably doesn't make sense.

- Financing expenses? You can finance 100% of the published cost of attendance, which is published on each school's website and varies among schools. This includes tuition, fees, books, rent, utility, food, a laptop allowance, personal care expenses, etc. It doesn't include travel, big nights out at the bar, etc. Most people find ways to save on the first list to have money for the second list. People definitely make it work within this constraints, but you'll have to have a good plan/budget. Also, don't forget that you'll have an intern salary ($10-15k for corporate roles up to $25-30k for consulting/banking).

- Fiance? So you have some household income. I did too (also a child). That helps.

- Financing housing? I have classmates who bought houses/condos because it was cheaper than renting. Cash flow is probably the most important consideration though.
avatar
premdayalprem
Intern
Intern
Joined: 09 Jul 2015
Status:working
Posts: 2
Own Kudos [?]: 5 [0]
Given Kudos: 0
Location: India
Send PM
Re: Financing Your MBA [#permalink] New post   09 Jul 2015, 06:51
thanks for the info
avatar
ca662
Manager
Manager
Joined: 29 Jun 2015
Posts: 80
Own Kudos [?]: 22 [1]
Given Kudos: 0
Send PM
Re: Financing Your MBA [#permalink] New post   30 Jul 2015, 07:55
1
Kudos
Hi guys,

One option is to get a regular student loan and then refinance it with companies that work specifically with MBA's such as CommonBond and Sofi.

As far as I know, they are both great and offer very good rates for MBA loan refinancing. It might be a good idea to talk to them b4. I'm not sure if you can get a loan directly from them though... I believe they only refinance, but find out.

Hope this helps.

On another note, you guys should check out a site called pymetrics. They are a neuroscience game-based career assessment platform that matches you with industries, companies and ultimately real internship and job opportunities. I found my summer internship through them and thought they were awesome. Wish I had heard about them b4 entering b-school.

https://bit.ly/1JxEviS

Good luck!
avatar
Kain
Intern
Intern
Joined: 23 Jun 2015
Posts: 7
Own Kudos [?]: 5 [0]
Given Kudos: 0
Schools: HBS '18 Stanford '18 INSEAD Jan '17
Send PM
Re: Financing Your MBA [#permalink] New post   26 Aug 2015, 13:00
could anyone mention suitable scholarship options for non-US people studying in the US? Thx a lot!
avatar
Kain
Intern
Intern
Joined: 23 Jun 2015
Posts: 7
Own Kudos [?]: 5 [0]
Given Kudos: 0
Schools: HBS '18 Stanford '18 INSEAD Jan '17
Send PM
Re: Financing Your MBA [#permalink] New post   26 Aug 2015, 13:04
I hope it has not mentioned. If yes, I apologoize and maybe you could refer me to that post. thx!
avatar
7865
Intern
Intern
Joined: 18 Nov 2015
Posts: 9
Own Kudos [?]: [0]
Given Kudos: 0
Send PM
Re: Financing Your MBA [#permalink] New post   18 Nov 2015, 06:59
Graduate PLUS Loan is a loan limited to graduate students. While it has terms similar to and takes its name from the Federal Parent Loan for Undergraduate Students (PLUS).
avatar
barcelonafan
Intern
Intern
Joined: 22 Feb 2012
Posts: 41
Own Kudos [?]: 15 [0]
Given Kudos: 0
Location: United States
Concentration: General Management, Economics
Schools: HBS '18 (D) Kellogg '18 (M$) Booth '18 (A) Wharton '18 (D) Haas '18 (A) CBS '18 (A)
GMAT 1: 750 Q49 V44
GPA: 3.95
WE:Consulting (Retail)
Send PM
Re: Financing Your MBA [#permalink] New post   20 Dec 2015, 22:18
So I will be funding my MBA through a combination of loans and parental support, and have a question around the best way to manage this.

My understanding is that if my parents pay directly to the school, that amount does not count towards the $14,000 IRS "gift exemption". I also see that this exception only applies to tuition, not living expenses. Is there a way to ensure that the amount that they pay directly to the school goes towards the tuition and that the loans I take out cover the living expenses?

Basically, if tuition is $65,000 and total Cost of Attendance (including living expenses) is $95,000, can I have my parents pay the $65,000 specifically for tuition and take out $30,000 in loans specifically for living expenses, without counting any $ towards the "gift exemption"?
avatar
wharton2018
Intern
Intern
Joined: 21 Dec 2015
Posts: 7
Own Kudos [?]: [0]
Given Kudos: 0
Schools: Wharton '18 (A)
Send PM
Re: Financing Your MBA [#permalink] New post   21 Dec 2015, 00:32
barcelonafan wrote:
So I will be funding my MBA through a combination of loans and parental support, and have a question around the best way to manage this.

My understanding is that if my parents pay directly to the school, that amount does not count towards the $14,000 IRS "gift exemption". I also see that this exception only applies to tuition, not living expenses. Is there a way to ensure that the amount that they pay directly to the school goes towards the tuition and that the loans I take out cover the living expenses?

Basically, if tuition is $65,000 and total Cost of Attendance (including living expenses) is $95,000, can I have my parents pay the $65,000 specifically for tuition and take out $30,000 in loans specifically for living expenses, without counting any $ towards the "gift exemption"?


I'm curious to know as well!
User avatar
Chase18
Manager
Manager
Joined: 05 Nov 2015
Status:1st year @ Goizueta
Posts: 73
Own Kudos [?]: 21 [0]
Given Kudos: 15
Location: United States (PA)
Concentration: Strategy, General Management
Schools: Cnsrtm-Tepper '18 (A$) Cnsrtm-Goizueta '18 (M$) Cnsrtm-Tuck '18 (D) Cnsrtm-KenanFlagler '18 (A)
GMAT 1: 690 Q44 V40
GPA: 3.2
WE:Business Development (Mutual Funds and Brokerage)
Send PM
Re: Financing Your MBA [#permalink] New post   05 Jan 2016, 12:07
barcelonafan wrote:
So I will be funding my MBA through a combination of loans and parental support, and have a question around the best way to manage this.

My understanding is that if my parents pay directly to the school, that amount does not count towards the $14,000 IRS "gift exemption". I also see that this exception only applies to tuition, not living expenses. Is there a way to ensure that the amount that they pay directly to the school goes towards the tuition and that the loans I take out cover the living expenses?

Basically, if tuition is $65,000 and total Cost of Attendance (including living expenses) is $95,000, can I have my parents pay the $65,000 specifically for tuition and take out $30,000 in loans specifically for living expenses, without counting any $ towards the "gift exemption"?


Although these message boards are extremely helpful, I would suggest that you consult the financial aid office of the school that you decide to attend and possibly a licensed tax professional.
User avatar
G
jessepinkman
Which School to Choose Forum Moderator
Joined: 26 Mar 2009
Posts: 315
Own Kudos [?]: 95 [1]
Given Kudos: 56
Location: United States
Concentration: Entrepreneurship, Finance
Schools: Booth '17 (M$)
GMAT 1: 740 Q47 V45
GPA: 3.75
Send PM
Re: Financing Your MBA [#permalink] New post   11 Jan 2016, 19:16
1
Kudos
Hey guys, if you're looking at some of the newer options like SoFi/CommonBond, a friend of mine at Booth wrote a great blog post with these options that's pretty helpful to get started - https://medium.com/@lexzhao/paying-for- ... .an0yyt28t
User avatar
G
jessepinkman
Which School to Choose Forum Moderator
Joined: 26 Mar 2009
Posts: 315
Own Kudos [?]: 95 [1]
Given Kudos: 56
Location: United States
Concentration: Entrepreneurship, Finance
Schools: Booth '17 (M$)
GMAT 1: 740 Q47 V45
GPA: 3.75
Send PM
Re: Financing Your MBA [#permalink] New post   11 Jan 2016, 19:16
1
Kudos
Hey guys, if you're looking at some of the newer options like SoFi/CommonBond, a friend of mine at Booth wrote a great blog post with these options that's pretty helpful to get started - https://medium.com/@lexzhao/paying-for- ... .an0yyt28t
avatar
MBATeaCup
Intern
Intern
Joined: 22 Aug 2015
Posts: 23
Own Kudos [?]: 5 [0]
Given Kudos: 27
Location: United States
Concentration: Finance, General Management
Schools: HBS '18 (D) Stanford '18 (D) Anderson '18 (S) Stern '18 (D) Goizueta '18 (D) Tepper '18 (A$) CBS '18 (D) Johnson '18 (S)
GMAT 1: 640 Q46 V34
GPA: 3.76
WE:Asset Management (Investment Banking)
Send PM
Re: Financing Your MBA [#permalink] New post   21 Jan 2016, 12:35
OK this might sound weird but I heard some ideas about having better chance of acceptance if you note down somewhere in the application that you can pay fully without any Aid? Do you guys think this is true?
avatar
brandon432
Senior Manager
Senior Manager
Joined: 30 Jan 2010
Posts: 301
Own Kudos [?]: 162 [0]
Given Kudos: 73
Location: United States
Concentration: Strategy, Economics
Schools: Chicago Booth - Class of 2015
WE:Project Management (Real Estate)
Send PM
Re: Financing Your MBA [#permalink] New post   21 Jan 2016, 13:25
No
avatar
Yayayo
Intern
Intern
Joined: 02 Nov 2015
Posts: 34
Own Kudos [?]: 2 [0]
Given Kudos: 2
Schools: Goizueta '18 (WL) Mason '18 (A) Hopkins Carey '18 (A) McDonough '18 (S)
Send PM
Re: Financing Your MBA [#permalink] New post   23 Jan 2016, 05:53
I've still been researching loans, etc... but still curious how students pay for normal day expenses? I make about 85k a year and know it'll be tough once I go to school and no longer have that salary (yes I have money saved up but not enough to live off of for a year) but for bills, food, etc., is it done through loans and if so, what type?
avatar
Knopfler
Intern
Intern
Joined: 25 Sep 2013
Posts: 6
Own Kudos [?]: 1 [0]
Given Kudos: 0
Send PM
Re: Financing Your MBA [#permalink] New post   17 Feb 2016, 16:31
To be honest, your access to loans and scholarships depends a lot on what school you get into. Top 5 schools tend to have larger resources to be tapped of course.
avatar
brandon432
Senior Manager
Senior Manager
Joined: 30 Jan 2010
Posts: 301
Own Kudos [?]: 162 [0]
Given Kudos: 73
Location: United States
Concentration: Strategy, Economics
Schools: Chicago Booth - Class of 2015
WE:Project Management (Real Estate)
Send PM
Re: Financing Your MBA [#permalink] New post   17 Feb 2016, 18:14
For scholarships, perhaps. (Though I'm not sure there is a universally recognized top 5). Federal loans are universally available to all US citizens. Private loans are generally available to all creditworthy students.
avatar
caw
Intern
Intern
Joined: 17 Feb 2016
Posts: 29
Own Kudos [?]: 12 [0]
Given Kudos: 2
Concentration: Finance
Schools: Booth '18 (M) HBS '18 (D) Ross '18 (A) Tuck '18 (WL) Kellogg '18 (WL)
GMAT 1: 740 Q48 V42
Send PM
Re: Financing Your MBA [#permalink] New post   20 Feb 2016, 10:22
Does anyone know how undergraduate student loans factor into the mix? Does having significant undergrad debt better your chances for scholarships? grants? loans? etc?
User avatar
Chase18
Manager
Manager
Joined: 05 Nov 2015
Status:1st year @ Goizueta
Posts: 73
Own Kudos [?]: 21 [0]
Given Kudos: 15
Location: United States (PA)
Concentration: Strategy, General Management
Schools: Cnsrtm-Tepper '18 (A$) Cnsrtm-Goizueta '18 (M$) Cnsrtm-Tuck '18 (D) Cnsrtm-KenanFlagler '18 (A)
GMAT 1: 690 Q44 V40
GPA: 3.2
WE:Business Development (Mutual Funds and Brokerage)
Send PM
Re: Financing Your MBA [#permalink] New post   22 Feb 2016, 08:44
caw wrote:
Does anyone know how undergraduate student loans factor into the mix? Does having significant undergrad debt better your chances for scholarships? grants? loans? etc?


Most scholarships are strictly merit-based, so undergraduate student loans would not be a factor. As far as I have seen, grants are rare for most MBA programs. For loans, undergraduate loans will not be taken into account for Stafford loans. Graduate PLUS loans and Private Student loans will take into account your credit history.

Hope this helps!
GMAT Club Bot
gmatclubot
Re: Financing Your MBA [#permalink]
22 Feb 2016, 08:44
   1  ...  8   9   10   11   12   13   14   15   16   17   18   19   

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