Current Student
Joined: 12 Nov 2008
Posts: 352
Given Kudos: 45
Concentration: Corp Fin
Schools:Ross (R2), Cornell (R3) , UNC (R3) , INSEAD (R1 Jan)
Q44 V42 GMAT 2: 710 Q47 V40
GPA: 1.87
WE 1: Advisory (2 yrs)
WE 2: FP & Analysis (2 yrs at matriculation)
Financing your MBA - International Students
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15 Jun 2010, 12:31
I thought I'd get a thread going where international students can discuss their experiences and share tips on securing (cheap) funds for their education, obtaining a study permit, etc.
This thread is open to all international students studying or wishing to study anywhere in the world. However, please kindly limit all discussions to financing and immigration issues only.
It might also be useful to share school-specific intelligence on requirements to obtain a certificate of eligibility to be presented to the student visa issuing authorities.
As a Canadian accepted at a few US schools, I'm a bit baffled at the stringent regulations international students face as well as the lack of cheap and accessible financing.
For instance, Cornell expects international students to show proof of liquid assets in the amount of $142,404. The most troubling part is that they would not allow a US student loan (such as the one they guarantee to all international students) to be used towards the exorbitant amount required. How have others handled this issue?
On the other hand, other schools, such as Ross, only require proof of living expenses for the first year - a far more palatable $8,251.
What are the requirements of the school you will be attending? How did you get around the financing issue?
I would be particularly interested to hear from other Canadians as well, who might be able to provide specific information on Canadian lenders. After speaking with a few of the big banks (BMO, Scotia, TD), I realize that no Canadian bank would underwrite a loan for a student studying outside of Canada unless they have a Canadian co-signer. Also for those living in Ontario, OSAP is shelling out a whooping $210/week of study in TOTAL (including tuition, all incidental expenses, etc). What did you do? How did you handle that part?
Also, has anyone found any good websites indexing private scholarships or any third party financing opportunities?
Any tips, ideas, suggestions, school-specific info would be greatly appreciated!