It is currently 17 Oct 2017, 04:55

### 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

# Events & Promotions

###### Events & Promotions in June
Open Detailed Calendar

# Poll Internationals: How are you paying for it

 new topic post reply Question banks Downloads My Bookmarks Reviews Important topics

• 0% [0]
• 30% [6]
• 45% [9]
• 10% [2]
• 10% [2]
• 5% [1]
Author Message
TAGS:

### Hide Tags

Current Student
Joined: 05 Aug 2008
Posts: 1263

Kudos [?]: 170 [0], given: 20

Schools: Ross 2012
WE 1: 5 Years at Fortune 50 Company in Manufacturing
Poll Internationals: How are you paying for it [#permalink]

### Show Tags

20 Jun 2010, 18:13
Since there as been several post about this on cornell, UCLA, and Columbia. This may be a good place for you all to discuss the situation.

No loans yet,
Having problems with Visa,
Need cosigner?
_________________

Kudos [?]: 170 [0], given: 20

Intern
Joined: 29 Mar 2010
Posts: 22

Kudos [?]: [0], given: 0

Re: Poll Internationals: How are you paying for it [#permalink]

### Show Tags

20 Jun 2010, 20:26
So other than Chase, where are people applying for the "No cosigner" loans?

Kudos [?]: [0], given: 0

Current Student
Joined: 05 Aug 2008
Posts: 1263

Kudos [?]: 170 [0], given: 20

Schools: Ross 2012
WE 1: 5 Years at Fortune 50 Company in Manufacturing
Re: Poll Internationals: How are you paying for it [#permalink]

### Show Tags

20 Jun 2010, 21:32
niray wrote:
So other than Chase, where are people applying for the "No cosigner" loans?

I believe certain schools have "No Cosigner" loans. Kellogg, (I believe also Ross),
_________________

Kudos [?]: 170 [0], given: 20

Manager
Joined: 11 Dec 2009
Posts: 61

Kudos [?]: 25 [0], given: 2

Re: Poll Internationals: How are you paying for it [#permalink]

### Show Tags

20 Jun 2010, 22:27
1. Schools with no-cosigner loans covering tuition+expenses (to the best of my knowledge): HBS, Stanford, Wharton, Chicago, MIT, Kellogg, Tuck, NYU, Ross, Duke, Darden

2. Schools with no-cosigner loans covering tuition only: Yale, Cornell

3. Schools not offering no-cosigner loans: Columbia, Haas, UCLA

I never considered the schools in Group 3 because they didn't have any loan for internationals. The schools in Group 2 will be a tough call for many internationals as not everyone can show 40k in cash for 2-year living expenses. I personally never applied to Tuck, NYU and Darden because at the time of applying they had not worked their no-cosigner loan terms out and basically didn't have international loans in place. Striking out HBS and Stanford in addition because I'm too old for them really made my choice of schools easier and that's why I selected among only W/Chi/M/K/Mich/Duke.
I understand that Haas and UCLA might have problems considering their public status and reliance on the California budget. What really baffles me is Columbia's inability/unwillingness to offer a loan. I don't buy that "we try hard but so far no success" stance that their office puts on. I can't believe that one of the top finance schools, which churns out well-paid grads in banking, has strong relationships with all major banks and has tons of prominent alumni in finance, cannot pull some strings to secure a loan when almost all other top schools have put something in place.

Kudos [?]: 25 [0], given: 2

Current Student
Joined: 25 Mar 2007
Posts: 98

Kudos [?]: 14 [0], given: 2

Location: Hanover, NH
Schools: Tuck class of 2012
WE 1: 2 years market development (public)
WE 2: 5 years corporate finance (private)
Re: Poll Internationals: How are you paying for it [#permalink]

### Show Tags

21 Jun 2010, 01:14
I'll go with my personal savings...

Kudos [?]: 14 [0], given: 2

CEO
Status: Nothing comes easy: neither do I want.
Joined: 12 Oct 2009
Posts: 2761

Kudos [?]: 1885 [0], given: 235

Location: Malaysia
Concentration: Technology, Entrepreneurship
Schools: ISB '15 (M)
GMAT 1: 670 Q49 V31
GMAT 2: 710 Q50 V35
Re: Poll Internationals: How are you paying for it [#permalink]

### Show Tags

21 Jun 2010, 04:03
It will be good to build a list of schools with tution/scholarship/Loan scale....
Has any one started such research?
_________________

Fight for your dreams :For all those who fear from Verbal- lets give it a fight

Money Saved is the Money Earned

Jo Bole So Nihaal , Sat Shri Akaal

Support GMAT Club by putting a GMAT Club badge on your blog/Facebook

GMAT Club Premium Membership - big benefits and savings

Gmat test review :
http://gmatclub.com/forum/670-to-710-a-long-journey-without-destination-still-happy-141642.html

Kudos [?]: 1885 [0], given: 235

Current Student
Joined: 12 Nov 2008
Posts: 365

Kudos [?]: 111 [0], given: 45

Schools: Ross (R2), Cornell (R3) , UNC (R3) , INSEAD (R1 Jan)
WE 1: Advisory (2 yrs)
WE 2: FP & Analysis (2 yrs at matriculation)
Re: Poll Internationals: How are you paying for it [#permalink]

### Show Tags

21 Jun 2010, 10:12
GoBruins, thanks so much for starting this thread, great idea!

sniperssk, not sure about the rest but the loan through Ross covers tuition only, no incidental expenses. Perhaps it would also make sense to distinguish between schools that allow their loans to be used towards the I-20 (like Ross) and those that don't (like Cornell), the latter category making it exponentially more difficult to secure the funds required unless the applicant or their family has substantial savings.

I started a thread in another forum, which is relevant to this topic:

financing-your-mba-international-students-95916.html

Kudos [?]: 111 [0], given: 45

Manager
Joined: 11 Dec 2009
Posts: 61

Kudos [?]: 25 [0], given: 2

Re: Poll Internationals: How are you paying for it [#permalink]

### Show Tags

21 Jun 2010, 22:01
Ariel, the Ross no-cosigner loan covers cost of attendance, which includes tuition and living expenses for an 8-month period. Check here - http://www.bus.umich.edu/pdf/P2_RSBUMCU.pdf

Loan amount: Up to the Cost of Attendance, less other aid received, for the 2010-2011 Fall-Winter terms. Loan amounts are subject to adjustment, based on actual tuition charges per term. Students in a dual degree program are eligible for the RSB-UMCU loan during the terms of Ross registration only.

I find it surprising that Cornell does not allow their loan to be used for I-20. That's makes it really tough for internationals. It seems that in the recent years only about 10 of the top 15 schools are affordable. I have very little personal savings to draw on so most of my costs will be covered by no-cosigner loans.

Kudos [?]: 25 [0], given: 2

Current Student
Joined: 12 Nov 2008
Posts: 365

Kudos [?]: 111 [0], given: 45

Schools: Ross (R2), Cornell (R3) , UNC (R3) , INSEAD (R1 Jan)
WE 1: Advisory (2 yrs)
WE 2: FP & Analysis (2 yrs at matriculation)
Re: Poll Internationals: How are you paying for it [#permalink]

### Show Tags

22 Jun 2010, 05:56
sniperssk wrote:
Ariel, the Ross no-cosigner loan covers cost of attendance, which includes tuition and living expenses for an 8-month period. Check here - http://www.bus.umich.edu/pdf/P2_RSBUMCU.pdf

Loan amount: Up to the Cost of Attendance, less other aid received, for the 2010-2011 Fall-Winter terms. Loan amounts are subject to adjustment, based on actual tuition charges per term. Students in a dual degree program are eligible for the RSB-UMCU loan during the terms of Ross registration only.

I find it surprising that Cornell does not allow their loan to be used for I-20. That's makes it really tough for internationals. It seems that in the recent years only about 10 of the top 15 schools are affordable. I have very little personal savings to draw on so most of my costs will be covered by no-cosigner loans.

sniperssk, unfortunately I can't open the pdf file you have pasted. Not having seen the document, I'm not sure whether they have provided a definition for cost of attendance or not. As an admitted international student, I have been communicating extensively with the admissions office on this very matter and I can tell you that you're on your own for living expenses (estimated at just over 8k per academic year) and even then Ross is one of the most international student friendly schools out there.

Kudos [?]: 111 [0], given: 45

Current Student
Joined: 05 Aug 2008
Posts: 1263

Kudos [?]: 170 [0], given: 20

Schools: Ross 2012
WE 1: 5 Years at Fortune 50 Company in Manufacturing
Re: Poll Internationals: How are you paying for it [#permalink]

### Show Tags

22 Jun 2010, 07:29
Just to clarify.

Ross' out of state tuition = 50K
Cost of Attendance (8 months) = 70K
Expense for 12 months in the US plus tuition = 78K

So the 8K they estimate that you need to provide up front is money for the summer when you are out of school. I stubbled on it yesterday when I was looking to finish my student loans.
_________________

Kudos [?]: 170 [0], given: 20

Current Student
Joined: 12 Nov 2008
Posts: 365

Kudos [?]: 111 [0], given: 45

Schools: Ross (R2), Cornell (R3) , UNC (R3) , INSEAD (R1 Jan)
WE 1: Advisory (2 yrs)
WE 2: FP & Analysis (2 yrs at matriculation)
Re: Poll Internationals: How are you paying for it [#permalink]

### Show Tags

22 Jun 2010, 08:01
Thanks for the clarification, GoBruins. I had no idea they factored summer expenses into this.

Kudos [?]: 111 [0], given: 45

Manager
Joined: 11 Dec 2009
Posts: 61

Kudos [?]: 25 [0], given: 2

Re: Poll Internationals: How are you paying for it [#permalink]

### Show Tags

22 Jun 2010, 08:41
GoBruin is right. Living expenses for 12 months are 28k and you are expected to cover at least 8k. For the other 20k you can take out a no-cosigner loan. The standard definition of Cost of attendance is all costs associated with attending the school, not only tuition.

Kudos [?]: 25 [0], given: 2

Current Student
Joined: 05 Sep 2009
Posts: 93

Kudos [?]: 45 [0], given: 18

Schools: Stanford '12
WE 1: Wall Street Finance
WE 2: Entrepreneurship
Re: Poll Internationals: How are you paying for it [#permalink]

### Show Tags

23 Jun 2010, 15:29
kinokosarada wrote:
I'll go with my personal savings...

well, well. arent you quite the baller? ha ha. teasing. but seriously, how did you make that decision? do you have that much money to spare, did you calculate that the opportunity cost of depleting your savings was less than borrowing tuition and investing it or did you figure out something else? just curious.

Kudos [?]: 45 [0], given: 18

Current Student
Joined: 25 Mar 2007
Posts: 98

Kudos [?]: 14 [0], given: 2

Location: Hanover, NH
Schools: Tuck class of 2012
WE 1: 2 years market development (public)
WE 2: 5 years corporate finance (private)
Re: Poll Internationals: How are you paying for it [#permalink]

### Show Tags

23 Jun 2010, 16:55
quantjock wrote:
kinokosarada wrote:
I'll go with my personal savings...

well, well. arent you quite the baller? ha ha. teasing. but seriously, how did you make that decision? do you have that much money to spare, did you calculate that the opportunity cost of depleting your savings was less than borrowing tuition and investing it or did you figure out something else? just curious.

I still have to weight the pros and cons, but all in all the 180-200K\$ budget I estimate for my two years or 90-100K\$ each year (going with wife and child, that's why it's a bit high) won't hurt too much my return on capital. At least I've secured my I-20 with my savings only.
However my bank called me two weeks ago to offer a 2.9%/Y student loan... With this rate it is probable that I will finance at least half of the total amount I forecast using the loan. But to tell you the truth I'm personally not a maniac of cash optimization, even if I do work in Corporate finance! I am lucky enough to consider that a few % gain/loss on my return won't make a big difference.

Edit: I must add also that I've received a scholarship (small one tough), so it will lessen the burden

Kudos [?]: 14 [0], given: 2

Re: Poll Internationals: How are you paying for it   [#permalink] 23 Jun 2010, 16:55
Display posts from previous: Sort by

# Poll Internationals: How are you paying for it

 new topic post reply Question banks Downloads My Bookmarks Reviews Important topics

Moderators: OasisGC, aeropower, bb10

 Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.