AashnaG wrote:
Hi All,
I have been admitted to Georgetown full-time mba program but no scholarship has been mentioned in my admission letter. I feel great about receiving my admission letter but I now face the big question that is ' HOW TO FUND MBA EDUCATION'. I am an Indian so I wont be federally funded. If any one has tips on how i can avail benefits of external scholarships or other sources. I encourage even the students who might have applied to such opportunities to respond on this post.
Thanks in advance!!
Congratulations on getting the offer.
Funding MBA is a very important question. My best tip is to call
Prodigy Finance in India. If not then let me know, I will ask the US in-charge for the details.
Reasons for me selecting
prodigy,
1. interest rates are little better than from India.
2. My loan is pegged in US$, so I don't have to worry about any exchange rates or my yield going up or down.
3. I don't have to start repayment for 2 years.
Other options from India (rates I am quoting are the ones that were given to me when I was looking),
1. SBI, INR 30L max, @ 12.5%, no incubation period (i.e. you start paying interest immediately from the first month of your school, ~ INR 30K pm).
2. HDFC Credila, INR 60L - 90L max (depending on you and your guarantor) @ 13.75%, no incubation period, but you can negotiate hard with these people on every aspect of the loan. But interest rates were still v. high (Note: your interest rate will not go below SBI's rate in any case from any lender in India).
3. Other Private lenders. ~ INR 60L, v. high-interest rates, 14%+. I did not trust their reliability so didn't pursue it.
Other options in the US with a relative.1. You can ask a relative to co-sign a loan for you from the US. The interest rates will be ~4%. But getting a co-sign for $100K+ can be a difficult task.
My recommendation is to start looking for options now and find out what best suits your needs.
I also started at MSB without a Scholarship. So I researched all options in advance so that they don't hinder me later. With
Prodigy I got the loan at 8.32% during the incubation period and 9.6% after 2 years.