Internationals - Loan & Co-Signer (MERGED)

Question

Found this on BW forums https://forums.businessweek.com/n/pfx/fo ... &tid=21256 In case the website posting above gets deleted, here's PDF version of that page. Kudos to Clearadmit.com for the post.

AceofSpades · Answer

Thanks for sharing this information! I wasn't aware of the Wharton program.

pleonasm · Answer

Should this be a criteria for selecting b-schools ? This is more relevant to international students. Considering that all other factors of the school weigh in your favor and the school doesn't offer a loan without a guarantor .. would you still want to study in that school ?

I had this conundrum when I learned about the cosigner requirement at Columbia. I was fixated on Columbia with the assumption that being a M7 school they would guarantee loans to admits without any attached strings ( US resident cosigner etc ). However, after learning about their loan for internationals I am not even inclined to apply. Somehow, the participation of the school in the loan acquisition process speaks very highly of the school. I'm so strongly leaning towards Darden, Tuck and the like solely because of this factor.

Any one else who shares a similar feeling ?

AceofSpades · Answer

I feel the same way too and plan to apply only to schools such as Booth, Sloan, Tuck and others that offer "no-cosigner" loans

riverripper · Answer

As a US citizen it wouldnt directly impact me but I would bet a lot of internationals wont apply knowing they wont be able to secure a loan without a cosigner. This certainly could reduce the overall quality of the international students applying/attending any school who doesnt provide loans without cosigners. There is also the potential that this will turn off even more internationals and a few citizens just because the rest of the "peer" schools (HBS, Stanford, Wharton, Kellogg, MIT, Booth) mananged to get loans for internationals and it might make one wonder why another school could not.

It will be interesting to see what percentage of their class is international and what the impact really is. I don't know how many internationals use non-cosigner loans vs getting a relative in the US to cosign for them.

It will be interesting to see what percentage of their class is international and what the impact really is. I don't know how many internationals use non-cosigner loans vs getting a relative in the US to cosign for them.

pleonasm · Answer

I've written to CBS asking them why they are not providing no-cosigner loans

(I think it's quite brazen to ask but what the heck) will post the reply once I hear back.

w103psp · Answer

There's been a lot of change, confusion and disinformation about loans for international students. I plan to list schools that offer loans without the need of resident co-signer, an option that most international students opt for. I definitely need a loan and I would rather not ask my relatives to sign on as co-signer.

School-by-School International Student Loan Scorecard 
 https://blog.clearadmit.com/2009/05/school-by-school-international-student-loan-scorecard/

Duke (Fuqua) No co-signor required  
 https://www.fuqua.duke.edu/student_resources/financial_aid_executive/financial_assistance/#doc5 
"For the next academic year, our international students will be able to secure loans for their studies at Fuqua without the need for a U.S. co-signer."

Loan Situation Looks Rosier for Duke's International Applicants
 https://www.businessweek.com/bschools/blogs/mba_admissions/archives/2009/01/loan_situation.html

w103psp · Answer

This thread from 2005 might be outdated: mba-loans-for-international-students-19299.html

pleonasm · Answer

So here's the much expected diplomatic reply from CBS finaid office

Thank you for your email. There have been many changes that have impacted loans to international students. Unfortunately, in order to secure loans to attend Columbia Business School, you will need the addition of a creditworthy U.S. cosigner on any private loan application. We do not see any changes to this in the foreseeable future unless the credit markets change and lenders begin to offer no-strings attached loans again.
International students are always considered for merit-based fellowships, however. Columbia Business School awards a number of highly selective, merit-based fellowships to newly admitted full-time applicants with exceptional academic credentials, professional accomplishments, and leadership potential. The fellowship selection process is competitive and awards vary in amounts up to full tuition.

AceofSpades · Answer

Thanks for posting the updated list of schools that offer "no co-signer" loans. I found the updated information quite helpful.

However, I was unable to find Indiana's No-cosigner loan option on their financial aid page at the link that you've provided. The link states that 'International students are eligible for private loans. Most private loan companies require a U.S. citizen or permanent resident to act as a co-signer to secure the loan.'

Maybe they have only recently begun to offer the no-cosigner option which is why it isn't mentioned on this page. I would appreciate if you could let me know where I could find info on Indiana's no-cosigner loan.

Thanks,

w103psp · Answer

Hey pleonasm, for us international students no co-signer loan is a very important criteria. You're right, does Columbia not have enough confidence that it's graduates would be able to pay off the loans?

nink · Answer

PDF version of the Clearadmit BW post uploaded in case the page gets deleted or moved. internationals-loan-co-signer-merged-80288.html#p603001

pleonasm · Answer

Good deal, Thanks

AceofSpades · Answer

nink: Thanks for the Clear Admit post!

MBAbot · Answer

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Internationals - Loan & Co-Signer (MERGED)

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