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resigning before arranging loans / finance

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Senior Manager
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Joined: 30 Aug 2006
Posts: 374
resigning before arranging loans / finance [#permalink]

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New post 11 May 2007, 07:09
Hi all,

Glad to see the site is back after its spring break :-D

I'm considering resigning from my job although I haven't arranged the loan for my tuition fees yet (for LBS which does not have a guaranteed loan scheme), I probably will stick out out until the finances are sorted - but does anyone see a problem with leaving first. My instincts are that its a bad idea!!

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Joined: 10 Apr 2007
Posts: 4318
Location: Back in Chicago, IL
Schools: Kellogg Alum: Class of 2010

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New post 11 May 2007, 08:35
I don't know anything for fact but from a lot of things I have read that shouldn't pose to much of a problem. I recall reading that loans for MBAs have the lowest default rate of advanced degrees. It seems like a good bet for the people making the loans. Besides if it was a problem to get a loan when you were no longer working how would anyone get one for their second year...and I think that if you are going to a fulltime program they expect you to not be working.

I dont know if things would be different in the UK than here but I wouldnt think it would be.
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Joined: 01 Nov 2006
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Schools: The Duke MBA, Class of 2009

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New post 11 May 2007, 18:37
Loans here (perkins, stafford, grad plus, and private ed) don't look at what you're earning now. The latter two will consider your credit history/score, but they won't be the least bit bothered by your work or lack thereof. the whole point of ed loans is that they're lending to you based on your future earnings and not on your current ones.

As for what you whacky chaps have over there, i daren't comment.
Joined: 11 Dec 2006
Posts: 1430
Location: New York, NY
Schools: NYU Stern 2009

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New post 12 May 2007, 03:09
It's Natwest / Association of MBAs or bust in the UK, isn't it LL?

As my brother is a visa-d, tax payer in the US he is not adequate to cosign for me to get a decent US based loan (citizen or perm resident required for whatever reasons).

I will tell you how the NW thing goes - mine is with them now, and I am nervous (due to a weird experience with an O/D after University, I doubt my credit is stellar).
  [#permalink] 12 May 2007, 03:09
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resigning before arranging loans / finance

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