M7Financial: Answering Q's About Student Loan Financing & Refinancing

Question

Hi everyone.

M7 Financial is thrilled to be joining the GMAT Club community to answer questions about student loans.

M7 Financial focuses on the careers and student loan requirements of students and alumni. We are here to provide objective advice about student loan financing and you can take us up on a free student budget consultation so that we can discuss your specific concerns.

We look forward to answering as many questions as possible from you!

Sincerely,
Cory Pollock
Co-Founder, M7 Financial

DrFawkes · Answer

I'm not sure whether this thread is still alive or not, but I did want to ask you if you also assist international candidates obtain loans? Further, for obtaining such loans, is guarantee from a US co-signor a must, or some other guarantee may be given? If one opts for the fixed rate model, what fixed rate do you generally charge for international candidates?

M7Financial · Answer

Thanks for reaching out to us.

Below is some information and advice. Hope it is helpful.

1. Contact the financial aid offices at your target schools to see if any of them have loan programs for international students

2. Many U.S. based financial institutions will consider you for a student loan only if you have a U.S. Based cosigner. The rate or pricing of the loan will typically be based on a credit evaluation of the borrower/cosigner.

3. Put together the strongest application package possible. The stronger your application, the greater the possibility of receiving scholarships that will limit the amount of loans that you could need. Check out mbaMission for tips on enhancing your application.

4. Check back with us in a few months as we are currently considering options for international students without a U.S. based cosigner.

Zeppelin89 · Answer

Sorry to bump an old thread, but I am trying to figure out whether it's possible to get accepted into a Canadian part-time MBA program but then get denied for loans because you already have some existing lines of credit with loans on the (approx 5 - 10k), and only one income? Do most MBA students get funding one way or another through banks/grants e.t.c?

I am trying to decide if I should study or not and want to nail this down first (obviously).

I am trying to decide if I should study or not and want to nail this down first (obviously).

M7Financial · Answer

Thanks for the question.

There are many ways to finance an MBA. Examples may include any combination of savings, scholarships, private loans, government loans, family help, and employer sponsored programs. Preexisting debt does not necessarily preclude you from obtaining a loan.

I suggest you contact the admissions and financial aid offices of your prospective programs about financing alternatives including government loans, private loans as well as scholarships. While it is possible that a student could be accepted into an MBA program and then be unable to attend because of lack of financing; many overcome such financial hurdles to obtain an MBA.

hubahuba · Answer

Hi, I wanted to see if you have any suggestions for students wanting to study part-time mba and do not have a US based co-signer. I recently got admited to NYU Stern Part Time program. Total cost of tuition is $120K and I opted for 2 year accelerated program. I am of Indian origin on H-1B visa - Green Card in process - so technically not a permanent resident yet. I have been in the country for over 12 years now...

Here's what I know so far:

NYU listed following lenders for international students (PT program) who don't have US co-signer. 
- BAEF MBA Fellowship - only for Belgian citizens
- Canadian Student Loan - only for canadian
- Prodigy Finance - all international students, but once I filled out the application I found it was only applicable for Full Time and Executive programs

What other financing options are available to students specifically for NYU Stern PT program, without US based co-signer.

StressEater · Answer

Hi I was wondering when the time is right to decide the sources of financing. Specifically, Columbia Business School asks you to provide an approximate funding program at the application stage itself. How specific must I be with the 'distribution' of my soures of financing while applying. 
I am an international student (Indian Citizen working in Dubai). In terms of getting a US cosigner, that shouldn't be the greatest difficulty.

Thank you.

M7Financial · Answer

With respect to sources of financing for part time international MBA students at NYU without a U.S. based cosigner, unfortunately I know of no other options other than those mentioned. If you have not done so already, if feasible, I suggest setting up a meeting with the program to discuss how other students in your situation have managed the financing requirements in the past. It could lead to some leads or resources.

With respect to how specific you need to be with your sources of funding, I suggest contacting the admissions office for guidance as to the required level of detail. It could be that you need not go beyond indicating that you have a U.S. based cosinger and intend to utilize student loans. Also, check out mbaMission for tips on enhancing your application. The stronger your application, the greater the possibility of receiving scholarships that will limit the amount of loans that you could need.

allanbrunosm · Answer

Any news about no cosigner options?

spiceguy · Answer

I would be interested to learn about no consigner loan for international students as well...

Thanks

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M7Financial: Answering Q's About Student Loan Financing & Refinancing

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