Columbia's international loan situation

Question

I heard that Columbia is not offering internationals loans without a co-signer. I am rather out of the loop these days, who has the inside scoop on this...someone here has to have the real story.

pleonasm · Answer

Damn, this sucks big time.

bb · Answer

This is sad. I believe I heard MBA's have the lowest default rates in the industry (not sure if that's true) but that's what I was told in the Student Loan exit interview

Pathfinder · Answer

Many international students had commited to Columbia accepting ED terms and paying $6.000, but now they are left without non-co signed loans due to current financial situation. These guys are now without admit from other schools (apps withdrawn or not even submitted), without loans and without deposits. Columbia commited to refund only $4.000 in the case they failed to secure financial package.

It is some strange policy of this school - they didn't have loan scheme for internationals even last year when overall economic situation was much better. Many schools had the agreement with Citi, but not Columbia. Hence, it is hard for me to beleive that they are going to do soething about it now in this economic environment.

I have to say that I like this school and I've done some research on it since I was willing to apply. But, when I saw their "Fees and funding" page one year ago, I decided not to waste my money, time and nerves on them. This whole situation is very bad for Colubia's reputation, they seem to be the only M7 school that failed to secure non co-signed loans for internationals.

Prospective international applicants should be aware of this fact and to be very cautious when applying to b-schools next fall.

garbus222 · Answer

I must say that I'm sooooooo disappointed with CBS... I believe that as M7 school it should lead by example and that its approach this year should cross it out from M7 circle (provided that the info I heard was true).

So what I heard is that CBS is not providing loans to international students b/c it decided not to share the risk with loan providers. CBS apparently said that other top bschools are sharing risk of a loan with banks - CBS decided not to do so.

So in other words CBS is saying that it doesn't believe in MBA students and the service (i.e. education) it provides. Ridiculous!!!

bb · Answer

I was not aware either that Loans were structured in this manner. I always thought that it was a mutual relationship between banks and schools where banks got a "special" recruiter status or something like that. Anyone knows?

I do think it is a silly move (if it is true) - schools give out hundreds of thousands of dollars for scholarships, so I am guessing they can take 1 hit per year from a foreign student who failed/passed away/disappeared. Not very logical indeed.

snipertrader · Answer

Being an intl applicant, i made sure i posed the question while i attended the info session in CBS.
The reply was very diplomatic.....we are working on something for 2010 admits...details will be out soon....that kinda rhetoric.

Its ironic that the school essays want some transparency about the candidate....but when it comes to the school itself there is none with regard to the loans...which iMho is a very critical component of the school and admission process.

Keeping my fingers crossed.

togafoot · Answer

This will affect CBS's reputation and will reduce the school's international diversity. It will take them a few years just to restore their reputation. For sure, internationals will be more reluctant in applying for CBS, which will affect their admission statistics and probably the quality of their students

AceofSpades · Answer

They aren't offering a non-cosigner loan for 2010 international applicants.

The website states that "International students are only eligible to be considered for private loans with a U.S. cosigner. Loans without a U.S. cosigner are not currently available."

https://www4.gsb.columbia.edu/mba/learnmore/tuition/loans

Columbia's international loan situation

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