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Apr 2908:00 PM EDT
-09:00 PM EDT
Join us for a live Ask Me Anything (AMA) session with Juno’s Co-Founder, where we’ll break down everything you need to know about financing your MBA in today’s rapidly changing landscape.
Apr 3010:00 AM EDT
-11:00 AM EDT
Applying to business school from a finance background? Personal MBA Coach is here to help with this quick tips video on how to set yourself apart during the MBA application process!
Apr 3010:00 AM EDT
-10:30 AM EDT
Sia Admissions Founder Susan Berishaj will walk through why reach/target/safety produces the wrong list for many specific profiles, how admissions committees at different programs read the same background differently, and more...
Apr 3012:00 PM EDT
-01:00 PM EDT
Starting at $975 and offering up to $545 of savings, our new Amplify Hourly Packages offer structure and support in certain high-value areas (story development, resume, essays, interviewing) to help get your applications across the finish line.
Apr 3009:00 PM IST
-10:00 PM IST
Thinking about PE/VC? Most consultants are. Few actually make it. Learn how to position your profile, build the right skills, and break into Private Equity & Venture Capital.
May 0108:30 AM EDT
-09:15 AM EDT
Get the inside scoop on what makes Emory’s Goizueta Business School great, learn how you can present a strong MBA application, and connect with an Admissions Director to get your questions answered.
May 0108:00 PM PDT
-09:00 PM PDT
Inquire for a free profile evaluation and guarantee statement for possible admits and scholarships!
26 Apr 2024, 09:10
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Hi! I would like to ask if anyone has any opinion or experiences taking loans for both tuiton fee and partially cost of living to pursue an MBA.
In my country, it is unusual for people to pursue MBA with loans, they are either sponsored by company or family. Hence, it's difficult to make my case if I should take loans or not doing MBA at all.
I have been admitted to B-School in Europe. As I am not working in my country, I am not able to take any loans from my country as they have a rule to that. Therefore, my option is to take Prodigy, which of course, the interest is quite high but it is the only source I can rely on now.
I am all confused and afraid now. Getting MBA has been my dream and I have been working hard for it. I know that financial requirement will be something I need to consider and I have been always taking it into consideration. However, when it comes the time, I feel very scared and not sure whether I should still do it with a loans of at least 200K Euro or not.
It would be highly appreciate if anyone can share experiences.
Thank you!
In my country, it is unusual for people to pursue MBA with loans, they are either sponsored by company or family. Hence, it's difficult to make my case if I should take loans or not doing MBA at all.
I have been admitted to B-School in Europe. As I am not working in my country, I am not able to take any loans from my country as they have a rule to that. Therefore, my option is to take Prodigy, which of course, the interest is quite high but it is the only source I can rely on now.
I am all confused and afraid now. Getting MBA has been my dream and I have been working hard for it. I know that financial requirement will be something I need to consider and I have been always taking it into consideration. However, when it comes the time, I feel very scared and not sure whether I should still do it with a loans of at least 200K Euro or not.
It would be highly appreciate if anyone can share experiences.
Thank you!
26 Apr 2024, 19:58
Kudos
Bookmarks
Hi sleepingbonita. Wow. 200K EUR - that's a meaningful amount and it gets pretty real when borrow and when you stare at your balance.
It is not uncommon for the US MBA applicants (from US or elsewhere) to borrow for the full cost and some may borrow 200K+ for a program such as Stern or MIT. There are people who absolutely pay a stick price. Here are a few things to keep in mind:
1. Calculate the payment you will have after you graduate. Note that you will be charged interest only on the funds you use and after you use them. So if you borrow during the first semester, you will be charged interest only on that portion, so you will be paying interest on $50K at this point, not 200K, sine you would receive 1/4th during the first semester and 1/4th during the second in the first year (or quarter but it is the same thing basically)
2. Learn if you have to pay interest during school - if so, you will need more money 😬
3. The MBA programs often include only the cost for 9 months out of the year - FYI
4. High interest rates are not as big of an issue usually, at least in the US, as you are able to refinance your Prodigy loan after 1-1.5 years after you built a credit history in the US and with a solid job. Almost everyone refinances their prodigy loans in the US to a 6-7% rate right now and if the interest rates go down, they will be able to refinance again even lower.
5. Consider your earning potential and your career - can you afford this payment or will you be putting yourself into a huge debt hole. Not sure what career path you take. Some will offer a pay off in 3-5 years but others may take much longer depending on the country and career. You should be aware of this before making the choice.
Good luck!
It is not uncommon for the US MBA applicants (from US or elsewhere) to borrow for the full cost and some may borrow 200K+ for a program such as Stern or MIT. There are people who absolutely pay a stick price. Here are a few things to keep in mind:
1. Calculate the payment you will have after you graduate. Note that you will be charged interest only on the funds you use and after you use them. So if you borrow during the first semester, you will be charged interest only on that portion, so you will be paying interest on $50K at this point, not 200K, sine you would receive 1/4th during the first semester and 1/4th during the second in the first year (or quarter but it is the same thing basically)
2. Learn if you have to pay interest during school - if so, you will need more money 😬
3. The MBA programs often include only the cost for 9 months out of the year - FYI
4. High interest rates are not as big of an issue usually, at least in the US, as you are able to refinance your Prodigy loan after 1-1.5 years after you built a credit history in the US and with a solid job. Almost everyone refinances their prodigy loans in the US to a 6-7% rate right now and if the interest rates go down, they will be able to refinance again even lower.
5. Consider your earning potential and your career - can you afford this payment or will you be putting yourself into a huge debt hole. Not sure what career path you take. Some will offer a pay off in 3-5 years but others may take much longer depending on the country and career. You should be aware of this before making the choice.
Good luck!
29 Apr 2024, 07:34
Kudos
Bookmarks
Hi bb , thank you very much for your input.
I'll still need to think about it. It's definitely not easy but I hope I'll find a way. Thank you
I'll still need to think about it. It's definitely not easy but I hope I'll find a way. Thank you
