While one gets involved in the mba application process, it is also important to think about what one will need post selection. One of the most important things you would need after you get the admit – money to finance your MBA.
While most of the top business school offer (or intend to offer) loans (without cosigner) to international students, recession has taken some toll. Owing to economic situation, banks have cancelled tie ups with some top b-schools and cancelled loan programs. A few mba programs impacted due to this have found some alternate solutions.
Here is a list of b-schools (and corresponding universities) offering loans with no cosigner requirement to international applicants. This list also has very useful and latest links that would give you good information on loans offered by various b-schools.
Duke University – Fuqua school of business: Fuqua offers relatively low interest rate of 8.25%, in partnership with Coastal (a local financial institution)
Visit this link for further details: http://www.fuqua.duke.edu/student_resources/financial_aid_executive/financial_assistance/#doc5
Harvard Business School – Harvard University Credit Union partnered with the university to give education loan without cosigner to international students. No further details available. Please visit http://www.hbs.edu/mba/admissions/internationalapplications.html for announcement regarding loans for international applicants.
University of Chicago – Booth school of business: Via participation with “International Student Loan Program”, Chicago Booth offers loan with cosigner to its MBA admits. The amount of loan will exclude any other financial aid/scholarship (offered by the bschool) from the tuition fee.
Please read http://chronicle.uchicago.edu/090528/international.shtml for details
University of Pennsylvania – Wharton business school: Citi had cancelled its loan program in October 2008. Now, through a tie-up with Digital Federal Credit Union, Wharton offers loans to international students with no co-signer. Your tuition fee and living expenses can be covered by this loan but please note that interest rate is at a premium.
For further details, visit http://www.wharton.upenn.edu/whartonfacts/news_and_events/newsreleases/2009/p_2009_4_853.html
University of Michigan, Ross school of business– Ross gives loans without cosigner to all international admits. This is done via ‘International Student Loan Program’ in tie up with the university’s credit union. This comes with a floating interest rate, upto 20 years repayment period and 6 month grace period after you pass out.
Please visit http://www.bus.umich.edu/admissions/financialaid/loans/Private.htm for information. The loan application guidelines are available at http://www.bus.umich.edu/pdf/RSBUMCUInternationalStudentLoanProgram.pdf
Yale school of Management – Yale university: Through this loan without cosigner you can cover you tuition fee excluding any aid/ scholarship given by Yale. Repayment period of 10 years is fairly okay and grace period of 6 months after you pass out can be treated as another positive factor here. Fixed interest rate is 7.75% and origination fee is 5%.
Visit http://mba.yale.edu/MBA/admissions/financial_aid/loans.shtml for details
MIT Sloan –MIT Sloan has various loan options. Please visit http://web.mit.edu/sfs/loans/sloan_loans.html for details.
Stanford – Stanford GSB has partnered with Citibank and Star One Credit Union to give loans without cosigner. Visit http://www.gsb.stanford.edu/mba/financial_aid/loans.html for information.
Tuck – A self funded loan program, with loan term of 10 years, variable interest rate (currently 9%), 3 years grace period after graduation and loan amount equal to tuition fee minus financial aid by Tuck
For further details, please visit http://www.tuck.dartmouth.edu/admissions/aid/loans.html
Stern – NYU (New York University): For international students without cosigner, Stern offers 2 types of loans (a) Chase Select International Loan – by JP Morgan Chase (b) Global Student Loan – by Global Student Loan Corporation (GSLC) and HSBC. This currently applies to Indian students but will expand to include other countries also.
Please visit http://w4.stern.nyu.edu/finaid/types.cfm?doc_id=3489 for further details. A maximum of USD 50,000 can be borrowed. Interest rates are slightly higher at 13.5%
Haas (University of California – Berkley) –Loans are provided under a program called “Berkeley MBA Student Loan Program”. Upto USD 20,500 can be borrowed through ‘Federal Direct Loan Program’. The interest rate is fixed and is fairly low at 6.8%. Repayment term is 10 years and grace period is 6 months.
Visit http://mba.haas.berkeley.edu/admissions/finaid/index.html and http://mba.haas.berkeley.edu/admissions/finaid/federalloanoptions.html for more details