US MBA Loan and Re-Payment->Worth It? A Discussion

[nagpalkunal]

Originally Posted by Focus09

Can someone who has already gone through the loan raising process please clarify the chain of events before one can actually sit in the first class of an MBA program:

1. GMAT
2. Shortlist colleges
3. Essays, transcrips, recommendations, etc
4. College reverts if application is shortlisted
5. Schedule interviews (In college or through local alulmni)
6. Final decision of admission by colleges
7. Send proof of funds
8. I am a bit hazy of the typical activities here (If someone were to take a loan from the financial institutions conencted with the MBA institute is it here that the loans are sanctioned??)
9. I20
10. VIZA
11. Fly to US, UK
12. Attend first class

I would also like to know the level of self funding is required. Do the loans that banks give cover living expenses as well or are they to be managed from personal savings. Also how much time does it take for loans (assuming someone based in India takes it from banks in the US)

Thanks in advance.....

ideally 2 should be before 1.
Also banks in US cover living expenses or not depending on their tie-up with the university. The top ranked ones do that but a little lower the loans would cover tuition only.

Accordingly you will have to show funds or not.
Loans in US through the univ are disbursed on a single page and at the first day of your class.

Hope this helps

Cheers

[Focus09]

Thanks NagpalKunal for that.

When i meant "Shortlist colleges" after "GMAT" i was referring to the practical execution of the activities rather than the sequence of mental aspirations (of selecting colleges and scoring in the GMAT according to the cutoffs of the selected colleges)

Do you also have any info as to how much time it typically takes to avail these loans (from foreign banks) with the candidate sitting here in India?

[nagpalkunal]

Originally Posted by Focus09

Thanks NagpalKunal for that.

When i meant "Shortlist colleges" after "GMAT" i was referring to the practical execution of the activities rather than the sequence of mental aspirations (of selecting colleges and scoring in the GMAT according to the cutoffs of the selected colleges)

Do you also have any info as to how much time it typically takes to avail these loans (from foreign banks) with the candidate sitting here in India?

Focus,

I would say it doesn't take time in real terms. I just applied to the loan at Uni of Chi GSB and I have been assured I will have the funds with me on Day 1.

Hope this helps.

P.S. loans from universities does not get credited to your account before start of classes if that is what you meant.

Cheers

[onlymitesh]

Originally Posted by destiny_beckons

I was just wondering where i would find a ranking list based on the specialities... can someone suggest a good place to find that... (I know this query actually does not rightly belong here... but could not help but ask after i read this above quoted reply... thanks for the example .. its a real eye opener.. for someone just starting out on the MBA quest...)

Your post seems pretty old, but just thought u wud b interested to see a MBA specialization ratings on topmba.com.....
That is pretty comprehensive....