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

[eng_harsh]

Hi Guys,
Can someone enlighten us if we can take 7.5 lacs each from two banks. I'm finding it difficult to arrange property as collateral. Banks typically don't require collaterals till 7.5 lacs loan. So, what can be the issues on taking 2 loans from two different banks?

Regards,
Harsh

[itsrahul]

Originally Posted by eng_harsh

Hi Guys,
Can someone enlighten us if we can take 7.5 lacs each from two banks. I'm finding it difficult to arrange property as collateral. Banks typically don't require collaterals till 7.5 lacs loan. So, what can be the issues on taking 2 loans from two different banks?

Regards,
Harsh

When you take education loan from a bank, you sign an affidavit stating that you are not taking loan from another bank. So, legally, this cannot be done.

[rahul_shukla]

Originally Posted by itsrahul

Completely disagree on this. I am one of the Indian middle/lower-middle class guys who is studying abroad with an education loan from India and I did not "amass" wealth during my 4 yrs career with an Indian IT company.
I also know people who are spending even less than I am for their foreign MBA. One of my friends is studying abroad for free....
I agree that this is neither normal, nor easy - there aren't many good schools where you can study with a loan from India but then it's all about matching your aspirations with reality...

Hi Rahul ,
As you seem to have made it through the admission process, can you please share the issues which you had faced during the loan approvals etc.
Also in one of the threads I saw something about I-20 , can you please shed some light on that

Rahul

[swami_84]

Hi everyone,
can anyone pelase help me in getting me the list of B-schools in India & Abroad or atleast guide me to the link where i can find them?
Thanks in advance...

[mbabuster]

Originally Posted by bancsy_me

This is so unfortunate. Aren't there any exceptions (ie universities that issue I-20s w/o guarantee of finances)? I heard some schools offer guaranteed loans to international students without any US cosigner (Wharton, Tuck, Stanford et al) but I don't know if they require some form of proof that you have the resources (not including any loan) to complete the MBA. Can someone confirm?

Well lots of colleges give you a no cosigner loan and also use the loan as a means for giving you the I-20. I am joining Kelley this year and they have asked people to fill up a form if you want to use the no-cosigner loan for proofs of finances for your I-20 .
Though I have not used this , I am sure this is of gr8 help to many students( as for me , I think I saved enough in my years in IT for 1 yr of MBA).

[go_for_the_kill]

Hi Everyone,

I'm an admit to the Kelley school of business. Kelley is offering no co-signer loan for international students in partnership with SallieMae at an interest rate of 13%, which I feel is way over the roof.

What's the situation with other B-schools? I have started this thread to collect the information on interest rates for no co-signer loans offered by US B-schools.

Fellow admits/aspirants/gyaanijunta, please pour in the information that you have from different schools so that everyone gets a clearer picture on this aspect of foreign B-schooling.

Thanks.

[abchekstylo]

Please post some links/threads/info on how to go about selecting the schools.Guys who are already into the application business can enlighten us regarding how they are choosing which schools to apply to.
Lots of folks would be appearing for the GMAT this month.So it is kinda urgent to pick the right schools and save a few dollars in sending the scores.

Any help would be highly appreciated.
Thanks in advance.

[Neo2000]

Originally Posted by abchekstylo

Please post some links/threads/info on how to go about selecting the schools.

Run Forrest, Run: Mammoth Post (advice for bschool applicants)

[RAGS786]

Originally Posted by go_for_the_kill

Hi Everyone,

I'm an admit to the Kelley school of business. Kelley is offering no co-signer loan for international students in partnership with SallieMae at an interest rate of 13%, which I feel is way over the roof.

What's the situation with other B-schools? I have started this thread to collect the information on interest rates for no co-signer loans offered by US B-schools.

Fellow admits/aspirants/gyaanijunta, please pour in the information that you have from different schools so that everyone gets a clearer picture on this aspect of foreign B-schooling.

Thanks.

The interest rate is comparable to those u get from Banks from INDIA.
However PSU banks will charge simple Interest during your period of study. But other private Institutions from both India n in US will compound the Interest amount with the capital( every year or month). So that jacks up the due amount significantly at the end of 2 1/2 years.

[Soho]

Hi all;

Just a quick note. Because of the high earnings potential of MBA grads from decent schools (i.e., top 100-ish), the student loan re-payment generally doesn't take that long (thus, B-Schools keep raising tuition costs). The interest rate is important, obviously, but when paid off within a few years, you reduce your interest exposure substantially.

As a disclaimer, I hold an MBA and am working in the US; my views may or may not be appropriate if you're looking to earn-back your investment by working elsewhere. It is important to remember that the percentage of people with MBAs in the US is SUBSTANTIALLY less per-capita than some other nations. As such, those holding the degree face greater employment prospects (relative to the national average cost of living) and greater salaries in the US than they might elsewhere, where more people have attained the degree.