This is for bumping this important thread back into action...
My G-day is on this 13th and I've not yet finalised my 5 schools..
Please help me out...
Finance is an important concern to me and it won't be possible for me to join a US school unless I get a decent schol...
So far the certainties on my list are::
Want to know which b-schools r decent on the schol front...
I'm targetting the top 30 school only...
From my research, I've found that Emory is pretty generous on this front..
Heard similar things abt Fisher (Ohio) too..
Can the gurus help on this topic??
Hey guys a great work....Please keep this forum active...Please keep posting as many cases as you can...so that many people are helped with it...
I am aMech Engr and have work ex of 3+ yrs....Looking for Fall 2007....
2) Type of Aid (tuition wavers, scholarships, assistantships, loans etc etc ) scholarship
3) Percentage of aid:- tiny 2500 GBP
4) GMAT score 710
5) GPA 3.4
6) Profile: software 7 yrs work ex
others;- got a loan from HSBC UK based on their tie up with CAM
One important criteria is WHEN do you apply. There are various schools which have early application deadlines as early as Oct. So a person with average profile applying early has a better chance of getting in than a person with good profile applying late. Keep this in mind.
These are some hard core info man...thanks a lot!
Could anyone please share some insights on the financial matters related to Visa. Like Pitbull said, schools will be quoting a substantially higher variable cost(living/travel expenses). Are we supposed to show in financial statement an amount similar to that is quoted in the i20? Should we produce the history of our bank account? if yes....then for how many months. Gurus, if you could explain these details by taking H/S/W as example it would be great (I took these schools just because the tuition and fees is on the higher side and most people - who are fortunate to get in - will be taking loans).
Also from a consultant I head that if you are financing the course completely from a bank loan(SBI/ICICI etc), and if the loan is approved, that's all the Visa guys look for. Your bank balance and history doesn't matter..is this true? How will this work out if we are going for a loan which the schools arrange.
I know these are a lot of questions. I humbly request gurus like Pagalguy, Samba to enlighten us
I have assumed an average Indian in all my calculations. He is the one who spends on essentials but neither a spend thrift nor a stingy person.
Rent: A single bedroom apartment in a good neighbourhood in a class B city costs $700 per month. This is semifurnished and you wont have furniture, entertainment, communication facilities. You have to spend additional money to get it. You will have a kitchen with stove and fridge, but not utensils.
Class A = $1000. Downtown is about 25%more. California is also higher by 40%.
Class B = $700
Class C = $500
Two people can easily share this and so the expenditure halves. Some places have a shared Laundromat, gym and basic recreation.
Food: Self cooking is naturally cheaper, but you need to devote time and skill otherwise wastage will get the better of your budget. Based on empirical method, I will put this at $8/day. If you eat out regularly, it could be $14/day. Roughly $300/month.
Utilities: Water and electricity works out to $20/month and $40/month. Electricity during winter will be around $100/month due to the heater usage. In Texas and Ari(d)zona, you will pay the same during summer. $100 max/month
Transportation: You need not buy a car in big cities, but in some towns and suburbs atleast 1 per house needs to have a car to reduce taxi-expenditure. Cost of gasoline is a varying quantity and wont comment on it. A 'good' car costs $4000, while a 'student' car costs $1500. Hitchhiking is illegal in many states and so drop this idea. Monthly pass in big cities cost $75 and all modes of public transport are covered .
Cost per month is $100, car or public transport. You can stay near univ and minimize this.
Telecom/internet: mobile phone typical $50/month, internet $30/month.
Overall: $350 + 300 + 100 + 100= $850/month. If you are conservative, then you must not cross this.
I saw that many universities quote $2500 as living expenses which are meant for American students with a high social lifestyle. You need not bother about it for personal calculations purposes, but for visa processing the consulate may refer to it, so beware.
Note: initial 2 months may be higher due to settling and 1 time investment like tables, chairs, activation charges for mobile etc.
Overall exp = $850 per month
hope this helps
Thanks a lot for the insights. That made a lot of sense. Although I was aware of the various reasons why it is difficult to find aid for an MBA compared to an MS, fundas like schools trying to push the average GMAT up were new to me . Lets hope that the thread will pick up steam as the fall 2007 approaches. I guess we should invite PG gurus to post their experiences in the thread.
hi MBA07, a very good initiative i must say. the info is too scattered i agree, but this initiative will succeed only if the "scholarship getters" post actively.
There are tonnes of schols for techno courses and very few for business courses. the philosophy behind this is that business courses are more "selfish courses"...ie, they contribute more to personal development and personal profit, whereas tech courses are targetted at advancement of technology and overall development. Further, business will not SUFFER in the absence of business scholarships, but absence of tech scholarships will definitely keep the brightest talents away. you dont need people in masses and droves to drive businesses, whereas the more techies, the better.
Coming back to the point, i beleive your gmat score plays a big role in getting a schol. Also, a lot depends on the profile of the school. A lower ranked school will be more willing to give you a schol than a higher ranked school. There will definitely be a tradeoff between probaility of getting scholarship and quality of school. I've seen ppl with very mediocre profiles getting big scholarships at small schools. Take note, Californian schools are least likely to offer scholarships. We gotta try and get feelers of which schools want us most desparately. For example, EMORY is an upcoming school and is (rather desparately) looking to up it`s average gmat scores of the class. If you have a really high gmat score, you might have a good chance of getting a scholarship there coz you will push the average higher. So basically, we should try and get such feelers about who`s looking for whom and what they`re willing to offer in exchange.
hope that made sense...i`ll be following this thread closely.