Response from B schools:Loans/scholarships in the US.

I mailed a query regarding the Loan /Fin Assistance in the US to MIT SLoan/Fischer shool Florida/GSB chicago. etc…and got nice responses…as far as admission prospects are concerned and it seemed as if a GMAT score around 680-700 wouldmean sur…

I mailed a query regarding the Loan /Fin Assistance in the US to MIT SLoan/Fischer shool Florida/GSB chicago. etc..and got nice responses..as far as admission prospects are concerned
and it seemed as if a GMAT score around 680-700 wouldmean sure shot admission..
but my query wasnt satisfactorily answered......
which is the better option...getting a loan from US/India for an MBA in the US??
what are the formalities/eligibility involved in getting a loan??

I mailed a query regarding the Loan /Fin Assistance in the US to MIT SLoan/Fischer shool Florida/GSB chicago. etc..and got nice responses..as far as admission prospects are concerned

and it seemed as if a GMAT score around 680-700 wouldmean sure shot admission..
but my query wasnt satisfactorily answered......


As much as I would like to say "Amen" my hands shake when I type "Amen" especially for Chicago-GSB and MIT. Could you post their responses for us on this forum as I am sure lots of us could benefit from those messages.

Btw, have you applied anywhere for fall'05 or are you planning to apply for fall'06 or later ?


which is the better option...getting a loan from US/India for an MBA in the US??
what are the formalities/eligibility involved in getting a loan??


Getting a loan from US is certainly a better option but the catch is how do we get to those options. Only a few of the top 20 B Schools in US and a few of the top 10 Non US B Schools offer a loan without a resident Co-signor and collateral. In case you have a co-signor who is a citizen/resident of the country of education you can avail the loan however certain banks offer the loan only upto a few multiples of the co-signor's monthly/annual income. You would have to check with the banks on the details but the interest rates for these loans in N.America/Europe are hovering around 5% or PLR+1%(approx.) and that makes it exciting. Also, an admission counsellor from NYU advised me that even if we have our own money these cheap loans are a good option to build our credit scores for future borrowing.

Loans in India or anywhere else have similar formalities in terms of paperwork depending on the fact if the loan is securitized or not. For Indian Bank loans you could google "educational loans in India" and there are lots of websites which offer very specific information.

All the best !

well vipin im mailin u the info..aneone else if needs..js pm me at

I mailed a query regarding the Loan /Fin Assistance in the US to MIT SLoan/Fischer shool Florida/GSB chicago. etc..and got nice responses..as far as admission prospects are concerned
and it seemed as if a GMAT score around 680-700 wouldmean sure shot admission..
but my query wasnt satisfactorily answered......
which is the better option...getting a loan from US/India for an MBA in the US??
what are the formalities/eligibility involved in getting a loan??


Sorry to rain on your parade, but even a GMAT score of 800 does not guarantee a "sure shot admission". MBA admissions are a complex process where many factors like undergraduate GPA, quality of work experience, GMAT scores(and sometimes breakup of score), essays(very critical), recommendations and overall personality matter a lot. MBA admissions are extremely competitive. And India happens to be one of the most competitive demographic in the world especially if you have an IT/Engineering background. Keep things in perspective because you will need more than just a good GMAT score to get admission into the elite B-Schools of US.

Yesterday i visited Columbia Business school @ NY and had a one-to-one talk with one of their current mba student.

Apart from the regular stuff that i dicussed, we also talked about the finance part. Something new that i learned regarding bank loans was that to get a private bank loan from any of the US bank you need to have a Social Security Number (SSN). This was not a problem for students on F-1 Visa till now. But recently US governement has revoked it and students on F-1 are no longer eligible for a SSN. That means future students coming on F-1 visa will not get a SSN in US.

Implications: All US banks require a SSN for the loans, and under this scenario one would have a tough time fetching loan independently. Probably will have to look out for a US Co-Signer.
Basically US banks need to verify your credit history from ur SSN, before giving any loan. In this case the workaround i feel would be to open an account and show atleast 50%-60% of the loan amount as the balance in your account.:huh:

This is what i learned from him and if any one have more info over it, kindly share n discuss...

This is a good url over post mba loan repayment, picked up from the CBS website

http://www0.gsb.columbia.edu/null?exclusive=filemgr.download&file;_id=412&rtcontentdisposition;=filename%3DCBSWebDebtWorkshop.ppt

cheers!
pravi

Hi Pravi,

This is interesting information however just wanted to check with others if they have also heard anything on similar lines. On reading the presentation on consolidation of loans from the Columbia-GSB website I could only come to a conclusion that the information was meant for US citizens/residents applying for Federal Stafford/BEL loans. Infact, Columbia's website has used disclaimer verbiage for international students as they have just mentioned that they would be willing to help students with other private loans.

Some of the other top 20 schools state clearly that they have loan arrangements with Private Banks like the citiassist loan which do not require co-signors. Could it be possible that they have not updated their websites or have not disclosed all the details ?

Yesterday i visited Columbia Business school @ NY and had a one-to-one talk with one of their current mba student.

Apart from the regular stuff that i dicussed, we also talked about the finance part. Something new that i learned regarding bank loans was that to get a private bank loan from any of the US bank you need to have a Social Security Number (SSN). This was not a problem for students on F-1 Visa till now. But recently US governement has revoked it and students on F-1 are no longer eligible for a SSN. That means future students coming on F-1 visa will not get a SSN in US.

Implications: All US banks require a SSN for the loans, and under this scenario one would have a tough time fetching loan independently. Probably will have to look out for a US Co-Signer.
Basically US banks need to verify your credit history from ur SSN, before giving any loan. In this case the workaround i feel would be to open an account and show atleast 50%-60% of the loan amount as the balance in your account.:huh:

This is what i learned from him and if any one have more info over it, kindly share n discuss...

This is a good url over post mba loan repayment, picked up from the CBS website

http://www0.gsb.columbia.edu/null?exclusive=filemgr.download&file;_id=412&rtcontentdisposition;=filename%3DCBSWebDebtWorkshop.ppt

cheers!
pravi
Hi Pravi,

Some of the other top 20 schools state clearly that they have loan arrangements with Private Banks like the citiassist loan which do not require co-signors. Could it be possible that they have not updated their websites or have not disclosed all the details ?


Yes, i raised this point also...in this case your business school stands as a guarantor...so generally you manage to get a loan... but in this also there are lot of things in the fine prints..like schools assists u for the loan in 2 yr n in the 1st year you have to come prepared....

The main issue is when you look out for any kinda loan independently, for anything...:huh:

lemme know if u come across more info over the same...

cheers!
pravi