The Application Process

I wish to apply to MIT sloan and a few other B schools in the US and in need of some advice on how to manage the MBA fees expenses.

Financing the fees and other expenses through an Indian Bank is possible. I will give you a few details of the amount of educational loans given by banks to students.
In India, since most of the domestic B schools have the complete 2 year fee of less than 30,000 dollars, most banks sanction max loan amount of around 30,000 USD without any collateral. However, if one has additional requirement of over the mentioned amount, a collateral in form of some asset is needed to seek a higher loan amount.

This is where the main problem of funding my MBA comes in.
For example:-
in MIT sloan for a single academic year the fees only is around 65000 USD
and expenses inclusive of lodging, food etc may be around 100,000 USD for a year.
So, the two year complete expenses are around 200,000 USD.

So, as u can see, i end up with a massive 170,000 USD short in my calculations.
There are scholarships offered, but one cant rely on them completely from the beginning as they are not given away to everyone and the amount varies too.

Can anyone help with some ways of funding this deficit.

Hi Sumit,

Although I am not an expert on this matter, I think u can check out here https://www.credila.com/usa/funding-solu ... e-usa.html for some insight. There is another institution called AVANSE, but they ask collateral, I guess.
You can also gather info about TA and RA-ships at ur target colleges, which require some hours of work in the university and provide fee rebates etc.
Pls share your experience as progress towards ur goal, so that I can get some essential info back from u.

~Binit.

binit thanx so much.
I will get in touch wid them.

All the Best!!

While you can get TA (teaching assistant) positions after your first semester - the pay from this work is not going to fund your entire MBA. Rent should be about $1200/month for a dorm or a room in a shared apartment. I'm not sure but I think you are overestimating living expenses (but that depends on what type of living standards you have I guess :)

I believe that there are private lenders that offer loans to international students at M7 schools like Sloan - you'll probably just have to borrow the money and pay it back after you graduate.

Best of luck!

fxMBAconsulting (Leah)
Thanks so much. Could you pl elaborate on the private lenders you talk about in your post. How to reach out to dese people. Is the B school itself a point of contact between lenders and the students?. Kindly elaborate.

What is the time slot available (on an avg) between receipt of acceptance from a B school and last dates for payment of requisite fees for the program.

Thanks again Leah!.

The b-school usually connects students with lenders. When I was in school CitiBank was giving out loans to students and you didn't need a cosigner. At the top schools I believe that both American and International students can get loans where you don't need a cosigner. At other schools you may be able to get a private loan but someone with collateral (usually a family member) will have to cosign the loan. So if you default on payment that person will be held responsible.

You can get the loan pretty quickly and usually loans are dealt with during the summer before you start. I'm not sure what the fees are but usually once you get an acceptance letter you have about 3 weeks to pay the school somewhere between $3-5,000 to hold your place. You can't get a loan for that - you need to have the cash on hand.

If you get into a top business school the staff will be there to help walk you through the entire process so I wouldn't worry too much.

[email protected] wrote:I wish to apply to MIT sloan and a few other B schools in the US and in need of some advice on how to manage the MBA fees expenses.

Financing the fees and other expenses through an Indian Bank is possible. I will give you a few details of the amount of educational loans given by banks to students.
In India, since most of the domestic B schools have the complete 2 year fee of less than 30,000 dollars, most banks sanction max loan amount of around 30,000 USD without any collateral. However, if one has additional requirement of over the mentioned amount, a collateral in form of some asset is needed to seek a higher loan amount.

This is where the main problem of funding my MBA comes in.
For example:-
in MIT sloan for a single academic year the fees only is around 65000 USD
and expenses inclusive of lodging, food etc may be around 100,000 USD for a year.
So, the two year complete expenses are around 200,000 USD.

So, as u can see, i end up with a massive 170,000 USD short in my calculations.
There are scholarships offered, but one cant rely on them completely from the beginning as they are not given away to everyone and the amount varies too.

Can anyone help with some ways of funding this deficit.

There's no easy way to get the loan. Either you have it or you don't. Credilla etc. can offer little higher loan amount then banks but they require collateral etc. in metro cities but even that amount would not cover $200K.

I'd recommend look for slightly lower ranked school and try to go for full scholarship, that works out best. As paying off $200K with Indian interest rates is a huge undertaking, particularly with H1b situation right now.

You should also check with local US banks to see if any of them will give you credit. Obviously you will be charged a pretty high interest rate, but if you get into MIT, you should be looking at a pretty nice salary after school and hopefully be able to pay that loan back pretty quick. Good luck to you!

[email protected] wrote:I wish to apply to MIT sloan and a few other B schools in the US and in need of some advice on how to manage the MBA fees expenses.

Financing the fees and other expenses through an Indian Bank is possible. I will give you a few details of the amount of educational loans given by banks to students.
In India, since most of the domestic B schools have the complete 2 year fee of less than 30,000 dollars, most banks sanction max loan amount of around 30,000 USD without any collateral. However, if one has additional requirement of over the mentioned amount, a collateral in form of some asset is needed to seek a higher loan amount.

This is where the main problem of funding my MBA comes in.
For example:-
in MIT sloan for a single academic year the fees only is around 65000 USD
and expenses inclusive of lodging, food etc may be around 100,000 USD for a year.
So, the two year complete expenses are around 200,000 USD.

So, as u can see, i end up with a massive 170,000 USD short in my calculations.
There are scholarships offered, but one cant rely on them completely from the beginning as they are not given away to everyone and the amount varies too.

Can anyone help with some ways of funding this deficit.

Comparing MBA cost of living and return on investment is not an easy task. Please visit https://aringo.com/mba-expenses-comparison/ for a list of costs for each degree (MBA tuition and other expenses at the top programs).

To learn more about MBA scholarships, please visit: https://aringo.com/mba-scholarships/

You might also take a look at Prodigy Finance who supplies no-cosigner student loans to international students.

Good luck,