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Getting into business school without money

This topic has 2 expert replies and 1 member reply
emilyd Newbie | Next Rank: 10 Posts Default Avatar
Joined
28 Jul 2016
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Getting into business school without money

Post Thu Jul 28, 2016 10:00 am
So, I went bankrupt last fall. And I wouldn't be kidding if I said that it would take me a long time to build myself up. Mine is a compelling story of a failed entrepreneur trying to get back on her feet. But, I now think it would be best if I stick to a job for sometime.

I had taken the gmat 2 years ago (700) thinking I would use it for an executive program. But, I never thought it would come in handy like this. I think if I go to business school using my score and profile, I would have a good chance of getting in. However, I have no money, which is the thing that bothers me. I mean if I got in and paid the deposit, how would I get the other money without collateral?

For the record, I ran a test by getting into an EU school and calling up Prodigy finance. But, they said I was taking on "too much loan", which sounded strange since on their website they don't say how much of an amount should a student already possess before they deem the student fit for funding. They only claim to be handing out loans as long as you get into schools in their list, which I did.

So, that's my question-cum-outrage! I can choose to do the ok low paying jobs or I can get an mba before my gmat score expires. I want to get an mba, but have no money. Where do I get the money?

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Knitgeek Senior | Next Rank: 100 Posts Default Avatar
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Post Thu Jul 28, 2016 10:57 am
I'll start by saying I work in commercial credit granting and collections, so while I know my stuff with commercial credit not everything always transfers to consumer credit applications. Also I know that credit practices vary depending country and I'm coming from a North American background (ie I don't have any experience with Prodigy Finance)

Generally I would say that bankruptcy can be a huge obstacle to getting loan approval, especially if it is less than a year old. That being said it isn't impossible. Have you looked in to scholarships or bursaries that may be available so you have some capital for tuition? From the sounds of the response you got to your financing the risk factors of your application put the amount you are looking to borrow outside of the acceptable limits for that size of a loan. I would suggest getting in touch with the organization you applied with and find out what they could approve you for or if there is any additional collateral you could supply that would allow for the full funding.

Otherwise I would suggest looking at any monetary awards you might be able to qualify for, if there are any government loans available as usually they will have different risk tolerances than private sector lenders. Also look at other lenders in the private sector, different companies will have different risk tolerances. Come with a business case to show a tangible ROI that may sway things in your favour.

Alternatively try family. I would recommend if you go that route make sure you put down the terms of the loan in writing so there is no disagreement or misunderstanding down the road.

Good luck!

Post Tue Aug 02, 2016 6:15 am
emilyd wrote:
So, I went bankrupt last fall. And I wouldn't be kidding if I said that it would take me a long time to build myself up. Mine is a compelling story of a failed entrepreneur trying to get back on her feet. But, I now think it would be best if I stick to a job for sometime.

I had taken the gmat 2 years ago (700) thinking I would use it for an executive program. But, I never thought it would come in handy like this. I think if I go to business school using my score and profile, I would have a good chance of getting in. However, I have no money, which is the thing that bothers me. I mean if I got in and paid the deposit, how would I get the other money without collateral?

For the record, I ran a test by getting into an EU school and calling up Prodigy finance. But, they said I was taking on "too much loan", which sounded strange since on their website they don't say how much of an amount should a student already possess before they deem the student fit for funding. They only claim to be handing out loans as long as you get into schools in their list, which I did.

So, that's my question-cum-outrage! I can choose to do the ok low paying jobs or I can get an mba before my gmat score expires. I want to get an mba, but have no money. Where do I get the money?
First of all, remember you are young and you will land on your feet! Having a painful monetary failure is not fun- but better early in your career and I am sure you have learned many lessons. I suggest that you look at schools where your 700 GMAT is above avg for class. You may be able to get a fellowship for the full ride if you apply in the earliest round you can and go for a program where you slightly over index. Look at the schools in 15-35 range- and yes- you can get great educations at all of them and for the financial freedom it will be worth it to uncover all the rocks there exploring fellowships. If you want to learn more- and I know you don't want to spend any $, but sometimes spending a bit to best strategize on how to get a full ride could be worth it. Regardless we do offer a free consult where you may be more advice from StratusPrep.com Best wishes to you! And here's a great starting point for where to look for $$ http://www.bloomberg.com/news/photo-essays/2013-03-19/top-b-schools-for-full-tuition-scholarships

GMAT/MBA Expert

money9111 Legendary Member
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Post Mon Aug 29, 2016 8:06 pm
I can tell you that when I was accepted to Johnson at Cornell University back in 2011, I was ecstatic, but when I got the call in..... maybe May/June, that I could not attend because of some historical financial things, I was devastated unless I could figure those things out. I had already made all of the deposits and things but my loans didn't go through. No one really knows this story, but I was DUMBFOUNDED. Here I had done everything in my power to get into school - and it was NOT an easy road, and now I'm stuck here not being able to attend because of some legacy undergrad loans. I can't remember exactly what the thing was about. Needless to say, I once that was all sorted out I did not have to pay anything out of pocket once I attended school and loans went through. Of course I had to live sparingly, but I had a little bit of savings from my job - and by a little bit I mean - a couple thousand (no more than $4,000) to start school. But the loans that I took out pretty much covered everything. If you really have questions, you should 100% feel free to contact the financial aid office of a select schools to see what options are or if there are other students who have encountered similar situations.

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