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How to pay for your MBA as a Non-US Resident/Citizen

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How to pay for your MBA as a Non-US Resident/Citizen

by Danger-K » Wed Aug 06, 2008 6:20 am
Hi!

I am seriously considering taking the GMAT to go to business school in the US after I am done with my graduate degree in transportation sciences in Germany. Now my family is not rich and I have no idea of how to pay for any of the schools. Does anybody have any information (e.g. do certain schools offer scholarships for international students/what would be the reuirements etc.)?

Thank you very much!
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Re: How to pay for your MBA as a Non-US Resident/Citizen

by aim-wsc » Wed Aug 06, 2008 7:29 am
Danger-K wrote:Hi!

I am seriously considering taking the GMAT to go to business school in the US after I am done with my graduate degree in transportation sciences in Germany. Now my family is not rich and I have no idea of how to pay for any of the schools. Does anybody have any information (e.g. do certain schools offer scholarships for international students/what would be the reuirements etc.)?

Thank you very much!
If you could grab a seat in top 10/15 MBA programs you dont have to bother about finances much. As all these b-schools have tie up with citi bank loan facility, they offer you loan for your MBA education without an American co-signer without questions asked.

Also for other b-schools, there are scholarship & financial aids options available.
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by jsl » Wed Aug 06, 2008 7:42 am
If you are a non-US citizen and take out a US loan from a US bank, it is likely that you will pay a higher interest rate than that of a US citizen. I have heard this is because you would have no US credit history. Can anyone verify this?

Does anyone have any opinion on taking out a local loan from your home country? Obviously, this would be beneficial if you lived somewhere like Japan (where rates are low).
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by Danger-K » Wed Aug 06, 2008 8:05 am
Well, I live in Germany and am a German and British citizen.
But thanks for the input. Since I will only consider going, if my GMAT score is good enough to get into a top-tier school (I have the opportunity to get a PhD here otherwise), I am quite relieved. :)
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by aim-wsc » Wed Aug 06, 2008 9:35 am
jsl wrote:If you are a non-US citizen and take out a US loan from a US bank, it is likely that you will pay a higher interest rate than that of a US citizen. I have heard this is because you would have no US credit history. Can anyone verify this?

Does anyone have any opinion on taking out a local loan from your home country? Obviously, this would be beneficial if you lived somewhere like Japan (where rates are low).
The scheme from citi I mentioned has 2% more interest rate for non-US citizens who don't need co-signer. than those who has (provide) co-signer (an US citizen).
Credit history plays vital role in USA yes we all know that.

Yes you can get loan from your home country, in my contry for instance, India, you can get upto 15 lacs Rs. (~ $35000) loan from State Bank of India.
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by VP_MBA_Guru » Wed Aug 06, 2008 10:16 am
Danger - I recommend contacting directly or check out the school's financial aide site. They will have what you need to understand the financial aide process and terms for international students. Most top programs offer financial aide to international students.

Good luck!

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