/*Edit:
No, I’ve not wriiten this post to request readers to lend me some money.. 😀 This is a Q for my target B schools..
Found it necessary to include this edit when a business loan expert, left a comment (rejecting my “request “) saying “sounds like a bit too much…” 😀
*/

I had started my journey with just ISB,Hyderabad as my only aim.. Gradually I opened up to NUS. Next in were middle-tier US-schools, which were a bit affordable in terms of living expenses and chances of scholarship.. But as I delved deeper into the B-school research, I almost fell in love with the MBA programs that top US universities offer.. And to make my dreams true, I got to know that all top universities offer you a loan without any co-cosigner !!
“Check your pocket and the loan conditions before you apply”, advised the gurus.. But from my latest experiences, I’d refine that to  “Check your pocket and the loan conditions even before you start researching a program.” In case, you’e very sure that you can’t get somebody to co-sign your loan, this is the first thing that you should look for, else it can be quite annoying if you get to know about it after you’ve decided that it’s a school that you’d love to atend.

Tepper gave me my first heart-break in this regard.. Last year, when I was still contemplating about apping for Fall’08, I had set my eyes on Tepper.. I loved their General Mgmt program and vistas that are open for you in the tech-industry once you graduate from there.. I had even sent them my GMAT score..(though that was mostly w/o research, just went by the CMU brand name at that time). Later got to know that Tepper strictly needs a cosigner or a credit history in US before provide loans to international students. Talked to a current student and she confirmed the same.. Had done some of my research by then and it really pinched to drop it off my list..  🙁

A similar thing occured with Haas last week.. Before I started researching on Haas, I had made sure that the school does provide loans to international students w/o a cosigner .. What I missed out was that the maximum amount one can borrow is limited to the cost of tuition minus any scholarships that you get, which means even if i manage to get in with a decent schol, I’d need to bear the cost of living. And for Haas, that comes to be in order of  a whopping INR 17 Lakhs for 2 years!! 😮
So had to drop Haas too!!  🙁

After this, I decided to follow the mantra listed above.. Instead of delving into details of specialization, available career choices, city, class-size, chanes of getting in etc, I started exploring the availability of no-cosigner loans at all the colleges that I had still not struck off my list.. Of course, I’d be applying the other filters later, but no use exploring a school which you can’t afford.. RIght??

 The funda here is simple:: Any school that needs a cosigner for any loan is surely a no-go for me. Any school that offers a no cosigner-loan upto cost of attendance remains on my list. (to be checked for rest of the details). And what about schools offering a no-cosigner loan upto costs of tuition?? Well, these are something I need to check.. Will depend on the city and the expenses involved and whether I can afford the same..

So here goes a first level round up of whatever I discovered over last 48 hours:

  • No cosigner loan upto full cost of attendance::Stanford,Ross,Tuck,Duke,Emory,Yale.
  • No cosigner loan upto full cost of tuition::Haas, Kenan-Flagler,Kelley.
  • Need a cosigner :: Tepper, UCLA Anderson, Mccombs, Fisher, Marshal.

I know a number of names are missing from this list.. Those are either the schools that I had already dropped off my list for some other reasons or the ones that I’ve not started researching yet or those for which I cud locate a clear statement on the issue on their site.

Hope this list is useful to others too..  Just adding the customary disclaimer:: Though I’ve taken care to cross-check things from my personal record-sheet before posting it here, still I’d advise everyone to do his/her own research before taking a decision.. (Also do let me know if you locate any discrepancy in the data above.)

BTW, I do feel that this was just the right time i discovered this. I was in process of pruning the list of my target schools and as you can see above the first level pruning is done for me by just applying the no-cosigner filter. 🙂
So coming up next:: the list of the schools I”d be apping to. (Have already delayed it by 3 weeks. 🙁 )

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17 Responses to “I don’t have a cosigner..Will you lend me 100K+ USD ??”

  1. Pradeep says:

    McCombs takes loan requests on a “case by case” basis.. So it might be possible after all.
    A friend of mine got through Kelley last year and he says kelley offers “full loan” though their website doesnt say so..
    Try talking to someone from Kelley, might help.

  2. ahembeea says:

    Hey, thats the most important filter, and I’ve been trying to prepare my list with this in mind. We need to find out the same about other colleges in the top 20.

  3. Sri Harsha says:

    Hey nice thing to look at before hand. However,I am planning 1yr MBA in Europe/India where no one demands a US co-signer. U see cant afford to invest 2 yrs in a course and restmy hopes on the lottery system for a visa.

  4. Super post……. this sure is one of the most important filters for us internationals……. coz without proper $$ flow, we’d be completely lost in a foriegn land……

  5. Richard says:

    hey what about GSB chicago??? any clues

  6. Anupam says:

    thanks Shobhit. That will surely help. Pretty informative..

  7. ss says:

    i dont see why you think this to be a problem, kellog, wharton, stern and all top schools will give you a non-cosigner required loan at maybe half percentage point more than the market rate. That is a fairly good deal.
    all the best

    (assume you are from kolkata is it?)

  8. missionmba says:

    @Richard:
    I guess Chicago GSB does provide loan w/o cosignor.. But check for urself..

    @Ss::
    Yup, most schools do, but some don’t.. And none of the schools that u’ve mentioned r in my list..

  9. please advise how i can get no cosigner loan i am going for fall2008 M.S in computer science from north dakota university
    thanks
    aashish bhatia

  10. good very informative

  11. A says:

    Hi Shobhit saw your reply on the BW forum on this same. Thank you for that…and for the information on this post…All the best, what kind of profile and goals u have with this slection list of the schools…

    +Cheers!

  12. […] on this. Same here.. I had posted something on my blog, which might be of interest to you.. I don’t have a cosigner..Will you lend me 100K+ USD ?? My journey to a B-school……. Race to perfection has no finish line!! I Blog at:: […]

  13. Nitin says:

    Do the (top) schools offering loans up to the full cost of attendance without co-signer, factor in pre-MBA income data? Has the recent financial crisis in any way changed the quantum of loan offered by these schools? (I hope not!)

  14. Nitin says:

    Thought this may be of interest:
    Stanford and HBS guarantee International Student Loans without a US Co-signer
    http://ashwanth-premchandran.b.....antee.html

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  16. […] not sure if I will apply to any US business school. Why? Financial options. I just looked up this article and the search has started. Given that CMU and Kellogg were the only schools I planned to apply and […]

  17. […] It was only later that I realized that these couldn’t all be used for the kind of comparison I’ve in mind. Some of these for instance will help me decide if I like the school. Teaching methodology and student-teacher ratio. These I take as the actual judgement of the “fit”. Some others on the other hand will help me decide what chance, if any, I’ve of being accepted. Like the Average GMAT and GPA, and average work experience et al. Ha.. on the whole today was a day of figuring out the parameters. Some others, can make or break it. Yes, I’m talking about the issue of loans and tuition. <Learnt this lesson from here of course missionmba’s blog> […]

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