The financial downturns have started taking a toll on my MBA plans too. Schools have started dropping the no-cosigner loan option for the international students.
Darden used to offer loans upto cost of attendance till last season. I had confirmed this from the school-website as well as current students. So Darden was on my list, till I saw a post by Darden Adcom here. In a state of panic, I visited the school website.. Unable to find any info, I wrote to the finaid office yesterday.

With in 24 hours ( I appreciate that!!), I got a reply from them::
The Darden School does not currently have a contract with a bank to provide international no-cosigner loans.  Because of the crisis in financial markets now, schools will need to renegotiate such non-cosigned lending programs for international students.  The earliest any banks are willing to have this conversation is December.  We will keep our website up to date with developments.  We certainly regret any difficulties this delay in information may create.

Summary:: Darden out of my list; at least, till further updates!
Lesson learnt:: Check out the other schools too!! Before it’s too late..  (For Darden, I had just started the first drafts.)

Other updates::
1) Tuck essays geting final shape; Should be manageable to meet the EA deadline.
2) Kelley may figure in my R1 list.. Met their people at Delhi BA fair, sounded impressive. (Though I need to fig in more before I decide)
But they need TOEFL.. 🙁 Not sure whether I’ll be able to fit in that before their R1 deadline on Nov15.

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7 Responses to “Darden too out of my list!! :-(”

  1. touch says:

    I would say, go for Darden. As you have already done so much research and started with the essays as well, whats the harm in applying.
    If you don’t get in, atleast you have a top B-school interview/application experience with you.
    If you get in: there are 2 cases.
    1) co-signer is needed. then you can write a mail to the school, saying, due to some reasons I am not able to join this year. please consider me for the next academic year
    2) In December, some of the banks say that no co-signer is needed(may be the december conversation turns out good for you), then it’ll be really great

    But in case you do not have enough time and you thinking about other schools, go on with them first and if you are left with some time, get back to Darden

  2. ahembeea says:

    Its beginning to sound very bad. I just checked Ross’ website and the picture doesn’t appear rosy anymore for Ross too.

  3. Ashwanth says:

    Dude… don’t be in a hurry to drop these schools…am sure the schools will work things out and come up with other options for applicants like us. It is this hope and belief that keeps me going.

  4. Larry Mueller says:

    I would discourage any applicant from delaying their application for admission to the Darden School, as the majority of our 150 merit scholarships offers occur in Round 1. As far as I can tell, almost all Business Schools are in the same condition of not having a lending program that will allow for international students to borrow without a U.S. Citizen co-signer. Private loans where an international student obtains a U.S. Citizen co-signer are still available. We will keep our website up to date with developments, as we continue working to develop a way for international students to reasonably access loan funds in advance of needing to make a final decision about where to attend business school. Deposit deadlines for admitted candidates who are awaiting secure financing of international student loans will be adjusted as necessary to accommodate market conditions.

    Larry Mueller
    Director of Financial Aid
    Darden School of Business

  5. Nitin says:

    Citibank Cancels CitiAssist Student Loan Program at Several Business Schools

    Credit Crisis Is Bad News for M.B.A. Students

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