Post-recession, there has been a general perception that financial aid for international students, especially securing a non cosigner student loan (i.e an education loan that does not require a U.S. cosigner) is difficult to obtain. It is true that the economic slowdown coupled with the increase in the number of defaulters have been the contributing factors causing many credit lenders to withdraw their student loan programs without a U.S. co-signer.
However the good news is that in spite of this, the MBA loan scenario is not that bleak as there are a good number of colleges offering student loans without a U.S. co-signer. Here’s a list to get you started.
Non Cosigner Student loans for MBA
1. Johnson at Cornell University in partnership with QUORUM Federal Credit Union offers no co-signer loans to students enrolled in full-time two year MBA as well as the accelerated MBA program. The loan amount would cover the cost of tuition after deduction of scholarship amount if any.
2. The NYU Stern School of Business in association with The First Marblehead Corporation and Union Federal Savings Bank provide a no co-signer loan to eligible international candidates.
3. Duke Fuqua School of Business offers a no co-signer loan through Coastal Federal Credit Union with the current rate being 8.25%.
4. Haas School of Business provides loan assistance through the Eli Lilly Credit Union to international students without a U.S. co-signer.
5. At Wharton, students can take a loan to cover up to 80% of the total student budget which includes tuition and living expense. Wharton in collaboration with Quorum Federal Credit Union would be offering this no co-signer loan to international candidates starting in the fall 2013 semester.
6. Yale School of Management offers the Yale International Student Loan to all international students. This loan does not need a U.S. co-signer and covers the tuition and fees after deduction of scholarships. The interest rate is fixed at 7.75%.
7. The Darden School of Business and the Darden School Foundation have entered into a multiyear International Loan Program agreement with Discover to provide no co-signer international student loans beginning with the class of 2014. The maximum loan amount is fixed at $65, 000 per year.
8. UCLA Anderson has partnered with Eli Lilly Credit Union to provide no co-signer loans up to $85,000 per year.
9. International students admitted at UNC’s Kenan-Flagler Business School can borrow up to $50,000 per year through the Coastal Federal Credit Union without needing a co-signer.
10. At Olin business School, loan without a U.S. co-signer is being offered though the rates and terms for 2012-13 are yet to be announced. Last year the loan was available for the tuition amount after deducting scholarship at an interest rate of 10%.
11. Emory University’s Goizueta Business School offers its international MBA students Emory Alliance Credit Union Custom MBA Loan under which they can borrow a total of $84,000 for their MBA program.
12. Chicago Booth also provides multiple loan options without requiring a co-signer. Admitted students are able to access details regarding the same.
13. MIT Federal Credit Union provides loan assistance up to $170,000 for students enrolling at MIT Sloan program without the need for a co-borrower.
14. International students admitted at Ross School of Business can avail the RSB-UMCU (Ross School of Business-University of Michigan Credit Union) loan without the need for a co-signer.
[Update: The RSB-UMCU loan is no longer available effective March 1, 2013]
15. At Tuck School of Business, numerous options are available for international students. The maximum loan amount is arrived at by doing a need-based analysis by the financial aid office.
The repayment term would vary for each school from a minimum of ten to up to twenty or twenty-five years.
Check with the college for the latest updates like any changes in the interest rates, loan amount or other loan-related aspect before applying for the loan as these tend to change each year.
Instead of just relying on information available on the web (including this list), it would be advisable to get all your queries answered by the financial aid office so that you have complete clarity and you can prepare your MBA financing roadmap accordingly.
If you can’t get into any of the schools mentioned here, you don’t need to give up hope. Check out third party options like Prodigy Finance that offer MBA education loans without collateral.
Read this related article: How cosigner student loans work
Check out the MBA Crystal Ball reviews page to see how some smart applicants have managed to target the right schools and put in strong applications to get partial and full MBA scholarships.
Awesome! This is something that all Indian students would really love to have in one place!
Great info! I am planning to apply to Tepper but i am hesitant because of its steep tuition fee,any idea about Tepper providing finances?
Wow! Now this is something every Indian MBA hopeful should be looking for.
Are you sure the information about the Ross school of business is correct. As far as i know, there is no non cosignor loan available for international students at Ross Starting last year? Please correct me if i am wrong
@Shreeraj: One of our consultants got an admit from Tepper with a significant scholarship (he joined another higher-ranked school though). For strong applicants, funding can come in various forms.
@Mbaadmit: Here’s the link from the Ross site that we used while working on this list –> RSB-UMCU (Ross School of Business-University of Michigan Credit Union) loan. The page is dated: March 1, 2012.
All the schools listed here are on the basis of secondary research. If you have more recent news about this from your interactions with the admissions office, please let us know if this has changed. We’ll update the status here.
Hi Sameerji.. Thanks for the great info.. This is what I was expecting from you during our last interaction.. you hit the bulls eye.. Really wonderful peace of info for an MBA aspirant… Thanks Again!!!
I am afraid the bit of info on Ross isn’t correct. Infact i am here after the admit , because i could not get the loan !
Pacemaker: Just re-checked the page on the official Ross website from where we got this data. You are right. The status has changed.
There’s an update that says the non-cosignor loan we were referring to is no longer available effective March 1, 2013. Updated the blog entry.
Thanks for pointing this out. Highlights the need to get the latest status from the official site rather than relying upon older (and possibly outdated) data on external sites.
Btw, wondering if you had any other admission offers in hand or this was the only one.
Hi Sameer,
Thanks for this info. But I need further clarification to help me through my funding decision.
I do agree with you somehow on the selection of a B-School based on the availability of a no-cosigner loan for international students like me. Unfortunately for me, the MBA Concentration played a major role in my selection of an MBA program. Someone may argue that many MBA programs are offering the same concentration but, when I looked at the concentration content of this program, I realized that it met my career ambition perfectly…no other college did.
I am almost half way through the program with my savings but to be honest with you, I have completely ‘ran out of gas’ – empty tank, I believe you know what I mean.
I do not have a US co-signer and is unwillingly to change colleges and/or programs. Is there any financial organization willing to lend me up to $15,000 (fifteen thousand US Dollars) to complete the program?
Besides concentrating on Information Systems and Technology, I am also certified by Oracle and is still planning to obtain more industry certifications that will move me up into the CIO or CEO office very quickly.
I believe there is an organization out there that will be willing to lend me $15,000 – $17,000…They simply haven’t heard my story. Google and bing havent helped me much, can you?
@Sameer Kamat
It would be helpful if you put a date along with you posts. Helps in tracking the “freshness” of the information.
Nothing about the Gyan you provide which are always applicable.
@Rafiq: Sorry to hear about the financial issues you are facing. It might be tough for you to convince a third party to lend you money. You should try talking to the MBA school management and explain your situation. There’s a greater possibility that they’d empathise with you, than some new team that doesn’t know you.
@MBA Hopeful: Thanks for pointing this out. You’ve been around on our blog for pretty long (and thank you for that), so I think it’s an important point. Some perspectives on this:
– We’ve tried to keep our blog posts and advice ‘time neutral’ (though there are some like this one where freshness factor becomes more relevant).
– I realise it may not be very obvious, but the URL of every blog post includes the publishing day/month/year. Does that help?
Hi,
I am an Indian student planning to apply to Columbia in the coming round. I am worried about the fact that CBS does not offer non-US co-signer loans to international students. I did look up GSLC, but they also do not cover India.
I have a couple of questions for the forum:
1. What are the options that I have? Are there any organizations that will help?
2. CBS specifically asks for financing in its application. Does not having firm financing affect my chances of getting in?
Help will be really appreciated.
Thanks a ton,
R
@ R: If you aren’t getting any financing support from the Bschool, you’d have to explore indepedent ways of financing your MBA.
Some organisations offer MBA Scholarships for Indian students
Also look at other bschools where the probability of GMAT Scholarships for Indian students is higher.
To answer your other question, your ability to finance your MBA may not directly influence Adcoms decision (can’t blame them for their politically correct stand), but what’s the point in proceeding when you are pretty certain to hit a wall even if you get in.
Spread the risk, bro!
Sameer, thanks for this wonderful information..
One question – in all these colleges, what are the minimum financial requirements from the students side to be considered for these loans? Differs from college to college?
Knight: Differs for each college. Cornell, for instance, makes it tougher than other bschools. Check out their websites for specific details.
Hi Sameer,
Just curious about one thing. Assuming I get an admit from a college and a non-cosigner loan, what if I die due to an unforeseen event during the course or during the repayment payment in general, before paying up the entire/partial amount?
Will they try and collect from my family back in India?
I know its a little funny how I’ve put this up. But its an important thing which I need to consider.
Any idea about this? Awaiting your response 🙂
Jugal: Not funny….but scary, the way you’ve put it. They’ll probably write it off, in case of such an event.
However, a more prudent option for you would be to avoid taking on too much of a debt on your shoulders to begin with.
Hi Sameer,
Great site, i never miss even a single comment on the page.
If i would take a loan amount of 80% and rest paid from my pocket, can i pay the complete amount of loan from my salaries or it is risk factor to go with a such a huge amount of loan.
which one would u suggest to go for top notch universities with one 1y program(like kellog) or decent universities with 2y program (where it dosent withstand with our IIMA ranking) when we depend on loan. which provieds the best ROI.
Thanks in advance,
@Vamshi: The education loan option is what a majority of India students prefer. The risk remains though.
Can’t comment on the 1 year MBA vs 2 year MBA query without knowing your profile and post MBA aims.
Hi Sameer
Is this list upto date even today. For eg – MIT Sloan doesn’t call out any such loan options. It is mentioned in the private loans sections, but nothing specific.
@ss: It may not be up to date. We wrote this post last year and since then there might have been changes. Best option is to check on the university site.
Dear Sameer Kamat,
I want to get in touch with you, please help me on this.
Hi Sameer
Say I have consignees in the US, do you have any article on how to go about co-signer loans for an MBA?
Coming up soon, Jag. Thanks for the suggestion.
My son got admission in ross mba , what are d loan options ..
Do these loans require guarantor? Is there any post on details? Do students need to go there and apply?
Hi Sameer,
Was going through your post. Can you check and confirm the information on Ross? I was initially dissuaded by the nonavailablity of the no cosigner loans at Ross. However, it seems they have resumed that as is mentioned in the Financial Aid section of their website.
I have written to the Financial Aid office. Would appreciate if you could take an update on that too.
Best,
Suman.