Financing my MBA

When I thought in terms of Returns on Investments, spending Rs. 40 - 50 lacs in two years wasn't a bad decision at all. I would recover this money in no time after I graduate. But still the money needed to be arranged, and it's no small sum this. I almost laughed out when I was told that I'll have to show this sum in my "SAVINGS BANK ACCOUNT" to get a visa. Even if I had this kind of money why would I keep it in a savings account?

But, like any other problem in life, I knew there was a way around it waiting for me to discover it.

I knew I could do one of the following:

- Get a loan from a Bank in India, but that's only for a maximum of Rs. 15 lacs.

- Apply for a scholarship, but then when you are aiming for the top schools, getting an admission is big, leave alone a scholarship. I had heard that it was nearly impossible for international students to get a scholarship. Some of the top schools do consider international students for scholarships, but these are purely based on your application and are not need based. You compete with local U.S. applicants for a scholarship.

- Get a loan from a bank in the U.S., but that would need co-signing by a person in the U.S.. Technically it's the same as borrowing the money from the person in the U.S., it's that person's responsibility to pay back and not yours.

- There are some top schools which have arrangements with banks in the U.S. who offer loans even to international students without a co-signor, based on their admission. Wharton has a loan like this. Its very convenient one doesn't have to repay till six months after graduation and it takes care of almost all expenses. More importantly this loan also can be used to get a visa.

There are some other universities also which offer the loan facility to international students based on a co-signor in the student's home country. However this loan cannot be used to show expenses for obtaining a visa.

The best bet for you is to wait for admission and speak to the international office in your university, who will be able to help you with the available options.

And remember there's always a way out. I haven't heard of any one who got admitted to the top schools but was unable to make it because of his inability to finance the expenses.
  
Just go ahead, get an admission and your options will reveal themselves to you. Keep this issue in your mind, but don't let it bog you down.
  

Case Study: International student getting an admission into Wharton Business School, one of the top business schools in the world. The study discusses the process as well as the important application issues for the business school admission process.

(This story is meant to describe the MBA admission process in the U.S. The name of the person, and some facts have been changed to conceal the identity of the person. The story must be considered fictitious.)