|These are the
best alternative for students applying to the MBA program. One
thing to keep in mind when applying for loans is that, in most
cases, you need to have a co-signer who is a U.S. citizen or
permanent resident. The co-signer is responsible for paying back
the loan if you should default on it.
There are some banks
that waive the co-signer requirement for specific schools.
You should check this information from the school website.
As an example, Citibank provides loans to international students
admitted to Harvard Business School without a co-signer.
Another example is Bank of America providing loans without a
co-signer to students at Kenan-Flagler, University of North
Carolina (at the time of writing this, the CEO of Bank of
America is an alumnus of Kenan-Flagler School of Management).
The terms of the loans usually require any interest or principal
payments after graduation. Read the terms of any and all loans
before you sign. Make sure you understand those terms and what
your repayment schedule and fees entail. Ask for assistance in
interpreting the fine print if you are having trouble
We have seen that a lot of students are very debt-averse.
If you have been accepted to a good program, your chances of
getting a good job are very good and paying off the loan is not
that big an ordeal as it seems. So, if you do get admitted
to a school of your choice, we would recommend that you explore
this funding alternative.