If you get into a top MBA program either in India or abroad, there is a chance that the school might provide you with a non-cosigner, non-collateral loan. What does this mean? It means that the school itself will stand as your guarantor. Think about it! What are the chances that a person who has completed a Harvard Business School MBA would default on a loan – risking credit history and employability? Here is a list of schools in the US that offer a non-cosigner loan in India:
1. Harvard Business School
Harvard University Employees Credit Union (HUECU) provides private educational loans to international students with no co-signer.
For more details visit: http://www.hbs.edu/mba/financial-aid/international-students/Pages/default.aspx
2. Stanford Global School Of Business
Stanford GSB works with Prodigy Finance and Star One Credit Union to provide loan options for international students.
3. Wharton School of the University of Pennsylvania
Wharton has a new partnership with Quorum Federal Credit Union that will provide a non-cosigned loan up to 80% of the MBA Course fee for incoming international students.
For more details: https://mba.wharton.upenn.edu/tuition-financial-aid/
4. Cornell University
Johnson has partnered with QUORUM Federal Credit Union to offer a no co-signer loan at a competitive rate to International students for their full-time two-year MBA and one-year MBA programs.
5. Duke Fuqua School of Business
Duke Fuqua School of Business, in association with Discover Student Loans provides a no co-signer loan to eligible international candidates. This plan enables students to take a loan up to 80% of the total school-certified cost of attendance at an interest rate of 7.24%
For more details, see: http://www.fuqua.duke.edu
6. Haas School of Business
Haas School of Business, in partnership with Elements Financial and Discover Bank, provides a no co-signer loan up to $62,000 to eligible international candidates, with a 20 year repayment option.
For more details, see: http://www.haas.berkeley.edu/finaid/MBA/international-loans.html
7. Yale School of Management (SOM)
Yale SOM has a student loan program for international students that does not require a U.S. co-signer. The program provides a maximum loan of 80% of cost of attendance with an interest rate varying from 6.5% to 9%, depending on a credit risk assessment.
For more details, see: http://som.yale.edu/programs/emba/admissions/tuition-financial-aid/student-loans
8. The Darden School of Business
The Darden School of Business and the Darden School Foundation have signed a multi-year MBA Loan Program agreement with Discover Bank. The Maximum borrowing limit is $89,000 with a standard repayment term of 20 years.
Learn more here: http://www.darden.virginia.edu/mba/financial-aid/loans/
9. UCLA Anderson
UCLA Anderson has partnered with Elements Financial Finance to provide no co-signer loans up to $100,000 ($50,000 per year) for International students.
Know more: http://www.anderson.ucla.edu
10. Kenan-Flagler Business School
Kenan-Flagler Business School has tied up with Credila to provide no co-signer loans exclusively for Indian students.
For more details, see: http://www.kenan-flagler.unc.edu/admissions/mba/tuition-financial-aid/student-loans
11. MIT Sloan
MIT Sloan provides no co-signer student loan funds for International students through the MIT Federal Credit Union, except for students from countries on the current OFAC sanctions list.
You may have realized that not many of the top business schools have such tie-ups. This is because after 2008, (which was when the financial meltdown happened), banks became more wary of giving loans at low interest rates to international students. However, if you do get an admit to a school which has such a tie-up, it should be a no-brainer. Your entire fees get covered! What more could you ask for?