EDUCATION LOANS IN USA
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 understanding it.
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.