MBA Loan Crisis Eases

Posted by: Louis Lavelle on April 15, 2009

By Anne VanderMey

Good news this week for international MBAs venturing stateside. Today and yesterday two top schools, the University of Chicago and Harvard University , announced new loan options for international students.

The announcements follow quickly on the heels of similar news from the University of Pennsylvania’s Wharton School last week. The new lending plans (this is Harvard’s second) will replace the CitiAssist loan program, which was popular with international students until it crumbled under the strain of the credit crisis.

The loans, which don’t require a U.S. co-signer, should make B-school possible for many foreign students without another way to finance their degrees. But in this economy, as BusinessWeek reported last month, it’s no sure thing that international students will want to leave their home countries to amass student debt in the U.S.— even if they can.

Reader Comments

Potential B-Schooler

April 18, 2009 5:10 PM

International Students beware of the University of Chicago Booth School of Business! The Booth Career Services is just not useful in helping international students secure jobs. You are basically on your own after collecting the loan and earning a degree that is practically worthless in these climes. The job placement stats only represent those for US citizens or permanent residents. I personally know a good number of their international grads who still do not have jobs almost a full year after graduating and the most intriguing saga is that no one from the career services even bothers to reach out to help them out in any way. The same sad scenario is playing out with the soon to be grads. The Alum network is even worse.

Working

April 20, 2009 11:13 AM

To be fair, all schools' career services are poor when it comes to supporting international students. And to say that you know a good number of students who do not have jobs and make it represent an entire community of international students at Chicago is funny.

But I can see where you're coming from. Career services need to be more accountable when it comes to the schools marketing themselves as places where you can earn that degree with pride and find endless opportunities. The reality is that life sucks no matter how much you try, but the schools are disingenious and we need to put out the fact that the easy life ends once you leave your parents' home for college.

On another note, I know a lot of MBA students who only study for an MBA just to get into finance. I used to work on Wall St. and I left because the environment didn't fit me well. I later on receive an MBA from a very well known school, and I find it sad how people try to study finance because that's where the money is. Today, that opportunity may or may not exist, and some of these MBA degreed people now realize that they should have at least learned about something else.

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