Great news for international applicants - Chicago Booth has signed up for a new loan program in coordination with GMAC's ISLP program ; international applicants can apply for a loan without a co-signor for an amount that covers their MBA expenses. The official press release is available on our website and FT in this article believes that this is a sign of the credit crunch easing at Chicago! That should ease some of the stress in the admissions process - good luck everyone!
“Culture isn’t just one aspect of the game - it is the game”
-Lou Gerstner
As a DSAC co-chair and an international student, I get many opportunities to interact with applicants across the world. Some of the most common questions are about the “culture” at Chicago Booth:
·How would you define the culture at the University and the business school?
·How does the AdCom determine fit with the school culture?
·Could you give me some examples or incidents that exemplify the Chicago (Booth) culture?
·And the more blatant “How did you show the AdCom that you were a good fit for the school?”
As a former applicant, I understand where these questions are coming from, but obviously there are no fixed answers – trying to define culture based on my worldview or experience here, is likely to be irrelevant to someone who ‘sees’ through very differenteyes.This question is also fascinating because Chicago Booth has its cultural roots in the University (of Chicago) with its own spirit of inquiry and famous intellectual traditions.
Based on my discussions with other students, here are some sources that have helped us understand what the Chicago (Booth) culture is about:
1.Economics as a contact sport: George Papajohn’s famous article from the Chicago Tribune is one of the first prescribed readings for Bob Topel’s Microecon class and what an article it is – it nails down the rush and thrill of the Chicago economics right on – available from The Chicago Tribune archives (Paid link)
2.University of Chicago Record – This is the official record of the speeches that accompany the graduation ceremony at Chicago Booth; as someone who wandered in my 1st year all over the campus and read about five different University related publications, I found this 2007 issue inspiring for the following reasons:
a.In Page 9, Prof. James Schrager underlines the importance of strategy and Chicago’s perspective on it… Starting with Ed Wrapp’s take on the subject, he goes on to describe how to use all that we learn in a world filled with “mystery and intrigue”!
b.Roger Altman (MBA ’69, Chairman, Evercore Partners) talks about how life’s defeats rather than successes have taught him a lot and therefore mean the most to him. Starting with his first sales experience that literally sank to his being fired by the Clinton administration, Altman makes his point with brevity and wit.
c.And finally in Page 10, Drew Tyler Dir, an undergrad student presents Anne Bogart’s argument that “the act of creation is inherently an act of resistance against our own death. To fight entropy, then, is to have the audacity to introduce something new into a universe that resists our very existence… and the single most important thing we can do as human beings is to confront the great heat death of the universe and to defy it. For four years, you’ve been doing just that - talking, writing, collaborating, creating - fighting entropy ten weeks at a time. Today begins the fight of your lives. Life naturally pulls us down toward death, but today you graduate; and today, entropy meets the University of Chicago. This is your graduation. This is your fight.”
3.The Chicago Approach: There have been quite a few distinguished professors who have laid out the Chicago approach to management education. Allen Wallis and James Lorie developed a 10 year plan called the “Chicago Approach to Business Education”. Later, Harry Davis and Robin Hogarth’s “Rethinking Management Education: A view from Chicago” built on the topic – these papers exemplify the school’s approach and are likely to provide useful insights.
4.Student blogs: Quite a few students and professors write blogs; known student/ alumni blogs are available as links on the DSAC site and can yield detailed information not only about classes and professors but can act as a window into the thoughts of the student body here. Professor’s blogs are usually independent and googling any famous professor will usually yield enough links/ information to form an opinion of his or her research and academic beliefs.
5.Chicago Booth Magazine and journals: Researching Chicago Booth journals, magazines and alumni award winners can be particularly helpful - what does the research say: Does it validate current beliefs? Challenge? Confront? Which parts of their Chicago experience do alumni enjoy the most? And what do they say about these experiences?
6.Chicago Alumni And Students:Nothing ever compares to hearing it from the Maroons' mouth... both alumni and students who have been through the Chicago Booth experience could be the best possible sources of finding out about the school and its culture. Many students, self included, were convinced about their choice of school after hearing either alumni or current year students hold forth about their experiences.We would strongly encourage you to reach out to alumni or students through the many available forums - the Admissions staff, the discussion boards, interviewers etc.
So with all this research done, what do you think we are like? Intense? Intellectual? Interesting? Whatever you decide, you may find it useful to form a clear idea of what a school stands for – not only will this bolster your application and your interview interaction, but will also help you decide on the critical “fit” between you and the schools you apply to.
We hope you found this post useful – in case you have any other questions, feel free to reach out to us at dsac.chicagogsb@gmail.com
One of the toughest challenges that many international MBA applicants face is arranging financial aid for their education and living expenses. And this is where the top schools prove their worth, extending exceptional support to admitted students by offering scholarships and loans with trusted vendors. Chicago GSB was no exception; through an arrangement with IDAPP (Illinois Designated Account Purchase Program), all GSB students could avail of different loans, with or without co-signors...till now. With the credit crunch taking its toll, IDAPP will no longer be able to continue this arrangement into the future.
But hey, thanks to some fast and intrepid work by Priscilla Parker and team at the Financial Aid Office, we have a new lender on board with a faster online application process, to boot. Check out a recent ClearAdmit post that details the issue.
So if you are an international student and had concerns about the student loan program at GSB, no worries… its business as usual! With that off your mind, we hope that you can fully focus on the application process, especially with R1 deadlines around the corner – keep walking and good luck!
Just for frame of reference, here is the current interest rate information from the financial aid office. Please note this applies to international students and is for informational purposes only. It is not a guarantee that the rates will be the same in the future because the rates are reviewed and adjusted on a quarterly basis.
The interest rate on the International Student Loan without a cosigner is variable and is adjusted quarterly and is based on the 3 month LIBOR plus 3.5%. The current in school rate is 8.61% and 8.76% in repayment. This rate is good until 3/31/2007. There is a 5% insurance fee that is deducted from each disbursement.
The interest rate on the UC Alternative loan with a cosigner is also a variable rate and is also adjusted quarterly. This interest rate is based on the 91 day T-Bill plus 3.25% in school and 91 day T-Bill plus 3.40% in repayment. The current interest rate is 8.254% in school 8.404% in repayment. This rate is good until 3/31/2007. There is no insurance fee on this loan.
So, you are considering coming to the GSB for your MBA. Maybe you have already been admitted. And suddenly you realize that it will cost you a lot of money, and you worry worry worry. Money, Visa, moving, …
Keep cool, this is totally doable, and we all overcame it so why can’t you? Here's a bit of advice and a few ideas.
First things first: MONEY.
For international students, it is indeed the primary concern. The reason is that in order to get a visa, you have to bring proof of sufficient funding to your local US Embassy or consulate. That means securing some money up front, or having the awkward discussion: “Dad, could you write a letter stating that you will give me $100,000 if the bank does not fund me?” Yikes! Well my dear friends, the GSB is always willing to help you and make your experience more enjoyable. If you are admitted, you will receive a loan guarantee from our financial services office. That’s right, you get a paper saying that the school will lend you the money without cosigner should you come to us. This is not free money, God forbid! It is just a guarantee that someone will lend you some money to pursue your MBA. What does that mean for the immediate future? You can breathe easy and actually carry forward your research for financing AND your Visa in parallel. The Chicago GSB does its best to make sure this is a hassle-free experience for you.
So back to the money part. You are sure to get a loan, but you still need to plan ahead. This means developing a budget. You can go to our webpage to see a typical budget of a student at Chicago GSB, and make your own based on this data. Careful, these are costs for one school year (Sept-June), and you have to plan for two! Then, conduct a market survey. Go and visit a few banks, and ask them the following question: "Ahem (clearing throat)… I’ve just been admitted to a top business school in the US that might guarantee me a comfortable income in the future. Would you be willing to lend me (insert your budget figure here)? If so, at what terms and conditions?" You might be incredibly surprised at how banks are receptive to this idea. They know what an MBA is, and the prospect of future regular cash flows is good for them. Next, compare the terms they offer with what the Chicago GSB can offer.
Let me state it loud and clear: the GSB does an awesome job at finding good terms for its students. However, some local specifics in your country might make it better to borrow there. For example, I borrowed in Euros at 4.5% fixed rate. It is tax free because of a French law. Finally, it was in Euros at a time where 1 Euro was 1.15 USD. Now it is about 1.3 USD, so actually the MBA will cost me less than planned, especially due to the fact that I am going back to Europe after I graduate. Get it? Think about looking close to you. The terms may be better or worse, and it's up to you to choose the best option for you.
Second obstacle: VISA.
There’s no way to escape it: if you are a foreigner, you’ve gotta get one!
For your visa application, accurately follow the GSB’s instructions. They are real pros. Follow the links they provide in your admission letter, fill in the information they need for your papers accurately and completely. Be sure to read the page they give on the difference between F-1, J-1, etc. And if you have ANY doubt, CALL THEM. They will answer your questions and help you with a diligence you have rarely seen anywhere else.
Take a diligent look at all the documents for the consulate. For that, follow the instructions on the website of your local consulate or embassy. It is long and boring, but it is necessary. Be sure to go to the embassy with ALL of your papers, having done all of the necessary online payments, with the vouchers for all of these payments. You will be fine, MBA students always are. Nobody has ever been stranded, and the Chicago GSB certainly will not allow anyone to be stranded. Finally: CELEBRATE!!!
That’s right! For crying out loud, you made it! So go downtown and indulge yourself somewhere, you deserve it.
This blog is maintained by members of the Chicago Booth Dean's Student Admissions Committee (DSAC). DSAC members assist the Chicago Admissions Office in both the recruitment and evaluation of prospective students. We hope this blog serves as an additional resource to prospective students. If you have questions or comments, you can contact us via the Chicago Booth Discussion Forums or email us.
