Financing SIPA

[MPAIndia2010]

Hello Everyone !

I`m super excited and troubled at the same time. First, Sipa admitted me without financial aid. But I recently received an e-mail granting me 20k. Since I`m coming straight from undergrad I do not have thata much money saved. I could probably gather 12k with parental assistance. But I would still need some money for living expenses and the rest of tuition. Since Iam international every possible loan possibility that I look into require an american or permanent resident as cosigner and I don`t know anyone that could help me with that.

How do international students find the money to attend SIPA? I really want to go there, but I may find myself letting their offer go and end up going to europe where I got scholarships and stipend. Although I really think that sipa would be the best option. If anybody has any info on how international students may get funding please let me know

Thanks !!!

Congrats on securing 20K from SIPA! I,too, am an international student and money is a major concern for attending SIPA.

I am curious ...Did you contact the school's fin aid office upon receiving acceptance and sought/bargained for fin aid...or they gave money out on their own accord?

[avcmmarini]

Congrats on securing 20K from SIPA! I,too, am an international student and money is a major concern for attending SIPA.

I am curious ...Did you contact the school's fin aid office upon receiving acceptance and sought/bargained for fin aid...or they gave money out on their own accord?

No I only received an e-mail from matt saying that some fellowships do not follow the same calendar as the regualr admissions process and that a fellowhip program had decided to offer me 20k. It was a huge exciting surprise when I read the word fellowship on my e-mail.

Now the big question is how to get an american to be a cosigner... any thoughts ? maybe some candidates ? lol

[MPAIndia2010]

No I only received an e-mail from matt saying that some fellowships do not follow the same calendar as the regualr admissions process and that a fellowhip program had decided to offer me 20k. It was a huge exciting surprise when I read the word fellowship on my e-mail.

Now the big question is how to get an american to be a cosigner... any thoughts ? maybe some candidates ? lol

From what I gather, it is not that big a deal to get a co signer. I am approaching some of family friends for the same. Also, some schools (mostly MBAs) have a tie up with the banks to let go of this requirement. But I contacted the fin aid office...that is not the case for SIPA

[gazelle]

Here's a question--would any of you go the full $135k deep in loans for a SIPA MIA?

[RH7]

Here's a question--would any of you go the full $135k deep in loans for a SIPA MIA?

In loans? Probably not. If I have money already though, then probably.

In a similar vein, (especially for those of you who are planning to pull out of SIPA because of the costs) how much money would you actually be willing to pay for SIPA and consider it worth it?

[Putoots]

In loans? Probably not. If I have money already though, then probably.

In a similar vein, (especially for those of you who are planning to pull out of SIPA because of the costs) how much money would you actually be willing to pay for SIPA and consider it worth it?

Right now I'm looking at ~$95,000-98,000 without second-year funding, which is way beyond what I consider reasonable.

However, if I could get somewhere between $17,000-$20,000 for the second year, I'd probably do it. $75,000 or somewhere around there is my upper-limit.

[Knotty]

In loans? Probably not. If I have money already though, then probably.

In a similar vein, (especially for those of you who are planning to pull out of SIPA because of the costs) how much money would you actually be willing to pay for SIPA and consider it worth it?

I think no more than 25k-30k per year (including tuition and fees) given the high cost of living in NYC plus the fact that some of us do want to go into non-profit or multilateral organizations later.

Between, you're deferring for 1 year for SIPA?

[RH7]

I think no more than 25k-30k per year (including tuition and fees) given the high cost of living in NYC plus the fact that some of us do want to go into non-profit or multilateral organizations later.

Between, you're deferring for 1 year for SIPA?

I think SIPA estimated all other costs outside of tuition around 27k or something per year! Anyway, due to a partial external grant and generous relatives, I'm facing a cost of around 80k-82k (excluding second year aid) for the whole two year package. I also luckily have no undergrad debt. Given this (for those of you pulling out of SIPA) if you were in my position, would the 80k debt be justifiable for you?

And Knotty yes, I'm trying to defer for one year.

[Knotty]

I think SIPA estimated all other costs outside of tuition around 27k or something per year! Anyway, due to a partial external grant and generous relatives, I'm facing a cost of around 80k-82k (excluding second year aid) for the whole two year package. I also luckily have no undergrad debt. Given this (for those of you pulling out of SIPA) if you were in my position, would the 80k debt be justifiable for you?

And Knotty yes, I'm trying to defer for one year.

That's the question I've been asking myself. I don't have undergrad debt as well but I didn't receive any external grant.

[gazelle]

That's the question I've been asking myself. I don't have undergrad debt as well but I didn't receive any external grant.

I didn't receive any external grant AND have undergrad debt...lol

RH7--80k for SIPA seems plenty doable and reasonable, and I would sign on in a heartbeat at that price.

What would be the chances someone could just borrow tuition and fees and come up with living expenses on their own by working part time? I know they discourage working, but if it saves $40k in loans...

[RH7]

I didn't receive any external grant AND have undergrad debt...lol

RH7--80k for SIPA seems plenty doable and reasonable, and I would sign on in a heartbeat at that price.

What would be the chances someone could just borrow tuition and fees and come up with living expenses on their own by working part time? I know they discourage working, but if it saves $40k in loans...

Thanks, I'm not exactly rich but I guess I shouldn't feel as bad about this anymore. I was thinking of jumping off the bandwagon like everyone else, but I really want to go to SIPA.

To your question, I think a former SIPA student sent an email to everyone saying SIPA actually encourages you to work while you study, which is one selling point of studying in NYC (at least I think he/she said that). The important question is whether you can earn ~27k part-time haha. Personally though, I think it might be a better investment (time and money) to concentrate on studying in your first year so you could get some of that second year financial booty...

[Knotty]

RH7 - just wanted to know why you prefer Columbia to LSE instead. I'm trying to decide. Thanks!

[RH7]

RH7 - just wanted to know why you prefer Columbia to LSE instead. I'm trying to decide. Thanks!

The SIPA curriculum is just so much more flexible, and in my opinion, better designed (probably due to the fact that LSE’s MPA program is only a few years old). I think I may want to switch my concentration and I’m hoping to do some of the approved electives at Columbia Law School (two things LSE won’t let you do). Also, most of LSE’s courses are yearlong, which tend to drag on and restrict you from taking many different classes. I think only 2.5 credits (9 SIPA credits) are electives, and the rest is core.

I’m also getting tired of the education system here. I’m generally a very strong student but pretty weak when it comes to exams, which are so important in the UK. Many courses are 70%-100% exam or something, rendering a lot of the work you do throughout the year useless.

Another reason is that I’m currently doing my undergrad at SOAS, which is about three blocks from LSE, so I could use a change for two years. I’d rather go to Georgetown or Michigan than LSE tbh… but that’s just my opinion.

[Knotty]

The SIPA curriculum is just so much more flexible, and in my opinion, better designed (probably due to the fact that LSE’s MPA program is only a few years old). I think I may want to switch my concentration and I’m hoping to do some of the approved electives at Columbia Law School (two things LSE won’t let you do). Also, most of LSE’s courses are yearlong, which tend to drag on and restrict you from taking many different classes. I think only 2.5 credits (9 SIPA credits) are electives, and the rest is core.

I’m also getting tired of the education system here. I’m generally a very strong student but pretty weak when it comes to exams, which are so important in the UK. Many courses are 70%-100% exam or something, rendering a lot of the work you do throughout the year useless.

Another reason is that I’m currently doing my undergrad at SOAS, which is about three blocks from LSE, so I could use a change for two years. I’d rather go to Georgetown or Michigan than LSE tbh… but that’s just my opinion.

Ahh.. I see.. thanks:rolleyes:

[Putoots]

For those of you who were admitted to SIPA (MIA or MPA), the acceptance letter said that a detailed financial aid offer would be sent a few weeks after. This was said to include loan information (if applicable) as well as any external or other funding that SIPA managed to match to the candidate.

Did anyone get any additional funding this way? Or did the the majority of you receive only loan offers (in the form of a PLUS loan)?

I received my acceptance letter last week, so I am a little behind. I did receive the generic cost estimate, but I think there is another letter coming. Just want to know what to expect...

[MPAIndia2010]

For those of you who were admitted to SIPA (MIA or MPA), the acceptance letter said that a detailed financial aid offer would be sent a few weeks after. This was said to include loan information (if applicable) as well as any external or other funding that SIPA managed to match to the candidate.

Did anyone get any additional funding this way? Or did the the majority of you receive only loan offers (in the form of a PLUS loan)?

I received my acceptance letter last week, so I am a little behind. I did receive the generic cost estimate, but I think there is another letter coming. Just want to know what to expect...

I got my acceptance on March 4th. I haven't received anything since the generic financial aid information letter. Is it the same for everyone else? Or has some received a detailed package?

[le_neocon]

I got my acceptance on March 4th. I haven't received anything since the generic financial aid information letter. Is it the same for everyone else? Or has some received a detailed package?

i think this is in reference to the federal aid packages etc. Nothing for international students to look forward to.

[MPAIndia2010]

i think this is in reference to the federal aid packages etc. Nothing for international students to look forward to.

Oh Ok.

Le_Neocon : Have secured funding/loan?

Coz the letter that came from SIPA nowhere mentions that it is a two year program. It is important for the loan to be sanctioned by banks. And we will need a semester wise break up of costs to figure out disbursement. No point incurring year long interest for funds required only in 2nd semester.

Does anyone have any idea if it is possible to secure a loan in US without a co signer?

[le_neocon]

MPAIndia2010

I'm in the process of securing loans (SBI) which I want to use only for the first year, given their limit of only $45K(20 lakh). I want to leave the second year funding either to US private loans like Sallie Mae and scholarships/internships (if i get lucky)

Can't we use the bank loans only for the first year, given that they are a small amount anyways. Once we are in the US, we'll be able to avail of the US loans, which have lower interest rates, higher lending amount, all with the help of a cosigner.

[fadeindreams]

...all with the help of a cosigner...

This isn't as easy as you make it sound. Unless you have someone in mind already, I would not base your funding on the assumption you will be able to obtain a cosigner. Remember that a cosigner must take on the loans if you default. Just be wary of relying on that. Make sure you have a secondary source available.

Also, I would recommend speaking with your local EducationUSA office. I assume you're from India since you were talking about lakh. Here's a link to all EducationUSA advising centers in India. They may be able to direct you to aid that you are unaware of to this point. You can ask them how students they see are typically funded and about the availability of loans to students from India. Best of luck.

Edit: EducationUSA main page - You can find advising centers here.

Edited April 6, 2010 by fadeindreams

[MPAIndia2010]

I agree with fadeindreams...getting a co signer is a difficult task given the large sum...some of my close friends have said no...as it affects their future borrowing capacity. the SBI rate of interest is quite high - 11.25%, when compared to US interest rates.

You may want to check out Global Student Loan Corporation (www.globalslc.com) that helps out with loans in US without a co signer. I haven't checked it out in detail yet...so apologise if this doesnt work out.

I think the EducationUSA idea is good.

@fadeindreams : Could you please repost the links....Thanks!

[socaljournalist]

Yes. You should understand that the only person(s) appropriate to ask to be a co-signer would be a parent or other close relative. You are asking that person to pay off your debt should you default. Your finances have the potential to ruin their credit rating.

I agree with fadeindreams...getting a co signer is a difficult task given the large sum...some of my close friends have said no...as it affects their future borrowing capacity. the SBI rate of interest is quite high - 11.25%, when compared to US interest rates.

You may want to check out Global Student Loan Corporation (www.globalslc.com) that helps out with loans in US without a co signer. I haven't checked it out in detail yet...so apologise if this doesnt work out.

I think the EducationUSA idea is good.

@fadeindreams : Could you please repost the links....Thanks!

[le_neocon]

Did anyone go for SIPA Open house ? How did it go ?

[researchnerd]

It was awesome--but I'm a quant geek. Depends on the track you want to do. I sat in on the Finance track and the Quant specialization. I'm 99% sure thats where I'm going. Although, I'm heading to G-Town as we speak!

[rsgoldjw]

very good, it's very useful to me, thank you very much!