Tuesday, April 5, 2011

Post Admit Paperwork - Loan, Finance, Funding, Visa etc

I recd my admit letter in December'10. MIT Sloan Fellows has a fast track process where they select 10-12 (could be more) fellows first and inform them much before other candidates. Idea is to select the first few and then benchmark the rest of the class against this group. 

The process after you receive the admit letter goes like this - 

  • Dec/Jan
    • Receive admit letter/intimation of admission 
    • Pay a non-refundable deposit of $10,000 within 2 weeks. - Wire transfer is a better (cheaper) option than paying by credit card
  • Feb
    • Introduction to the host, who is a current Sloan Fellow to answer any questions, doubts etc
  • Mar -
    • MIT Federal Credit Union application for 2011-12 live on the FCU site. This is for students planning to take a loan from MIT FCU. They provide upto $170,000
    • Submit the online application for I-20. - MIT program office will send you information to log in to website, download certificates, create MIT email id (which I found was pretty cool). You have your id even before the course starts
    • Receive I-20
  • Apr
    • 1 Week Orientation at MIT
    • Apply for F1/F2 Visa 
    • Apply for Fall Housing on MIT Housing website https://housing.mit.edu/


Housing and Visa process I will discuss in a separate post.


5 comments:

  1. Hi-
    I am Amit and I am from India.
    Let me take this opportunity and thank you for posting such a useful information about fellow program, it is just like step to step guide for anyone who is seeking admission in this program.

    I am considering this course for the coming year and looking for more details on the financing the education part, can you please elaborate how taking loan through MIT Federal Credit Union works.

    Also I went though report through Forbes where it says the average salary for the MBA graduate from MIT (not sure if it covers this fellow program) is 160K and usually the loan amount is re-payed in 2-3 years time.Is that your understanding too.

    Will wait for you reply and once again thanks for your help.

    ReplyDelete
  2. @ Amit - Hi. Thanks for your comment. Loan from MIT FCU is pretty straight forward. Once you get your admit, you can apply online. And after you join the program (in June) it will take about 60 days for the amount to hit your account.

    Repayment totally depends on the job one can get. A typical scenario should be around 2-5 years of time but that also depends on personal saving/spending patterns etc. The figure you got from Forbes does not include the Fellows program as there is no placement for the fellows.

    Hope this helps.

    ReplyDelete
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