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MIT Sloan Indian Student MBA Funding

MIT Sloan School of Management

We interviewed Pawan Gupta, MIT Sloan Class of 2015 Student and asked him why he chose Sloan MBA program, and the funding options available for International Students.

F1GMAT: When did the idea for MIT Sloan came to your mind? Why an MBA?

Pawan Gupta: I wanted to go to Stanford GSB but when I started applying, I realized MIT is more down to earth, and doing better work in social field through Legatum grants and fellowships. I was really impressed by the initiative and the brand value that MIT has.

Related: MIT vs. Stanford

F1GMAT: Which top schools did you target?

Pawan Gupta: I mainly targeted Stanford, and then later MIT Sloan. However, I applied to Wharton, Columbia, MIT Sloan, NYU Stern, Kellogg, Duke, UCLA and CMU Tepper.

F1GMAT: How did you find funding for MIT Sloan?

Pawan Gupta: MIT MBA International students are eligible to get loans (without collateral) of up to $170,000 from MIT Federal Credit Union. This includes expenses related to tuition, food, accommodation, purchasing a new laptop and transportation. The interest rate of the loan is 6% interest per annum for international students who don't have a US Co-Signer. For one with a co-signer, it is 5.5%. It is a very simple procedure and all Sloan admits gets one if they request for it.

For Stanford and Harvard, they do not have a bank to fund admits. So they refer students to US based third party private lenders, who give loans without collateral to international students at 8-9% interest p.a.

For other schools, it varies from school to school. Some schools don't provide financial aid to international students while others provide financial aid as loans, covering just the tuition fees.

About Pawan Gupta

Pawan Gupta on MBA Extra-CurricularsPawan Gupta, an alumnus from Birla Institute of Technology, became the Indian student with the lowest GMAT Score of 700 to be selected for the MIT Sloan 2-Year MBA Program, starting Fall 2013. He got dings from Stanford, Wharton, Columbia, Duke, NYU Stern, UCLA, Tepper, and just one week before MIT MBA Application deadline, with the help of current MIT Sloan students, he changed his approach and started tweaking his stories.

Related F1GMAT Download: MIT Sloan MBA Essay Guide

 

MIT Sloan MBA Essay Guide

Cover Letter Question: Please submit a cover letter seeking a place in the MIT Sloan MBA program. Your letter should conform to standard business correspondence, include one or more professional examples that illustrate why you meet the desired criteria above, and be addressed to the Admissions Committee (300 words or fewer, excluding address and salutation).

Short Answer Question: How has the world you come from shaped who you are today? For example, your family, culture, community, all help to shape aspects of your identity. Please use this opportunity if you would like to share more about your background. (250 words or less.)

Video Questions

Question 1: Introduce yourself to your future classmates. Here’s your chance to put a face with a name, let your personality shine through, be conversational, be yourself. We can’t wait to meet you!

Question 2: All MBA applicants will be prompted to respond to a randomly generated, open-ended question. The question is designed to help us get to know you better; to see how you express yourself and to assess fit with the MIT Sloan culture. It does not require prior preparation.

Video Question 2 is part of your required application materials and will appear as a page within the application, once the other parts of your application are completed. Applicants are given 10 seconds to prepare for a 60-second response.

The following are examples of questions that may be asked in the Video Question 2:
•    What achievement are you most proud of and why?
•    Tell us about a time a classmate or colleague wasn’t contributing to a group project. What did you do?

Download F1GMAT's MIT Sloan MBA Essay Guide