Though many business school applicants know exactly what they want to do – and how much they hope to make – after they graduate from an MBA program, a surprising number apply to school without thinking about how they’ll pay for this expensive degree. While some students do foot the entire bill themselves or receive scholarship support from the school or an outside institution, the vast majority of MBA students borrow funds to cover their tuition and living expenses. With this in mind, we wanted to cover some very basic information on loans for the benefit of both recent admits entering school this fall and early birds entry just beginning to think about their applications for Fall ’11.

The primary source of funding for U.S.-based applicants will be federal loans or alternative education loans. The main federal loans, available to U.S. citizens or permanent residents, are the Federal Stafford Loan (subsidized or unsubsidized), the Federal Perkins Loan and the GradPLUS Loan. Full-time students, usually those enrolled in two or more courses per semester, can borrow as much as $20,500/year through the Federal Stafford loan program. Perkins Loans are low-interest (5 percent) loans with a maximum annual loan amount of $8,000/year for graduate students. The Grad PLUS Loan can be used to pay for the total cost of education less minus aid you’ve already been awarded. Those interested in applying for federal student aid should check out the Free Application for Federal Student Aid (FAFSA). When federal loans are not enough, private loans can help bridge the gap in education costs. Students might contact their local bank or look into lender programs, such as SallieMae, Access Group or GradLoans, for details on borrowing eligibility.

International students are not eligible for federal loans, but may consider private loans as a financing option. The International Student Loan Program (ISLP), for instance, offers a credit-based loan to international students who are looking to finance their education in the U.S. However, as with most private loans, this loan requires a U.S. citizen or permanent resident to co-sign. International students can also visit International Education Financial Aid (IEFA) to search for funds (as can U.S. citizens planning on studying overseas). Finally, most of the leading MBA programs offer private loans to their students in partnership with a particular financial institution – some of which do not require a co-signer – so this might become an option after one is admitted.

Many need-based loans are classified as subsidized, meaning that interest does not accrue while the borrower is enrolled in a degree program (whereas interest begins to accrue immediately on unsubsidized loans). Typical timelines of loan repayment can extend from 5 to 30 years, depending on the lender’s conditions of deferral and the amount of funds borrowed. After graduation, students usually have a 6-month grace period before monthly repayment begins. While schools’ admittance packages usually include detailed information about financing the MBA, incoming students and applicants should not hesitate contact the school’s financial aid office for further information on available need- or credit-based loans.

About Clear Admit:

Ivey Consulting has partnered with Clear Admit to provide comprehensive admissions information and consulting services to business school applicants.  We’re excited to feature their regular guest postings here on the Ivey Files. Learn more about them here.

I've been reading your blog a lot as I have been going through the admissions process. I submitted my applications recently (I know, late in the season, but that's just how things ended up playing out for me) and I've been receiving "your file is complete" and/or "your file is under review" emails. Am I supposed to respond to these emails or will I just be adding to an already filled inbox brimming with annoying applicants?

Inboxes overflowing with non-essential emails are the bane of everyone's existence, especially during crunch times, and February is definitely crunch time for admissions offices. My guess is that the emails you're describing are just FYI emails, for a couple of reasons:

1. They are giving you FYI information: now you know your file is complete, and that's information that you actually want to have. So far, the need for information is flowing one way.

2. There is no call to action: they aren't asking you to reply, or to send in some document they need, or to jump through any kind of hoop. If they had sent you an email saying your file wasn't complete, they probably would have added a call to action: please send us your missing recommendation, for example. But the way you describe the emails, they are not asking or information back from you, so the need for information is still flowing just one way.

3. Ask yourself why they are sending those emails: If you put yourself in their shoes, it's pretty clear that they sent you that flavor of email because they don't want applicants calling and emailing every two days to find out if their files have gone complete. The whole point of sending those emails to you in the first place is to cut down on the torrent of emails that they don't actually need, and that you don't actually need to send.

If you put (1) and (2) and (3) together, the result strongly suggests that the LAST thing they want you to do in response to their FYI emails is to generate FYI emails of your own ("FYI, I got your email that my file is complete, thanks!"). Would it help -- and be to their own benefit -- if admissions offices added "You don't need to reply to this email" to their FYI emails? No question. In the meantime, you'll need to do that analysis yourself.

The same rules apply to waitlisted applicants. When you receive an email letting you know that you have been waitlisted, ask yourself if it's an FYI email or a call-to-action email. The former tells you that you're on a waitlist, and they don't invite you to send or do anything else (except to take yourself off their waitlist if you're no longer interested). The call-to-action waitlist emails will invite further activity from you in some way. They'll want you to fill out a form, or they'll invite you to send another essay, for example.

I'm glad you asked this question, because it actually involves an important life skill that will be important in your career. When you get out of school and into the working world (or maybe you're already coming from there), it will make your life easier, and your colleagues' lives easier, if you distinguish ruthlessly between FYI emails and call-to-action emails, and if you yourself use FYI emails (and the cc button, which functions as an FYI button) sparingly. I'm making a note to myself to do the same.

Good luck with your applications. Any other applicants out there wondering how to interpret emails they've been receiving from admissions offices? If so, please leave a comment.

Former Dean of Admissions at the University of Chicago Law School and a recovering lawyer, Anna Ivey founded Ivey Consulting to help college, law school, and MBA applicants navigate the admissions process. Read more admissions tips in The Ivey Guide to Law School Admissions, recently updated and available as an e-book. Follow Anna on Twitter (@annaivey).

What should an applicant do when placed on the waitlist at his or her dream school? While most applicants regard the waitlist in a negative light (we’ve even heard it described as “a sort of purgatory prior to getting dinged”), the best approach is to view the glass as being half-full (especially for R1 waitlisters). In all cases, getting waitlisted is much better than getting denied.

Here are a few tips to help you navigate this often difficult and mysterious process:

1) Know your file. Before you can develop a waitlist strategy you need to understand where you may have fallen short in the application process. Read over your file with a critical eye and try to identify any weaknesses. Talk to anyone you know who might be able to give you feedback (MBA students at the target school, former admissions officers, admissions consultants, etc).

2) Familiarize yourself with the school’s waitlist rules. Do you need to ‘opt-in’ in order to be on the list? Are you allowed to submit supplemental materials to bolster your case or inform the committee of changes to your candidacy? Does the school offer a chance for feedback via a phone session or interview with a ‘waitlist manager’?

3) Follow the waitlist rules.

CASE A: Schools that accept supplemental materials. If a school hints that you may want to provide a supplemental essay or recommendation letter, then by all means, take this offer seriously and get something together for them. Approach these materials in the same way that you would approach the application process (e.g. do not just send along something that you dash off in a matter of minutes). If you have several items you wish to send, it may make sense to spread them out over the course of a few weeks to demonstrate steady interest.

CASE B: Schools that do not accept supplemental materials. This may sound obvious, but if a school indicates that they do not want supplemental materials, then you should respect their guidelines. In other words, do not send along a new recommendation or an essay if the program has clearly indicated that you should not do so. There may be exceptions to this – for example, if a dramatic change has taken place in your candidacy – but in most cases, you should simply follow the rules. [Contact us to learn about other ways to improve your waitlist status with schools that frown on supplemental materials.]

4) Consider a school visit. It may make sense to visit the school, particularly if you have not been before. So many different things can happen on a visit:

a) You never know when you’ll have that chance meeting with an admissions officer who is willing to give you a little feedback (and who through the process of meeting you face to face might get a better sense of your candidacy)

b) A school may take note of your visit (if you sign in with the admissions office) and view it as a potential sign of your interest

c) You may interact with students or professors who can better inform you of opportunities at the school and provide you with helpful ‘content’ for any waitlist materials you go on to submit

d) By visiting, you may find out that school X is really not for you, enabling you to move on and remove yourself from the waitlist

Just as there are a number of waitlist to-do items, there are also countless things to avoid doing. We’ll devote another post to that at a later date. Please contact the Clear Admit offices for questions about waitlist strategy and our related services (assessment@clearadmit.com).

In addition, for valuable guidance about being on the waitlist, check out the Clear Admit Waitlist Guide.  This guide will teach you to understand the ground rules of a program’s waitlist policy, formulate a plan to address weaknesses in your candidacy, craft effective communications to the admissions committee and explore every opportunity to boost your chances of acceptance.  This 26-page PDF file, which includes school-specific waitlist policies and sample communication materials, is available for immediate download.

About Clear Admit:

Ivey Consulting has partnered with Clear Admit to provide comprehensive admissions information and consulting services to business school applicants.  We’re excited to feature their regular guest postings here on the Ivey Files. Learn more about them here.

With the majority of schools having released their Round One decisions, many successful applicants will soon be facing the enviable – but often agonizing – decision of choosing between programs. Though we know that those of you in this position will already be juggling an overwhelming amount of information about the schools on your short lists, we wanted to offer a few pointers to consider as you identify and evaluate the most important facts and factors in making this decision.

1) Immerse yourself. If you have not yet visited campus, go to the school and see what you think of the environment. Be sure to attend classes, talk with students, tour the facilities, and so on. Even if you have already made the trip, it’s a good idea to attend the school’s events for admitted students to meet your potential classmates. After all, these are the folks whose thoughts you will be hearing in class for two years and who will making up your future network.

2) Consider your immediate priorities. Think about the location, size, teaching method, etc. Are you looking for a close-knit, “we’re all in this together” sort of experience, or would you prefer to attend classes and then disappear into a large city with a few classmates or old friends? Do you need the benefits of a large university to pursue coursework in a specific field? Do you crave lengthy discussions with faculty? Do you have family or a significant other who might need to consider your location? Are you strong in qualitative areas but looking to refine your skills in quantitative subjects? Is there a teaching method that might better address your weaknesses or best suit your learning style? Reflecting on the relative importance of each of these questions might help you to organize your thoughts about and the information on each program.

3) Look farther forward. In addition to the experience you would have as a student, try to get a sense for the school’s track record in your target field. For example, if you hope to become a strategy consultant after school, take a look at each program’s placement statistics with the firms that are of interest to you. Talk to the career management office and find out which firms came to campus and how many offers were made. You might also try to contact alumni who work in your target field and see what they have to say about their alma mater’s strength in that area. A final option is to approach the HR departments of the firm you are likely to target and ask for their opinion of the programs on your list. This is also a nice excuse to build rapport with a potential future employer.

4) Think big. Beyond the job you hope to secure immediately after school, consider the program’s regional and global brand. For example, if you are looking for work in London, you might investigate whether the school in question has an active alumni club in that city. Meanwhile, if you dream of working in Los Angeles but are debating between two programs on the East Coast, it might be important to determine which has the greater West Coast presence.

These are just a few general tips to get you thinking about how to make your b-school decision. It goes without saying that this is a once in a lifetime decision, so it certainly makes sense to do your homework and fully understand the strengths and weaknesses of each of your options. Rankings are a good starting point for a school search, but should not be the deciding factor.  Reading in-depth, independent reports on each program can be helpful, so be sure to check out the Clear Admit School Guides for their extensive cross-school comparisons on placement, class composition, campus life and more.  Another thing to remember that the shoe is finally on the other foot, and that the schools are now the ones marketing themselves to you. Be sure to take advantage of their offers to answer any questions you may have.

About Clear Admit:

Ivey Consulting has partnered with Clear Admit to provide comprehensive admissions information and consulting services to business school applicants.  We’re excited to feature their regular guest postings here on the Ivey Files. Learn more about them here.

With a slew of schools releasing the last of their R1 notifications in the coming weeks, we know that many of our readers will be asking about the background checks conducted by leading programs. Here are some quick facts to help explain the process:

1) What are background checks? Background checks involve the verification of information that a candidate has provided in his or her MBA applications. Although the process varies from school to school, it usually includes checking that an applicant attended the undergraduate (or graduate) school(s) that he or she claims to have attended, received the grades indicated and earned the GMAT score reported. It also involves the verification of the candidate’s employment history, job titles, starting and ending dates and salary/bonus information. Finally, some background checks involve contacting recommenders to verify their support and confirming applicant involvement in community activities. 

2) Do all schools conduct background checks? When do they do this? How do they have time? Many of the leading MBA programs like to verify the information that has been provided by applicants. This is typically done only for those applicants who are admitted, since there is no sense in expending resources to verify information for applicants who do not make the cut. Most background checks occur in the spring – after decisions for most rounds have been released and students begin sending in their deposits. In many cases, the schools outsource this function to a professional risk consulting firm like Kroll.

3) Why bother with background checks? Don’t the schools trust me? The purpose of background checking is to protect all stakeholders of the MBA program (students, faculty, staff, alumni) from those who would falsify their backgrounds to gain an unfair advantage in the admissions process. Some schools opt to investigate the backgrounds of a relatively small sample of randomly selected admits, hoping that the mere possibility of a check will give applicants incentive to be as honest as possible. In a way, this measure therefore serves to increase the adcom’s trust in its applicants.

4) What about very minor discrepancies? It’s natural for admitted applicants to get anxious at this point in the process, wondering whether their offer of admission might be rescinded if, for instance, the “start date” for an old job is one week earlier than the start date that HR reports during the background check. The good news is that most schools report any discrepancies back to the applicant and give them a chance to explain a plausible mistake. Having said that, it of course makes sense to do your best to verify all of your information before applying to school, so that you can be certain that the data you report is accurate. Should any potential issues come to mind after submitting, you might consider preemptively contacting the adcom if the error is serious enough.

5) Won’t the background checking process alert my employer to the fact that I am applying to b-school? Since the process typically takes place long after you’ve been admitted, this ideally won’t be an issue, as most applicants give their employers ample notice and take some time off before school. Having said that, the schools still try to conduct the checks in a discrete fashion, consulting with your HR department to verify your dates of employment and salary – but not necessarily revealing that you are heading to business school.

6) How can I ensure a smooth background check? While the obvious answer is to be honest in your applications, it’s also important that you don’t fudge anything out of laziness (a common occurrence). Dig up those old W-2 forms or check with former employers in order to present the committee with the most accurate information you can.

Good luck to everyone anxiously awaiting word from their R1 schools and, of course, those targeting R2 as well!

About Clear Admit:

Ivey Consulting has partnered with Clear Admit to provide comprehensive admissions information and consulting services to business school applicants.  We’re excited to feature their regular guest postings here on the Ivey Files. Learn more about them here.

 While the past few weeks have seen a number of admits and rejections handed down to round one MBA applicants, the fate of many remains uncertain. There is no reason for waitlisted candidates to lose hope, as the top programs admit a fair number of individuals from the waitlist in round two and thereafter, but we know that cautious optimism does not make the wait for an answer any easier. To help those in this situation make sure that they’re doing all they can, we wanted to share a few waitlist tips:

1. Know – and follow – the rules. Schools vary in their stances when it comes to interaction with those on the waitlist; some shun communication from applicants and even go so far as to discourage on-the-record campus visits, whereas others welcome correspondence and assign waitlisted candidates to an admissions office liaison. We know that the natural impulse is to reach out to the adcom and update them on that recent promotion or the final grade from that accounting class you took to bolster your academic profile. At first blush, it might seem that there’s no harm in sending a short letter or making a call, but no matter how exciting the information you wish to communicate, ignoring the adcom’s instructions is ultimately going to reflect badly on you. Though such a policy may seem frustrating or unfair, it’s important to respect and abide by the preferences of each school. 

2. Communicate if you can. For those programs that do permit or encourage contact from waitlisters, it’s absolutely a good idea to send an update. In addition to the obvious news items mentioned above, it’s beneficial to read over your essays and reflect on whether there is some piece of your background or interests that you haven’t gotten across yet. Taking the time to write about your relevant recent experiences, positive developments in your candidacy and ways that you’ve enhanced your understanding of the program is a nice sign of your interest in the program, and is a good strategy for telegraphing your commitment to attending. It is, of course, also in your interest to make sure that the adcom has the most up to date information so that they can make an informed decision the next time your file comes up for evaluation.

3. Keep in touch. Don’t disappear after an initial note to the adcom or phone call to your waitlist manager (if applicable). If you have plans to be on or near campus, for instance, send a quick email to alert your waitlist manager (or whoever you may have interacted with on the adcom) to alert them to this fact.  In many cases you’ll find that the adcom offers to have you stop by for a friendly chat about your candidacy – something that can go a long way towards helping your case.  Beyond a visit, sending a brief update every few weeks or so is another way to reaffirm your interest in the school and keep you fresh in the minds of the adcom – something that could work to your advantage in a discussion of which candidates to admit from the waitlist.  In all cases, it is important to remember that there is a fine line between persistence and pestering, so please use good judgment!

4. Have a contingency plan. While it’s important to do be consistent and enthusiastic when waitlisted and communicating with staff at your target program, it’s also wise to have a backup plan. With the round two deadlines for several top programs about 1-2 weeks away, there’s still time to put together a solid application to another school. Even if you’re waitlisted at the school of your dreams and intend to reapply if not admitted, it’s also never too early to start thinking about the coming year and what steps you might take to enhance your candidacy before next fall.

For valuable guidance about being on the waitlist, check out the Clear Admit Waitlist Guide.  This guide will teach you to understand the ground rules of a program’s waitlist policy, formulate a plan to address weaknesses in your candidacy, craft effective communications to the admissions committee and explore every opportunity to boost your chances of acceptance.  This 26-page PDF file, which includes school-specific waitlist policies and sample communication materials, is available for immediate download.

Best of luck to those of you playing the waiting game, and feel free to contact us at assessment@clearadmit.com to learn about our application feedback and waitlist counseling services. Hang in there!

About Clear Admit:

Ivey Consulting has partnered with Clear Admit to provide comprehensive admissions information and consulting services to business school applicants.  We’re excited to feature their regular guest postings here on the Ivey Files. Learn more about them here.

We often stress that, to present oneself effectively in application essays, it’s critical to think carefully about what a given question is asking and what this might indicate about a specific school’s admissions priorities. Of course, it’s also imperative to communicate clearly and appropriately regardless of the target program or particular inquiry.

As many applicants are feverishly putting the finishing touches on their essays for programs with deadlines this week and next, we wanted to offer a few general guidelines to keep in mind during that final revision.  Time is tight, we know, but a few small changes can make a considerable difference, so today we’re going back to basics and offering a few broadly applicable tips on tone and style to keep in mind when polishing the written elements of your applications. 

1. Be Professional. While a number of schools ask fun questions and most urge applicants to be themselves rather than submitting “overly polished” materials, it’s important to remember that this is a graduate school application and you should approach your essays with a degree of formality. You do want your unique narrative voice to come through, but even professional writers know to vary their tone based on their audience. As such, you should avoid using slang and conversational speech patterns in your writing.

2. Emphasize Action. A common pitfall for many applicants is lapsing into the passive voice, constructing sentences about how some unseen force or agent acted upon something or someone else (e.g. “we were required to” or “the project was completed”) rather than putting their own thoughts and actions at the fore. By making a conscious effort to write “I/he/she did x” rather than “x was done to y” you can make your comments more informative, dynamic and, often, more concise.

3. Avoid Repetition. It’s often a good idea to give the reader a sense of an essay’s direction through an introduction and to sum up the key ideas through a conclusion, but ideally each sentence of an essay will add some new information to the document or build the reader’s understanding of what you’ve already written. Keeping this rule in mind as you revise can help trim a response down to the word limit and ensure that you are including as much relevant information about your candidacy as you can within the allotted length.

For those of you still struggling with your essays as the deadlines approach, feel free to reach out to Clear Admit by sending your resume to assessment@clearadmit.com.  Our team is ready to help with last minute application reviews.  Best of luck to everyone!

About Clear Admit:

Ivey Consulting has partnered with Clear Admit to provide comprehensive admissions information and consulting services to business school applicants.  We’re excited to feature their regular guest postings here on the Ivey Files. Learn more about them here.