10 Years From Starting My MBA: Definitely worth it!

This goes out to anyone from the Philippines still finding my blog after more than a decade of it being up 😊

I started my MBA in August 2012, and graduated in May 2014. Let me just say that taking my MBA abroad led to opportunities that I never would have expected when I first started applying, and I am quite happy with where my journey has taken me.

A lot has already changed since I wrote most of these blog entries, so the information here is probably not as accurate or applicable anymore. But do know that there are people and resources available if you are interested in pursuing higher education outside the Philippines. Don't be afraid to ask questions (or even negotiate scholarships if it comes to it!), and don't be afraid to ask for help! There are others like me who have taken the path before you who could help you on your way.

Graduated, started a job, now crossing fingers for an H1B

So -- this is it.

Been working for a couple of weeks now after a melange of events that included graduation, out-of-state vacation trips with my parents and my boyfriend, relocation to another state, and lots and lots of packing. I cannot emphasize enough how stressful packing and unpacking can be -- I've been in two temporary apartments in two weeks, and it's really, really awful.

How can Americans be okay with this nomadic lifestyle?! I'm just not used to it.

I've received my first paycheck, and I still have to find a long-term apartment, buy my own car and start another checking account. Depending so much on checks (to purchase a car, to pay apartment deposits) is another thing to get used to.

I'm really proud and happy that I've finished my MBA in flying colors - academic honors, no debt, some extra money after all the vacation expenses. I spent a little more than Php2.5M of my own money; the fellowship plus the money I earned from my internship and my part-time job took care of the rest of my expenses.

I'm a living testament that, yes, it is possible to get your MBA abroad without incurring debt or relying on your family for financial support. Of course, there was a pretty steep price for me to pay - and it started way before I set foot in America, from my very first paycheck.

Now, I'm ready to move on to the next stage. Hopefully, this time next year, I'll have the good news of having an approved H1B work visa. And from there -- who knows?


Thank you very much for supporting my blog and reading my posts. I'm signing off for now,  but will be available to answer questions. Just shoot them at my email pinaymba <at> gmail <dot> com. Thank you once again, and good luck to all Filipino MBA applicants!

QS News: MBA Scholarships for Women

Here is the link to the actual article: QS Top MBA - MBA Scholarships for Women
If you go to that site, you'll be able to find links to other scholarships available (and not just for women).

If you'd rather not click to the site, below is the article in full.

Words of advice: For women, do check out the list of schools where Forté Foundation funding is available. These are grants that are exclusively available to women. I got one of these myself, though I'm not exactly sure how my school allocates them - the donor I wrote my thank-you letter to was not the Forté Foundation.


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The disproportionately small number of women in leadership roles globally is one of the major challenges for the world’s top business schools, given their essential role in producing the world’s future leaders. However, boardroom imbalance is reflected in business school cohorts, with the vast majority of the world’s business schools still a long way from achieving a 50/50 balance.

Many top schools are moving to address the issue. One key way of doing this is through the provision of merit-based MBA scholarships for women, to encourage exceptional female candidates to enroll on MBA programs and gain the leadership skills they need to advance in the world of business.
This is by no means a comprehensive list of schools offering MBA scholarships for women – indeed, it is only intended to serve a snapshot. Check school websites for details of what MBA scholarships for women are available at schools in which you are interested (see a full list of schools at which Forté Foundation funding is available).

The following schools offer need and/or merit-based scholarships to all or specific demographics of candidates that are open to male and female candidates which may also be appropriate to your needs. The following list looks only at scholarships available exclusively to women.
 
North America

Chicago Booth

At Chicago Booth a number of MBA scholarships for women are on offer: Herman Family Fellowships are intended to encourage female entrepreneurship (US$50,000), the India Trust Fellowship (two awards of US$10,000) is open to candidates living and working in India at the time of admission and Wallman Fellowships are aimed particularly at female candidates from underrepresented minority groups (full tuition for two years). Forté Foundation Fellowships are also available to female students of Chicago Booth.

Thunderbird School of Global Management

The Thunderbird School of Global Management's Women in Leadership Scholarship offers US$5,000 to female candidates.

Yale School of Management

As well as participating on the Forté Fellows program, female students of ‘particular promise’ at the Yale School of Management are eligible for the Janet "Ginger" Gelb Scholarship.

Europe

London Business School

London Business School offers a number of merit-based MBA scholarships for women. All successful female applicants are automatically considered for the London Business School Women's Scholarship (first-year fee), the Carlsson Family Scholarship (£20,000), and Forté Foundation Fellowships (two awards of £20,000). UK residents or nationals are automatically considered for the Lloyds Scholars MBA Scholarship for Women (four awards of £30,000) and may apply for the Celia Atkin Avent Scholarship (first-year fee).

INSEAD

INSEAD states a commitment to a world where 50% of managers are female. Accordingly a number MBA scholarships for women are available at the prestigious school: INSEAD Alumni Fund Women's Scholarships (up to €15,000), Forté Foundation Fellowships (two awards of €15,000), Groupe Galeries Lafayette Endowed Scholarships for Women (€10,000 with preference to those from regions in which the Groupe Galeries Lafayette operates or will operate), and Judith Connelly Delouvrier Endowed Scholarships (up to US$15,000). Scholarships are generally open to candidates at all INSEAD campuses. Candidates win the awards by writing set short essays.

Asia
Many top Asian schools have scholarships to promote female leadership. These include the Women Leadership Scholarship at CEIBS, the Scholarship for Women with Impact at HKUST (up to five merit-based awards for 25% of tuition), the Women-In-Business Scholarship at NUS.

QS Scholarships
QS also offers a number of scholarships, both independently as part of its business mission and in conjunction with top schools around the world. Two schools offer MBA scholarships for women through TopMBA.com:

EDHEC Business School

The EDHEC Scholarship for Women offers €19,000 to three women who attend QS Women in Leadership Events in New York or Toronto. To win, applicants must write a short essay about the challenges they face as a woman in the workplace, or whether they are in favor of quotas in the workplace. The deadline is May 14.

IE Business School

The IE Business School Scholarship for Women, is worth €22,500 to the two winners. To win, applicants must write an essay on technological initiatives that can promote female leadership. The deadline is May 31.

On Li Ka-Shing's advice

 

I came across this article a long while back, and it set me reflecting.

Li Ka-Shing teaches you how to buy a car & house in 5 years

He gives you advice on how to divide your salary into proportions:

• 30% goes to living expenses
• 20% goes to "making friends"
• 15% goes to learning
• 10% goes to vacations
• 25% goes to investments

The last net salary from my library job was around $245, the equivalent of 22.5 hours of work. If I were to look at the two weeks that this period covered, I did spend:

• 30% on living expenses (i.e. food)
• 5% on miscellaneous expenses (i.e. passport photos for my OPT application)

The rest of the money went into my bank account for savings and future expenses.

I don't know where Li Ka-Shing gets his budget for other kinds of expenses. The article says to "try to buy minimal clothes and shoes," but I don't think that applies to international students from the tropics who suddenly find themselves caught in the US polar vortex.


Anyway, looking at my expenses for this schoolyear, I see that:

• 63% went to tuition and school fees
• 18% went to room and board (of which 1% was food expense)
• 8% went to health insurance (!!!)
• 6% went to personal expense (OPT application, movie tickets, etc)
• 4% went to travel expense (bookings for this summer)
• 1% went to textbooks

And that makes 100% of my expenses for SY 2013-14 so far.

I'm amazed at how much I spent on health insurance. If only I could reimburse any "unused, unclaimed" portion in some way.

From phdcomics.com (I'm not a PHD, but I can definitely relate!)

Final stretch!

Happy New Year to everyone!

Now that it's 2014, I'm facing the final stretch -- one semester left before graduation! I'm patting myself on the back for doing well so far, especially on my finances.

It hasn't been easy working while taking my MBA, but I'm nearly done. I've just gone through a highly stressful quarter of academics - with 12 hours of work a week thrown in - and am highly gratified to earn a near flat 4.0. (Yes, I do look at my grades as a way of challenging myself; anyway, I paid good money for my education! As long as I have actually learned something, I'm fine with an A-. Conversely, I feel bad earning an A on a very easy subject where I learned nothing at all.)

I've spent more than Php 2.3 million of my own money so far on my MBA; it amazes me to have spent so much money! (Imagine if I got my MBA in AIM or Ateneo instead!) I am truly grateful for my scholarship, my part-time library job and my internship; without these, I would be drowning in debt right now or probably not be taking my MBA abroad at all.

I'm spending the holidays with my family in the Philippines, and it has been really good to be back. I was able to score a round-trip ticket for the very low price of $1,330-something, in exchange for arriving home on Christmas Day. Not that I mind that much. After all, I still get to go home. (It's just too bad that winter break this year is so much shorter!)

Enjoy the rest of the holidays, and email me at pinaymba@gmail.com for any questions! (And no, I'm still not saying what school I'm in right now.)

Trade your idle time for $5 Amazon Gift Cards!

$5 Amazon gift cards are manna from heaven for a graduate student like me looking for textbook money. Granted, these gift cards do not come free since you have to spend a certain amount of time doing searches on sites. The good news is that how much time you spend is completely under your control.

(Note: Unfortunately, Bing Rewards and Swagbucks Search aren't for Philippine residents. You could still play Swagbucks games though! But keep this in mind if you're gonna study in the US.)

With all the mini-breaks that I take from work and studying, I go to Bing and Swagbucks for a few minutes each day to search and play games. I just "discovered" Bing Rewards and Swagbucks a few weeks back, and I've earned $15 so far! (Which, granted, isn't a lot at the moment, but think of how much I can earn in a year!)

I really like Bing Rewards because it's simple to earn points, and there's a set limit each day -- meaning that I don't have to spend as much time as necessary to earn the limit. I can earn the max allowed points in less than 5 minutes, since I can type literally anything into Bing's search bar and have it count towards the limit. Bing has fewer partner merchants, but... one of them is Swagbucks!

Once you get into Bing Rewards' Gold Status level (which is really easy to get into), you get the rewards at a discount. You can choose between getting an Amazon Gift Card at once for 475 points, or go through the Swagbucks route for the same 475 points. The latter means that you get 500 Swagbucks, which you can use at Swagbucks to get an Amazon Gift Card for 450 points, with 50 points left over.

I haven't tried the Swagbucks route yet, since I was happy with how fast Bing gave me the Amazon codes, and was unsure with how fast I could get the Swagbucks one. I'll be doing it next time though, since the turnaround of Swagbucks was bearable (i.e. not even a week).

There are so many ways you could earn Swagbucks that the danger is spending too much time on that site. But, if you find yourself going to do mindless surfing over the next couple of hours, then it might still be worth a try.

With Amazon's Buy-Back program (where I can sell my old textbooks), and these gift card programs, I can earn enough to fund the next set of books. Or a book or two, anyhow. Hey, every little bit helps.

Emergency Student Fund for US-based Students from the Philippines

A kababayan student out there may need this:

Application Deadline: Dec. 4, 2013

IIE is issuing a call for nominations from U.S. colleges and universities that currently have students from the Philippines enrolled on their campuses who have emergency needs for funds due to of the financial situation in their home country caused by typhoon Haiyan. Philippines-ESF will provide grants of $3,000 each to selected Filipino students nominated by their U.S. host colleges and universities. Priority will be given to undergraduates and to those with the most urgent financial need and those closest to graduation.

Allan E. Goodman, president and CEO of the IIE, said, "Our goal is to help relieve the financial burden that is compounding these students' personal distress, and to encourage them to complete their U.S. studies so they can return home with the skills and new knowledge to help rebuild their shattered communities."

International Student Advisers or other campus officials should complete the Philippines-ESF nomination form and e-mail it to ESF@iie.org by December 4, 2013. Awards will be announced in mid-December. Applications directly from students will NOT be accepted. U.S. host campuses nominating students for Philippines-ESF awards are expected to provide some emergency assistance to the nominated students, through tuition waivers, full or partial scholarships, housing, stipends, loans, work study, or other forms of support.

IIE’s Emergency Student Fund provides grants to post-secondary students matriculated at accredited educational institutions outside their home countries whose sources of support have been impacted by natural disaster or other crises. Since 2010, IIE’s ESF has provided over $1 million to more than 400 students from Syria, Iran, Japan, Haiti, Libya, and Thailand whose home sources of financial support were impacted by crisis or natural disaster.

Useful advice for Pinoy students in the US, Part 2

Useful advice if you're a Pinoy student going to the US, Part 1

Here are some more tips that I think would be useful for other students who have just arrived in the land of the free (check out the above link for numbers 1-5):

6. When it comes to buying textbooks, check out the sell-it-back price on Amazon first. It may be cheaper to buy a book and sell it back when your class is done. You will really benefit from this when it comes to newly released books -- for instance, there's this Accounting book (released last January) that I'll be needing later this year. It now costs $170, but I can sell it back to Amazon for $152. End result? I'll be able to use the book for only $18.

7. Compare textbook prices across different websites through Slugbooks.com.

8. Those really cheap textbooks on AbeBooks.com may be international editions with different section questions than the US editions. Just be aware of this if ever you decide to buy via that route.

9. Renting textbooks may turn out to be more expensive. If ever you're reduced to desperate measures, you may want to try a rental site I've used before: CampusBookRentals. What I like about this company is that they provide excellent customer service, free shipping and discounts during certain times of the year (usually before classes start in the fall or spring). And they usually have cheaper prices than Chegg.

10. Well, it always pays to ask around -- second-years may be selling their first-year books, or some of your classmates may have taken that elective in a previous term. Your library may also have electronic or print copies of the book you're looking for.


As you might have noticed, this post is very much textbook-related.

I think it has something to do with the fact that I've gone through the list of textbooks I might need this fall semester, and have been thinking of ways not to spend so much on them. If you're from the Philippines, you will definitely experience sticker shock when you find out how much the textbooks over here cost.

I'll be wrapping up my internship this week, and heading back to campus. Good news: my internship savings will be enough to pay off my second year's tuition fees! Yes! Hopefully, my part-time job in the library will help to cover living expenses.

First Year Spending

The chart, as promised:

Now, I have a partial fellowship and have low living expenses. With the fellowship, I was able to nearly halve the school's projected budget. Tuition took up 41% of my budget, while room and board took up 22%. (When I say room and board, I mean rent and food expenses.) I even ended up with a significant amount of savings that automatically go towards initial expenses for internship relocation, and the next schoolyear's budget.


If I didn't have the fellowship:

Without the fellowship, tuition would've taken up 70% of the school's projected budget. And I couldn't afford that at all, so I wouldn't even be here writing this.


So if your MBA school's budget for the year is around 100,000 and it's halved because of the fellowship (for easier estimation), the tuition I paid for my first year would amount to $23,000. With a Php 43 exchange rate, that's nearly Php 1 million. Php 989,000 to be exact.

That's a lot of money to come up with on your own, but could be attainable if you have a high-paying job where you've worked for several years. But that's just your tuition. You still need money for the basic stuff -- remember food, clothing and shelter?

I guess when you're doing your research on the schools, you can come up with scenarios with regards to your fellowship. What if you get a $20,000 fellowship? What if it's half the tuition fees? What if it's 75% of the tuition fees? Can you afford what's left? What fellowship amount will enable you to accept a school's offer? If you don't get that (partial) amount, then flex your negotiation skills and ask. What if a lower-ranked school gives you a full ride?

Just don't think that it will be easy for you to land a full scholarship on account of your nationality. Save early and invest your money wisely. Know what level of debt you're comfortable with. (I have low debt tolerance myself.) Ask the MBA students of the schools you're interested in how they handled their finances. (There usually are links on the school's website; if not, then ask the admissions officer if you can correspond with a student.) Make sure that you run through best-case and worst-case scenarios in your mind before making financial commitments.

Negotiate your MBA offer!!!!

I cannot stress that enough.

I wish someone told me that back when I was considering accepting my offer. I mean, there's nothing to lose, right? If your school gives you that offer letter, along with the partial fellowship amount, and you really, really need breathing room, then ask for a higher offer. (I'm telling you right now that if you'll be asking for a full ride, you'll be rejected. Dream on, dude!)

But you can ask for $5k more. And maybe get $3k more. Something like that.

It doesn't hurt to ask.

It also doesn't hurt to say that you're considering this other school who gave you a better offer. 

Of course, state the reason why you're asking for the higher amount. And thank them, even if they cannot give you a raise. Hopefully, you're being honest -- and not just duping the school (and a more deserving classmate) of fellowship money.

Why I am giving this advice? Because I had a classmate who bragged about how he was able to raise his fellowship amount this way. I, on the other hand, was too giddy about landing the fellowship that I didn't bother to ask for more.

My First US Credit Card!

Woohoo! Got approved for this card! Now I can start building my credit history here (so nerdy, but I really, really needed this)!

Comparison table with other cards on this link.
Further info on highly-rated student credit cards here.

Some of my stipend-receiving Chinese classmates had been approved for credit cards late last year, and I had been hankering for one since then. It's hard to move around the US without a credit history -- landlords check it to rent you apartments, banks check it to determine the interest rates they give you for loans, etc, etc. Some landlords even require credit histories of six months, to see whether you are that reliable when it comes to paying off credit. I had to have one, and I had to have one fast.

Enter the Discover card. I had actually applied last year for a credit card with the local credit union, but had been rejected since I don't have a stipend, and the income I receive from my part-time job wasn't deemed sufficient enough to cover credit payments (sad, I know). But I'll be doing my internship over the next few months, and the income I'll be receiving can serve as a guarantee of sorts (kind of flawed reasoning right there, but I'm not complaining). Aside from my offer letter, the credit union wanted a copy of my I-20 and passport. Discover, on the other hand, just asked me about the income I expected to receive this year, plus a scanned copy of a document validating my address. Applying for Discover was all online, so it was really easy and convenient. I received their reply a couple of days after applying, and my card was on the way!

I'm not really partial to credit cards, but if I receive cash-back offers on purchases I make, then it's free money for me. More so if I get money back for paying on time, like Capital One offers on its Journey student card. The cash-back amount might be really small, but it does build up over time. A lot of barya together can be worth hundreds over time. And a credit card will be handy if ever I find myself in a financially tight spot. I'll just make sure I can pay back anything I charge on it since the interest rates get pretty steep later on!

To be honest, I very much prefer a cash system like the one in the Philippines. With cash, all you really worry about is having a lot of money with you that could get stolen, especially during registration days and you have to pay full tuition. With credit, you don't have to worry about this, but you never know when someone has stolen your credit info -- or even identity -- online. And what precaution could you take against that?

Spring break + Finances check

Here in the US, we students are in the middle of spring break. Ah, finally, a chance to relax! Not so for MBA students who still have to land internships or full-time jobs; spring break is the time to apply and network as hard as you can while there are no classes to interfere!

It does go by so fast. I hadn't noticed that more than three quarters of the first year are over. Second-years are now starting to reminisce and savor the remaining days before graduation. I've spent the past few days reading books, watching movies and planning my itinerary for my spring break trip (plus working extra hours at my part-time job).

Now that there's a general lull in the atmosphere, it might be a good time to check how my actual finances are doing with respect to the MBA budget.

Summary: 93.5% of the budget has been accounted for, but this already includes rent for the three remaining months I have in school. Over the next three months, I still have to spend on food, books for the last quarter, and other personal expenses. Hopefully, there will be no emergency/urgent expenses coming. If all goes well, I'd end up with some savings that I can use for next year's budget.

1. Tuition - 69%. Wouldn't have managed this without my benefactor's generosity. As for next year, let's see how my internship savings will turn out.

2. Workshop fees - 0.8%. These were the workshops we took during orientation. One thing off next year's budget.

3. Health, insurance, tech, association fees - 4%. Mandatory fees that you won't get out of paying.

4. Books - 0.8%. One source of savings (allocation was around 2.5% of the total budget) but I had to be really resourceful for the cost to go down.

5. Rent - 11%. I could have managed this in a way that would give me more savings, but I chose to live in a more expensive location that would give me a greater assurance of security (especially since I had to work late sometimes). Also, this includes the rent payments I have to make for the rest of the schoolyear.

6. Food - 1.1%. Well, I am not eating as much as I used to due to stress and to lack of appetite due to stress. Also, I bring my lunchbox to school when I know there's no free pizza, and don't go out that much.

7. Travel - 2.5%. This includes transport and accommodation expenses to career fairs and career treks I've gone to, plus some personal trips I made last year.

8. Personal - 4.3%. Okay, now this is my catch-all for all other expenses ranging from clothes to movies to gadgets to appliances to trash bags to toiletries to shoes to souvenirs to pre-paid load to football tickets. It's kind of alarming how it's nearly four times more what I spend for food, but items that fall here are often one-time spends (Like clothes? Yeah, right).


Anyway, since I am an MBA student, I should be putting up a pie chart here and giving recommendations to myself on what costs to cut next year so that I'd end up in a better financial standing. But since I'm lazy and it's spring break, I won't. I've put this up so that other Filipinos who are planning to earn their MBA in the US have some idea on what expenses there would be in their first year. Granted, I don't have a car and make the most of the free transportation my school provides, but you can factor that in your budget, along with gas, insurance, tolls, etc.

I could probably paint a more accurate picture once the first year is over. But then I might find myself exerting too much effort on my internship that I'd be too tired to go through all the numbers again.

Top B-Schools for Scholarships

In case you missed it, here's the link to Bloomberg BusinessWeek's MBA rankings on scholarships:

Top B-Schools for Scholarships

As you probably know by now, when business schools tell you about their financial aid package, they don't necessarily mean free money. Loans usually form a large part of the (if not the entire) financial aid package. But the above link lists top schools that dole out fellowships and scholarships to their students.

A shortlist:
1. University of Notre Dame - Mendoza
2. Indiana University - Kelley
3. Stanford
4. Harvard
5. Cornell
6. UNC Chapel Hill - Kenan-Flagler
7. University of Virginia - Darden
8. UCLA - Anderson
9. University of Michigan - Ross 
10. MIT

In the University of Notre Dame, 65% of students receive scholarships, with an average amount of  $25K. That's a really good deal, considering that it covers nearly 60% of the tuition fee.

My Part-time Job

Image from  blogs.loc.gov (Library of Congress website)

I'm blessed to have landed a part-time job here in school. And not just any part-time job, but one that pays higher than the hourly minimum wage, which, I think, is around $7.25. My job as a graduate assistant at the library is one of the higher-paid student jobs on campus.

What do I do? I sit at the reference desk, answer calls and inquiries from visitors, make sure the printers are full of paper, respond to paper jams and out-of-toner incidents, help students when they encounter technical problems with their computers, and assist students and visitors in their research. The job helps me practice my verbal skills in a pretty safe setting. Last semester, I worked night shifts. Sometimes the library would be really busy; sometimes not. When the shift was quiet, I could then bring out my books or laptop, and study then and there.

Does it affect my studies negatively? Not really. If anything, it clears my mind of MBA stuff and provides me time away from my group. (Trust me, you can have too much time spent with your group and it takes a toll on group output.) Also, as mentioned above, I can study or polish my internship applications during the shift if I'm not doing anything. Last semester, I worked six hours a week at night. I chose night shifts because day shifts interfered with classes, group work and extra-curricular activities. One of these shifts ended at midnight, and the disadvantage of that was that I would often be sleepy in my 8 AM class next day. This semester, I'll be taking on an 8-hour weekly workload, but at least I don't have 8 AM classes. I also scheduled my work on the weekends. Another thing I'm grateful about with my job is that I can adjust my work schedule as needed -- I can give my shift to another grad assistant and sometimes take his/her shift in exchange. We tell our bosses our available times at the start of the semester. I have an MBA classmate who worked 11-hour weeks last semester, and will be doing 12-hour weeks this spring.

How did I get it? I checked the school job board before coming here, and applied before the start of classes. I didn't make the cut initially, so I'm really grateful that the bosses decided to increase the number of graduate assistants.

What's the trade-off? Less time for myself and less "social" time. As mentioned in previous posts, the MBA is a very intense program, and working adds to the stress. Instead of heading home and getting a nap, you're off to work right after grueling case discussions and classes. Sometimes, I only get to do homework once I get home from work. But since I'll be working weekends this semester, I can probably get some more "me" time on weekdays.

NOTE - The F1 visa allows visa-holders to work only on campus for at most 20 hours a week for the first year. Details here: USCIS portal.

Giving Thanks

It's nearly finals season once again and we are gearing up to finish this week's cases, assignments and presentations to start studying for the exams. Winter break is on the horizon and everyone's looking forward to a month of vacation!

Thanksgiving has come and passed; there was a Thanksgiving lunch buffet at school (only $5!) and dinner at one of the homes of my Filipino friends living here. Aside from turkey, there was a lot of ham, which I like so much better! Maybe because it's my comfort food at home. Thanksgiving saw us having nearly a week off from school and searching for bargains during the Black Friday sale, but a particularly difficult midterm exam was waiting for us on Cyber Monday. Haaay.

Anyway, on the theme of Thanksgiving, here's a short list of what I'm thankful for thus far:

Image from thankyoupictures.com.

1. My part-time job
I'm really grateful for my part-time job at the library, which gives me much-needed income while I'm here. It pays higher than minimum wage (but not much more) and gives me opportunities to earn more than my current shift allows every now and then. I can study when my shift turns out pretty quiet, and the librarians are always ready to help. I also meet different people who aren't in the MBA program, and the work gives me practice in interacting with Americans. So far, I only work 6 hours a week, but I'm planning to increase my hours for next semester.Without this job, I wouldn't have been able to get an SS number, which I need to get a credit card here, which I need to establish my credit history, which I absolutely need since it will make certain things easier (ie. renting an apartment, getting car insurance) for me in the future.

2. My benefactor
I've finally discovered who my benefactor is, and I've written him a thank-you letter. Without his very generous grant, I never would have set foot here in the first place.

3. My learning group
I got pretty lucky in the learning group raffle, and I'm so thankful for it! We work together so well -- and the same can't be said for the other groups in our class. In fact, one of the international students already left her group because she got treated badly by the guys (ie. her opinions didn't seem to count, she got shouted at, etc). Some groups also stay past midnight doing case work; the latest time my teammates and I worked together was until about 8 in the evening. We're pretty efficient, and have gotten to know each other's strengths and weaknesses. We help each other with acads and I've always found them a source of support whenever I've had problems to deal with.

4. Viber, Skype and all that jazz
My former colleagues called me on Viber one night while I had a quiet shift at the library, and I was so happy that I disregarded protocol and jabbered away in Tagalog for more than an hour! Thank goodness no one had problems with their research or computers that time. There's no other better panacea to homesickness than hearing the voices of your friends and loved ones back home (or seeing them on your laptop). Talking to my colleagues made me feel as if I was back home again, just doing work in a different building. How hard it would be for us abroad if we only had snail mail to rely on! When my mom worked abroad in the 80's, she would send home cassette tapes (yes, cassettes) on which she would record her messages so that we could hear her voice.

5. The steady stream of learning
There are times when the load is so intense that MBA students ask themselves: Why am I taking this MBA again??? There are times when I feel that work was so much easier, and ask myself whether going here was worth giving up the comforts of home and the security of income. Well, time and time again, I always arrive at the conclusion that it's worth it. It's worth every penny I've put into it so far. I'm learning so much from the classes, the professors, my classmates, the career coaches and companies who come here to give us cases. You get those aha! moments when something discussed in class suddenly makes you realize why it was that way at work. That said, work experience is really valuable coming into the program.Not only do you get to share more, but you can more easily relate to the course material too.


Obviously, there are loads of things I'm thankful for -- bargains and sales that allow me to survive on a very stretched budget among them. I've gone a bit over my budget with my laptop purchase, the conferences I've traveled to, and sundry things I believe I need, but hopefully there wouldn't be any big-ticket items for next semester. In less than 3 hours, I'll be meeting my learning group for a case discussion then, in the afternoon, I'm off to listen to Christmas carols in the performing arts center. I can't believe it's nearly Christmas! Time flies by so fast!

Financing Your MBA: Other Options

Click this link to go to Financing Your MBA: Scholarships

So, aside from scholarships, how else can you pay for the MBA without asking for a dole-out from your parents?


Well, of course, you have got to have a lot of personal savings. I cannot stress this enough. Save as much as you can. Live like a student and save as much as you can. Think of ways to grow your savings (consult a financial planner about this!). In my case, I turned to the stock market, which has its own risks.


There's this article on BusinessWeek that suggests working while studying for the MBA: search for work or make work for yourself. You might not receive as much as the income you're giving up but at least it could give you something to live on while studying. International students are usually restricted to working within campus so don't think of working part-time in a corporate setting (besides, you need a work visa for that). Also, you have to think of whether you can still work part-time with your studies, social events, extra-curriculars and career-related activities to juggle. Internship, of course, is a different matter -- it could be a source of income!

The financial adviser at PAEF warned me over and over against relying on private student loans to finance my studies (and in doing so, curbed my desire to apply only at ultra-elite schools). Private student loans in the US (especially for those with no US co-signer) have high interest rates and may take you years to pay back. This is why it's important for you to know the ROI of your intended MBA program. BusinessWeek has a great table on this, but it's the 2010 version. I think one should try loaning from friends/relatives first before resorting to a private lender. I believe that a private student loan should be a last resort.

Anyway, here are some links I've found on international student loans (disclaimer: I haven't tried applying for a student loan yet):

• The International Education Financial Aid Website - http://www.iefa.org/
  The International Education Financial Aid Website provides college scholarship and loan information for international students wishing to study abroad There are many scholarships available on this website. 
• International Student Loans
• Graduate School Loans
• Erika Loan

 In India, there are institutions offering loans to students who want to pursue graduate studies abroad. I'm not sure if there are any such institutions in the Philippines; the nearest I've found were the local banks offering personal loans.

Financing your MBA: Scholarships

If you were to talk to an ordinary Filipino and tell him that you were taking your graduate degree in the US, he assumes either of the following:

1. You have a scholarship. A full tuition and board scholarship, with an allowance that you can live on.

Or:

2. You're rich and your family/parents are paying for it. For every single penny.

Sad to say, there are a lot of Filipino MBA students who don't exactly fall into either category, and usually have tuition and living expenses to worry about. If you're planning to take your MBA in the US, be warned: you have a lot of competition for those full scholarships. At most, you will probably get a significant fellowship in tuition fees on account of your being an international student from a developing country. (Read: significant, not full. And that's only for tuition, living expenses not included.) Don't pin all your hopes on getting a free ride.

The two-year MBA program at ultra-elite schools (eg. Harvard, Stanford, Kellogg) has a price tag of Php 8-9 million. That's a lot of money! But ultra-elite schools also typically have a lot of money available for fellowships. And if you land a full scholarship, then good for you! The kind of deal offered by the Eller MBA program, which offers scholarships specifically for Filipinos, is rare in US schools.

In case you're wondering what other options there are in getting a full scholarship, there is only one I can think of: the Fulbright scholarship offered by PAEF(the catch here is that you have to go back to the Philippines once you complete your studies).

There are a few partial scholarships up for grabs that you can search for on the Internet, but I'm betting that you have a lot of competition for those. Which isn't to say, by the way, that you shouldn't apply. I've applied to those myself, and have crossed my fingers.

There are the QS scholarships, for example. I found out about these by attending the QS World MBA Tour here in Manila. Attending the event and answering the online survey afterwards will give you a chance to apply for these scholarships. There are scholarships for specific schools, as well as general scholarships. For the latter, the QS Leadership Scholarship awards $10,000 to the lucky applicant, and the QS Community Scholarships award $2,000 each to five lucky candidates.

Other links you might want to check are:

• http://fastweb.com
• http://finaid.org
• http://scholarships.com
• The American Association of University Women - http://www.aauw.org/fga/fellowships_grants/index.cfm
  The American Association of University Women offers fellowships to female international students studying in the United States. Some fellowships are available for minority women who are U.S. citizens or U.S. permanent residents. International Fellowships are awarded for full-time study or research in the United States to women who are not United States citizens or permanent residents. Both graduate and postgraduate study at accredited institutions is supported.
• The International Education Financial Aid Website - http://www.iefa.org/
  The International Education Financial Aid Website provides college scholarship and loan information for international students wishing to study abroad There are many scholarships available on this website.

Whenever I come across scholarships specifically for Canadians, Brazilians or even Indonesians, I feel frustrated that there aren't any  -- at least, I haven't come across any -- foundations offering MBA study-abroad scholarships to Filipinos. I know that there are a lot of Filipino MBAs who graduated from foreign schools and built successful careers for themselves here or abroad, but I guess the concept of giving back to fellow countrymen is not so prevalent in our culture. I salute the Asian Institute of Management for offering scholarships, but AIM is in Manila. There are MBA applicants (like me) who want to experience the world outside of Manila. Really -- do all Filipino MBA applicants have the means to study? Are Filipinos so good that they can easily snag full scholarships? I mean, there are MBA applicants who could definitely use some help here...

For more details on how I'm paying for my MBA, visit this link.

For Filipinos: A Rundown of MBA Expenses Before Arriving on Campus

I keep a rundown of the MBA-related expenses I've had so far. If someone were to ask me how much he/she would have to budget for MBA applications to five US schools, I'd give the following estimates:

Php 5,000 = TOEFL and GMAT reviewers (around 3)
       8,000 = TOEFL (with 4 score reports)
          750 = additional TOEFL score report
      11,000 = GMAT (with 5 score reports)
      50,000 = application fees (five US schools, around $230/app.)
 Note: At this time of writing, ultra-elite schools charge as much as $265 for an MBA application. But there are still reputable, highly-ranked US schools out there that charge less than $200.

The total would be Php74,750.00 (dollar exchange rate in the Php43 range).

This total assumes that you don't avail of GMAT reviewer courses from Kaplan, etc, nor receive any exam waiver. It assumes that you are satisfied with the 3 reviewers you've picked. It also assumes that you don't change your mind about schools mid-way during the application process, 'coz if you do, then that entails additional TOEFL and GMAT score reports (Php 750 and Php 1200, respectively). This estimate assumes that you are satisfied with your test scores and wouldn't need any retakes. It also assumes that the schools you've applied to don't require any hardcopy documents from you prior to admission.

Some schools provide waivers, of course, but don't pin your hopes on that. From last I heard (March this year), the PAEF office has no budget yet for opportunity grants. So, you're on your own.


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Once you've been accepted to a school, you would need to pay a confirmation fee to save your seat. You are typically given a month to decide whether or not to pay the fee. High-ranked schools usually charge $1,000 - $2,000 for this. So that's:

  Php 43,000 = confirmation fee for a high-ranked school (dollar exchange rate in the Php43 range)

Running total: Php117,750.00

Applicants usually submit all their school applications in one round (Round 1/Round 2/Round 3) because submitting your applications in different rounds could end up very expensive as you save seats in different schools. Getting offers from all the schools you've applied to is a very nice problem to have, but it's definitely wise to have an idea of what the deciding factor will be in such a case (eg. fellowships, location, etc).

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Filipinos have to apply for an F1 study visa from the US embassy. You need an I-20 form from the school,  and financial documents to prove that you have enough money for the entire course of study. In my case, I had my bank issue bank certificates and asked my financial sponsor to sign a guarantee letter. 

   Php 200 = notary public (for the sponsor guarantee letter)
          200 = bank certificates for 2 accounts
          1,300 = delivery of financial documents to my school via LBC
         

 Running total: Php119,450.00

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Once you receive the I-20 form, you can now apply for the study visa. Before anything else, you have to pay the visa application fee, which you can do once you receive your acceptance letter. (Visa application payments are valid for one year.) As a student, you also have to pay the SEVIS fee (Student and Exchange Visitor Information System managed by the US Department of Homeland Security).

Php 6,880 = visa application fee

        9,000 = SEVIS fee
         

 Running total: Php135,280.00

So far, those are the expenses on my list. I still have to book a flight to my school and pay orientation fees. I hope this gives you an idea (in Philippine pesos) of how much to prepare in case you plan to take your MBA in the US. I hope this didn't make your blood pressure rise in shock. (I paid for all of these on my own, but I prepared years for this.)

Wow, a pretty long post! Any questions? Just email or reply in the comments below.

Financial Docs? Check!

Okay, now I can breathe a little bit easier. I've just sent off my financial docs to my school for the I-20 form. The I-20 form is required for those of us getting an F-1 study visa.

What my packet contained:
1.Proof of financial documentation form from my school
- There's a table in this form that outlines the sources of my tuition and living expenses for the years I'll be studying. Sources as in scholarships, external grants, personal savings, etc. I was so happy to note that the fellowship I got slashes the funds I needed to come up with by half.

2. Bank certificate on my personal savings account
- Ok, I won't pretend here. When I read that I had to provide an official statement from my bank, I thought it meant bank statement. Well, what do you know, it doesn't. An official statement on the bank's stationery translates to a bank certificate, with the bank letterhead and logo. I got mine from BDO, where a bank certificate costs a cool Php 100. For a piece of paper? Yes. It's an official piece of paper, after all. Good thing that copies/reprints of the bank certificate, that are also on bank stationery, are free.
 - Oh -- and for those who want to borrow money to pad their accounts? I advise you to place that money there at least two days before you request for a bank certificate. The bank certificate I got considered my balance from the day before.

3. Bank certificate from my guarantor 
- I have my parents to thank for their amazing network, which contains quite a few potential guarantors. I'm a very lucky, lucky girl indeed to have someone act as my guarantor for a year's worth of expenses. (I'm a 75%-tuition scholar, by the way.) Anyway, schools need this from your parents/sponsor as proof that they have the money to back you up in school.

4. Notarized sponsorship letter
- My school originally said that they needed the sponsor to include the amount of funds he/she was going to make available to me. When I was able to persuade my sponsor to place the amount and the letter was notarized, the school then said that they would accept letters without a specific amount. Why is this such a big deal? Because notarizing that letter would mean that someone else knows that this specific person lives in this specific address and can afford to give this specific amount of money. Who knows what can happen if that piece of paper falls in the wrong hands? I shudder to think of that. I sure pray that nothing bad would happen to my sponsor for helping me. I hope the notary didn't read the letter at all.


I sent the packet off by LBC. According to LBC, it will get to its destination in 3-4 working days. I hope it arrives earlier since it cost me Php 1270. For a measly envelope with four pieces of paper inside.

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I can't stress this enough, but it's really, really, really wise not to depend too much on scholarships or loans. When I told a PAEF adviser that I was considering getting a loan, she almost had a hard attack. Kidding. She was all, "No, No, NO, don't get a loan" that she was practically saying that I shouldn't study in the US if I would rely on loans. Quite a pessimist, but I guess she's met a lot of Filipinos who are too optimistic in terms of school and work prospects in the US. I didn't like her though. But she forced me to think of ways to come up with the money (and scared me off the elite, too-expensive schools in the process).

I think it would have been better if she gave other, more viable options like -- if you lack a (relatively) small amount of money that you think you'd find easy to pay off in the future -- $15K maybe -- you could consider loaning from other people, not lending companies. You could borrow from relatives, friends, classmates or even alumni who are based in the US. As I write this, I know of a school with a lending program funded by alumni, which I think is a genius idea. Of course, this is a good idea if you are a trustworthy, reliable person yourself who wouldn't dream of duping a relative/friend/classmate/schoolmate.

Or, you could probably get a personal or multi-purpose loan in the Philippines (I am relying on the assumption that the interest rates over here are lower) and find a way to send the money to the US. In India, they have a lot of banks and lending companies offering educational loans to graduate students. Here, I can't think of any with attractive terms.

Those are just two crazy ideas I've come up with on my own. It might not work, but it's at least a creative exercise. It's hard to rely on someone offering you free money out of the blue. Maybe you'll come up with another idea. If you do, please share in the comments below.

On Financial Documentation

There are schools who ask you to submit financial documentation as part of your application. This is something that you have to prepare anyway when applying for a study visa, so it helps to start early.

You have to know first how much the first year of your studies will cost you -- tuition, fees and living expenses. Schools usually have an estimate of these already so you can ask them or check out the schools' websites. You have to follow the estimate; the school or the US embassy doesn't care if you'll be spending less on housing or personal expenses when you get there. You just have to show that you have funds available to cover your stay there, regardless of your actual expenses. Employment - even part-time employment - should not be viewed as a means of support; after all, you'll be spending most of your time as a student!

(Taken from Indiana University, Bloomington)

All documentation should be less than 12 months old from the time you intend to enroll.

Acceptable evidence of financial support

• Bank statements indicating required currency amount in liquid asset form (cash deposits, certificates of deposit, savings accounts)
• Investment statements indicating liquid assets
• Scholarship letters
• Lines of credit
• Governmental funding

Unacceptable financial documents

• Chartered accountant statements
• Payroll reports/expected income
• Tax statements
• Property assessments
• Statements regarding property, jewelry, cars and other non-liquid assets
• Credit cards
• Bank statements lacking currency amounts
• Insurance policies
• Other statements of non-liquid assets

Some schools ask for financial documentation before making an admission decision. Some schools ask for this once they've admitted you. So even if you are banking on a school fellowship to absorb most of your expenses, it's still wise to have enough cash, stocks and liquid assets at hand in case the school you want to get into falls in the first category. Schools usually give fellowship announcements along with the acceptance letter.

EDIT:
The financial documentation stated here doesn't apply to all schools. There are a LOT of schools that only accept bank statements. These bank statements should typically be in US $ currency.