Spring Break
The Credit Crisis at HBS
Financial Aid for International Students Takes a Hit
Nana Kankam (NF), Contributing Writer
Issue date: 11/3/08 Section: News
As jarring and troubling as the news has been for all of us here at HBS, for international students, the perspective is peppered with shifting expectations, challenged perceptions of America, and personal worries as the tightening of the credit markets leave many students wondering how they'll finance the balance of their education.
The unfolding of the current financial crisis has all of us glued to our televisions, blackberries and newspapers as we try to adjust our career choices, goals and lives in general. It seems as if every day there is more news accumulating: another firm down, another horrible day in the market, increasing talk of the global repercussions of America's mistakes.
On many people's minds is the change in CitiAssist loan products, and the effect it will have on international student presence. An initial email from financial aid, which detailed Citi's new requirement of a U.S. co-signer for international students, caused ripples of concern throughout the community. However, students now feel much more assured that HBS will work to find a solution. Max Reichel is "confident that Harvard will figure something out for the next year, given the financial strength of the institution and the promise they make to international students." His views represent the general sentiment on campus: many believe if HBS were to lose international students to financial concerns, the reputation and character of the school would be forever tarnished.
But private loans aside, the ability to finance two expensive years here has many students on edge. Some students are essentially shorting the U.S. dollar in an effort to make HBS more affordable. Rie Yano, a Japanese RC student, has been converting her yens to dollars due to the relative strength of her country's currency. However, she still worries that she "has no idea how I'm going to finance my EC year".
Adam Taylor converted all of his life savings from British Pounds to dollars in May, anticipating the volatility of American currency. But he still thinks about how fortunate of a choice he made. "If I'd converted all my British Pounds to dollars at today's prices my MBA would have been 25% more expensive. Imagine if everyone's savings went down 25%". He plans on taking out additional loans in U.S. dollars, then returning to the U.K. to work after school.
The unfolding of the current financial crisis has all of us glued to our televisions, blackberries and newspapers as we try to adjust our career choices, goals and lives in general. It seems as if every day there is more news accumulating: another firm down, another horrible day in the market, increasing talk of the global repercussions of America's mistakes.
On many people's minds is the change in CitiAssist loan products, and the effect it will have on international student presence. An initial email from financial aid, which detailed Citi's new requirement of a U.S. co-signer for international students, caused ripples of concern throughout the community. However, students now feel much more assured that HBS will work to find a solution. Max Reichel is "confident that Harvard will figure something out for the next year, given the financial strength of the institution and the promise they make to international students." His views represent the general sentiment on campus: many believe if HBS were to lose international students to financial concerns, the reputation and character of the school would be forever tarnished.
But private loans aside, the ability to finance two expensive years here has many students on edge. Some students are essentially shorting the U.S. dollar in an effort to make HBS more affordable. Rie Yano, a Japanese RC student, has been converting her yens to dollars due to the relative strength of her country's currency. However, she still worries that she "has no idea how I'm going to finance my EC year".
Adam Taylor converted all of his life savings from British Pounds to dollars in May, anticipating the volatility of American currency. But he still thinks about how fortunate of a choice he made. "If I'd converted all my British Pounds to dollars at today's prices my MBA would have been 25% more expensive. Imagine if everyone's savings went down 25%". He plans on taking out additional loans in U.S. dollars, then returning to the U.K. to work after school.
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