Would it be wise to take a loan for an MMS program at Duke Fuqua as an international student?
I just got admitted to Fuqua's MMS program, great opportunity for me in terms of my career interest and goals. The option for me to cover the cost of attendance (80k) is through loans, school has some arrangement with discover bank to provide loans for international students (no-cosigner needed).
My concern with this is of course securing a job after the program so I can comfortably pay back the loan. The program does have good numbers in terms of placement rate and average salary but as an international student, my situation would be different from domestic students. If I am unable to secure a work visa, I would likely have to move to Europe/Canada or my home country (Nigeria) and this would make paying back the loan difficult due to the lower pay.
I want to make my decision by Monday and I'm leaning towards going for it but this concern is becoming more real, I don't want to start my life with a messy financial situation but I also don't want to loose this opportunity.
I would appreciate any advice y'all can give.
IMO if there’s a significant probability where you’d end up in Nigeria working a relatively low-paying job, I would personally stay away. Why not look toward the UK where a 2-year visa is guaranteed after completing your degree?
Yes, I definitely don't want to remain here, living standard is so terrible.
I would consider UK but the program in Fuqua is stem designated which would likely give me 3 years. I also think I'd face the same immigration/work visa situation after the 2 years as I'd face here in the US.
For the UK there’s no lottery process - once you get a job you’re fine I think, though I’m not 100% sure.
I think with the new post-Brexit laws they’re being much more open to international students pursuing jobs after graduation.
1) if you want to live and work in the US, studying here is more or less the only opportunity (there are other visas and other options, but the most straight forward is the study route) - is this something you want? Or do you secretly dream about living in another country or maybe you don't care where you want to live in the next few years and want to travel while you are young? The personal side of things is also relevant.
2) 80K in loans is "normal" I would say if you consider the length of study. Is this including all living expenses or do you need another 100K in rent or something? I would consider 80K reasonable.
3) I am assuming that MMS is not STEM? so only 1 shot at H1b instead of multiple. reduces your chances of sponsorship.
can't say how fuqua places, will wait for other comments.
1. I definitely want to live and work with in the US. I believe it would give me the best opportunity to have a good career, work and save enough to enjoy a good retirement in a Nordic country.
2. The 80k is the entire cost of attendance, tuition and living expenses. It's a one year program for early career professional. You're also right, 80 seems reasonable especially compared to the benefits. I'm only just worried of my legal status after the program. If I have a good assurance of job placement, it'd be a no-brainer.
3. The program has a stem track, I'd pay 6k extra for some courses and the degree would be stem designated. With that I can likely get 3 years to work.
If you know you want to live and work in the US, I would argue you would most likely have to study there.
Please carry out research whether your degree qualifies for OPT and whether it is a STEM subject. If it is, then in theory you would get up to 3 attempts for the H1b (assuming you find an employer to sponsor you). My assumption was a 2 year degree, so 80K seems high for 1 year. But it might indeed qualify you for the OPT.
have a backup plan if something goes wrong. I.e. Canada or London for a temporary placement with the option of L1 or comparable to return to the US.
program is 80% scam saturated with rich and spoiled kid who isn't ready to work and athletes from target schools who don't know what to do with their careers yet. The rest 50% fits with your profile - international students craving for a brand name. Truth is it won't work, just look into what jobs international students take after the program.
Pls DON'T take a loan for it.
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