Agree, MBA is a big decision for a candidate, and his family. Wish all pursue same after some years of work-ex., to make it more useful & effective. Then it becomes 'adult learning', else it continue to be academic, class-room discussion, with students unable to relate to situations/issues/opportunities at work-place.
With ref to this article, a candidate should not confuse between a parent-like guide, a mentor, a counselor or a Coach, for Coaching is never prescriptive. And a parent/mentor/counselor may give suggestions or ask leading questions. Ideally a candidate should keep 'admission-coaching'(=counseling) separate from Executive/Life Coaching.
The coach should be someone who has no 'stake' in your success - so not a relative, colleague, friend, teacher, et al. Look for only an accredited coach.
It would be a great service if all our MBA institutions explored what coaching can do for their students. Every PG student, whether a CA, doc, engineer, or philosopher/psychologist/sociologist or even an IAS... will benefit if they are able to get a coach early in his/her life. Life, personal & professional, will be more fulfilling!
Schmidt ( Google) : 'Every needs a coach' - Video Fortune
A coach for an MBA? - The Hindu