Harvard University Announces International Student Loan Program Without Co-Signers

Harvard University today announced a partnership that will make Credit Union loans available to international graduate and professional students. The agreement with the Credit Union expands the pool of available funds and does not require a co-signer. The Credit Union also will offer private loans to domestic students enrolled in graduate and professional programs at Harvard.

"Our overall objective is to ensure that a Harvard graduate education remains accessible to talented students regardless of where they live," said Dan Shore, Harvard's chief financial officer. "The agreement with the Harvard Credit Union, combined with the recently completed agreement with JPMorgan Chase, creates multiple lending options for our international graduate and professional students at a time of significant uncertainty in the global credit markets."

"We are pleased to be able to offer assistance to Harvard students from abroad," said Eugene Foley, president and chief executive officer of the Credit Union. "We also welcome the opportunity to begin providing loans to the broader population of graduate and professional students who study at Harvard."

Link to the Press Release:
Harvard University Secures New Source of Funding for International Graduate and Professional Students

Harvard Round 3 Interview Invitations

About 100 interview invitations sent to Round 3 candidates on April 3rd.

"I'll make this short and sweet - today we sent out about 100 interview invitations to Round 3 candidates. There will be some more, but I don't know when, to whom, or exactly how many." informed Dee Leopold, HBS Director of Admissions and Financial Aid, in her blog post dated 3rd April.

Wharton Round 3 Mid-Release Decisions Posted

Wharton MBA Admissions & Financial Aid Team informed on April 9th that all Round 3 mid-release decisions have been posted (i.e., all applicants for this round have either received an invitation to interview or a deny without interview decision).

All those who applied to the Wharton MBA Program in Round 3 may check their online status using the logon and password they used to create their application.

For those who are invited to interview, the last day to complete an interview is Thursday, 23 April, 2009.

The final release date for decisions for all interviewed candidates is Thursday, 14 May, 2009. At that time, interviewees will receive one of three decisions: admit, deny, or waitlist.

Yale Som: Loans for International Students

Details of the Yale International Student Loan, which is available to all international students at the School of Management:

• Maximum loan: tuition and fees for the academic year, minus any scholarship awarded
  (maximum for Class of 2011 in 2009/10 is $49,945)
• No co-signer required
• Fixed interest rate of 7.75%
• Origination Fee of 5%, subtracted from loan proceeds
• 10-year repayment period
• No payments while you are enrolled
• 6-month grace period following separation from school
• Interest accrues while you are enrolled and during the 6-month grace period and is added to the principal when repayment begins
• Interest does not compound and there is no pre-payment penalty

Please email Karen Wellman with questions regarding this loan.

Chicago Booth School of Business: New International Loan Program

Rose Martinelli, director of admissions and financial aid at the University of Chicago’s Booth School of Business reported on her blog that first of several loan programs for our international students was announced by the University.

"Chicago Booth has been working closely with University of Chicago officials in developing loan alternatives for our international students who do not have a co-signer. Yesterday, the University signed an agreement with JPMorgan Chase to provide international students with access to private educational loans requiring no co-signer. Under the agreement, JPMorgan Chase will provide financing to qualified international students for amounts up to the total cost of attendance, less any financial aid received. Due to the volatility of the market, the terms of the loan program will be set and communicated later this spring. At that time, students will receive more information on the program. The program will officially launch in late May." informed Rose.

She also said that the school is in the process of finalizing a number of other loan opportunities for its students which they hope to announce very shortly. The school plans to have multiple loan options for its students.

Link: Official University Release

UVA/ Darden: International Student Loan Update

Sara Neher, Darden's Director of MBA Admissions, gives an update on international student loans o her video blog below. She informed admitted international students to expect an email in their inboxes outlining the terms and details of the new program.

“We have the details and are very excited to share them with you,” Neher said.
“I want you to check your inbox tonight and tomorrow, and if you have any questions after you have received the email just let us know,” she said.

Wharton Announces International Student Loan Program Without Co-Signers

Wharton School announced the launch of a custom loan program with Digital Federal Credit Union that will cover tuition and living expenses for the international students. The loan terms are attractive in the current market environment: an interest rate of Prime plus 3% (with the opportunity to reduce the interest rate by 25bp if borrowers arrange for automatic repayments) and no origination fee. In order to provide these rates, Wharton will share some of the potential default risk.

According to the school this program will also be available to current first-year international students for their second year of study.

To read in detail click on the link below:
Wharton School Announces Launch of Custom Loan Program for International MBA Students