Wharton Partners With Digital Federal Credit Union To Provide Loans To International MBA Students

The Wharton School of the University of Pennsylvania today announced the following details in a press release today: 

• Program covers international MBA students without a U.S. co-signer:
  • "...will provide needed assistance to international MBA students who do not have a U.S. co-signer."
• Loans available to incoming students as well as first-year students:
  • "The program, which covers tuition and living expenses, is also available to current first-year international students for their second year of study."
• Credit Union Student Choice facilitated the development of this program:
  
  • "DCU [Digital Credit Union] developed the custom loan program for Wharton's international MBA students in conjunction with Credit Union Student Choice, a credit-union-owned organization that offers school-certified private student lending solutions to credit unions across the country."
• Program features include:
  • "...a unique line-of-credit structure, giving international students the ability to apply once and secure financing for their complete graduate degree. Besides providing tuition financing, other key attributes of the line include low interest rates, flexible repayment options, and zero origination or pre-payment fees."

Since Citibank suspended their CitiAssist custom loan program, schools have been scrambling to find private loan options for their international students.  Here are related posts that provide examples of other solutions that schools have developed:

• JP Morgan Chase to fund student loans for international students at Harvard graduate schools (February 27, 2009)
• Pilot program to provide private student loans to international students at 40 U.S. and European MBA programs (February 12, 2009)
• MIT Federal Credit Union teams up with MIT's Sloan School to provide loans to international students (January 21, 2009)
• Citibank discontinues custom loan program (October 13, 2008)

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Student Lending Analytics will be releasing results of their Flash Survey on Private Loans for International Students early next week. 

Comments

[Cybogen]

The Digital Federal Credit Union is not what is used to be as a creidit union memeber owned Credit Union! It has outlandish fees that are higher and myuch more than many banks. If they make an error on your account as for instance overdrawing your account you must pay the fee of $30 even if it was there error in question. WHo can afford to do business with Digital Credit Union when then behave worse then a bank does?