Here are the details on the program which appeared in both the Harvard Gazette and Harvard Crimson:
- Agreement is culmination of six months of work after Citibank had discontinued their custom loan program
- Harvard CFO noted the importance of international students:
"We have a significant international student population, and we pride
ourselves on the contributions these students make to a diverse
campus," said Dan Shore, Harvard's chief financial officer. "We are
pleased to be able to say, once again, that a Harvard graduate
education remains accessible to all talented students, regardless of
where they live."
- Over 3,300 international students currently attend Harvard's graduate and professional schools.
- Underwriting process was described as:
"A customized underwriting process will make it as simple as possible
for student loan applicants. Under this program, international students
may qualify for loans up to the total cost of their attendance at the
University, but the specific amount available to individual students
will be determined, as part of an overall financial assessment, by the
Harvard Schools or programs they will attend."
Schools have been scrambling to find loan options for international students since the custom Citibank program was discontinued last year. See Related Posts below for additional information on loans to international students.
Related articles:
- March 2, 2009: Harvard non-U.S. students can get JP Morgan loans (Bloomberg)
Related posts:
- February 12, 2009: PIlot program to provide private student loans to international students at 40 U.S. and European MBA programs
- January 22, 2008: MIT Sloan School teams up with MIT Federal Credit Union
- December 16, 2008: Sallie Mae responds to questions about loans to international students
- December 3, 2008: Soft power and educating international students
- November 5, 2008: Penn invites lenders to respond to RFP for international student loans
- October 13, 2008: Citibank discontinues custom loan program for international students
- October 10, 2008: NYU invites lenders to respond to RFI for private loans for int'l students
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