The Financial Times is reporting that the International Student Loan Program (ISLP) developed by the Graduate Management Admission Council (GMAC) has gone live at the University of Chicago's Booth MBA program. This program was originally announced in February and was focused on providing loans for international students at 40 top MBA programs in the U.S. and Europe.
Here are details that appeared in the FT article:
- Deutsche Bank to provide funding for the program:
- "This consortium, led by Deutsche Bank, which expects to provide initial funding, includes Access Group, Liberty Bank and Moehn and Associates, which will be the programme manager."
- Program will have big impact at Booth since a 1/3 of students are from overseas:
- "About a third of the students enrolled in the Chicago Booth’s MBA programme come from outside the US and giving them continued access to the programme was a priority, says Rosemaria Martinelli, associate dean for student recruitment and admissions. “With some traditional avenues closed due to the weak economy, we have gone to great lengths to find creative alternatives so our international students can finance their education. We are delighted to be able to offer a sustainable solution for our international students.”
- Schools will assume some risk with this program:
- "The terms of the programme balance student costs and school risk in providing loans, which will have terms comparable to private loans available for students with US co-signatories."
Related posts:
- Harvard finds additional lender for international graduate students (April 16, 2009)
- Wharton partners with Digital Federal Credit Union (April 15, 2009)
- SLA flash survey on private loans for international students (April 15, 2009)
- 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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