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Just throwing this out there, but...

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Re: Just throwing this out there, but... [#permalink] New post 02 Nov 2008, 22:54
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I was at a Kellogg event last night. The speaker said that Kellogg is going to continue lending money directly to students until the issue is resolved. There are two options - american co-signer or non-american co-signer. She said they are both very competitive loan programs.

They are also looking for an external lender, but until they find one, there will be loans from the university to all students who need them.
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Re: Just throwing this out there, but... [#permalink] New post 26 Nov 2008, 20:40
Saw this at http://web.mit.edu/sfs/loans/sloan_loans.html

Quote:
Important news for Sloan International Students 2009-10

The Sloan School of Management at the Massachusetts Institute of Technology is pleased to announce that arrangements are in place for a loan program for international students who enroll in MIT Sloan’s professional masters programs. This new international loan program will complement Federal loan programs available to domestic students. As in previous years, loans will be available to students, up to the cost of attendance in MIT Sloan’s professional masters programs.

We are extremely grateful to our MIT colleagues who have partnered with us to address this important need within our community. MIT Sloan is committed to both the economic and geographic diversity of our student population, as well as to providing funding opportunities for all students who exhibit need. Loan program details will be forthcoming.


I can't understand whether this means a cosigner is involved.
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Re: Just throwing this out there, but... [#permalink] New post 26 Nov 2008, 21:03
Honestly, I think the days of internationals getting loans without co-signers are long gone. The real question is whether you can get a loan with another international or need to get a US co-signer.
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Re: Just throwing this out there, but... [#permalink] New post 01 Dec 2008, 08:31
solaris1 wrote:
I saw somewhere that Stern just put out an RFP looking for a new lender, so it's clear they're not looking to dip into their endowment to cover a program such as this. Even if schools find a new lender, you can bet the interest rates are going to be exorbitant - like prime plus 300 bps or something like that (as opposed to prime minus 150 for current students).


You have been staring at the sun too long - I am pretty certain I pay over Prime for an International loan (no cosign). It is just the nature of the beast - I think they take 25bp off the charge when I make 24 on time payments. Generous souls that they are. My aim, as I will be working for a bank, is a rapid refinancing...

Anyway - the Stern lender issue. Stern was always going to be looking for a new lender this year, so we will see how that works out. I wouldn't take it as a sign that there is no alternative plan (my guess would be that there is, though I do not know), but the outside option would be preferential.

I think the Harvard "we have scholarships" shout is the one of the biggest red herrings ever.
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Re: Just throwing this out there, but... [#permalink] New post 01 Dec 2008, 09:09
3underscore wrote:
You have been staring at the sun too long


Ahem. "As low as" prime minus 150 was the rate advertised for Stern MBA students until earlier this summer. Possibly for domestic students only? The private loans are based on credit history anyway, you obviously pay a bit more if you get one without a co-signer and established US credit history.

However, you are right in that those days seem long gone. Prime plus 100 seems to be the best rate I've found post-summer. Who knows what fall 2009 has in store.
Re: Just throwing this out there, but...   [#permalink] 01 Dec 2008, 09:09
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