{"id":387,"date":"2009-03-04T11:25:48","date_gmt":"2009-03-04T19:25:48","guid":{"rendered":"https:\/\/gmatclub.com\/blog\/?p=387"},"modified":"2009-03-05T01:28:53","modified_gmt":"2009-03-05T09:28:53","slug":"no-co-signor-loans-for-intl-mba-students","status":"publish","type":"post","link":"https:\/\/gmatclub.com\/blog\/no-co-signor-loans-for-intl-mba-students\/","title":{"rendered":"No Co-Signor Loans for Int&#8217;l MBA Students"},"content":{"rendered":"<p>Now, what you've all been waiting for... GMAC announced today a <a href=\"https:\/\/gmac.mediaroom.com\/index.php?s=43&amp;item=65\">new loan program for international students.<\/a> To quote the press release:<\/p>\n<blockquote><p>\"Responding to a request from the Graduate Management Admission Council\u00ae (GMAC\u00ae), a leading international bank has joined with experienced service providers in student financial aid to create a new pilot lending program for international students who attend graduate business schools around the world.<\/p>\n<p>\"<strong>The pilot is prepared to provide at least $500 million in loans to students in about 40 business schools in the United States and Europe, beginning with the 2009-10 academic year.<\/strong><\/p>\n<p>\"International students, who comprise a high percentage of all U.S. graduate business school enrollment, have been especially hard-hit by the financial crisis. They are not eligible for federal loans and several major lenders have terminated the \"no-cosigner\" student loan programs that were widely used by this group.<\/p>\n<p>\"The new lending structure is designed to be school-centric and school-controlled and is not dependent on any particular bank or group of banks. <strong>Students who borrow under the program will not be required to secure co-signers.<\/strong> Schools involved in the program will not own loans, incur up-front costs, or have liability for individual loan defaults.<\/p>\n<p>\"A key participant in the project is Kevin Moehn of Moehn Management, Inc., a new company established to bring lending organizations together to facilitate student loans through a program that \"delivers a sustainable and dependable structure for business schools to finance international students.'\" Emphasis added.<\/p><\/blockquote>\n<p>The press release did not indicate which 40 schools will participate in the program.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Now, what you&#8217;ve all been waiting for&#8230; GMAC announced today a new loan program for international students. To quote the press release: &#8220;Responding to a request from the Graduate Management&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,3,6],"tags":[22,19,39,124,66],"class_list":["post-387","post","type-post","status-publish","format-standard","hentry","category-mba","category-b-school-life","category-current-events","tag-finance","tag-investment-banking","tag-mba-admissions","tag-mba-interview","tag-nyu-stern","entry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/comments?post=387"}],"version-history":[{"count":1,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/387\/revisions"}],"predecessor-version":[{"id":388,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/387\/revisions\/388"}],"wp:attachment":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/media?parent=387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/categories?post=387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/tags?post=387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}