{"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’l MBA Students"},"content":{"rendered":"

Now, what you've all been waiting for... GMAC announced today a new loan program for international students.<\/a> To quote the press release:<\/p>\n

\"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

\"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

\"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

\"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. 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

\"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

The press release did not indicate which 40 schools will participate in the program.<\/p>\n","protected":false},"excerpt":{"rendered":"

Now, what you’ve all been waiting for… GMAC announced today a new loan program for international students. To quote the press release: “Responding to a request from the Graduate Management…<\/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":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\n\t\t\n