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Hardestadt
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New Wharton Loan Programs 06 Apr 2009, 14:34
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Good tidings! I have just received a letter from Wharton MBA admissions on the new loan program for international and domestic students:

Quote:
We are delighted to be writing to you with good news on loans for international students. After Citibank cancelled its program last October, we've been in discussions with many financial services firms to create a loan program for international students who do not have US co-signers. We are pleased to announce the launch of a custom loan program with Digital Federal Credit Union for our international students. The loan terms are attractive in the current market environment: an interest rate of Prime plus 3% (with the opportunity to reduce the interest rate by 25bp if borrowers arrange for automatic repayments) and no origination fee. In order to provide these rates, Wharton will share some of the potential default risk.

With respect to loan programs for domestic students (and those with US co-signers), the University's Student Financial Services (SFS) Office is in the process of reviewing several proposals and will have a list of approved lenders for both federal and private loan programs within the next few weeks.

This matter has engaged Wharton and Penn administrators at the highest levels, including Penn's Board of Trustees; we are grateful for their support of this program.

Our Financial Aid office will soon announce more details of this program.
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Pathfinder
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New Wharton Loan Programs 06 Apr 2009, 15:09
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Yes, I've received the same mail couple of hours ago. Huuh, that was relieving, almost like the admit call last Thursday :-D
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sterny
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New Wharton Loan Programs 06 Apr 2009, 15:21
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I wonder what the terms are, more importantly if we can borrow just the cost of tuition or the cost of attendance (tuition + living)
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Paradosso
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New Wharton Loan Programs 07 Apr 2009, 00:48
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I would be surprised if the borrowable import was not equal to the student budget minus any other financing form in place.

I salute the new Wharton lending program! And rates seems very favorable to (when compared to Kellogg NU option B, for example).