Wharton School Announces Launch of Custom Loan Program for International MBA Students

Hopefully this is a sign of easing loan restrictions for Intl MBA Candidates at other schools as well:

The Wharton School of the University of Pennsylvania announced the launch of a custom loan program with Digital Federal Credit Union (DCU) that will provide needed assistance to international MBA students who do not have a U.S. co-signer. The program, which covers tuition and living expenses, is also available to current first-year international students for their second year of study. Highlights of the program include attractive loan terms, no origination fees and attentive customer service.

"The global economic crisis has had a negative impact on many financial institutions who have traditionally offered private student loans, which of course has direct ramifications for our students," said Anjani Jain, vice dean of Wharton's Graduate Division. "With students from more than 70 countries, Wharton offers a truly international environment and it was very important for us to find a lender that can meet the needs of these students."

With a network of 84,000 alumni in 139 countries worldwide, the Wharton School has a long established commitment to global engagement. Today 40 percent of all Wharton MBAs are international students, providing valuable insights to both faculty and classmates. Under Dean Thomas Robertson, Wharton continues to grow internationally with the recent appointment of Professor Harbir Singh as the new Vice Dean for Global Initiatives; 25th anniversary celebrations for both the Lauder Program and Global Consulting Practicum; 17 semester-long international exchange program options at 14 partner schools; and the multi-campus reach of the Wharton-INSEAD Alliance.

DCU developed the custom loan program for Wharton's international MBA students in conjunction with Credit Union Student Choice, a credit-union-owned organization that offers school-certified private student lending solutions to credit unions across the country.
"As a credit union, we have a unique business model that makes us perfectly suited to meet the private loan needs of international students at the Wharton School of the University of Pennsylvania," said James Regan, DCU President and CEO. "We are extremely excited about the value we can deliver to Wharton students."

The custom loan program created by DCU features a unique line-of-credit structure, giving international students the ability to apply once and secure financing for their complete graduate degree. Besides providing tuition financing, other key attributes of the line include low interest rates, flexible repayment options, and zero origination or pre-payment fees.

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