“Finally, I have good news to report,” wrote Rose Martinelli, dean of admissions and financial aid at Chicago Booth School of Business in a blog post yesterday. “The first of several loan programs for our international students was announced earlier today by the university.”
Like many other top business schools, Chicago Booth has been working hard to find alternatives for international students who were left scrambling when previous loan programs were cancelled due to volatility in the credit market. Yesterday, the university signed an agreement with JPMorgan Chase for just such a loan.
The new loan program through JPMorgan Chase will provide financing for qualified international students who aren’t eligible for federal loans and who cannot qualify for standard private loans because they don’t have a U.S. co-signer.
The loans, which will cover amounts up to the total cost of attendance less any scholarship aid received, will feature set terms due to the continuing volatility of the market. These terms will be communicated later this spring, when students receive more information about the new program. The loan program will officially launch in late May.
In a release announcing the new program, Chicago Booth officials reiterated their commitment to maintaining the diverse campus and educational setting that international students help create.
“Almost 20 percent of our students are from abroad, and they add a great deal of intellectual vibrancy and cultural richness throughout the university and our community,” Kimberly Goff-Crews, Chicago Booth vice president for campus life and dean of students, said in a statement. “We have focused our attention on finding loan programs that will meet the needs of this important segment of our student body.”
In her post, Martinelli added that her staff is in the process of finalizing additional loan opportunities for students, which she expects to be able to announce shortly. “Our plan is to have multiple loan options for our students,” she said.
To learn more about the new international student loan program at Chicago Booth, click here.
