haiya

• Wharton School at the University of Pennsylvania: On April 9th, Wharton announced the creation of a custom loan program with Digital Federal Credit Union to cover tuition and living expenses for international students without a U.S. cosigner requirement. The new loans will carry an interest rate of prime plus 3 percent, and borrowers can reduce the rate 25 basis points farther by arranging for automatic repayments. To provide these rates, Wharton has agreed to share some of the potential default risk with the lender.

haiya

• Yale  School of Management: On March 12th, Yale SOM announced a new self-funded loan program for international students with no U.S. cosigner requirement. The maximum annual amount of the new loan program is $49,945 for the Class of 2011 – equivalent to tuition and fees for the academic year – minus any scholarship awarded. The loans carry a fixed interest rate of 7.75 percent. Students have 10 years to repay the loans but make no payments while enrolled and have a six-month grace period after enrollment ends to begin repayment.