PHILADELPHIA, Apr 09, 2009 (BUSINESS WIRE) -- 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.
About the Wharton School
The Wharton School of the University of Pennsylvania -- founded in 1881 as the first collegiate business school -- is recognized globally for intellectual leadership and ongoing innovation across every major discipline of business education. The most comprehensive source of business knowledge in the world, Wharton bridges research and practice through its broad engagement with the global business community. The School has more than 4,700 undergraduate, MBA, executive MBA, and doctoral students; more than 12,000 annual participants in executive education programs; and an alumni network of more than 84,000 graduates.
About DCU
DCU is a full-service, not for profit financial institution cooperatively owned by and operated for its members. Since being chartered in October 1979, DCU has been chosen as the credit union for employees and members of more than 800 companies and organizations along with their families. With assets in excess of $4 billion, DCU is the largest credit union in New England and among the top 15 nationwide, serving nearly 370,000 members worldwide. DCU has full-service branch offices in Massachusetts, New Hampshire, Georgia, and Colorado.
About Credit Union Student Choice
Credit Union Student Choice is a credit union service organization (CUSO) founded in 2008 by several of the nation's leading credit unions and CUSOs, Credit Union Student Choice positions credit unions as leaders in education financing in the 21st century by redefining value for student borrowers and helping credit unions connect with new Gen Y members. The Credit Union Student Choice network enables credit unions of all asset sizes and fields of membership to make private student loans that may be held on their own balance sheet to recognize the long-term economic return of the loan relationship versus a one-time referral fee. The CUSO helps credit unions by managing many of the challenges and risks commonly associated with student lending. To learn more or find out how your credit union can participate, visit
www.studentchoice.org or call 800-237-5678 and ask for a Credit Union Student Choice representative.
SOURCE: Wharton School of the University of Pennsylvania
Wharton School media contact:
Peter Winicov, Sr. Assoc. Dir, Communications
215.746.6471 or winicov@wharton.upenn.edu
or
DCU media contact:
John Lahair, Public Relations Manager
508.263.6887 or jlahair@dcu.org
or
Credit Union Student Choice media contact:
Mike Weber, VP Marketing
563.599.1193 or mweber@studentchoice.org
Copyright Business Wire 2009
