Schools With Loan Programs Requiring Co-Signers

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• Anderson School of Business at the University of California at Los Angeles: According to posts on the Anderson MBA Insider’s Blog on April 29th, the UC system is searching for alternative loan options for international students that don’t require a U.S. cosigner, but Anderson does not yet have anything in place for the 2009-10 academic year. Queries to Anderson’s communications office regarding any updates received no reply.

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• Kellogg School of Management at Northwestern University: International students at Kellogg are eligible for the NU International Loan Program, which offers two cosigner options. Option A, which requires a credit-worthy U.S. citizen or permanent resident cosigner (spouse cannot act as cosigner), features no origination fee and a current interest rate for the 2008-9 academic year of 7.50 percent. Option B has no citizenship/residency requirement for the student or cosigner, but international students are required to have a family member included as a cosigner (parent, guardian, or relative; spouse cannot act as co-signer). Interest for both options is variable annually and set by the university, September 1st through August 31st. Kellogg spokesperson Meg Washburn confirmed on May 8th that the above information is current and accurate.

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• Johnson School of Business at Cornell University: According to the school’s website, the only U.S. loan option available to international students is with a credit-worthy U.S. citizen cosigner or U.S. permanent resident cosigner. “The Johnson School is currently investigating loan options for international students without a U.S. cosigner and will provide information as it evolves,” the website reads. Queries to the school spokesperson regarding any new information received no reply.

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• Columbia Business School: According to the CBS website, loans for international students without a U.S. co-signer are currently not available. “Most international students rely on family funds, personal savings, government or company sponsorships and/pr loans secured in their home countries,” the website reads. CBS spokesperson Sona Rai confirmed on May 8th that the above information is accurate and up to date.