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Wharton to cosign loans with Digital Federal Credit Union
Wharton announced yesterday that it will cosign loans with Digital Federal Credit Union for international MBA students who lack a U.S. credit-worthy cosigner.
The loans can help pay tuition as well as living expenses and can also offer low interest rates, no origination fees - a processing fee - and attentive customer service.
Students can apply for a line of credit once for a two-year period, said Bill Schilling, director of Student Financial Services.
First-year MBA students can also take out a loan for next year's expenses.
Jonathan Cutler, director of Wharton's Graduate Admissions and Financial Aid, said the loans are available to all international MBA students and will not be constrained on a student-to-student basis - financial need and academic standing will not be factors.
Schilling described the interest rates as prime plus 3 percent.
"Wharton has been working with a variety of potential partners after the Citibank loan program was cancelled [in December] to provide the most competitive product to our international students," Cutler said.
John LaHair, DCU's public relations manager, said Credit Union Student Choice, a credit-union-owned organization that offers school-certified, private, student-lending solutions to credit unions across the country, was instrumental in developing the partnership between Wharton and DCU.
"DCU got into student lending last May," LaHair said. "Given the state of student lending, most institutions were taking a step back, but we saw this as an opportunity to step in."
Schilling said the idea to involve CUSC originated from Massachusetts Institute of Technology's Sloan School of Management, which had an arrangement with its credit union for a similar program facilitated by CUSC.
According to Schilling, Wharton began its relationship with DCU two weeks ago.
LaHair added that education is a core focus of DCU.
"What we have arranged with DCU is compelling and will help out current and attract prospective students," Cutler said.
The Graduate and Professional Student Assembly has met with Student Financial Services, as well as other administrators, since last semester in an effort to establish the lending program.
"It is great that Wharton specifically and Penn also acted so quickly on this," GAPSA chairman and School of Medicine Ph.D. student Andrew Rennekamp said. "We are optimistic that the University is considering options for students in other schools as well."
Alijawad Hasham, a Wharton senior from Tanzania, said most international students get rejected for loans at U.S. banks because they do not have an established credit score.
"It will be great if Penn acts as guarantor and [the loan program] can allow students to get a loan at a better interest rate [than at domestic lending institutions]," Hasham said. |
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发表于 2009-4-10 22:30:00
发表于 2009-4-11 01:10:00
