Top Business School Introduces New Guaranteed Loan Program for International Students

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University of Chicago Graduate School of Business offers international loan program for MBA and PhD students administered by Citibank.

The University of Chicago Graduate School of Business (http://ChicagoGSB.edu) today announced a guaranteed loan program for international students that covers the full cost of tuition, housing and related expenses. All international students in the M.B.A. and Ph.D. programs qualify for the loan program and no U.S. cosigner is required.

Administered by Citibank, the Chicago GSB International Loan Program is available to returning students as well as new students entering the school in September. The new program replaces one that ended abruptly in July when the Illinois Designated Account Purchase Program (IDAPP) failed to renew its line of credit due to disruptions in the capital markets.

"In order to obtain the best terms for our students, the school is contributing funding to the new program," said Rosemaria Martinelli, associate dean for student recruitment and admissions. "Compared with the previous loan program, the new rates and terms are more favorable to students."

The school is committed to ensuring that all students, regardless of citizenship, have access to funds by the start of classes on September 25, 2008, Martinelli said. An online application will be used to simplify the process for applying for a loan.

"Students will be able to borrow up to $150,000 and have 20 years to repay. Payments can be deferred to begin six months after graduation.
The University's arrangement with Citibank is for one year. Beginning next year we expect to offer our international students a choice of several loan programs from multiple lenders," Martinelli said.

The University of Chicago Graduate School of Business is one of the leading business schools in the world. The school's faculty includes many renowned scholars and its graduates include many business leaders across the United States and worldwide. The Chicago Approach to Management Education is distinguished by how it leverages fundamental knowledge, its rigor, and its practical application to business challenges.

Chicago GSB offers a full-time M.B.A. program, an evening M.B.A. program, a weekend M.B. A. program, a Ph.D. program, open enrollment executive education , and custom corporate education.

Contacts:

Allan Friedman
(773) 702-9232
allan.friedman @ ChicagoGSB.edu

Barbara Backe
(773) 702-4282
barbara.backe @ ChicagoGSB.edu

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