|Wharton: Custom Loan Program for International MBA Students
April 14, 2009,
Volume 55, No. 29
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 US 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 Dr. 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.”
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 Wharton,” 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.