Here we provide more information about paying your tuition fees with a loan. Essentially, you’ll want to keep in mind that the fatest and most probable way of obtaining a loan is by working with a financial institution in your home country, and as a back-up plan, you can also apply for a loan from Caja Madrid. On the Financial Aid web site we list many private and public loan programs, as well as information about the Caja Madrid loan option, so it’s best to use the Financial Aid web site as a starting point for your loan search.
Applying for a Loan from an Institution in Your Home Country
Banks by their nature are conservative in their lending practices and tend to be most comfortable lending to local nationals because they better understand local risk and repayment profiles. Additionally, banks tend to have more resources at their diposition with regards to collecting bad debts when the defaulting loan is with a local national. While you will be an IE graduate and we expect you will maintain the highest of ethical and personal standards, which includes continuing to meet your various professional and financial commitments, banks fundamentally look at risk and customer lifetime value profiles when deciding whether or not to provide education loans.
Also, please keep in mind that many governments, especially in countries with less fluid capital markets, provide government-guaranteed and/or government-sponsored loan programs for top candidates. Information on a selection of such programs is available on the IE Financial Aid web site.
Caja Madrid Loans for Admitted IE Students
While available to all admitted IE students, the Caja Madrid loan program should be seen as a back-up plan with regards to financing your program of study. The application evaluation process is rigorous and only candidates who meet Caja Madrid’s internal credit analysis requirements are provided with loans. As Caja Madrid retains sole responsibility for bad debts related to the program, Caja Madrid has final say on whom receives loans from them, be they Spanish nationals or applicants from abroad. In many cases a local cosigner may be required.