As recently discussed in The Economist (see: News from the Schools, March 2009), the Graduate Management Admissions Council – GMAC (the GMAT people) will be rolling out a US$500 million loan program for international students going to business school in the United States and Europe (see: New Loan Program for International Students Created at the Request of the Graduate Management Admission Council), for the 2009-2010 academic year. The introduction to the press release reads:
“Responding to a request from the Graduate Management Admission Council® (GMAC®), a leading international bank has joined with experienced service providers in student financial aid to create a new pilot lending program for international students who attend graduate business schools around the world. The pilot is prepared to provide at least $500 million in loans to students in about 40 business schools in the United States and Europe, beginning with the 2009-10 academic year…”
While details are still being decided, we’re following the developments and will be sure to provide more news when it is made available by GMAC. As of now, the initial schools have been selected for program testing in academic 2009-2010, but we’re working on getting more information for the 2010-2011 academic year. The majority of the schools selected for the first “testing year” are from the US.