Archive for April/2009

6
Apr

In a recent Boston Globe Article, reporter Peter Schworm detailed what one US state is doing to top up other loan options for undergraduate students.  The Massachusetts Educational Financing Authority, through a bond issuing scheme, has created a fund of US$300 million which will be used to provide competitive-rate loan options for Massachesetts residents.  In the article Sallie Mae, Inc. spokersperson Martha Hollar also confirms that Sallie Mae is currently lending at rates of 4.5 to 14.5%.

We encourage you to investigate what options your state, province and/or regional government is able to offer you as a potential candidate for an IE degree.  In Spain and various other European countries, governments at different levels offer various types of financial support, from basic mobility scholarships (for costs related to relocation within a country or abroad) to full tuition loan and/or scholarships.  Times are challenging for those students who need financial aid, and while IE is doing all it can to support our best candidates through scholarships, fellowships and loan options, candidate now more than ever need to be creative when looking at how to source the funds necessary to meet program and living expense related costs.

3
Apr

Financial Aid Web Page

Written on April 3, 2009 by Joël McConnell in Scholarship Process | Proceso de Becas

We’re working on the most recent edition of the Financial Aid web page so you may run into some technical/navigation issues.  We want to thank you for your patience, and we encourage you to let us know if you come across any technical issues you think we might need to fix at financialaid@ie.edu.

If you are applying for Financial Aid for academic 2009-2010 (all intakes that start as of September 2009), then we encourage you to check back soon with regards to applying for specific Financial Aid programs.

1
Apr

Recently we’ve been disappointed as a few cases have arisen where students have not met their financial obligations in a timely manner. This is especially concerning when the student has been granted financial support through the IE Foundation. We understand it’s a tough economic environment we’re all facing, however this does not mean financial responsibilities should be left unattended.  We’re troubled by these few cases because it communicates a lack of commitment to the program, and a lack of personal commitment to maintaining the ethical standards expected of candidates who will be graduating with degrees from IE.

As a recipient of aid granted by the IE Foundation, please think about the following: given your lack of personal financial resources, IE has invested in you because we believe that you have the potential to be a successful ambassador for IE in the coming future.  IE believes in your future potential.  Think about the implications for the professional network you’ll be coming to IE to build and the IE representative you would like to be, especially considering the investment IE is making in you.

Think about the big picture and be realistic about your ability to meet financial commitments: if even counting with the benefit of having a scholarship or fellowship you don’t think you will be able to meet your tuition and living expenses, then we recommend you delay your entry into the program until you have secured the necessary resources.  When you are admitted to IE, we give you the right to enter your program of admissions for up to 3 intakes after having received the admissions offer, so take the time to make sure you have all your resources in place.  Coming to IE is an important investment in time, energy and financial resources, but it’s an investment that all students make when they come to study at one of Europe’s leading institutions of higher learning.

In closing, please keep in mind: It’s not a coincidence that most scholarships require an essay that outlines how the applicant sees the responsibilities of being a scholarship recipient: those who receive scholarships and fellowships should see the awards as part of a commitment by IE to developing the individual as a future professional, and as one more reason to ensure they meet their professional responsibilities during the program and beyond IE.

1
Apr

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.

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