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Below are the answers to April’s most pressing and frequently asked questions.

Question 01: Should I send my documents by email or post?

Answer 01: By email scanning all necessary documents, please ensure they are legible.  Sending documentation this way reduces unnessary use of paper, and eliminates shipping costs for the applicant.

Question 02: Can I apply for scholarships that come up when I use the Search Engine without entering my program and country?

Answer 02: You should use the search tool on the Financial Aid web page to make sure you are applying for the right scholarships (if you apply for a scholarship that your program of study doesn’t qualify, you will automatically be denied the application).  If you would like to apply for a featured scholarship (one of the scholarships that is displayed when you first get to the scholarship web page), be sure your program qualifies.

Question 03: How many scholarships and fellowships can I apply for?

Answer 03: You can apply for up to a maximum of 3 scholarships and 1 fellowship (please keep in mind that generally fellowships only are available for full-time programs).

 Question 04: Which category covers Russia and India?

Answer 04: Russia is included in the Europe category, India in the Asia Pacific category.

Question 05: When will I know the decision regarding my financial aid application?

Answer 05: Typically within 2 to 4 weeks, as our Financial Aid processes support our Rolling Admissions process.

Question 06: Can I apply for scholarships and loans at the same time?

Answer 06: Scholarships and IE Fellow applications will only be considered once you have definitive admissions to a program at IE.  You can apply for a loan before actually starting your program, however definitive admissions is a prerequisite for loan awards, and once a loan is awarded, you must sign your loan agreement within 3 months of the approval date.  So, be sure you don’t have to travel to Madrid twice: apply so that you can sign when you arrive to Madrid to start your program.

Question 07: Is there a list of available Fellowship projects I can apply to directly?

Answer 07: No.  Currently we custom-match students approved for a fellowship within different departments at IE.  We’re working on making a list available, but this is not a change that is likely to take place before late 2009, early 2010.

Question 08: When can I apply for a loan?

Answer 08: Our recommendation is applying for a Caja Madrid loan once you have definitive admissions, and within 3-4 months before you actually start your program.  Please keep in mind that it is possible that your loan application will be denied, even though you have admissions to a program at IE, therefore it’s probably wise to see the Caja Madrid option as your back-up plan.

Question 09: What is the grace period for loans from Caja Madrid?  Do I have to make loan payments during the grace period/while I´m studying?

Answer 09: While students studying full-time may be granted up to 18 months in grace period, all students who take out a loan with Caja Madrid begin paying a loan from day 1: during the grace period only interest payments are made, and then at the end of the grace period both interest and principle payments begin.  Please note that part-time, blended format and executive programs all start paying both interest and principle from day 1 – a policy based on the fact that if you are studying with IE and working at the same time, then starting to pay back your loan right away is a good way to reduce your debt load as quickly as possible.

Question 10: Can you send me the loan contract so I can sign it in my home country, instead of having to come to Madrid to sign it?

Answer 10: No.  Loans must always be signed in front of a Notary here in Madrid, this is not a negotiable term of the IE – Caja Madrid loan program.

Comments

Anthony Hess August 4, 2009 - 8:57 pm

I have been going through the IE financial aid application process and I have had some concerns. While I think the benefits of being able to scan and mail application documents outweigh the risks, it should be noted that email is not a secure communication method by default. A great way to handle this that I have seen is to create an online web based system that allows users to upload their documents (much like your application process). If the web site is secured in a manner similar to online banking, then it is a relatively secure method of transmitting this information. It also makes it easier to track status than email. Does IE have any plans to implement such a system for financial aid purposes?

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