If you are a US student coming to IE with funding from Sallie Mae, keep in mind the following information:
1) From the disbursement date Sallie Mae lists on OpenNet to the time any remaining fees are physically in your account here in Madrid, there is a waiting period of 20 business days/4 weeks. The funds must pass through multiple processes, and so keep this in mind when planning financially for your first weeks in Madrid. Studying outside the US is an exciting and formative experience, but the collaboration between multiple institutions and across borders takes time, often much more so than if all processing were completed within the US.
2) If you have applied for and been approved a loan from Sallie Mae, keep in mind that IE only accepts single disbursements and we only pass on excess funds to students once their pending student account has been covered in full. This means that if you are planning on coming early, your disbursement date should be at least 20 business days/4 weeks before you plan on arriving to Madrid. This is especially important with regards to signing lease agreements for an apartment, and having the funds necessary to cover daily living expenses. IE does not provide cash advances.
3) If you’ll be studyig in Madrid full-time, IE Financial Aid can open a bank account for you in Madrid ahead of your arrival but you must request it. Contact us to open a bank account at firstname.lastname@example.org.
4) If you are studying on a blended format program or the IE Brown Executive MBA, your funds will be handled separately as you will not be able to obtain a local residency number and so we can’t open a local bank account for you ahead of arrival. If you are funding your program with a Sallie Mae loan, and you are studying in a blended format program or the IE Brown Executive MBA, please contact IE Financial Aid for more information at email@example.com.
5) Because Sallie Mae loans must be returned to Sallie Mae by the institution if the student does not join the program, and because place reservation payments to IE to secure your place in a specific program and intake are non-refundable, you cannot pay your place reservation with a Sallie Mae loan. Place reservation payments must be paid with funds other than your Sallie Mae loan.