Posts Tagged ‘loans#8217;

2
Mar

It is with great pleasure that we announce we are now offering student loans for IE University Bachelor Degree students who wish to finance a portion of their tution fees directly with IE and Banco Sabadell.  While we will be providing more information over the coming weeks, the basic facts to keep in mind are below.

Where can I find more information about this new loan option for Bachelor Degree students at IE University?  Navigate to web page by clicking here.

Who can apply for these loans?  Bachelor Degree candidates from IE University who require funding, and who’s parents are willing to support the loan application.  This loan is intended for all new students who have not yet started their program at IE University.

When do students have to apply?  Before the start of the academic year, students are not allowed to apply once they’ve already started their program.

What are the rates on loans from Banco Sabadell? For Spanish fiscal residents it is the 12-month Euribor rate + 1,50%, for international candidates who do not have Spanish fiscal residency the rate is the 12-month Euribor rate + 3,00%.

Are student loans also available for Bachelor Degree candidates from Bankia and Banca March as well? No, currently we are only offering student loans for admitted bachelor degree candidates from IE University, through our partnership with Banco Sabadell.

Who is Banco Sabadell? It is the the sixth largest banking group in Spain. The first in the IBEX35 to win the European Golden Seal of Excellence and the only banking entity in Spain with a especialized branch network dedicated to international clients who call Spain home.   For more information, see the bank’s web site here.

Where can I get more information?  For more information on this program funding option for undergraduate degree candidates at IE University, contact Financial Aid at financialaid@ie.edu.

19
Oct

If you are thinking of applying for a student loan from IE via one of our three loan programs, you must apply by the assigned deadline.  Late applications will not be accepted.

For international students you must apply 1 month before your program starts or by January 20th, 2012 – whatever comes first.  No application for a student loan, for an international student will be accepted after January 20th, 2012.  For 1) Spanish nationals who are fiscal residents as well as 2) permanent residents with fiscal residency who are applying from Spain, you need to apply approximately 10 business days before your program starts.  Since there are several programs beginning in the up coming term, please see the deadline schedule here for the specific deadline applicable for your program.

Document: Loan Deadline Schedule for Spanish nationals and permanent residents with fiscal residency.
Loans from IE: www.ie.edu/loans

Si estás pensando en solicitar un préstamo de IE a través de uno de nuestros tres programas de financiación, debes solicitarlo en el plazo asignado a continuación. Las solicitudes enviadas fuera de plazo no serán aceptadas.

Para los estudiantes internacionales se debe solicitar el préstamo un mes antes de que inicie su programa o antes de 20 de enero 2012 (según convocatoria). No será aceptada ninguna solicitud de préstamo de alumnos internacionales después de 20 de enero 2012. Para los estudiantes españoles residentes fiscales, es necesario solicitar la financiación aproximadamente 10 días hábiles antes del inicio del programa. Ya que hay varios programas que comienzan en el siguiente semestre, por favor vea el calendario de plazos aquí para la fecha límite específica que aplica para su programa.

Documento: Fechas límites para solicitar un crédito, para solicitantes de nacional española/con residencia permanente que tienen su residencia fiscal en España.
Créditos de IE: www.ie.edu/loans

16
Sep

As of today all newly approved loans with our lending partner Banca March will be subject to the following terms and conditions.  While we are currently updating the web site, the valid terms and conditions are the following:

  1. Maximum repayment period: Up to 10 years (120 months).
  2. Maximum grace period: Up to 2 years (24 months)
  3. Application fee: 0,25% of final amount of credit approved.
  4. Applicable rate: 12-month Euribor + 3,50 p.b. (Mminimum interest rate: 5%)
  5. Interest will be reviewed quarterly.

Los terminos de los créditos de Banca March han cambiados y todo crédito aprobado de Banca March desde hoy, día 16 de septiembre 2011, estarán sujetos a los siguientes terminos:

  1. Plazo de los préstamos: Hasta un máximo de 10 años
  2. Posibilidad de carencia de hasta 2 años
  3. Comisión de estudio: 0,25%
  4. Euribor 12 + 3,50 p.b. (Mínimo tipo de interés: 5%)
  5. Revisión semestral del tipo de interés.
6
Jul

If you are a German national with admissions to an IE master program, you should contact Deutsche Bildung, a potential source of funding for German nationals who plan to come to IE for study.  And they don’t just provide loans, they also provide extracurricular development.

Financial Support: Loans Repayable After Graduation

Monthly payments of up to 1.000€ for the duration of the program, and there is also the option of having a single payment when a formal request is made by the student and approved by Deutsche Bildung.  Single payments are for expenses such as semester tuition fees and laptops for example.

After graduation students pay back their loans on an income-linked basis over a defined period.

Extracurricular Support: Coaching and Support

Students who receive financial support from Deutche Bildung also receive extracurricular support to ensure they are successful students during the program, and that they go on to become successful professionals upon graduation.  Some of the extracurricular activities are general and compulsory for all aid recipients, while other are specificialy designed for the individual candidate.

More Information on Deutsche Bildung?

Deutsche Bildung AG
Kaiserstr. 9
60311 Frankfurt am Main
Germany
www.deutsche-bildung.de

2
Jun

One of the 6 steps we talk about at IE when helping students navigate the program funding process is to look at all sources of potential funding, including family members.  This great little article from Bloomberg/Business Week talks about the growing trend of taping parents for support on program funding.  A word of caution: negotiate well on the interest rate you agree too, and make sure you get a pre-agreed to grace period so you’ve got some breathing room at graduation.

Read the article by clicking here.

30
May

US News: How to Fund Your MBA

Written on May 30, 2011 by Joël McConnell in Global News on Financial Aid

Check out this recent article from US News on how to fund your MBA program (see article here).

“While scholarships and other types of “free” money are available at fewer M.B.A. programs than non-professional forms of graduate education, there are many resources available for a scholarship or fellowship that fits your background and needs…”

This article talks about the realities on funding your program, and even provides a link to a web page that will be of great interest to our US candidates regarding external sources of funding (see reference page here).

Keep this in mind, if you’re an admitted degree candidate to IE Business School or any one of IE’s schools: if you need financial assistance, IE Financial Aid can help.  There will always be partial funding available for the student who brings a well-rounded profile that includes excellence in past academic and professional performance, and unique and insightful experiences to share in the classroom learning environment.

We invest in our future alumni, check out our web site to learn more about the 80+ scholarships, fellowships and 40+ loan options at www.ie.edu/financialaid.

11
Jan

Information for US Students: Sallie Mae and Place Reservations.

Written on January 11, 2011 by Joël McConnell in Uncategorized

Just a quick clarification for our students coming from the US and who plan to fund their program partially or entirely with a Sallie Mae Smart Option Student Loan: Sallie Mae loans cannot be used to pay Place Reservation and/or IE Foundation fees.  Below is more information on this policy and our recommended alternative course of action.

Why can’t I pay my Place Reservation and IE Foundation contribution with my Sallie Mae loan?

IE has a strict policy of not returning Place Reservation or IE Foundation fees if a student ends up not joining the intake for which they have committed to.  This policy is based in the fact that when a student makes their place reservation and IE Foundation payments, IE issues legal documentation which is valid for student visa processing purposes.  Also, when a student commits to a given intake, necessarily the spot cannot be given to another deserving candidate and it’s not fair to other candidates if a confirmed candidate pulls out of the program.

While we have the Place Reservation and IE Foundation policy clearly in place, we also must abide by regulations and laws applicable to a partnerships, such as the one we have with Sallie Mae.  Since our agreement with Sallie Mae is such that we return funds to the financial institution if the student does not attend the program, Sallie Mae loans cannot be used to pay Place Reservation and IE Foudnation fees given our policy of not refunding these payments, for the reasons stated above.

What should I do then, with regards to guaranteeing my place in my chosen intake?

What our students do is usually to use personal savings, company support or some other financial backing to bridge the short term financial need.  So for example, a student may borrow the amount equal to the Place Reservation and IE Foundaiton fee from their personal savings or line of credit, a family member or even their company, and then later once they’ve begun their program and the Sallie Mae funds have arrived to IE, any funds over and above those required to pay their tuition fees in full is sent directly to the student to manage as they see fit.  The excess funds can be used to repay the savings account or other source of funds used to pay the Place Reservation and IE Foundation fee.  Again, keep in mind, the Place Reservation and IE Foundation fee is non-refundable.

Final point worth keeping in mind: single disbursements, tuition fees must be paid in full first.

IE’s master programs generally follow the 1-year model most common in the EU, and as students generally take out a Sallie Mae loan for both tuition and living expenses, IE has a strict policy of receiving the funds in 1 single disbursement.  Why?  Simply, this way you take care of your tuition pending up front, and then we can send you the balance of funds to meet your living expenses and other needs.  We do not release any funds to students until they’ve paid their tuition fees in full.  One of our roles as a Sallie Mae partner institution is to ensure students are being financially responsible, and this policy ensures students don’t inadvertantly find themselves in a difficult financial situation that could result in the student having to withdraw from the program before they obtain their degree.

14
Jun

Bank Leumi is interested in providing loans to qualifying Israeli nationals who wish to study at IE.  See the attached document for more general information, and contact IE Financial Aid should you require a local contact at the bank.

11
May

Today, Sallie Mae’s new lower interest rates and zero fees for the Smart Option Student Loan® go into effect. For loans credit approved on or after May 10, 2010, our rates will range from LIBOR + 2.500% to LIBOR + 9.875%. Also effective today, there will be no disbursement or repayment fees on our Smart Option Student Loan, regardless of the applicant’s or cosigner’s credit.

1
Feb

Are you a German national thinking of coming to IE and/or who already has Definitive Admissions to an IE program?  If yes, this link may be useful for you:

http://www.studilux.de/studienfinanzierung.html

Also, you should know that we recently opened an IE Office in Munich, so feel free to contact our new Representative there:

Isabelle Delacave
Country Manager Germany
Germany@ie.edu

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