Posts Tagged ‘USA#8217;

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.

15
Jul

News on Federal Loan in the US from BusinessWeek/Bloomberg

Written on July 15, 2010 by Joël McConnell in Uncategorized

While IE does not participate in teh US Federal Loan Program for US students who wish to study abroad, this information may be of interest to IE candidates. 

Article snapshot below (full article here):

“Students taking out federal student loans will be confronted with a bevy of changes when they visit their school’s financial aid office this fall. This spring, the U.S. Senate passed a student loan bill—the Student Aid & Fiscal Responsibility Act—that led to a major revamping of the federal student loan program, shifting everything from how students obtain their loans to the amount of aid doled out through such programs as the Pell Grant….”

8
Jul

As a former member or reservist of the United States Armed Forces or the US National Guard, you may have access to financial support provided by the US Department of Veterans Affairs (VA) for your studies at IE Business School.  VA provides a wide range of benefits including, Disability, Education and Training, Vocational Rehabilitation and Employment, Home Loan Guaranty, Dependant and Survivor Benefits, Medical Treatment, Life Insurance and Burial Benefits.  To learn more about whether or not you qualify you should contact VA directly:

1) US Department of Veterans Affairs: http://www.va.gov/
2) Post 9/11 GI Bill Web Site: http://www.gibill.va.gov/

For local support from IE in the US, please contact Anne Carson at northeast@ie.edu.  You can also contact IE’s Financial Aid Office in Madrid for support at financialaid@ie.edu.

17
Jun

As a reminder, Sallie Mae® will soon be offering students and families a second repayment option for the Smart Option Student Loan. The new $25/month fixed repayment option will be available on new 2010-11 academic year applications initiated on or after June 28. This new repayment option is available to students and families at all Smart Option schools (IE Business School is a Smart Option Loan school).

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