Archive for March/2009

5
Mar

Please refer to the multiple other postings on this blog about the Caja Madrid loan program as well, but here are some basic pointers about the Caja Madrid loan program that are key to keep in mind:

  1. Under no circumstances is the Caja Madrid option guaranteed, as such we recommend students see it as a plan B to another primary option.  This is especially true for international students who do not yet have a NIE number (see: Caja Madrid and Residency (NIE) Requirements for more information on NIE numbers).
  2. While not necessary, having a local cosigner who is a Spanish fiscal resident (living and working in Spain) helps with regards to the credit evaluation process.  Credit markets, globally, are complicated at the moment, and the more you can reduce the risk for lending institutions, the better your chances of getting a loan from them.
  3. Spanish law requires that if you are married and are living with your spouse under a shared-asset regime, then both you and your spouse must present your documentation individually, and both must physically be in Madrid to sign the loan contract, if awarded a loan from Caja Madrid.
  4. Cosigners must always be Spanish fiscal residents.
  5. Please pay extra attention to the email correspondences sent by the Financial Aid Assistants regarding your pending loan application.  Failure to do so, and act on the requests they send, is a primary reason for much longer than expected waiting times for loan decisions from Caja Madrid.
5
Mar

Scholarship Application Limits

Written on March 5, 2009 by Joël McConnell in Scholarships | Becas

Please note that we only accept a maximum of 3 scholarship applications from any one candidate, and that since students are only able to have 1 scholarship awarded by the IE Foundation, if you are awarded a scholarship, the other scholarships you applied for are automatically denied.  We only communicate denials however, in the case you have received no scholarship.

Scholarship Committee decisions are final and non-contestable, and we do not accept requests for scholarship reconsiderations or increases.  Much effort is put into ensuring 360º feedback is collected for each scholarship candidate, so when a decion is taken, it is final.

Scholarships cannot be transferred to other intakes, so please be sure you clearly indicate for which intake and program you wish to request a scholarship for.

Please note that Fellowships are considered seperate, so in addition to applying for up to a maximum of 3 scholarships, you may also apply for an IE Fellowship.  See IE Fellows Program | Programa IE Fellows  for more information.

3
Mar

Financial Aid Video (English)

Written on March 3, 2009 by Joël McConnell in Financial Aid Video | Video Financial Aid

Learn more about Financial Aid by watching this English Language video about scholarship, Fellowship and loan options available to admitted IE students.

3
Mar

Applying for a Loan

Written on March 3, 2009 by Joël McConnell in Applying for a Loan | Solicitar un préstamo

We’re currently updating our internal processes with regards to applying for a Caja Madrid loan, as one part of your financing plan for your IE master program.

More information will be provided shortly.

3
Mar

To help admitted students better understand how to navigate the IE Financial Aid web page, we’ve provided some useful tips that should be reviewed before starting your search for scholarship, IE Fellow and loan options.

Tips for Bachelor Degree Students

When you navigate to the Financial Aid web page at www.ie.edu/financialaid you’ll be directed to a landing page which is the same for both master and undergraduate programs.  Here you can either click on the link that says “More Info”, which appears under the image for Bachelor Degrees, or alternatively, you can use the blue navigation tabs on the upper left hand side of the page that also say “Bachelor Degrees”.  In either case, you will be redirected to the undergraduate programs-specific Financial Aid web page.  Here you can look for scholarship options available to IE students admitted to an IE University program.

Search for scholarships is easy at this point: all you need to do is select your program from the pick list, then select your geographic region from a second picklist, and then click on “Search”.  The “Sponsor” cell does not need to be changed, unless you are looking for either an IE Foundation or an outside organization scholarship specifically.  When the results list pops up, you should read through the list to see which scholarships you best qualify for.  Please also note that there are some scholarships that show up automatically when you first click on the “Scholarships” button – these scholarships should be considered “featured scholarships”, and not scholarships for any specific program.

Tips for Master Program Students

When you navigate to the Financial Aid web page at www.ie.edu/financialaid you’ll be directed to a landing page which is the same for both master and undergraduate programs.  Here you can either click on the link that says “More Info”, which appears under the image for Master Programs, or alternatively, you can use the blue navigation tabs on the upper left hand side of the page that also say “Master Programs”.  In either case, you will be redirected to the master programs-specific Financial Aid web page.  Here you can look for scholarship, fellowship and loan options avaibable to IE students.

The next step is to decide whether you want to search for scholarship and fellowship options, or whether you want to review different loan/financing options that may be available to you.  Here you need to click on either “Scholarships” or “Loans”.  Currently, we list fellowships under the scholarships category however we are working on developing a dedicated section for fellowships which will be available in the second quarter of 2009.

Search for scholarships is easy at this point: all you need to do is select your program from the pick list, then select your geographic region from a second picklist, and then click on “Search”.  The “Sponsor” cell does not need to be changed, unless you are looking for either an IE Foundation or an outside organization scholarship specifically.  When the results list pops up, you should read through the list to see which scholarships you best qualify for.  Please also note that there are some scholarships that show up automatically when you first click on the “Scholarships” button – these scholarships should be considered “featured scholarships”, and not scholarships for any specific program.

If you wish to search for loan options, then instead of clicking on the “Scholarship” button as above, click on the “Loan” button.  When you do so you will be redirected to the loan search tool.  Again, here you will need to select your program from the pick list, then select your geographic region from a second picklist, and then click on “Search”.  When the results list pops up, you should read through the list to see which loan programs you may qualify for, and then apply directly to each individual organization/institution.

To learn more about a selection government sponsored financing programs, see Government Aid | Ayudas del Estado .

3
Mar

Probably the most straight-foward process you’ll work through as part of your move to Madrid, below is the information you need to know about how to open an account at Caja Madrid.  We also provide some other information related to the accounts that should prove useful with regards to transferring funds to your account before arriving in Madrid.

Opening an Account: Send Us 3 Pages and We Send You Your IBAN

Step 01: Send us (financialaid@ie.edu) a copy of your passport photo page and the page where the Spanish Embassy has put your student visa (2 seperate passport pages to send in scanned format), plus a digital copy of your admissions letter (2+1=3 pages total to send to us).

Step 02: Financial Aid will use the 3 pages to open you an account at Caja Madrid which can accept funds.  Please note that until you arrive in Madrid and sign all your account documents, you will not have access to a debit card, credit card and/or online account access.  The “pre-opening” of the account simply serves as a way for international students to send themselves money ahead of their arrival, and funds can only be deposited (but not withdrawn) until all required documents are signed.  If you don’t send funds to your account shortly after opening it, your account may temporarily have a negative balance as your annual fee is charged on opening.

Step 03: Once the account has been opened, one of the Financial Aid Assistants will call you with your IBAN so that that at a minumum you can transfer yourself funds before you arrive to Madrid.  Once you arrive to Madrid you need to go to the local branch (see details below under “Other Numbers”) and sign all your account documents, at which point you will be granted a debit card and online access (online access is available in both Spanish and English and for free), and if you qualify, a Caja Madrid credit card.

What’s An IBAN?

An IBAN is an International Bank Account Number (IBAN) and is the international standard for crossborder funds transfers.  According to SWIFT, IBANs are described as follows:

“The International Bank Account Number (IBAN) is an international standard (ISO13616) for identifying bank accounts, and SWIFT has been designated by the ISO to act as the Registration Authority for ISO 13616.”

Checkout the Wikipedia page on IBANs for a more readable dicussion on IBANs.

Other Numbers Required to Make a Transfer to Your Caja Madrid Account

To make a transfer from your local bank, you’ll likely need the following numbers:

  • Institution Name: Caja Madrid
  • Address: 114 Serrano Street, Madrid 28006, Spain.
  • Telephone:  +34 91 590 13 77
  • Fax: 34 91 590 15 75
  • SWIFT: CAHMESMMXXX
  • Entity Number: 2038
  • Branch Number: 1957
3
Mar

The Financial Aid Office often receives inquiries about payment processing issues, so below we’ve provided some information that should be of use, when trying to figure out who it is you need to speak to about payment processing.

Payment Process: Tuition Payment Issues

The department at IE that handles payment issues related to tuition is the Administration Department.  In all likelyhood you will be speaking with Mónica Aragones or one of her skilled team members.  To get in touch with them you can either call the main line at IE (+34 91 568 9600) or you can email the Admissions Department team (admissions@ie.edu) and one of the Admissions Department assistants will forward on your request to Administration.

Payment Process: Discussing Your Payment Plan

Please speak directly with the Admissions Department assistant for your program by sending an email to admissions@ie.edu and specifying your personal details (name, program, intake month/year, etc.) and that you need to speak to someone about your playment plan.  One of the Admissions Assistants can help you navigate issues related to your payment plan.

Payment Process: Place Reservation and IE Foundation Contribution Payments

Please speak directly with the Admissions Department assistant for your program by sending an email to admissions@ie.edu and specifying your personal details (name, program, intake month/year, etc.) and that you need to speak to someone about your playment plan.  One of the Admissions Assistants can help you confirm that your place reservation fee and IE Foundation contribution has been received.

Payment Process: Sallie Mae Loans

So you’ve worked through the Sallie Mae loan process and the entirety of the funds have been transferred to IE, but how does IE get you the balance of the funds not used to cover your tuition and related fees?  Essentially, once we’ve discounted your pending balance owing to IE, we transfer the difference remaining to an account Financial Aid sets up for you at Caja Madrid, once you are in Madrid or ahead of your arrival.  To learn more about how to open a bank account at Caja Madrid, with the Financial Aid Office’s help, see: Opening An Account | Abrir una cuenta.

More information also available at Bank Accounts | Cuentas bancarias .

Payment Process: Caja Madrid Loans

Once you sign your loan contract at Caja Madrid, the funds are directly transferred to IE.  The difference left over remains in an account Financial Aid sets up for you at Caja Madrid before you arrive, or which you set up yourself once you arrive.  Generally all you have to do when you arrive in Madrid to set up an account is to go to the bank and sign the required documentation and provide your ID numbers.  However, you can learn more about how to open a bank account at Caja Madrid at: Opening An Account | Abrir una cuenta.

See Bank Accounts | Cuentas bancarias for more information on the Caja Madrid accounts.

3
Mar

Scholarship Process: How to Apply

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

As an interested candidate for an IE undergraduate or graduate program, you may be thinking of applying for a scholarship to help fund your program.  Below is an overview of how to apply for scholarships provided by the IE Foundation.  For external organization scholarships, you will need to consult the organization directly, and work through the scholarship process with them.  You will always know whether a scholarship is an IE Foundation scholarship by looking to the top right hand side of any scholarship listing; if it says Sponsor > Fundación IE, then you send your application to financialaid@ie.edu.

Important Notice: Read This Before Applying for an IE Foundation Scholarship

Please note some basic requirements for applying for IE Foundation scholarships:

  1. All documentation must be sent in electronic format.  We do not accept paper applications.
  2. We require documents that show proof of financial situation because we need to better understand your economic profile, vis-à-vis other candidates.
  3. Students can only apply once for a scholarship, and no more than three different scholarships in total.  Scholarship Committee decisions are final.
  4. Students, in addition to applying for up to three scholarships, can also apply for a Fellowship.,  IE Fellowships are considered a seperate form of Financial Aid, with reference to scholarships offered by the IE Foundation. See IE Fellows Program | Programa IE Fellows for how to apply for an IE Fellowship.
  5. Students must have obtained admissions to IE before applying for a scholarship, and scholarships applications should only be sent when all documentation is ready for Scholarship Committee approval.

The Scholarship Process: From Applying to Being Notified of the Results

The basic process of how to apply is:

  1. Review the Financial Aid web page and decide which scholarships you are most qualified for. 
  2. Review the individual requirements for the scholarships (up to a maximum of 3) you wish to apply for, and collect/prepare all the required documents – which includes your letter of admissions to an IE program.
  3. Decide if you might qualify for an IE Fellowship, and collect all the required documentation if you decide to also apply for this Financial Aid program.
  4. Send all documents to financialaid@ie.edu.
  5. Wait to hear back from Financial Aid Office: we will confirm receipt of your applications in 2-5 business days.

Once we receive your complete application, the Scholarship Committee will review your application, and based on your individual merits and the quality and quantity of overall applications, a decision will be made on your application.

Because IE applies a rolling admissions process for our graduate programs, graduate student applications will usually be processed in 2 to 6 weeks, from the time the complete application is received.

For undergraduate programs, there are three key dates to note for the coming 2009-2010 academic year:

  1. First selection round: April 15, 2009
  2. Second selection round: June 15, 2009
  3. Third selection round: July 15, 2009

Undergraduate candidates should ensure that their complete applications have been received at least 10 business days before any given selection round deadline.

2
Mar

Studying at IE University represents not only an important academic and personal challenge, but also an investment in your future as a leader in your area of competence.  While there is the expectation that students have a financial plan in place when they apply to IE University, our institution remains committed to supporting those in need of assistance or that have special merit worth rewarding in its own right.  Below you will find more information on scholarships and other support available.

Academic Excellence Scholarships

Scholarships of up to 75% in value for applicants who enter IE University with a 9 average (on a 10 point scale) or equivalent, and who have demonstrated accomplishments in one or more extracurricular activities.  All applicants who meet the above criteria will be considered for these scholarships, and the scholarships are open to all candidates admitted to any program at IE University.

Global Development Scholarships

IE University’s Global Development Scholarships are intended to support applicants coming from developing countries who present especially unique profiles which will add special value to classroom discussion and learning, and the overall student experience at the University.  Individual scholarship values of up to 75% of tuition fees.

IE Diversity Scholarships

These scholarships have an established history of supporting women and other candidates who present profiles of special importance from a diversity perspective, at both IE Business School and IE Law School.  We have recently expanded the IE Diversity Scholarships to include candidates for degrees offered at IE University.  Individual scholarship values of up to 50% of tuition fees.

IE Foundation Scholarships

IE Foundation Scholarships are intended to support top candidates with demonstrated academic excellence, and who come from one of the following global regions: Central and Eastern Europe, Central Asia, Southeast Asia and Oceana, Middle East, Latin America, North America and Africa.  Investing in cultural and national diversity is a fundamental value at IE, and is one that we invest in annually.  Individual scholarship values of up to 50% of tuition fees. 

Pritzker-Hyat Foundation Scholarships

A scholarship program for exceptional students who have gained admissions to the IE School of Architecture, this offering will provide up to 2 annual scholarships of 80% of tuition fees for promising students entering our architecture program in the fall of 2009.

IE Collaboration Scholarships

Similar in design to the IE Fellows program offered for master-level programs, IE Collaboration Scholarships offer award recipients financial support in exchange for a on-campus commitment, within an academic department or in some other support capacity on campus.  Individual scholarship values of up to 30% of tuition fees. 

IE Living Expenses Award

In order to support students who wish to live on campus and who have a demonstrated track record of academic success and achievement in an extracurricular area of activity, the IE Foundation is offering first year awards to help with living expenses while on campus.  Like IE Collaboration Scholarships, award recipients will need to collaborate in some on campus activity in exchange for their IE Living Expenses Award. 

IE Alumni Scholarships

If an immediate family member of yours has previously or is currently completing a master program at IE Business School or IE Law School, you automatically qualify for a 25% reduction in tuition fees for undergraduate program at IE University.  Please be sure to include the name, program and graduation year of the family member who completed the master at IE, when you are applying for admissions to IE University.  Individual award values of up to 50% of tuition fees. 

2
Mar

Notable Scholarship Programs

Written on March 2, 2009 by Joël McConnell in Scholarships | Becas

While the IE Foundation makes many targeted scholarship programs available to high quality candidates coming to IE, many leading organizations also provide support to top quality candidates coming to IE.  Below is a listing of some of the scholarships offered by these organizations.

  • Deutscher Akademischer Austauschdienst (DAAD) Scholarships (Program for German nationals)
  • Queen Rania Scholarships for Women Business Leaders (Program for Jordanian women)
  • Mohammed bin Rashid Al Maktoum (MBR Foundation) Fellows (Program for Arab candidates)
  • SEGIB Accelerate Latin America Scholarships (Candidates coming from a SEGIB member country)
  • Europe Korea Foundation (EKF) Scholarship (Program for Korean nationals)
  • Fundación Carolina Scholarships (Program for Latin American candidates)
  • General Sir John Monash Foundation Awards (Program for Australian nationals)
  • GuateFuturo Loan-Scholarships (Program for Guatemalan nationals)
  • QS World MBA Tour Scholarships for Women (Program for Women)
  • José María Cervelló Scholarships (Program for law graduates)
  • Organization of American States (OAS) Scholarships (Program for International Management and International Relations candidates)
  • Peter and Alice von Loesecke Scholarships (Program for MBA candidates)
  • Sir Edward Youde Memorial Fellowships (Program for canidates coming from Hong Kong)
  • TAN KAH KEE Post Graduate Scholarship (Program for Singaporean candidates)
  • The Macquarie Group Graduate Management Scholarship (Program for Australian and New Zealand candidates)
  • ALSA Scholarships (Program for Chinese candidates)
  • Ambassadorial (Rotary Club) Scholarships (Program for MBA candidates)
  • Dr. Laszlo Kapolyi Memorial Fellowship (Program for Cetnral and Eastern European candidates)
  • Eduarda Justo Scholarships (Program for candidates coming from the Spanish region of Almería)
  • Fulbright Scholarships (Program for candidates coming from the United States)
  • Instituto Ling – AVANCE (Program for Brazilian candidates)
  • Lidera Scholarships (Program for women candidates from Madrid)
  • Mackenzie King Open Scholarship (Program for Canadian candidates)
  • Misys Charitable Foundation Scholarship (Program for British candidates)
  • The Hedorf Foundation (Program for Danish candidates)

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