Archive for October/2009


Now that IE has added a second partnership program to help IE students fund their degree programs, we’ve started to receive questions from interested candidates about which program to apply for.  Below is our policy and recommended course of action.

Applying: Apply to Caja Madrid or Banca March or both.

  1. While we recommend you apply first to Caja Madrid, you can apply for a tuition loan from both institutions.
  2. In fact, by applying for a loan from both simultaneously, you better the chances of accessing a highly attractive loan from either Caja Madrid or Banca March.  The documentation is very similar with both programs, so it’s easy to apply for both at the same time.
  3. Keep in mind that both institutions have at their discretion to approve or deny your application, and that while IE cannot negotiate a loan denial, we can help you make sure your present the best application possible.
  4. You may prefer to apply to one or the other, but not both.  If this is the case, keep the following in mind: if your objective is to minimize interest payments and you can repay quickly, then Caja Madrid is your option; if however your objective is to ease the debt repayment process by paying back over a longer period, Banca March is your option.
  5. In the end both Caja Madrid and Banca March offer very attractive interest rates (Euribor+1% and Euribor+2% respectively), however the maximum grace period for Caja Madrid is 18 months (versus 24 months for Banca March) and the maximum repayment period for Caja Madrid is 8 years (whereas it you can pay back over up to 10 years with Banca March).

Can I have a loan from both Caja Madrid and Banca March? In short: no.

  1. While you can apply to both programs, no student is allowed to have  a loan from both institutions simultaneously.  We allow the double application process so that if one application is denied, we can work quickly to figure out an alternate solution, ideally with the institution which did not deny your application.
  2. We always remind students that it is their responsibility to make sure they have their financial plan in place and well in advance of their program start date, but in exchange we do all we can from Madrid to make the process easier.

We’re pleased to announce that our partnership with Banca March is now officially up and running, please see to apply for your loan today!


We were just alerted to a potential loan option for candidates coming to IE that have fiscal residency in Spain, and that are living and working within Spanish borders.  According to their web page:

Credinova NX is the loan created for you, if you are between 16 and 26 years of age, in order to finance the expenses directly related to your education (fees, studies or further studies, postgraduate degree). With this formula you will be able to pay for your master’s, your seminars, specialisation courses and pay it back in easy instalments.  In addition, there is free period of up to 2 years, after which you will start to pay back your loan.

Go to your local Caixanova branch and request all the information you need.


Are you a candidate for the International MBA, April 2010 intake? Do you plan on applying for a Caja Madrid loan?

If so, keep in mind the following:

  1. International MBAs of the April 2010 intake must have submitted a completed application, including a temporary NIE number, to Financial Aid by 31 January, 2010.  No applications will be accepted after this date under any circumstances.
  2. While all admitted master program candidates can apply for a Caja Madrid loan, this source of program funding is not guaranteed.  Caja Madrid considers each individual applicant’s credit profile and history, past earnings and future salary potential when evaluating an application. Caja Madrid should be seen as one of many possible financing avenues you have available.  You are encouraged to actively seek out other sources of financing should Caja Madrid not approve your application.
  3. IE students cannot apply for more than one loan from IE’s loan agreement partners, so please take the time to choose the option that is right for you.

For more information, contact Financial Aid at


Para solicitar un AVAL BANCARIO, necesita lo siguiente:

In order to apply for a “BANK GUARANTEE” you will need the following:

  • Su número de NIE.
  • Your NIE number. 
  • Nombre, apellidos y DNI del propietario.
  • The name, surname and ID of your Landlord.
  • Dirección del apartamento que va a alquilar.
  • The address of the flat you will be renting.
  • Borrador del “AVAL BANCARIO”, si el propietario solicita un modelo específico.
  • A draft of a “BANK GUARANTEE “, if your Landlord requires a specific one.
  • Se le retendrá 75% de la cantidad del AVAL en una cuota depósito.
  • We will hold 75% of the amount of the BANK GUARANTEE in a deposit account.



  • Comisión de apertura: 0,50%, mínimo 60€
  • Opening fee: 0.50% minimum €60.
  • Comisión de estudio: 0,50%, mínimo 60€
  • Studying fee: 0.5% minimum €60.
  • Avales de menos de un año: 1%, mínimo 45€ (trimestralmente)
  • Less than one year BANK GUARANTEE: 1% of the amount of the BANK GUARANTEE (every quarter), minimum €45.
  • Avales de mas de un año: 1,50%, mínimo 45€ (trimestralmente)
  • More than a year BANK GUARANTEE: 1.50% of the amount of the BANK GUARANTEE (every quarter), minimum €45.

 Datos válidos desde el 31/08/2009. Sujetos a posibles cambios.

This information is valid from 31/08/2009 and is subject to changes.


If you are coming to Madrid and want to bring funds with you, keep this in mind:

Bringing funds via Travellers Cheques is expensive (3€ for every cheque you deposit), and monies deposited into a bank account via Travellers Cheques are helled for 20 business days.


Student arrives to Madrid and brings US$5,000 in funds via travellers cheques which have an individual denomination of US$100.  In addition to having the funds held for 4 weeks (20 business days), this student would need to pay 3€ x 50 cheques = 150€ (or about US$215) in fees.  Not ideal.

Travellers cheques and cheques in general are not the norm in Spain, so you are encouraged to send money to an account that Financial Aid can open for you ahead of your arrival (see: opening an account), or to simply use your home banking institution’s debit card to withdraw funds from your account upon arrival.  Please keep in mind that ATM fees do apply, both here in Spain, and from your local bank.

What Do I Do If I Already Bought Travellers Cheques?

The fastest way to cash Travellers Cheques is to do so at Barajas International Airport upon arrival.  Please keep in mind that fees will apply, and are set by local AMEX Office.

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