Archive for January/2010


The Citadel Capital Scholarship Foundation was created in 2007, out of a strong will to contribute to national development through creating high caliber professionals to help enhance Egypt’s growth in all sectors. The Foundation is funded by an endowment from Citadel Capital to grant academic scholarships for talented and promising young Egyptian men and women to pursue master degrees and PhDs abroad in all fields of study.

Who is eligible to apply for this scholarship?

All Egyptian nationals under the age of 35 are eligible for the Citadel scholarship. The full set of criteria is available here.

See the link here for Frequently Asked Questions (FAQ) and the application form.


Just a quick update to all applicants for the April 2010 intakes: if you plan to apply for a Banca March or Caja Madrid loan, we need to have your loan application, as complete as possible, submitted to before the end of the weekend (midnight, 31 January).  If 1 or 2 documents are missing because the applicant is waiting for banks or other financial intermediaries to provide supporting documentation, Financial Aid will work with the student in the first week of February to close the application.  However the deadline of 31 January is firm, for both our Banca March and Caja Madrid loan programs, specifically for April 2010 intake degree candidates.

This deadline is necessary for loan processing and student visa processing reasons, so please ensure you use the weekend to get your application submitted if you plan to apply for financial assistance via loans from IE Financial Aid.


If you are a student coming to IE from the US and who is thinking of taking advantage of a Sallie Mae Smart Option student Loan® please note the following information:

Sallie Mae Smart Option Student Loan® Rates:

  • Based on LIBOR (London Interbank Offered Rate)
    – With a creditworthy cosigner: 1-Month LIBOR + 4% to 1-Month LIBOR + 12%
    – Without a creditworthy cosigner: 1-Month LIBOR + 4% to 1-Month LIBOR + 12.5%
  • There is a Zero or 3% disbursement fee; No repayment fee
  • A 0.25 percentage point interest rate reduction is available for automatic debit

More on the Sallie Mae Smart Option student loan…

Sallie Mae’s Smart Option Student Loan® is the private loan that helps students save money, build credit, and pay off their student loan debt faster.

The Sallie Mae Smart Option Student Loan is the ideal solution for students and their families who choose a private student loan to cover the full cost of attendance after they have maximized scholarships, grants, and federal loans. In today’s difficult economy, consumers are well aware of the risks of too much debt and oor credit habits. The Sallie Mae Smart Option Student Loan is designed to help students manage these isks by encouraging responsible repayment behavior while saving significant money over the life of their loan.

More information on the LIBOR rate at:


Una nota breve para avisar a los alumnos que han solicitado préstamos del Instituto de Crédito Oficial (ICO): ya están saliendo las aprobaciones del Instituto de Crédito Oficial (ICO) y tenemos el proceso controlado gracias al apoyo del Banco Santander.

Proceso de tramitación/formalización del préstamo:

 1)      El alumno deja su “ticket” UNICAMENTE con el Financial Aid Officer (Joël McConnell).

2)      El Financial Aid Officer tramita los tickets a nuestra persona de contacto del Banco Santander.

3)      Banco Santander trabaja con el alumno directamente para hacer llegar los fundos del ICO a la cuenta del alumno en el Banco Santander.

4)      En caso de tener una deuda pendiente con IE, el alumno debe hacer llegar los fondos a IE. En caso de no tener ninguna deuda pendiente con IE, el alumno se queda con los fundos directamente.

Para cualquier aclaración, contactar con nosotros al


If you are an IE student from one of the following countries/territories, please read this message in detail as its content is important from the perspective of sending funds to Spain before your arrival and once you are settled in Madrid.   Countries/territories:

Afganistan, Iraq, Iran, Belarus, Myanmar, Ivory Coast, Congo, Liberia, North Korea, Sudan, Syria, Lebanon, Zimbabwe, Uzbekistan and Northern Territories of Cyprus.

Funds Will Not Be Accepted: Spanish Confederation of Credit Unions, Spanish Treasury and FATF

Given the recent sanctions imposed by the EU on the selected countries listed above, and given advisories issued by the Spanish Treasury and the Financial Action Task Force (FATF), the Spanish Confederation of Credit Unions (CECA) has decided to suspend indeffinitely all new funds transfers coming from these cited countries/territories.  The primary concern and driving force behind the move has been to limit money laundering activities via Spanish credit unions.  While the ruling is intended to support EU-wide policy, the change in policy does effect IE students coming to study in Madrid in 2010, and those IE students currently studying at IE.

Practical Implications for IE Students

If you are from one of the 15 listed countries/territories, this ruling will mean that you cannot send funds to your Caja Madrid account directly from any financial institution located in the cited countries/territories.  This means that if you need to send funds to yourself for living expenses, then you will need to find an alternate solution.  Since IE is not a credit union, we can receive funds directly to cover your tuition fees, but Caja Madrid will reject any transfers when the local institution tries to send funds to Madrid.

Short Term Solution: Third Country Transfers

For an immediate solution, the recommended course of action is to send funds to your Caja Madrid account via an account located in a third country or from another account already established in Spain at a non-credit union financial institution.  If this is not an option for you, then you are encouraged to contact the Financial Aid Officer directly to discuss alternate solutions at


ALPS Loans for International Students

Written on January 7, 2010 by Joël McConnell in Global News on Financial Aid

Just a quick update that we are aware of the Affiliated Loan Program for Students (ALPS) loan program that 6 schools have now signed on to in the US, but as of now, the program is only open to schools in the United States (for international students who wish to study in the US).  The ALPS program’s financial partner is Deutsche Bank, and it’s an initiative coordinated through the Graduate Management Admissions Council (GMAC) partner schools.

To learn more about the ALPS program, see:

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