Archive for September/2012


What’s an IE Fellow Award? Learn more about this great opportunity.

Written on September 27, 2012 by Joël McConnell in Uncategorized

The IE Fellows Program is a merit-based program that provides admitted degree candidates with funding towards their program of study, in exchange for their contributions to an on-campus project. This web page not only provides information on what a fellowship consists of and how to apply, but it also allows approved fellows to login and complete the placement process.

Check out the web page to learn more about this great opportunity to get financial assistance towards your tuition fees, add an additional component to your degree experience at IE, and to meet leaders at IE and at our partner organizations you might not otherwise get to work with directly.


Spanish tour company Pullmantur, and the IE Foundation, are working together to promote women directors responsible for IT at leading companies in Spain. The program provides support for young professionals with talent, enabling them to access a world-class education in a top-tier school with the help of a leading Spanish tourism firm.

To learn more about the scholarship offering, see here.


As an admitted degree candidate at IE, you’ll likely want to set up a bank account ahead of your arrival so that you have funds ready and waiting upon arrival.  Having your bank account ready and with a positive balance upon touchdown at Barajas means that you will more quickly be able to sign an apartment lease, get gym memberships, make that necessary trip to IKEA…  However do keep the following policy in mind:


IE Financial Aid has banks it works directly with, but we can only support students who open their bank accounts directly through our department.  If you open an account through a third party service provider you do so at your own risk, and IE Financial Aid will not be able to help you should there arrise a problem with your account or bank transfers.

We strongly recommend students do not use these third party service providers, and that they instead open their accounts through our central Financial Aid service. If there are problems related to funds transfer not being received, unpaid fees or other issues, IE Financial Aid will not support students who have not opened their account through IE Financial Aid.

For more information, contact us at


f you didn’t catch the recent article from the New York Times/International Herald Tribune titled “A Patchwork of Financing Complicates Foreign Study” then it’s worth having a read (see here) as the article not only talks about the challenges of getting a loan for study abroad, it also talks about a proposal that has been tables in Brussels whereby the European Union would have a EU-wide student loan program that would allow for portable student loans.

IE Business School does offer loans to international students, in amounts of up to 30.000€ towards master degrees.  Rates are in the neighbourhood of 4% and repayment periods of up to 10 years.  Students have up to 24 months of grace period, and some IE’s loan partners charge no penalty for early repayment.  The big plus with IE’s loan programs however are that students only have to deal with the Financial Aid Department, and the Financial Aid Department works with the banks to process the loans.  While students do have to have a good credit history and strong future earnings potential, the banks that IE works with provide loans to Spanish and international students alike.  For more information on IE’s loan programs, see here.


Nexos Magazine es la revista en español que todos los viajeros de vuelos American Airlines leen, y en la edición de Agosto-Septiembre 2012 el director del departamento de Financial Aid de IE, Joël McConnell, sale como experto sobre temas de como financiar sus estudios de MBA.  Otros expertos que salen en el artículo incluye José Antonio Cruzado de QS y Jaime Contreras de América Economía.

Para ver el artículo pasar a la página 46 de la revista Nexos, en su formato digital dando click aquí.


La forma de financiar tus estudios de postgrado en unas de las grandes escuelas de España es un tema importante y hay que pensar en todas las opciones.  En este artículo que publicó El País el domingo pasado el periodico ha consultado a IE y a otras escuelas de referencia sobre las tendencias y vías de financiación ahora disponibles para los mejores alumnos.

Estudiantes sin crédito
Autor: Miguel Ángel García Vega
Suplemento Formación y Empleo
El País (Domingo, 16 de septiembre, 2012)
Ver el artlículo completo aquí


On Tuesday, September 11, the 2012/2013 Fulbright Scholars and Grantees began their orientation week and began to settle in Madrid.  As part of the initial day of the orientation week, Joël McConnell, Director of Financial Aid at IE Business School, participated on a panel that served to orient Fulbright recipients on the importance of the opportunity, the collaboration that is necessary to make their year in Spain happen, and the responsibility being a Fulbright recipient entails.

Additional panel speakers included Alberto López San Miguel, Executive Director of the Fulbright Commission in Spain; Carlos Maldonado Valcarcel, Deputy Director for Coordination of Cultural and Scientific Relations, Ministry of Foreign Affairs and Cooperation; Rocío Albert, General Director for Quality Improvement in Education for the Madrid Regional Government; and Amy Bliss, Cultural Attaché for the US Embassy to Spain.


According to Social Finance (SoFi) CEO Mike Cagney “Through SoFi, we have been able to create a whole new market that gives students better alternatives to fund their education while strengthening ties to their alumni community…”  Following an approach similar to Prodigy Finance, this organization aims to tap financial support from alumni to help fund future students’ studies at the home institution.

To learn more about the SoFi story, see the link here.

To learn more about Prodigy Finance, see the link here.

While an innovative approach to student funding, often these primarily alumni-funded loan schemes do have their own risks, both for investors and the home institutions.  Nonetheless, they are an interesting model and one worth following as they mature into a more commonly tapped source of student loans.


The Organization of American States (OAS, or OEA as it is known in French, Spanish and Portuguese) is the world’s oldest regional organization.  Today, the OAS brings together 35 independent states of the Americas and constitutes the main political, juridical, and social governmental forum in the Hemisphere. In addition, it has granted permanent observer status to 67 states, as well as to the European Union (EU).  For more detailed information on the OAS, please see the organization’s web site here.

This year marks the third year of collaboration between OAS and IE Business School, and together we are helping top talent from the Americas to get an advanced degree from one of the world’s leading institutions of higher learning.  Later, post-training, these high potential graduates return to the Americas to lead change in one of the OAS’ member countries.  To ease the financial aspect of obtaining a degree from a top international school, IE and OAS sponsor several scholarships on an annual basis.

The final round of scholarships for 2012 are now open for applications, so take note of the following deadlines:

 Deadline 01: 30 November, 2012. Candidates who wish to apply for the scholarships must have applied for admissions by this deadline.  Any candidate who has not submitted their admissions application form on or before this date will not be considered for the scholarship.

Application requirements in English see here
Application requirements in Spanish see here

Deadline 02: 4 December, 2012.  Candidates must formally apply for the the IE – OAS Scholarships by this date.  More information on how to apply and the documentation that is required at IE Financial Aid Page or the OAS Scholarships Page.

Deadline 03: 12 December, 2012.  Candidates who obtain admissions to a qualifying program, and who are selected for one of the scholarships for study at IE Business School, will be notified by this date.

The programs and scholarships that are included in this final round of scholarships are the following:

1) Master in International Management (6 scholarships worth 8.700€ each/30%)
2) Global MBA+ Sports Management or Biotechnology Management (1 scholarship worth 12.600€/30%)
3) Master in Architectural Management and Design (1 scholarship worth 9.200€/40%)

More information on the above programs available at IE Business School (see here) and IE School of Architecture and Design (see here).


Bloomberg Businessweek looked at the financial aid packages awarded by the 50 top ranked US undergraduate business programs to see who had the most generous programs. Bloomberg then ranked the schools based on what they call the discount rate (the amount of total costs covered by aid, specifically institutional scholarships and grants paid for directly by the school) and the number of students receiving such aid.  The top schools were:

1)  University of Tulsa
2)  Rensselaer Polytechnic University
3)  Fordham University
4)  Case Western Reserve University
5)  Massachusetts Institute of Technology (MIT)

Too see the full ranking, click here.

So how does IE University stack up? Pretty well, in fact so well that it likely would be a top 5 school if there were an international version of the Financial Aid ranking.  Fully 60% of undergraduate business students (BBA degree candidates) receive financial assistance directly from IE Financial Aid.  Annual tuition at IE University for BBA students currently stands at 18.000€ per year (about US$22.750) plus about another 10.000€ (about US$12.650) – or grand total of US$35.400 for each of the 4 or 5 year degree. Average aid awarded was approximately 9.000€, or about 50% of tuition fees.  Grants are awarded based on financial need, academic excellence, IB scores and entrepreneurial initiative.

To learn more about Financial Aid option for the BBA degree at IE University, click here.

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