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We recently published a new fellowship opportunity on the Financial Aid web site, see the scholarships section at for more information, or read on…


MET Fellowships: Who, What and How Much?

As part of IE’s commitment to training current and future global business leaders, the IE Foundation is offering 3 Fellowships for female candidates admitted to a master program in the 2009-2010 academic year. In exchange for a financial support of up to 40% of tuition fees, the award recipient will complete a Fellowship Project with the Mujer (Woman), Empresa (Business), y Tecnología (Technology) – MET initiative, an organization sponsored by Blackberry and other leading global organizations.

Candidate Selection

This Fellowship opportunity will allow candidates with a track record of success both academically and professionally to add to both their professional network and CV. Award recipients will complete their Fellowship project during the academic periods of their program of study. The IE Scholarship Committee will consider favorably those candidates who in addition to having a history of academic and professional excellence, have been active within the ranks of global professional organizations such as EuropeanPWN, Women in Business or other notable professional organizations.


Fellowships MET: Quién, Qué y Cuánto?

Como parte de nuestro compromiso para formar futuras líderes empresariales, la Fundación IE ofrece 3 becas de colaboración para candidatas admitidas a un programa máster de IE para el año académico 2009-2010. A cambio de esta ayuda económica, que cubre hasta el 40% del coste total del programa, las becadas deberán comprometerse a colaborar con la organización “Mujer, Empresa, Tecnología” (MET), iniciativa patrocinada por Blackberry. 

Selección de las Becadas

Esta beca de colaboración permitirá que aquellas candidatas con un buen expediente académico y una excelente trayectoria profesional y personal, puedan mejorar tanto su red de contactos profesionales como su currículum. Las becadas deberán comprometerse a colaborar durante todo el periodo académico de su programa. El Comité de Becas de IE considerará favorablemente a aquellas candidatas que, además de contar con un excelente historial académico, hayan participado activamente en asociaciones profesionales tanto nacionales como internacionales.

Para más información: visite el enlace, leer el documento descargable, y ver nota de prensa sobre el MET.


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.

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 ( 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
  • Entity Number: 2038
  • Branch Number: 1957

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. 


While we recommend you do a web search to seek out the best government aid programs in your country, here we have included a little overview about the types of aid programs countries may offer for students.  We also provided a listing of government aid programs IE actively participates in, and please, if your country’s aid program is not listed, please email us at and tell us about how we can help you obtain funding from the office that manages the funding scheme.  Generally there is an administrative process where the institution must be officially recognised by the government office, and this an area we have experience in managing.

Government Aid Programs in Spain

Government aid in Spain is economic needs-based and so very often students coming to IE do not qualify for governement stipends.  However, the main points to take into consideration with regards to government aid programs in Spain are:

  • General scholarships are made available through the national Ministry of Education, Social Policy and Sport (MEPSYD) –  see MEPSYD web site (in Spanish)
  • Additional scholarships are available at the Autonomous Community and Provincial level, and so students should consult the various regional and/or provincial government web pages for additional aid and funding program information available to residents of specific regions.  For example, while students coming from the Basque Country should refer to the Departamento de Educación, Universidades e Investigación in Vitoria, students coming from Navarra should refer to the Departamento de Educación in Pamplona.  Each of the 17 Autonomous Communities maintain their own web pages.

International: Selection of Government and Non-Profit Aid Programs Outside Spain

Many countries offer funding support programs for students studying at home or abroad, and often students coming to IE can take advantage of these programs as a means to help in the financing of their program.  Below is a listing of some of the government and non-profit supported aid programs IE students have access to:

  • Alberta Student Funding (Canadians with residency in the province of Alberta)
  • Canada-Ontario Integrated Student Loans (Canadians with residency in the province of Ontario)
  • CareerConcept AG Bildungsfonds (Program for German nationals)
  • Colfuturo Loan-Scholarships (Program for Colombian nationals)
  • Corporación de Fomento de la Producción – CORFO (Program for Chilean nationals)
  • Consejo Nacional de Ciencia y Tecnología – CONACYT(Program for Mexican nationals)
  • Danish State Education Grant and Loan Scheme (Program for Danish nationals)
  • Federal Government Trust Fund for Human Resources Development – FIDERH (Program for Mexican nationals)
  • Foreign Government Awards Program (Program for Canadian candidates sponsored by the Spanish government)
  • Funda Pro (Program for Bolivian nationals)
  • Fundación Mexicana para la EducaciónFUNED (Program for Mexican nationals)
  • Guatefuturo (Program for Guatemalan nationals)
  • Colombian Institute for Education Lending and Technical Foregin Studies – ICETEX IDB Scholarship Program for Postgraduate Studies (Program for Chilean nationals)
  • Instituto Ecuatoriano de Crédito Educativo y Becas – IECE (Program for Ecuatorian nationals)
  • Instituto para la Formación – IFARHU (Program for Panamanian nationals)
  • Instituto Peruano de Fomento Educativo – IPFE (Program for Peruvian nationals)
  • The Joint Japan / World Bank Graduate Scholarships (for candidates from elegibledeveloping countries)
  • Japan-IDB Scholarship Program (Program for Latin American andCarribean nationals)
  • Japan Student Services Organization – JASSO (Program for Japanese nationals)
  • Programa de becas Presidente de la República (Program for Chilean nationals)
  • Québec Loans and Bursaries Program (Canadians with residency in the province of Québec)
  • Secretaría de Estado de Educación Superior – SEESCyT (Program for Dominican nationals)
  • Secretaría de Relaciones Exteriores y Secretaría de Educación – IMEXI (Program for Mexican nationals)
  • Styrelsen for Statens Uddannelsesstøtte (Program for Danish nationals)
  • Statens Lånekasse for utdanning (Program for Norwegian nationals)
  • StudentAid BC (Canadians with residency in the province of British Columbia)
  • UNESCO Scholarships (Program for candidates from UN Member Countries)

Loans Options for Admitted IE Students

Written on March 2, 2009 by Joël McConnell in Loans | Préstamos, Uncategorized

Here we provide more information about paying your tuition fees with a loan.  Essentially, you’ll want to keep in mind that the fatest and most probable way of obtaining a loan is by working with a financial institution in your home country, and as a back-up plan, you can also apply for a loan from Caja Madrid.  On the Financial Aid web site we list many private and public loan programs, as well as information about the Caja Madrid loan option, so it’s best to use the Financial Aid web site as a starting point for your loan search.

Applying for a Loan from an Institution in Your Home Country

Banks by their nature are conservative in their lending practices and tend to be most comfortable lending to local nationals because they better understand local risk and repayment profiles.  Additionally, banks tend to have more resources at their diposition with regards to collecting bad debts when the defaulting loan is with a local national.  While you will be an IE graduate and we expect you will maintain the highest of ethical and personal standards, which includes continuing to meet your various professional and financial commitments, banks fundamentally look at risk and customer lifetime value profiles when deciding whether or not to provide education loans. 

Also, please keep in mind that many governments, especially in countries with less fluid capital markets, provide government-guaranteed and/or government-sponsored loan programs for top candidates.  Information on a selection of such programs is available on the IE Financial Aid web site.

Caja Madrid Loans for Admitted IE Students

While available to all admitted IE students, the Caja Madrid loan program should be seen as a back-up plan with regards to financing your program of study.  The application evaluation process is rigorous and only candidates who meet Caja Madrid’s internal credit analysis requirements are provided with loans.  As Caja Madrid retains sole responsibility for bad debts related to the program, Caja Madrid has final say on whom receives loans from them, be they Spanish nationals or applicants from abroad.  In many cases a local cosigner may be required.


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