Posts Tagged ‘loan#8217;


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.


Caja Madrid and Residency (NIE) Requirements

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

Recent changes to Spanish law (Real Decreto 1861/1991) now make it a requirement for Spanish financial institutions to collect a residency number when opening bank accounts or providing access to other financial instruments such as bank loans.  What this means for admitted IE program candidates who do not yet have Spanish nationality or residency is that applying for a loan through our Caja Madrid loan agreement will be challenging.  This is because while all students must have their payment plan and sources of financing set before they enter their program, technically students cannot apply for a Caja Madrid loan until they have a Número de Identificación de Extranjeros – NIE (pronounced: knee-eh) number.  NIE numbers can only be obtained once a student is physically in Madrid, and it is a process that can take upwards of 6 weeks.  Therefore, barring that a student processes their visa and NIE application well in advance of their program, Caja Madrid is a complicated proposition for our international candidates.

We’re working on finding a solution to this situation, but for now, we are advising international students to only see Caja Madrid loans as a back-up option should other financing options not come through.

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