Posts Tagged ‘loans#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.


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.


Just to clarify: cosigners on bank accounts and/or loans can only be Spanish fiscal residents. That is to say: people who are registered with the Spanish tax authorities, and who are working and living in Spain full-time.  This is a legal requirement, and is non-negotiable.


Looking to apply for a Caja Madrid loan?

Written on September 11, 2009 by Joël McConnell in Uncategorized

Then navigate to where you’ll find all the information you need, including the loan application documentation.


If you’re a Peruvian national, take 5 minutes to read this article on Financing Options for Peruvian nationals (article in Spanish), that recently was published in both the paper and online versions of El Comercio de Perú – one of the countries leading business dailies:

Useful Take-Aways:

  1. Banco del Crédito de Perú (BCP) offers up to 100% tuition loans.
  2. Banco BBVA Banco Continental also offers sizeable education loans for students coming to IE, from Peru.
  3. Get in touch with our IE Peru Office for assistance on navigating the admissions and loan process:

Para aprender más acerca del Real Decreto 1816/1991 sobre Transacciones Economicas con el Exterior, puedes leer el decreto:

Agencia Tributaria: Nota sobre el Real Decreto 1816/1991

To learn more about the Royal Decree 1816/1991 regarding Economic Transactions, please see the below link which is in Spanish:

Agencia Tributaria (Spanish National Taxation Agency): Note on Royal Decree 1816/1991


BusinessWeek: Loan Programs an Issue Globally

Written on March 6, 2009 by Joël McConnell in Global News on Financial Aid

Read this article recently published by BusinessWeek which talks about how some leading schools are having to deal with complications related to their student funding programs, especially with regards to International Students.  Click here to read the article.


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.

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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