The Yale School of Management (SOM) has announced a new self-funded loan program designed to ensure that the school’s international students have access to loans with terms comparable to those offered to U.S. students. Several loan programs for international students have been cancelled as a result of the global economic crisis, and top schools are responding as quickly as they can with workable alternatives.
The maximum annual amount of the new loan program is $49,945 for the Class of 2011 – equivalent to tuition and fees for the academic year – minus any scholarship awarded. The loans do not require a co-signer and carry a fixed interest rate of 7.75 percent. Students have 10 years to repay the loans but make no payments while enrolled and have a six-month grace period after enrollment ends to begin repayment.
“Especially in these difficult and uncertain economic times, we know how important it is for international students to have financing options on terms similar to those available to domestic students,” Bruce Delmonico, Yale SOM director of admissions, said in a statement announcing the new program. “That’s why we are pleased to be able to offer our self-funded, no co-signer Yale loan, the terms of which are as competitive as any other product out there,” he continued.
Prospective applicants or current students seeking more information about the Yale International Student Loan Program are encouraged to visit the Financial Aid section of the SOM website or email Karen Wellman directly.
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