“No Co-signer” Loans for Internationals at Chicago Booth

The University of Chicago Chronicle announced Thursday that the University has signed a participation letter with the new International Student Loan Program (ISLP), which will provide loans requiring no co-signer to international students at the Chicago Booth School of Business.

The program will make educational loans available to international students who are not eligible for federal assistance and cannot qualify for standard private loans because they do not have a U.S. co-signer.

“Providing international students with access to a Chicago Booth education is a priority,” Rosemaria Martinelli, Associate Dean for Student Recruitment and Admissions, said in a statement announcing the news. About one-third of the students enrolled in the school’s MBA program come from outside the United States.

“With some traditional avenues closed due to the weak economy, we have gone to great lengths to find creative alternatives so our international students can finance their education. We are delighted to be able to offer a sustainable solution for our international students,” Martinelli said.

ISLP, originally conceived and discussed under the convening authority of Graduate Management Admission Council, quickly evolved into a loan program to be provided by a consortium of organizations experienced in the student loan arena.

This consortium, led by Deutsche Bank, which expects to provide initial funding, includes Access Group as the program servicer and administrator; Liberty Bank, N.A. as the originating lender; and Moehn and Associates as the program manager. The ISLP was developed with the involvement of Chicago Booth.

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