International students who will begin their studies at the University of Chicago’s graduate school of business in the next few months now have a guaranteed loan scheme set up by the school in conjunction with Citibank, part of Citigroup.
Like many US universities, Chicago’s former loan scheme for international students hit the buffers at the beginning of July when its lending partner was unable to renew its line of credit owing to disruptions in the capital markets. Non-US students were particularly badly hit because they do not have the credit references available to domestic applicants.
The university is contributing funding to the new programme, says Rosemaria Martinelli, associate dean for student recruitment and admissions at the business school. “Compared with the previous loan programme the new rates and terms are more favourable to students.”
The programme is available to both first- and second-year MBA students.