Booth Professor Elected to National Academy of Sciences
Douglas Diamond, Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, has been elected a member of the National Academy of Sciences (NAS). Membership to the National Academy of Sciences is considered one of highest honors a scientist can receive. Continue reading…
Friday News & Notes: Stanford Finance Jobs, Another Airline Fiasco and More
Good morning and happy Friday!
Here are a few stories you may have missed from the week that was …
University of Illinois at Chicago Professor Wins Behavioral Finance Award
The University of Illinois at Chicago Business School recently announced that finance professor Quoc Nguyen was awarded the 2016 Hillcrest Behavioral Finance Award for his contributions to “Lazy Prices,” a paper co-authored with Lauren Cohen and Christopher Malloy that focuses on changes to corporate reporting language that had previously been copied and pasted from one report to the next. Continue reading…
Columbia Conference Surveys Impact of Media Coverage on Market Movement
Columbia Business School recently revealed findings about the Bank of America Merrill Lynch and JP Morgan Chase-sponsored 2nd Annual News and Finance Conference, which addressed the effects of media coverage on the world of finance.
Quinlan Announces Partnership with Finance and Investment Organizations
The Quinlan School of Business recently announced a new partnership with two leading professional organizations in the finance and investment industry. Under this new agreement, the Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) associations have vetted Quinlan’s undergraduate and graduate finance curricula to ensure that the programs prepare students for certification exams. Continue reading…
Financing Your MBA, Part 4
In our previous post on financing your MBA, we covered loan programs for MBA students from the United States. Today, in Financing Your MBA, Part 4, we’ll take a look at loans through the lens of international students. These applicants may face some different restrictions but are also eligible for special programs tailored to their unique requirements.
By law, federal loans can only be distributed to U.S. citizens or permanent residents. This means that international students must put extra work into finding financial aid and loan programs to support their education if they choose to pursue a U.S. MBA program.
International students should research their own countries’ options for financing studies abroad, and schools’ financial aid offices are also useful resources in this regard. For instance, MIT Sloan lists 16 scholarships or fellowships geared towards international students.
Private Lenders for International Students
International students can also consider U.S.-based private loans, but they should recognize that many of these loan programs require a U.S. co-signer. Understanding that this can prove a hardship for those without a U.S. connection, some schools offer internal options for international students. For instance, Harvard Business School has partnered with the Harvard University Employees Credit Union to offer private educational loans that do not require a U.S. co-signer. NYU Stern also features a list on its website of loan providers that don’t require international students to have a U.S. co-signer. Consulting with your target schools’ financial aid offices is a great way to learn about available loan options.
International students should keep in mind that U.S. lenders are typically not allowed to issue loans to students from countries on the United States Treasury Department’s Office of Foreign Assets Control (OFAC) Sanctions list. The Treasury Department encourages prospective students to check this list with some regularity, as it is frequently updated.
Also addressing the need for non-co-signer loans, companies like Prodigy Finance have entered the market in recent years. Founded by INSEAD alumni who faced funding challenges themselves as international MBA students, Prodigy offers loans using an innovative community-financed model in which alumni, institutional investors and qualified private investors fund the next generation of MBA students.
This article has been edited and republished with permissions from Clear Admit.
