The Wharton School of the University of Pennsylvania, US, has launched a custom loan programme that will provide assistance to international MBA students who do not have a US co-signer.

The scheme was launched in association with Digital Federal Credit Union (DCU).

The programme, which covers tuition and living expenses, is also available to current first-year international students for their second year of study.

Highlights of the programme include attractive loan terms, no origination fees and attentive customer service.

“The global economic crisis has had a negative impact on many financial institutions who have traditionally offered private student loans, which of course has direct ramifications for our students,” said Anjani Jain, vice dean of Wharton’s graduate division.

“With students from more than 70 countries, Wharton offers a truly international environment and it was very important for us to find a lender that can meet the needs of these students.”

With a network of 84,000 alumni in 139 countries worldwide, the Wharton School has a long established commitment to global engagement.

Today, 40 per cent of all Wharton MBAs are international students, providing valuable insights to both faculty and classmates.

DCU developed the custom loan programme for Wharton’s international MBA students in conjunction with Credit Union Student Choice, a credit-union-owned organisation that offers school-certified private student lending solutions to credit unions across the country.

“As a credit union, we have a unique business model that makes us perfectly suited to meet the private loan needs of international students at the Wharton School of the University of Pennsylvania,” said James Regan, DCU President and CEO.

“We are extremely excited about the value we can deliver to Wharton students,” he added.

The custom loan programme created by DCU features a unique line-of-credit structure, giving international students the ability to apply once and secure financing for their complete graduate degree.

Besides providing tuition financing, other key attributes of the line include low interest rates, flexible repayment options, and zero origination or pre-payment fees. – TradeArabia News Service