Harvard Inks Custom Loan Deal to Help International Graduate Students
At a time when large numbers of lenders exiting the student loan
marketplace has made it more difficult for international students to
find college and graduate school funding, Harvard has announced an
exclusive agreement with JPMorgan Chase that will allow the school’s
international graduate students to borrow up to the full cost of
attendance without a co-signer, reports The Harvard Crimson
(“Harvard Strikes Loan Deal,” March 2, 2009).
Considered the first deal of its kind for the banking giant, the new
private loan agreement may make it easier for international students
— who are ineligible for U.S. federal financial aid — to get the
money they need for school.
The JPMorgan deal was arranged after Citibank announced it would no
longer offer loans to Harvard’s international graduate students in
October of last year, citing the frozen credit markets and higher
loan default rates among international students compared to their
American counterparts.
Citibank also cancelled similar arrangements with MIT and the
University of Michigan, The Harvard Crimson reports.
Harvard’s arrangement with JPMorgan is part of the school’s pledge
to maintain its current levels of graduate student aid for the next
school year even at the expense of other programs, says Harvard
President Drew Faust — a commitment she deems one of the
university’s top priorities.
The university has also unveiled several expanded financial aid
programs, including those for Harvard Law School and Harvard Medical
School, as part of its renewed commitment to meeting student need.
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