1. Evaluate loan options. International students are not eligible for U.S. federal student loans but may be eligible for private loans.
a) Alternative Loans: Student’s interested in taking alternative loans will need to go directly to the lenders website and complete the application online. The academic period for the Fall and Spring semesters will run August through May. Spring only loans will be January through May.
The maximum amount of the loan you can request is the total listed on the need analysis page times the number of semesters in one academic year. A SEPARATE LOAN APPLICATION IS REQUIRED FOR THE SUMMER TERM and EACH ACADEMIC YEAR. A sample list of lenders can be accessed at the following link: http://www.studentlendinganalytics.com/alternative_loan_options.html.
b) Alternative International Loan without a U.S. co-signer: It is our intention to offer a loan product that does not require a U.S. cosigner. However, the rates and terms for the 2013-14 loan program are still being finalized. Applications will not be available until you arrive on campus, but this program is typically available for any international student admitted to our full-time MBA program. Some specifics of the program we offered last year are listed below as a frame of reference:
2012-13 MBA Non-cosigner loans
- No origination fees or prepayment penalties
- 10-year repayment term that begins 90 days upon graduation or program withdrawal; 15-year repayment available upon request
- Interest will start accruing from the date that the loan is disbursed
- Interest is capitalized one time at repayment
- Loan limits are tuition minus scholarship
- Choice of paying interest while in school or having interest capitalized once the grace period is expired
- Separate loan applications are required for the fall and spring semesters
- 10% Fixed interest rate
2. Submit your Financial Assistance Application to:
Kyle Cronan, Associate Director of Graduate Business Financial Aid
Washington University in St. Louis
Campus Box 1133
Simon Hall Room 114
1 Brookings Drive
St. Louis, MO 63130
3. Deposited students will be contacted once their Institutional Application and/or loan certification requests are received. Full-time MBA students may use a combination of both cosigner and non-cosigner programs to fund their studies at Olin. Dpending on the lender that is selected, students using an alternative loan with cosigner can usually begin their application process 60 days prior to the start of Mini-term A. Applications for the non-cosigner loan program will not be available until a student arrives on campus.