Last week the University of Chicago Booth School of Business announced a new loan program for international students. Launched in partnership with JPMorgan Chase, the new program will give these students access to private educational loans without requiring a co-signer. The new program will provide loans to international students who are not eligible for federal assistance in the U.S. and cannot qualify for standard private loans because they do not have a U.S.-based co-signer.
Under the terms of the new deal, JPMorgan Chase will provide financing to qualified international students for amounts up to the total cost of attendance, minus any financial aid received. Exact terms will be announced later this spring, when students will receive more information on the program.
“Almost 20 percent of our students are from abroad, and they add a great deal of intellectual vibrancy and cultural richness throughout the University and our community,” said Kimberly Goff-Crews, Vice-President for Campus Life and Dean of Students, in a release on U. of Chicago’s web site. “We have focused our attention on finding loan programs that will meet the needs of this important segment of our student body.”