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International Student Loan Program

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In an effort to make a Simon degree more accessible to top global talent, the School is offering a no-cosigner International Student Loan Program (ISLP) for full-time MBA students.

The program, in partnership with Elements Financial and Credit Union Student Choice, will make educational loans available to international students without requiring a US cosigner. Student loans will offer competitive interest rates and range from $1,000 to the full MBA program tuition cost; priority will be given to highly qualified students with demonstrated financial need. There is a streamlined application process for loan consideration; both Elements Financial and the University of Rochester will provide customer support during the loan application process.

For more details and information regarding this program watch our ISLP Information and Next Steps webinar, read our presentation slides or visit the loan program page.

Who is eligible?

International graduate students in Simon Business School's Full-Time MBA program effective fall 2016 are eligible for loan consideration. An international student is defined as a student who is not a US citizen or US permanent resident, and requires a visa for entry to the United States*. Necessary documentation includes one of the following:

  • F-1 visa and I-20, I-94, and a valid passport with photo
  • J-1 visa and form DS-2019; I-94 and a valid passport with photo
  • H1-B visa along with a letter from your employer confirming employment; I-94 and a valid passport with photo

How do I apply for ISLP?​

Students will be given a short set of questions in the Simon Business School online application to “opt-in” for ISLP funding consideration. These questions can be completed in less than five minutes and must be submitted before an admission decision is issued.

​How much can I borrow?

Students can borrow from $1,000 up to the MBA program tuition cost, less any other scholarship received. Loan amounts will be pre-determined by the MBA Admissions Office.

​When will I receive a decision about whether I qualify for ISLP funding and the amount?

The funding process involves two steps. First, the Simon Admissions Office will review you for ISLP funding; this happens around the time of an admission offer. If you are offered ISLP funding, the Admissions office will provide a preliminary approval for funding and the level available. The second step of the process requires you to apply online with Elements Financial for official approval of a line of credit for the amount of funding Simon Admissions has awarded.

​Can I use ISLP funding as part of my proof of funds when I submit a request for my I-20 to get a student visa?

Yes, as long as you have official confirmation from Elements Financial; this can be used to show proof of funds toward your financial support.

Is ISLP available for living expenses?

ISLP is available to cover tuition (less any scholarships), but it is not available to cover student fees or living expenses. We encourage students to identify other sources of funding to cover personal expenses.

What are the repayment terms?

You may choose full deferment while in school, elect to make interest only payments while in school, or choose full principal and interest payments. Once you complete your graduate program and your six month grace period ends, you can choose your repayment terms.

* Please note that ISLP funds are not available to candidates who are citizens of an OFAC sanctioned country.

 

 
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