The University of Chicago in the US has signed a participation letter with Deutsche Bank to take part in the Bank’s new International Student Loan Program (ISLP). The program provides international students at the University of Chicago Booth School of Business with access to loans that do not require a US co-signer.
With many traditional tuition financing avenues closed due to the weak economy, international students have found it increasingly difficult to finance their education at American universities. The program will make educational loans available to international students who are not eligible for federal assistance or cannot qualify for standard private loans because they do not have a US co-signer. Deutsche Bank, as the initial investor, will provide financing to international students for an amount up to the total cost of attendance, less any financial aid received. Currently there are discussions to expand the program to other schools.
The terms of the program balance student costs and school risk in providing guaranteed loans for Booth students. The loans will have terms comparable to private loans available for students with US co-signers.
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