The University of Rochester's Simon Business School has announced plans to launch a new MBA loan scheme aimed at international students.
Through the new plan, international students studying for their MBA at the Simon School can receive loan amounts of between $1,000 and the full cost of tuition.
Priority will be given to students with demonstrated financial need.
“Many international students are unable to attend their business school of choice because of the financial barriers,” says Rebekah Lewin, assistant dean for admissions and financial aid.
“Our goal is to remove these barriers and make a Simon education possible for all students who meet our admissions criteria.”
Indeed, traditionally, many loans that help students finance MBA programs in the US are only available to domestic students. This has been changing, with an organization called Prodigy Finance now offering loans for international students studying at select business schools in the US, including Duke University's Fuqua School of Business, Columbia Business School, and the Stanford Graduate School of Business. Through Prodigy Finance, loans are also available for schools in other regions.
The Simon School's announcement comes just months after the school announced that it was cutting the cost of the MBA program's tuition, from $106,440 to $92,000, "to be more aligned with tuition at peer schools." The school says that it provides merit scholarship support to more than half of its full-time MBA students.
Simon's new MBA loan scheme will be available for international MBA students starting study in the fall of 2016.
FIND MBA lists the Simon School as one of the Top 10 Business Schools in New York.
Image by Jeff Keesom / CC BY-SA 3.0