For Immediate Release
July 2, 1998
Contact:
HBS Financial Aid
(617) 495-6640
finaid@hbs.edu
BOSTON -- Harvard Business School (HBS) announced today a first-time, unique financing arrangement through Citibank that makes loans available to any student regardless of citizenship. In the past, access to private loan programs was generally limited to U.S. citizens and permanent residents and typically required either a significant loan origination fee or a relatively high rate of interest.
Unique to Harvard Business School among business schools with similar cost and financing structures, this program will allow admitted students -- from any country -- access to competitively priced student loan financing without fees. In short, the new program means that no admitted student will be unable to attend the MBA Program at Harvard simply because he or she cannot obtain financing.
As part of an agreement between HBS and The Student Loan Corporation, a subsidiary of Citibank, Harvard MBA students are eligible to borrow these funds through a customized version of Citibank's private CitiAssistSM program. In return, Citibank will be granted preferred lender status with MBA students at HBS.
Although students will have the freedom to borrow from any lender, the program offers several compelling features:
Low interest rate based on the Prime Rate, adjusted quarterly.
No loan origination or guarantee fees.
Available to any HBS student, without a co-signer, regardless of nationality.
No minimum loan; maximum loan equal to the student budget less other financial aid.
Loan repayment over a 15-year period; prepayment option without penalty.
The customized loan program complements an HBS Fellowship Program that provides financial assistance to students with the greatest need.
Founded in 1908, Harvard Business School offers a full-time MBA program with an enrollment of about 1,800 students. With a faculty of nearly 200, the School is dedicated to research, teaching, and course development in general management. The School also offers three doctoral programs and more than 30 offerings in executive education.
Citibank was one of the first banks to finance higher education, beginning in 1958. Today, it is one of the largest originators and second largest holder of guaranteed student loans in the U.S., serving over 1 million customers with approximately $8 billion in education loan outstanding.
July 2, 1998
Contact:
HBS Financial Aid
(617) 495-6640
finaid@hbs.edu
Harvard Business School Announces New Loan Program for U.S. and International Students
BOSTON -- Harvard Business School (HBS) announced today a first-time, unique financing arrangement through Citibank that makes loans available to any student regardless of citizenship. In the past, access to private loan programs was generally limited to U.S. citizens and permanent residents and typically required either a significant loan origination fee or a relatively high rate of interest.
Unique to Harvard Business School among business schools with similar cost and financing structures, this program will allow admitted students -- from any country -- access to competitively priced student loan financing without fees. In short, the new program means that no admitted student will be unable to attend the MBA Program at Harvard simply because he or she cannot obtain financing.
As part of an agreement between HBS and The Student Loan Corporation, a subsidiary of Citibank, Harvard MBA students are eligible to borrow these funds through a customized version of Citibank's private CitiAssistSM program. In return, Citibank will be granted preferred lender status with MBA students at HBS.
Although students will have the freedom to borrow from any lender, the program offers several compelling features:
The customized loan program complements an HBS Fellowship Program that provides financial assistance to students with the greatest need.
Founded in 1908, Harvard Business School offers a full-time MBA program with an enrollment of about 1,800 students. With a faculty of nearly 200, the School is dedicated to research, teaching, and course development in general management. The School also offers three doctoral programs and more than 30 offerings in executive education.
Citibank was one of the first banks to finance higher education, beginning in 1958. Today, it is one of the largest originators and second largest holder of guaranteed student loans in the U.S., serving over 1 million customers with approximately $8 billion in education loan outstanding.