While attending the F.W. Olin Graduate School of Business at Babson College, you'll be able to take advantage of a variety of credit-based educational loans to help finance both educational and living expenses. The eligibility, credit requirements, interest rates, and repayment terms of these loans vary. International students may apply with or without a co-borrower. Massachusetts Educational Financing Authority (MEFA) Loan
MEFA is a popular credit-based loan program offered to Babson students. The 2006-2007 interest rate is 6.99%, fixed for the life of the loan, or a 7.33% variable rate. MEFA charges an origination fee of 3.75 percent (with a co-applicant) or 7 percent (without a co-applicant) of the loan principal. You can defer repayment of principal and interest while in school, although interest does accrue during the deferral period. To qualify, you must be enrolled in at least 6 credits. International students may borrow through the MEFA program, but must have a credit-worthy U.S. citizen or Permanent resident as a co-applicant.
For more information and to apply online, go to MEFA's website or contact MEFA at 800-449-MEFA.
Signature Student Loan
The Signature Student Loan is offered by Sallie Mae and Citizens Bank. It allows students to borrow up to the cost of education minus any other financial aid. Students have up to 15 years to repay the loan. Credit-worthy applicants applying with a credit-worthy co-signer may receive interest rates as low as the prime rate minus 0.50%. International students may apply without a co-signer.
You can apply online at www.salliemae.com/signature/citizens/
CitiAssist Loan
Babson College has partnered with Citibank and its subsidiary, the Student Loan Corporation to offer a discounted CitiAssist Loan for Babson students. You can borrow up to the cost of attendance minus any other financial aid. For students with excellent credit, the interest rate is the prime rate plus 0.25 percent. There are no fees. Students can defer repayment of the principal and interest while in school, though interest does accrue during the deferral period. Students have up to 15 years to repay the loan.
You can apply for a CitiAssist Loan online at www.studentloan.com/schools/babson/
MBA LOANS Private Loan
MBA LOANS offers the MBA Loans Private Loan, which allows qualified students to borrow up to the cost of education minus any other financial aid. To be eligible, you must be enrolled in at least 3 credits per term. The interest rate is variable based on credit, so the better your credit, the lower your interest rate.
International students may borrow with a credit-worthy U.S. citizen or Permanent Resident co-signer.
For more information, please visit www.salliemae.com/mbaloans.
Federal Graduate Plus Loan
The Federal Graduate Plus Loan is available to graduate students who are U.S. citizens or Permanent Residents enrolled at least half-time. Applicants must also complete the Free Application for Federal Student Aid (FAFSA). The interest rate is fixed at 8.5 percent, but many lenders offer borrower benefits with reduced rates at disbursement and repayment.
