Harvard University signed an agreement with JPMorgan Chase & Co. to make it easier for non- U.S. students to get loans, replacing an earlier program canceled by Citigroup Inc.
The arrangement is the first of its kind for JPMorgan, said Thomas Kelly, a spokesman for the bank in New York. JPMorgan is in talks with “fewer than 10 schools” to expand the program, Kelly said.
The global financial crisis prompted Citigroup in October to raise credit standards and cancel programs to provide loans to non-U.S. students at Harvard, the Massachusetts Institute of Technology and the University of Michigan. Most foreign students are ineligible for U.S. government loans, and must show proof of adequate financing before they are granted visas to the U.S.
“We have a significant international student population, and we pride ourselves on the contributions these students make to a diverse campus,” Dan Shore, chief financial officer of Harvard, in Cambridge, Massachusetts, said in an e-mailed statement.
The JPMorgan agreement, reported earlier by the Harvard Crimson student newspaper, contains a provision that would make it possible for non-U.S. students to borrow for educational purposes without a co-signer.
To contact the reporters on this story: Sree Vidya Bhaktavatsalam in Boston at sbhaktavatsa@bloomberg.net; Elizabeth Hester in New York at ehester@bloomberg.net.
The arrangement is the first of its kind for JPMorgan, said Thomas Kelly, a spokesman for the bank in New York. JPMorgan is in talks with “fewer than 10 schools” to expand the program, Kelly said.
The global financial crisis prompted Citigroup in October to raise credit standards and cancel programs to provide loans to non-U.S. students at Harvard, the Massachusetts Institute of Technology and the University of Michigan. Most foreign students are ineligible for U.S. government loans, and must show proof of adequate financing before they are granted visas to the U.S.
“We have a significant international student population, and we pride ourselves on the contributions these students make to a diverse campus,” Dan Shore, chief financial officer of Harvard, in Cambridge, Massachusetts, said in an e-mailed statement.
The JPMorgan agreement, reported earlier by the Harvard Crimson student newspaper, contains a provision that would make it possible for non-U.S. students to borrow for educational purposes without a co-signer.
To contact the reporters on this story: Sree Vidya Bhaktavatsalam in Boston at sbhaktavatsa@bloomberg.net; Elizabeth Hester in New York at ehester@bloomberg.net.
