Johnson and QUORUM Federal Credit Union (QFCU) have partnered to offer a no co-signer loan to admitted students in our full-time two-year MBA and one-year MBA programs. This loan program is available at a competitive rate, allowing international students to borrow up to the cost of tuition (plus $10,000 over program duration to help cover fees)without a co-signer, as long as the international student either has no credit or at least good credit in the United States.
Detailed information on the terms and conditions of the Quorum student loan will be sent to admitted international students by early March.
Quorum Federal Credit Union International Line-of-Credit (LOC) Loan Program Terms
Available to international MBA students in the Two-Year and One-Year (Ithaca and Tech) MBA programs. Students may borrow up to the cost of program tuition plus an additional $10,000 for miscellaneous fees.
No co-signer required. No credit required.
If a U.S. credit history has been established, you must not have adverse credit. Your credit must be good.
The interest rate is variable based on the prime rate plus a margin and may adjust quarterly. Current rates are visible here.
Zero origination fees and no pre-payment fees.
Interest Rate Discount Offers
.50% rate reduction with qualified U.S. co-signer at the time of application.
.25% discount when paying via auto-recurring payments from a U.S. bank account during repayment.
Simple interest accrues while in school. Repayment begins 6 months after graduation or if the borrower falls below at least half-time enrollment. Repayment can be extended up to 25 years depending on the total amount borrowed.
Beginning April 1, 2021, the 2021-2022 program application goes live. You may apply for the academic period that includes Summer 2021, and/or Fall 2021 and Spring 2022.
Do NOT apply prior to April 1.
You will receive an instant loan decision based on your application.
Quorum will notify you of the documentation needed to finalize your loan, via email, at the address provided on your loan application. Expect the email from Quorum/DocuSign a few weeks prior to arriving on campus.
Before your loan will be finalized, you will be required to attend an information session with Quorum Federal Credit Union when your program starts.
Sessions will be held in May for 1YR programs and August for the 2Yr program. We will notify students, via email, of scheduled dates and times once finalized.
You will need to complete a private loan notification form after the session to instruct us how to disburse your loan (semester and amount) if you wish to take loan draws that total less than the maximum amount.
Your pre-approved loan posts to your bursar account, per semester, and acts as a pending credit towards tuition until the semester loan disbursement occurs. You will not be charged a late fee if your loan does not disburse by the tuition due date, as long as you have applied for the loan and received pre-approval from Quorum.
You have the option to borrow private student loans, up to the cost of education, with a credit worthy U.S. or permanent resident co-signer. A co-signer loan may carry a lower interest rate. To learn more, visit the Financial Planning page within our new student website at http://www.johnson.cornell.edu/New-Students.
The Quorum loan may be used on the Declaration of Finances form. To do so, forward your pre-approval from Quorum to the Johnson Financial Aid Office, and a letter will be issued. Federal immigration regulations require that all international students provide evidence of adequate funds to meet the financial obligations of enrollment at a U.S. university.
Please Note: In accordance with regulatory guidelines, students who are on the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List are NOT eligible for this private education line of credit. In addition, students that reside in countries with OFAC comprehensive sanctions are NOT eligible for this private education line of credit during the time they reside in those respective countries. Please see http://www.treasury.gov/resource-center/sanctions/Pages/default.aspx for further information.
International students should investigate all sources of funding within their own countries, such as government scholarships and loans, private agencies, and bank loan programs. You can find additional country specific offerings on the Scholarships and Grants page.
Alternative Private Educational Loan Programs:
International students also have the option to borrow through a U.S. lender with a credit worthy U.S.or permanent resident co-signer. A co-signer loan may carry a lower interest rate. Private education loans are funded by private lending institutions and require a separate loan application. Private loans may offer fixed and variable interest rates based on the co-signer’s credit history and credit score. Loan amounts are limited to the published total cost of education as determined by the educational institution, less any loans or financial assistance you receive. Students are responsible for researching and applying for their alternative loan. You may borrow up to the total cost of attendance less any financial aid.
Cornell does not recommend any lenders. You are encouraged to compare lenders and loan terms to select the loan that best fits your needs. Students are responsible for researching and applying for their alternative loan. You may visit Johnson’s FASTChoice web tool to view a list of lenders students have most often used in the past. FASTChoice is not a lender; it is an independent, online loan comparison program. This interactive program provides loan counseling and basic information about borrowing for students interested in private lender options. Students can apply online for loans directly from this site. Students are free to select any lender they choose, including those not presented through FASTChoice. Click here to begin your private loan selection process.