For second-year Wharton MBA student Kit Wong, getting admitted to the elite business school was a challenge. But as is the case for many international students at Wharton, the Malaysia native says financing his education was even tougher. "In Malaysia, it is quite difficult to get loans for students," Wong said. "And you can't come to the States and raise funding. [Instead] you have to raise the funds personally through friends, family and the bank. That makes it really hard." But Wharton administrators hope that a new Wharton Loans program, co-sponsored by the Pittsburgh-based PNC Bank, will make financing an MBA degree a little easier for next year's class of international students. According to MBA Admissions Dean Robert Alig, the financial aid program will guarantee that all admitted Wharton MBA candidates -- domestic and international -- will be able to take out a student loan. "The condition for accessing loans is now admission. We will provide students with support regardless of where they are from," Alig said. "This levels the playing field for both foreign and American students pursuing MBAs." In the past, Alig said that international students needed a United States citizen to co-sign bank documents in order to get a loan approved -- an extremely difficult process for foreign students without relatives or close friends who are U.S. citizens. Under the new program, newly admitted students can secure a loan -- which can be repaid over a 20-year period at around 7.75 percent interest -- without having to find a co-signer. "I am sure we lost some students previously who were unable to enroll because they didn't come from a privileged background or could not afford to attend," Alig said, noting that the school's hefty price tag -- where first-year expenses can push upwards of $43,000 -- often prevents qualified students from attending. Second-year Wharton MBA student and Argentine native Sergio Abramovitch agrees. With few scholarships and loans available in many countries, poor currency exchange rates due to the recent financial crises and the high cost of tuition, a Wharton education is mainly "limited to those with a good job or a wealthy family," Abramovitch said. "All of us are here essentially because we could afford it," Abramovitch added. "But I know friends of mine who are very intelligent and bright but didn't have the money and could not come." Although about 35 percent of Wharton students come from outside the United States, outgoing Wharton Dean Thomas Gerrity and other top administrators have proposed a series of initiatives to enhance the school's international character and attract top students from around the world. Recently, admissions officers and alumni have visited many countries in Europe, Asia and Latin America to conduct interviews with potential candidates, hold information sessions and demonstrate Wharton's interest in international students. And officials hope the new loan program will increase their yield even more. "We've seen significant growth in the international applicant pool," Alig said. "And I think with the [loan] program, we will see even more movement." Abramovitch certainly hopes so. "Wharton is missing a lot of good people," he said. "With more loans, we should have a bigger and broader representation."
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