New York University President L. Jay Oliva today announced that Citibank is establishing at NYU the first U.S.-based loan program for foreign students from every land. The program, which will offer the same rates as loans for U.S. students, will be available to students beginning this fall. Applications are now available, and can be obtained over the Internet at NYU’s web site, www.nyu.edu/financial.aid.
NYU has the largest number of international students of any U.S. university, with some 5,000 undergraduate, graduate and non-credit students. Working with Citibank, NYU piloted the first international student loan program this past year for students from Japan.
Dr. Oliva said, “A global approach to higher education is a core principle at NYU. One of the most important components of that efforts has been to have students from other lands study here. Many of those international students have told us that a loan program similar to the one available to U.S. students would be of great help to them.
“That’s why I am delighted that NYU and Citibank have joined together to pilot CitiAssist Global, a private loan program for international students attending NYU. It is another measure that can help promote the globalization of education and enable students from abroad to study here.”
Bill Beckmann, president of Citibank Student Loans, said, “We are confident that this partnership has resulted in a highly innovative solution to a comprehensive array of educational financing needs. The loan will assist students from all over the world to gain access to the premier quality education offered by New York University.”
CitiAssist Global is an extension of CitiAssist, the alternative loan program introduced by Citibank in 1997. CitiAssist Global will:
- Be available to students attending NYU from any foreign country
- Be U.S.-based and provide the loans in U.S. dollars
- Not require any minimum; undergraduates can receive up to $10,000/year, graduate students can receive up to $15,000/year, and medical students can receive up to $20,000/year
- Be priced at the same rate as student loans for U.S. citizens (prime plus one percent); flexible re-payment options and terms will be available
- Not require a U.S. co-signer (unlike most loans to foreign nationals)
- Not have any application, origination or guarantee fees
Citibank was one of the first banks to finance higher education beginning in 1958 and today continues to offer affordable, innovative solutions to students and their families. Citibank is committed to education financing: it was the only lender to reduce its rates on new Stafford Loans in advance of legislation, and it not only provided Federal Consolidation Loans to Direct Lending students but also provided informational material to students on loan consolidation.
New York University, which is located on Washington Square Park in historic Greenwich Village, was established by special New York State legislation in 1831. It is one of the most prestigious research institutions in the world. Through its 13 schools and colleges, it conducts research and provides education in the arts and sciences, law, medicine, dentistry, education, business, public administration, nursing, social work, and the cinematic and performing arts, among other areas. NYU’s international studies area includes numerous facilities abroad (such as Florence, Madrid, Paris, Prague and Salamanca), numerous faculty and student exchange programs, courses co-taught with foreign universities, the largest number of “international houses” of any U.S. university, and free dorm-based language instruction.