Earlier today, the Financial Times reported that the Graduate Management Admissions Council, the body that governs the GMAT, has secured a pool of $500M in funds, which will be directed toward MBA students seeking to study overseas. While the scheme, which will take effect for the 2009–2010 academic year, offers welcome relief for internationals who have been unable to secure loans during this tumultuous period in the global economy, it may be “too little too late” for the many students who chose not to apply this year, for fear that they would not get loans.
According to the Financial Times: “The new lending scheme is not dependent on any particular bank or group of banks and students who borrow under the programme will not be required to secure co-signers. Business schools involved in the programme will not be liable for individual loan defaults.” We hope this program will be renewed and will continue for as long as necessary.