Private Loans for International Students
2012-2013 Eli Lilly Line of Credit
The Eli Lilly Federal Credit Union will continue to extend Lines of Credit (LOC) to international students for the 2012-2013 academic year. Below are some important facts about the Eli Lilly LOC. Maintaining the same lender for your educational loans can make repayment more convenient.
- Maximum: $45,000
- 3% Fee, added to the principal
- Prime + 4.50% variable interest rate*
- 6 month Grace Period before payments are required*
- 20-25 year repayment options, No pre-payment penalties
- Visa documentation is required. Our office will facilitate this process.
*The Eli Lilly LOC is only simple interest while enrolled in at least 6 units per semester and during the six month grace period before entering repayment.
To apply for funds, go to the Eli Lilly LOC website for Haas Students and click on "Apply Now/Draw Request".
Continuing students If you will be on exchange in fall 2012, you must complete any required loan documents before leaving for the summer because documents must be completed in person.
A Note on Disbursements
Loans are always disbursed in two payments, 50% each semester, after you are enrolled for classes at least half-time. Loan proceeds will credit to your CARS account and pay any outstanding charges. If a balance remains, a refund will be sent to your bank account IF you have completed an EFT (Electronic Funds Transfer) Agreement, http://eftstudent.berkeley.edu
The Haas School's Office of Financial Aid does not receive, and will not accept, inducements from lenders in exchange for inclusion in the private loan comparison chart; nor does the Haas School share in the profits from student loans.
2011-2012 Eli Lilly Line of Credit
This financing option does not require a co-signer or a credit history. The Eli Lilly Credit Union will extend Lines of Credit (LOC) to international students for up to the cost of tuition and fees for the 2011-2012 academic year. This Line of Credit is equivalent to a private educational loan in many ways. Below are some important facts about the Eli Lilly LOC. Please note this replaces the ALPS Loan that we were able to make available in 2010-2011.
*In 2010-2011 the ALPS Loan capitalized monthly. The Eli Lilly LOC is only simple interest while enrolled in at least 6 units per semester and during the six month grace period before entering repayment.
The application may ask for some school related information provided below.
The Enrollment Period is 8/18/2011 to 5/11/2012
The Cost of Attendance is $77,054
For reference only, view the Eli Lilly LOC Master Promissory Note sample. Please note you'll sign a customized version when you meet with the Haas Financial Aid Office.
2010-2011 ALPS Loan Option (No longer available)
Last year students borrowed loans with the Affiliated Loan Program for Students (ALPS) which did not require a co-signer. These loans were available to students ineligible for Federal Loans. This program is specifically for the 2010-2011 academic year. Below are some important facts about the ALPS loan. Please note this replaces the FTMBA Loan that we were able to make available in 2009-2010.
- The interest rate is based on the 1-month LIBOR + 7.0%*
- There is a Guarantee Fee of 3%, added to the principal
- A credit check required, but a lack of credit history is not detrimental
- The maximum amount you may borrow is the cost of tuition and fees $49,647**
*Interest capitalized monthly
**Borrowing capacity may be limited if you have other loan options in place or are receiving support from an employer.