Some credit unions are providing taxpayer subsidized student loans to international students to attend prestigious business schools in the United States.
At least, four credit unions are participating with graduate business school programs in offering these private student loans to international students.
Quorum FCU (Purchase, NY) is participating in a student loan program for international students seeking an MBA from either the University of Pennsylvania's Wharton School or Cornell's Johnson Graduate School of Management.
Anderson School of Management at UCLA has partnered with Eli Lilly Credit Union (Indianapolis, IN) to provide loans up to $85000 to international students without needing a cosigner.
Kenan-Flagler School at UNC will permit students to borrow from Coastal Federal Credit Union (Raleigh, NC) without a cosigner. The loan amount is limited to a maximum amount of $45,000 per year. Coastal FCU has also partnered with Duke's Fuqua School of Business.
Stanford University's Graduate School of Business has partnered with the Star One Credit Union (Sunnyvale, CA) to provide loans to international business students.
But should the credit union tax subsidy go to fund loans for international students attending graduate business schools in the United States?
It also appears that these credit unions are using gimmicks to qualify these international students for credit union membership.
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Here's a thought. Maybe these credit union's can finance educational credit union director conferences on the Baltic. At least they won't need any goofy gimmick to qualify the debtor for credit union membership. And the cruise conference can offer seminar's on lending and collection of student debt.
ReplyDeleteThat's a great idea. You should be in marketing!
DeleteTaxpayer funds go to third-world dictatorships to keep the Taliban out (failing miserably, of course). So we fund international issues all the time. What's the difference?
ReplyDeleteYou're right Keith. The tax subsidy is much better spent on allowing banks like JP Morgan Chase to deduct the majority of the government settlements for their questionable activities and practices.
ReplyDelete