Midwestern University Foundation has launched a new loan program for its
graduate health professions students, which will reduce costs to borrowers and
help them better manage their educational debt.
the Glendale Industrial Development Authority and the Illinois Finance
Authority, the Midwestern University Foundation has issued $30 million in tax-exempt
revenue bonds to create this innovative program. The loans will be available
exclusively to third- and fourth-year students in the University’s graduate
programs of dental medicine, pharmacy, optometry, veterinary medicine and the
health sciences at its two campuses in Glendale, AZ, and Downers Grove, IL.
These loans will have no origination fees and offer a lower fixed interest rate
(currently 6%) than that available to students who borrow funds from the
Federal Direct PLUS Loans program.
& Poor’s has rated the Foundation’s Senior bonds for this program as “AAA,”
based on the Foundation’s strong track record in the student loan business. The
Foundation has backed up its lending performance by contracting with
MeasureOne, an independent firm, to analyze the loans of students who attended
Midwestern University between 1995 and 2015. The historic low default rate of
Midwestern graduates has resulted in the favorable bond ratings for the
private student loan program is one way that Midwestern University is working
to find solutions to providing less-expensive borrowing options for our
students,” emphasizes Kathleen H. Goeppinger, Ph.D., President and Chief
Executive Officer of Midwestern University. “We are proud of the favorable
rating on our bonds, which reflects the success of our academic programs and of
loan program is one important way that Midwestern University is working with
its students to reduce their debt burden. The University’s Office of Financial
Aid provides a series of programs to educate students about strategies to limit
their borrowing while they are in school. The University offers Financial
Literacy Scholarships to recognize students who are successful at debt
management, as well as many privately funded scholarships that are awarded to
students for community service and academic excellence. Midwestern University
is home to more than 6,000 students on its two campuses, with 10 colleges and
25 degree programs.
Published on August 12, 2015.