MIT'S CITI ASSIST LOAN PROGRAM CANCELED

As with any news story, please see more recent posts as well comments on this post for updates.

This is not good. I have not yet determined whether this only applies to MIT or covers other schools that used Citibank.

NY TIMES:

Credit Crisis Is Bad News for M.B.A. Students

By Catherine Rampell

… and not just because they will have trouble finding jobs on Wall Street. Some have also just had their student loan options yanked. An e-mail message sent to students Monday at MIT Sloan School of Management:

Dear Sloan M.B.A. student,

As a result of the nationwide credit crisis we regret that we must now notify all Sloan Master’s students that late last week MIT was notified that Citibank has exercised its 30-day option to cancel the CitiAssist custom student loan program with MIT Sloan, effective Nov. 2, 2008.

Students who have already had their loans processed and approved by Citibank appear to be safe, but those who were still securing financing may be in trouble. The school is now helping students scramble to find alternate financing.

If anyone has more information on this, especially as it applies to other schools, please let me know by leaving comments or emailing me at adammarkus@gmail.com.

-Adam Markus
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