Student Loans: an idea whose time has arrived

Here’s another approach of introducing student loans in the Philippines with the Asian Institute of Management (AIM) doing it in partnership with the Bank of the Philippine Islands (BPI)

From BusinessWorld Philippines

May 13, 2012

Asian Institute of Management readies changes to accommodate more students

THE ASIAN Institute of Management (AIM) is implementing curriculum and administrative reforms to accommodate more students into its graduate programs, school officials said last week.

The AIM launched on Wednesday an evening program to allow professionals to enroll in the school’s Executive Master in Business Administration (EMBA) degree after work hours, and also plans to offer student loans next school year to attract a broader market.

“We want professionals to continue acquiring skills throughout their career given the great deal of competition in the market,” AIM President Edilberto C. De Jesus said in his speech during the launch of the Evening EMBA program.

Mr. De Jesus noted that the evening class offering is due to requests from both local and foreign students.

“One of the signals from the market that we should put up an evening class is the demand from people who are in the country on an expatriate basis — like employees in the Asian Development Bank and foreign embassies — to acquire an MBA degree from AIM,” he said.

The Evening EMBA program will run for 20 months (three trimesters), with classes scheduled on Mondays, Wednesday and Fridays from 6:30 p.m. to 9:30 p.m.

This is longer than the regular EMBA program, which only runs for 16 months.

Aside from its MBA programs, the AIM also offers Master in Development Management, short executive education programs and certificate courses.

In an interview with BusinessWorld, Mr. De Jesus said that the program is also in line with the school’s plan of increasing the number of international students.

“In the coming years, we want a more diversified international student body… but we also want to reach out to more Filipinos,” he said.

Mr. De Jesus noted that AIM has designed a loan facility that can be tapped by Filipino students.

“This will support young Filipino professionals who are not financially ready but who want to enroll in our programs,” he said.

The loan fund will be administered by the Bank of the Philippine Islands.

Through the facility, students enrolled in any AIM Master’s degree and who pass a credit review may avail a loan equivalent to a full year tuition.

“There will also be a grace period of five years after the completion of the program for the student to pay,” Mr. De Jesus said.

Interest rates will also be minimal, he said, but declined to provide specific details.

Mr. De Jesus went on to urge the government to establish a system of student loans for self-supporting students.

“In the United States and other countries, these loans are made available to students in both private and state schools,” he said.

“That is also something our government should consider to promote equitable access to education,” Mr. De Jesus said. — Kim Arveen M. Patria

Article location : http://www.bworldonline.com/content.php?Section=Corporate&title=Asian Institute of Management readies changes to accommodate more students&id=51623

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