Before arriving on the Hilltop, Lily Nguyen (MSFS’26) spent two years living and working in rural Japan through the Japan Exchange and Teaching (JET) Program. Based in a small community in Kumamoto, she taught English in local schools and liaised with national officials to advocate for improved labor standards for fellow participants—an experience that ultimately inspired her to come to Georgetown, accompanied by a broad interest in climate change and international affairs.
“I’ve always wanted to live in Washington, DC, and when I decided to pursue graduate school in international affairs, I knew I wanted to be at the best of the best,” she says.
As she prepares to walk across the stage this May to receive her Master of Science in Foreign Service degree with a concentration in Science, Technology and International Affairs, those once-broad interests will have sharpened into a more defined path. Through coursework, research and hands-on policy experience, Nguyen has developed a focused commitment to climate finance and carbon markets.
Refining global interests through community and coursework
As the daughter of Vietnamese refugees, Nguyen grew up in a diverse immigrant community in Wichita, Kansas, surrounded by people who were constantly bridging cultures, languages and shared values.
That environment made global issues feel personal from a young age and sparked her interest in international affairs, she shares. While she initially chose the MSFS program for its rigor and leadership in international affairs, it was that same instinct for connection that ultimately confirmed her decision. “I wanted to be surrounded by ambitious classmates and faculty who take global challenges seriously, and MSFS absolutely delivers that,” she says. “At the same time, it’s a surprisingly close-knit community.”
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Nguyen attended a Seijinshiki (Coming of Age Ceremony) at the Embassy of Japan, celebrating cultural tradition and U.S.–Japan friendship, through Georgetown’s Japanese Language Department.
Early in the program, Nguyen participated in the Gettysburg Leadership Staff Ride, an interactive seminar sponsored by Georgetown’s Department of Government held at Gettysburg National Military Park designed to highlight applicable lessons of leadership, tactics and strategy, communications, use of terrain and the psychology of persons in battle. This experience, she says, set the tone for “that balance of history, strategy and reflection” throughout her time in the MSFS program. At the same time, she continued developing her Japanese proficiency, progressing from intermediate coursework to Business Japanese and strengthening both her policy vocabulary and professional communication skills.
“One of my favorite weekly traditions has been the Japanese language table, where students of all proficiency levels grab a free drink from the MUG and practice speaking together in a relaxed setting,” she says. She credits her instructors—Professors Yoshiko Mori, Motoko Omori Lavallee and Kumi Sato—with supporting her growth inside and outside the classroom.
Her favorite class, however, was Introduction to GIS and Spatial Analysis, taught by Professor Julia Marrs. Covering the fundamentals of Geographic Information Systems, the course introduced tools increasingly used in climate science, urban planning and security analysis. Nguyen says Marrs’ kindness and clarity “made what initially felt like an intimidating technical subject both accessible and exciting,” while the class itself transformed how she approaches global challenges by equipping her with spatial tools to visualize patterns in climate vulnerability, infrastructure and security risk.
Nguyen presented her final project for her Intro to GIS class, “Weathering the Ring of Fire,” which mapped climate hazards on military installations in the Indo-Pacific.
“Being able to map data and see how geography shapes policy made issues like climate security and humanitarian resilience feel tangible and measurable in a new way,” she says.
Her final project for Marrs’ class, “Weathering the Ring of Fire: Mapping Climate Hazards on Military Installations in the Indo-Pacific,” applied those lessons to examine how climate risks intersect with defense strategy. The project sharpened her interest in using geospatial analysis to visualize complex climate security dynamics and demonstrated how technical tools can inform strategic decision-making.
Nguyen also credits Professor Theresa Sabonis-Helf, her STIA concentration chair, with profoundly impacting her time at Georgetown. Generous with her time, Sabonis-Helf spent hours in conversation with Nguyen discussing everything from favorite classes to larger questions about energy security and how to remain hopeful about the future.
“She consistently encouraged me to pursue experiential learning beyond the classroom,” she says, crediting Sabonis-Helf with her STIA-sponsored visits to the Calvert Cliffs Nuclear Power Plant and NearStar Fusion to learn more about advancements in nuclear energy and fusion technology. “Those experiences made the policy discussions we had in class feel tangible and immediate, and they deepened my interest in the role of advanced energy technologies in global security.”
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Nguyen toured the Calvert Cliffs Nuclear Power Plant, exploring the role of nuclear energy in climate mitigation and energy security.
Growing through leadership, service and global dialogue
Throughout her MSFS journey, Nguyen has come across multiple opportunities that make her experience feel full circle, like volunteering with the Kakehashi Program, which connected back to her time living in Japan.
At the MSFS Winter Ball with her classmates from Professor Paul Miller’s International Relations Theory class.
At Georgetown, she served as communications and media head for the SFS Energy Club, a graduate teaching assistant for a course on Energy Transitions and a graduate student fellow with the Initiative on Catholic Social Thought and Public Life. In the latter role, Nguyen helped organize public dialogues and programs on major political and social issues. She was also elected as an MSFS student representative and helped facilitate communication between students and MSFS program leadership. One of her favorite responsibilities was organizing the annual MSFS Winter Ball at the Mexican Cultural Institute—a formal winter celebration where students, faculty and alumni come together to connect, celebrate and network, all in their finest attire.
Beyond the Hilltop, Nguyen gained professional experience with USAID, the National Cherry Blossom Festival and the Holy See Permanent Observer Mission to the United Nations, which she described as feeling like a family. Working at the intersection of climate change, migration, technology governance and humanity, she supported preparations for the Fourth International Conference on Financing for Development and the High-Level Political Forum while with the mission in New York City—gaining firsthand exposure to multilateral negotiations and development finance discussions.
“In true UN fashion, we even had our own ‘side events,’ from Mets baseball games and movie nights to one memorable afternoon when we were invited to a private rooftop overlooking Times Square and surprised with a projection of Pope Leo XIV’s face on a massive Times Square screen,” she recalls. “The incredible home-cooked lunches didn’t hurt either.”
At the National Cherry Blossom Festival’s 2026 Press Conference, Nguyen spoke with DC’s Secretary of State Kimberly Bassett about the festival’s role in strengthening U.S.-Japan friendship and cultural exchange.
Seated behind the Holy See nameplate during the High-Level Political Forum at the United Nations, where she supported the Mission’s work on human rights and development issues.
These experiences have deepened her interest in how climate vulnerability intersects with fragile and crisis-affected settings. But beyond the professional opportunities, it’s the everyday moments, like running into program leadership in the halls, where “ambition and kindness coexist so naturally,”that made the program feel accessible and supportive in a way she hadn’t expected.
Where global policy meets friendship and community
With graduation approaching, Nguyen hopes to pursue a career at the intersection of climate security and development finance, helping design and deploy financial mechanisms that strengthen resilience in vulnerable and fragile contexts. Building on her experiences, she also hopes to remain active in spaces where policy, finance and ethical leadership converge, while continuing to build bridges between the United States and Japan and explore the moral and diplomatic dimensions of global governance.
“Together, they helped me see how finance, security, and diplomacy can reinforce one another in global policymaking,” she says. “MSFS put me at the center of global policy conversations while grounding me in a close, supportive community. It’s rigorous, fast-paced and full of opportunity.”
Nguyen got to meet the Irish Taoiseach Simon Harris during his visit to Georgetown.
“I’ll miss the energy of being in a place where global policy feels immediate and alive,” she says.
Looking back on her time at Georgetown, Nguyen recalls highlights such as meeting inspiring public figures, like the Irish Taoiseach and the Mongolian Apostolic Prefect of Ulaanbaatar; competing in Model NATO; and winning first place in the Global Social Innovation Lab Pitch Competition with her teammates. But some of her favorite memories are the smaller, lighter moments—getting overly competitive during classroom negotiations and war games, hosting mini potlucks in her ethics class or organizing a zoo trip with her cohort to practice a little “panda diplomacy.”
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“There’s something special about walking from class to an embassy event or leaving a seminar discussion and heading to a book talk with a policymaker whose work you just studied. Georgetown, and SFS in particular, makes the world feel both big and accessible at the same time.”
Mayer Brown is a proud sponsor of Proximo Congress 2026. This senior meeting of the US energy, infrastructure, and digital infrastructure finance community is shaped around the questions credit and investment committees are actually asking in 2026: how asset classes are converging, how risk is being priced in a recalibrated policy and geopolitical environment, and how public and private capital are being structured together to deliver projects at scale.
Mayer Brown has also been recognized for three separate awards which will be presented during the event. These awards include:
Proximo North America Transport Deal of the Year 2025 – SR 400 Peach Partners
Proximo North America Rail Deal of the Year 2025 – Brightline West
Proximo North America LNG Deal of the Year 2025 – Port Arthur LNG 2
If you have ever taken out a mortgage, you’ll know there are a lot of requirements to meet. You may need to put down a certain amount and have a debt-to-income ratio below a certain threshold. You may also run into limits on how much you can borrow or what sources of income the lender will count.
These rules do not apply to all mortgages — just to conforming mortgages, which is what the majority of borrowers take out. However, mortgage lenders are increasingly offering what are known as nonconforming loans, or mortgages that do not “comply with every one of the strict standards put in place after the housing crisis,” said The Wall Street Journal. While “still a small portion,” the “share of mortgages using alternative lending practices” has “doubled in size over the past three years.”
What are nonconforming loans?
A nonconforming mortgage is a “type of home loan that doesn’t meet some or all of the guidelines that make them eligible for purchase by Fannie Mae and Freddie Mac,” said Bankrate. These are the government-sponsored entities that “support much of the secondary mortgage market in the U.S.,” meaning they often purchase resold mortgages.
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Fannie Mae and Freddie Mac have “federal rules that limit the purchase of loans deemed relatively risk-free,” said Investopedia. Loans that meet these guidelines are conforming loans; loans that do not are nonconforming. To be a conforming loan, a mortgage must fall under a certain loan amount, and the borrower must meet specific criteria when it comes to their credit score, debt-to-income ratio and loan-to-value ratio.
Effectively, any home loan that does not align with these stipulations is considered nonconforming. Examples include jumbo loans, government-backed loans, bridge loans and interest-only loans.
Why do people get them?
There are a wide range of reasons people may opt for a nonconforming mortgage. For one, “you may have no choice but to choose a nonconforming jumbo loan if you want to buy an expensive property,” said Rocket Mortgage. These loans can also provide more flexibility when it comes to the type of property you purchase, your credit score and your down payment amount.
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Nonconforming loans additionally “offer an opportunity for home buyers who might not otherwise qualify for traditional loans because they are self-employed or hold their wealth in assets such as real estate,” said the Journal.
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What are the drawbacks?
For starters, there are fewer lenders offering them “since they pose a higher risk to the bank or mortgage lender,” said Yahoo Finance. That said, availability can vary depending on the specific type, as “some nonconforming loans (like FHA mortgages) are common, while others (like USDA loans) can be harder to find.”
Nonconforming loans also “generally carry a higher interest rate for the borrower,” said the Journal, given the increased risk to the lender. Still, this can vary by loan type. For instance, “FHA, VA and USDA loans usually have lower interest rates,” while “less common nonconforming loans, such as bridge loans, often have higher interest rates,” said Yahoo Finance. There is also the possibility that a nonconforming loan “could have an unusual repayment schedule or other features that make it harder to repay,” said Bankrate.
What U.S. consumers ask of their credit cards has changed. For financially stressed households, it has little to do with rewards.
As more households turn to credit cards to manage liquidity and cover everyday expenses, a new set of practical concerns is driving card behavior: Can the card help avoid a missed payment? Can it make balances easier to track? Can it provide enough visibility into available credit and upcoming obligations to help manage an uncertain month?
Those concerns are beginning to reorder what consumers value most in their credit card relationships.
That evidence is clear in “Winning Top of Wallet: How Credit Card Apps Shape Choice,” a PYMNTS Intelligence and Elan Credit Card report examining how consumers use mobile apps to manage spending, payments and engagement across their credit card portfolios. The report found 30% of consumers primarily use credit cards to build credit or extend purchasing power, while another 22% primarily use cards for cash flow management, together outweighing rewards-based usage.
The divide is more pronounced among financially stressed households. Among consumers living paycheck to paycheck and struggling to pay bills, 40% cited credit dependence as their primary reason for using credit cards. Just 11% pointed to rewards.
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For a growing share of consumers, credit cards are functioning less like discretionary spending products and more like liquidity management tools.
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What Matters Most
That evolution is also changing which app features matter most.
Among cash flow-focused consumers, 31% said scheduling payments or autopay encouraged them to spend more on a card, while 27% cited alerts and reminders. Credit-motivated consumers showed similarly high engagement with tools tied to available credit visibility and payment timing.
Rewards still influence spending behavior, particularly among financially stable households. Half of consumers who prioritize rewards said tracking or redeeming rewards through a mobile app encouraged them to spend more on the card.
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But the report suggests that financial stress changes the hierarchy of engagement. As household budgets tighten, rewards become less central than predictability, visibility and control.
That shift helps explain why mobile apps increasingly influence which cards become top of wallet.
Among credit-dependent consumers, 77% said the quality of a credit card app influences which card they use most often. Credit-dependent consumers also reported the highest app adoption levels, with 77% using their primary card’s app regularly or occasionally.
The competition, in other words, is no longer simply about card acquisition. It is about becoming the card consumers rely on to navigate everyday financial management.
Digital Experience Becomes a Financial Retention Tool
The report also suggests that digital experience increasingly shapes retention risk.
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Nearly 1 in 4 cardholders said a poor app or digital experience contributed to reduced card use. Among Gen Z consumers, that figure climbed to 45%.
At the same time, 7 in 10 cardholders said app quality influences which card becomes their primary card, underscoring how mobile interfaces are becoming embedded directly into consumer payment behavior.
For issuers, the implications extend beyond app design.
Consumers living paycheck to paycheck hold nearly as many credit cards as financially stable households, meaning financially stressed consumers are not disengaging from credit entirely. Instead, they are becoming more selective about which cards feel easiest to manage and most useful during periods of financial pressure.
Rewards and promotional offers still matter, particularly among affluent and financially stable consumers. But for a growing segment of households, the most valuable card may be the one that reduces uncertainty around balances, payment timing and available liquidity.
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In a crowded multi-card market, financial visibility itself is becoming part of the product.