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Finance MBA

It is well known that the cost for an MBA degree is significant. However, if you decide to do an MBA, many sources of financial aid exist to help you invest in your educational and career goals. Merit-based scholarships, Federal Subsidized and Unsubsidized Stafford Loans, Federal Graduate PLUS Loans, private credit-based educational loans, graduate assistantships and campus work programs are available to eligible students.

Merit-based scholarships range from 25% to 100% of tuition. All applicants admitted to the full-time MBA program are automatically considered for merit-based scholarships based on GMAT or GRE score, undergraduate grade point average, experience and potential. Applicants interested in maximum consideration for scholarship assistance are urged to complete the application process early.

Educational loans provide students the opportunity to cover their educational, living and personal expenses while completing their MBA. Loans make it possible for students to invest in a future of expanded career opportunities and increased earning power. Loans are also the most common source of financial assistance for MBA students in the U.S.

Most U.S. citizens and permanent residents participate in the Federal Stafford Loan programs and many will utilize the new credit-based Federal Government PLUS Loan program. International students may be eligible for private credit-based educational loans.

Graduate assistantships and student employment provide an opportunity to work a few hours a week for a professor or staff member while attending the MBA program.

Educational Loans

Student loans for U.S. Citizens and U.S. Permanent Residents

There are four loan programs available to full-time MBA students.

• Federal Stafford Student Loan
• Federal Perkins Loan
• Federal GradPLUS loan
• Private, credit-based alternative loans

The Federal Stafford and Federal Perkins loans are available to U.S. citizens and U.S. permanent residents who enroll in two or more courses each quarter. The Federal Perkins loan is limited to full-time second year campus students only. Graduate/professional students can apply for the Federal GradPLUS loan. This is a new, credit-based, federal loan and is subject to the same rules and regulations as all other federal financial aid programs. The Federal GradPLUS loan is used in place of the private alternative loan.

All students can apply for a private, credit based alternative loan. Students can borrow up to the cost of attendance (which is set by the financial aid office) minus any other financial assistance.

Student Loans for International Students

Generally, there are two private, credit based alternative loan programs for international students. One loan requires the student have a co-signer who is a creditworthy US citizen or US permanent resident currently living in the US. The other loan does not require any co-signer. International students do not need a US social security number to apply for either of these loans. A credit history in the US is NOT required to receive either loan. Students can borrow up to the cost of attendance (which is set by the financial aid office) minus any other financial assistance.

Graduate Assistantships and Student Employment

Graduate Assistantships

A few graduate assistantships are offered to new full-time students each year. Graduate Assistants work with an Atkinson School faculty member or administrator on special projects, research, etc. Graduate Assistants are paid an hourly wage of $10 per hour and work approximately 75 hours per semester (150 hours for the academic year) for maximum earnings of $1,500 during the academic year. Graduate Assistantships are awarded to qualified students at the time of admission and no special application is required.

Federal Work Study

Federal work-study is a form of need-based financial aid and requires submission of a FAFSA. Federal work-study students generally earn between $7.25 and $12 per hour. Although government regulations allow students to work up to 20 hours per week, the Atkinson School recommends students limit their work to 10 hours or less per week.

Private, credit-based alternative loans

Based on offering the most competitive interest rate (Prime minus 1%), Citibank is one of the lenders. Eligibility requirements are as follows:

• U.S. citizen or permanent resident
• International student with U.S. citizen or permanent resident co-signer
• Satisfactory credit history including at least 12 months of borrowing, charging and repaying
• No prior bankruptcies, liens, judgments, excessive delinquencies on any loan or on revolving charge accounts
• If required, co-signer must also have income greater than $18,000 and debt-to-income ratio of less than 45%
• Available for less than half-time enrollment

Apply online for the CitiAssist Loan at www.studentloan.com. For questions, call 800-967-2400 or (for international callers to call collect) 605-331-0821.

Other available private lenders include Access Group, and Nellie Mae.