Educational loans provide the opportunity to cover educational, living and personal expenses while completing an MBA program, and are the most common source of financial assistance for MBA students throughout the U.S.
Loans make it possible to invest in a future of expanded career opportunities, career satisfaction and increased earning power.
The Federal Direct Stafford Loan is a U.S. government educational loan program that provides up to to $20,500 per academic year to MBA students who are eligible U.S. citizens or permanent residents.
Interested students must submit the Free Application for Federal Student Aid. The FAFSA is available on line at www.fafsa.ed.gov.
The interest rate for the Stafford Loan for graduate students for the 2014-15 academic year is 6.21%. Repayment begins six months after graduation or six months after a student drops below half-time status. The standard repayment period is 10 years. The repayment period can be extended to 20 or 30 years. Federal Direct Stafford Loans are eligible for loan consolidation. Federal loans are eligible for the following special repayment benefit programs: Income Based Repayment (IBR) and Public Service Loan Forgiveness (PSLF).
The Federal Direct Graduate Plus Loan is a U.S. government educational loan program that provides MBA students who are eligible U.S. citizens and permanent residents funding in addition to the Stafford loan. In fact, combining the Stafford and PLUS Loans allows MBA students to borrow up to the estimated full cost of graduate school attendance (estimated budget of educational, living and personal expenses minus other financial assistance).
Interested students must submit the Free Application for Federal Student Aid (www.fafsa.ed.gov).
The Graduate Plus Loan is a credit-based loan. The repayment term is 10 years. The interest rate for the 2014-15 academic year is 7.21 per cent. Federal Direct Graduate Plus loans are eligible for the following special repayment benefit programs: Income Based Repayment (IBR) and Public Service Loan Forgiveness (PSLF).
Private Educational Loans for International Students: International students may be eligible to borrow funds through private credit-based educational loan programs. Several common loan programs are listed below. Private loans generally require a cosigner who is a U.S. citizen or permanent resident. By applying with a creditworthy cosigner, you may improve your likelihood for loan approval and may receive a lower interest rate). Contact Shanan Woods at the Willamette University Financial Aid Office for more information.
- Discover MBA Loan With GMAT Test Taker Reward (This is a new program that is featured on the MBA.com website)
- Sallie Mae International Student Loans
- Programs listed at Edupass Smart Student Guide for Studying in the USA
- Wells Fargo Graduate Student Loans
Willamette University financial aid personnel and the Willamette MBA admission staff are available to help you with your questions. Contact the financial aid office at firstname.lastname@example.org or call 877-542-2787. Contact the MBA admission office at email@example.com or call 503-370-6167.