Financial aid mba
Financing for an MBA degree is is one of the vital factors for a potential student before entering into a Business School. Many of the Graduate School MBA students require a considerable financial commitment from both the students and University. Business schools not only provides need-based fellowships and loans, but also provides non-need based loans to all the students based on the eligibility criteria of US residents and international students.
The Financial Aid Office offers genuine supply of Fellowship Aid. Minimum half of the MBA students are eligible for fellowship funds. At present more than two-thirds of the MBA students depend on the fellowships. Financial Aid is determined by the Financial Aid Application through 25-30% in fellowship funds and 70-75% in loan funds. All most all the students are estimated to contribute a part of their income and assets to the MBA degree. The Financial Aid Office staff will be available to assist the MBA students in their application process and policies at any time. The Financial Aid Office will review and process the admitted candidates applications to be eligible for Financial Aid MBA program.
There are many costs included with MBA degree. MBA education costs range from tuition expenses to opportunity costs. Most of the Business Schools offer exclusive MBA Financial Aid programs to their students.
The major types of Financial Aid available to MBA students are:
* MBA Loans: MBA students are offered MBA loans which have to be paid back. The Federal government offers through the school or private financial institutions. Three types federal loans are available to the MBA students.
o The Federal Stafford Loans are designed to the U.S. citizens with fixed interest rate of 6.8%.Students can lend up to the amount of $20,500.
* The Federal Grad PLUS Loans are established to the U.S. citizens with fixed interest rate of 8.5%.
o Private, third-party certified student loan programs assist all the MBA students private banks.
* MBA Scholarships: These scholarships are second way of getting financial aid and which requires to be paid back. The sources of this awarded amount available from different sources, but are usually granted through the school.
* MBA Grants: The third way of an MBA financial aid is GRANTS which does not require being paid back.MBA grants are awarded based on the specific talent of the student unique financial need of the student.
* Work study: Apart from the above Financial Aid Programs, work study also provides financial help through the employer. Some organizations provide tuition reimbursement to help pay MBA costs. Some employers design some specific Financial Aid Programs to sponsor the full time MBA program under certain conditions.
* CASE Social Sector Scholarship: With the assistance of Wachovia Foundation, Duke's Center for the Advancement of Social Entrepreneurship (CASE), designed two scholarships for the MBA graduates. The merit-based scholarships are established to award the first year students of Daytime MBA program.
* Leaders for Global Operations Fellowship: All the MBA students are willing to join MBA/Leaders for Global Operations (LGO) program to be eligible for generous fellowships awarded by the industry partners.