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.
Direct Stafford Loans
The Federal Direct Subsidized Stafford Loan Program provides subsidized need-based loans to graduate students. Eligibility for the Federal Direct Stafford Loan is determined by submission of the Free Application for Federal Student Aid. The FAFSA is available on line at www.fafsa.ed.gov .
MBA students eligible for the Federal Direct Subsidized Federal Stafford Loan Program may borrow up to their level of need as determined by the FAFSA, within a maximum of $8,500 per year. The current interest rate on Stafford Loans is 6.8%. Interest does not accrue nor are payments due on the Subsidized Federal Direct Stafford Loan while a student is enrolled at least half-time.
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. Subsidized Federal Direct Stafford Loans are eligible for loan consolidation.
Over 80% of Willamette MBA students participate in the Federal Direct Stafford Loan Programs.
The Federal Direct Unsubsidized Stafford Loan Program provides additional funding for students participating in the Federal Direct Subsidized Stafford Loan Program, or assistance to students not financially eligible to participate in the Federal Direct Subsidized Stafford Loan Program. Interested students must file the Free Application for Federal Student Aid. The FAFSA is available on line at www.fafsa.ed.gov .
MBA students may borrow up to $20,500 per year (less
subsidized Stafford eligibility) and are responsible for interest that accrues
on the Federal Direct Unsubsidized Federal Stafford Loan while in school. The current interest
Federal Direct Unsubsidized Stafford Loans is 6.8
Interest may be paid quarterly or capitalized to the principal.
Interested students must file the Free Application for Federal Student Aid (www.fafsa.ed.gov). They must also have applied for their annual loan maximum eligibility under the Stafford Loan program before applying for a Federal Direct Graduate PLUS loan.
The repayment term is 10 years. The interest rate is fixed at 7.9 per cent. Interest begins to accrue on the Graduate PLUS loan as soon as the funds are released to the school.
Information about how credit scores are computed is available at http://www.myfico.com.
ATKINSON GRADUATE SCHOOL OF MANAGEMENT - WILLAMETTE UNIVERSITY
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