Educational Loans
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.
Federal Direct Stafford Loan
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 current interest rate on Stafford Loans is 6.8%. 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).
Federal Direct Graduate Plus Loan
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 is fixed at 7.9 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 Credit-Based Loans for International Students
International students may be eligible to borrow funds through private credit-based educational loan programs if they have a co-signer who is a U.S. citizen or permanent resident. Programs to consider include:
- Sallie Mae International Student Loans
- Programs listed at Edupass Smart Student Guide for Studying in the USA
- Wells Fargo Graduate Student Loans
Questions?
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 gradaid@willamette.edu or call 877-542-2787. Contact the MBA admission office at mba-admission@willamette.edu or call 503-370-6167.