Evening & Weekend MBA Finances
Supplemental Loan Options for Haas EWMBA Students
US Citizens & permanent residents:
Students who are citizens or permanent residents of the US are able to borrow a maximum of $20,500 through the Subsidized/Unsubsidized Direct Loan program each academic year. However, students often borrow additional funds through a supplemental loan--either the Federal Direct Grad PLUS Loan or a private loan--to meet the remaining budgeted cost of attendance.
The choice of which type of loan to use is one that rests with each individual student. While it is recommended that students utilize the federal loan programs first, we understand that based on individual circumstances a private loan may be more appealing to some students. The Haas Schools' Office of Financial Aid encourages students to compare the benefits associated with the different loan types--and in the case of private loans, benefits offered by different lenders--so that each student is able to make an informed choice.
For information on the Grad PLUS Loan, please refer back to the Federal Loan section of this website.
The University of California Office of the President worked with representatives of the various UC campuses to develop a preferred lender list / comparison chart of the private loan options available to students. The lender list was developed through a competitive RFP process that all lenders were invited to take part in. There are three different lists available: a list for those students applying with a co-signer, a list for those students who have a positive credit history and are not applying with a co-signer, and a list for those students with no credit history (or poor credit) who are not applying with a co-signer.
- Students with a Co-signer
- Students with a positive credit history (With No Co-signer)
- Students with no/poor credit (With No Co-signer)
Students are welcome to choose any lender, regardless of whether the lender appears on the preferred lender list.
The Haas School's Office of Financial Aid does not receive, and will not accept, inducements from lenders in exchange for inclusion in the Preferred Lender List, nor does the Haas School share in the profits from student loans.
Effective October 2, 2008, the only loan programs from U.S. financial institutions available to International students at Haas require the
student to apply with a credit-worthy U.S. citizen or permanent resident co-signer. For additional information on the three of the co-signed loan programs, including application instructions, please refer to our Students with a Co-signer comparison chart. The three options for international students are Sallie Mae, Chase, and Citibank.
While there may be other loan programs available that do not appear on the comparison chart, these are the only three loan programs that we are aware of that will lend to international students at Haas -- and all require a co-signer for international students. Due to the difficulty in finding a U.S. co-signer, and the potential cost of interest charges, it is strongly recommended that international students exhaust all other sources of funding prior to utilizing a private loan.
The Haas School is aware that other schools might have loans available with lower interest rates; we cannot speak to their programs, only the ones that we have been able to secure.
The Haas School's Office of Financial Aid does not receive, and will not accept, inducements from lenders in exchange for inclusion in the private loan comparison chart; nor does the Haas School share in the profits from student loans.
Loans are always disbursed in two payments, 50% each semester, after you are enrolled for classes. Loan proceeds will credit your CARS account and pay any outstanding charges. If a balance remains, the refund will be sent to your bank account IF you have completed an EFT (Electronic Funds Transfer) Agreement, http://eftstudent.berkeley.edu
