US Citizens and Permanent Residents
Due to the nontraditional academic calendar of the MFE Program, a FAFSA must be filed twice to cover all four terms. For the Spring & Summer 2014 terms, students should complete the 2013-14 FAFSA at their earliest convenience. For the Fall 2014 & Winter 2015 terms, students should file the 2014-15 Renewal FAFSA, around June 2014.
Please email Haas Financial Aid email@example.com once you have completed a FAFSA as we manually package your award, due to the nature of your program's calendar.
Federal Direct Unsubsidized Student Loans are non-need based loans. The annual limit is $20,500 per academic year. All students who meet general eligibility requirements may qualify for Federal Direct Unsubsidized Loans. Interest accrues from the date of the first loan disbursement. The interest that accrues is not compounded or capitalized during periods of enrollment; the accrued interest is only capitalized just prior to entering repayment.
- Fees: 1.072% fee assessed upon disbursement
- Rate: 5.41% fixed interest rate (6.21 % For loans first disbursed on or after July 1, 2014)
Federal Direct Grad PLUS Loans are non-need based loans. Grad PLUS Loans are credit-based loans which require a credit check. To be eligible for a Grad PLUS loan you must meet the other general eligibility requirements for the Federal Student Aid Programs, and must not have an adverse credit history (i.e., currently no more than 90 days late on any debt and no bankruptcies or tax liens within the past 5 years; no defaults or adverse actions on any prior education debt). Students can borrow a Grad PLUS Loan up to the remaining total cost of education each year, minus any other expected financial aid.
- Fees: 4.288% fee assessed upon disbursement
- Rate: 6.41% fixed interest rate (7.21% For loans first disbursed on or after July 1, 2014)
How to Apply
First, obtain a Department of Education Personal Identification Number (PIN) to file your FAFSA. This PIN is also used to sign your Master Promissory Notes and access your loan accounts online. Keep the PIN, even after graduation. It will facilitate loan repayment and monitor your loan balance. Visit www.pin.ed.gov for more information.
To request federal loans, you must file a Free Application for Federal Student Aid (FAFSA). Our school code is 001312. The FAFSA must be filed each academic year that you wish to receive federal loans--you will not be offered a loan until the FAFSA for the applicable year has been filed. Although the FAFSA must be filed each year, the supplemental steps of Master Promissory Note (MPN) and Entrance Counseling only need to be completed once while at Haas.The loans must be paid back beginning six months after graduation or dropping below half-time attendance. The standard repayment term for the loans is 10 years.
|Application Process for Federal Loans|
Federal Loan Eligibility
General Eligibility Requirements:
In order to be eligible for any of the federal loan programs, you must meet the following requirements:
- You must be a U.S. Citizen, U.S. Permanent Resident or eligible non-citizen
- You must have a valid Social Security Number
- You must be enrolled at least half-time for the semester (6 units)
- You must not be in default on a federal educational loan and not owe a refund on a federal grant
- You must maintain Satisfactory Academic Progress
- If male, you must be registered with the Selective Service or obtain a waiver from the Selective Service Office
A note about Satisfactory Academic Progress
To maintain eligibility for Federal Loans, you must maintain Satisf actory Academic Progress (SAP). All MBA students are expected to maintain a minimum cumulative grade-point average of 3.0 for continued participation in the program and graduation. If your GPA falls below the minimum, you will be placed on academic probation and may become ineligible for the undisbursed portion of any federal loan.