Kellogg Part-Time MBA FAQs
Jump to a question:
- When should I apply for financial aid?
- Which forms are required in order to apply for financial aid?
- When should I re-apply for financial aid?
- How much is tuition for the part-time MBA program?
- How is financial need determined?
- How much of the costs will my financial aid cover?
- Are grants and scholarships available?
- What loan programs are available?
- What kind of financial aid is available for international students?
- What happens if I only enroll in one course?
- How many courses are required in order to qualify for federal loans?
1. When should I apply for financial aid?
Students should apply for financial aid once they have been admitted into the part-time MBA program. Please check the financial aid application deadlines according to your term of enrollment for specific dates. This information can be found on the Financial Aid Web site at chicagofinancialaid.northwestern.edu
2. Which forms are required in order to apply for financial aid?
- The Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov.
- The University Aid Application
- Student Income Verification Form with attached tax returns.
- Verification of Employer Education Assistance Form
3. When should I re-apply for financial aid?
The new academic year begins Summer Quarter. Students should re-apply for financial aid by the Summer Quarter deadline if they are taking classes during that time. All other students should re-apply for financial aid by the deadline listed for the first quarter in which they are enrolled during that academic year.
4. How much is tuition for the part-time MBA program?
Based on tuition data for the 2008-2009 academic year, tuition for the part-time MBA program was $4,679 per unit. Tuition typically increases by a small percentage each academic year.
5. How is financial need determined?
There are several components taken into consideration when determining a student's financial need. A student's Expected Family Contribution (EFC) is determined by information provided on the FAFSA. The EFC is then subtracted from the student's cost of attendance, which is an estimate of the expenses a student will incur during the academic year. The end result is the student's financial need.
6. How much of the costs will my financial aid cover?
The financial aid office typically offers students financial aid to cover tuition and books.
7. Are grants and scholarships available?
Federal and State grants are not available on the graduate level. Please contact your department regarding any grants and scholarships offered by the university. Additionally, students should look into outside sources such as scholarship search engines and local libraries regarding outside scholarship opportunities. The Office of Financial Aid does have a reference book with scholarship announcements from various agencies. You can also search for outside scholarships online at www.finaid.org.
8. What loan programs are available?
The Federal Stafford Loan program is available to students that are US citizens or permanent residents, enrolled at least half-time (two one-unit courses) and are not in default on any previous federal loans. The two loans within the Federal Stafford Loan program are the Subsidized Stafford Loan and the Unsubsidized Stafford Loan. As of July 2007, the interest rate for Stafford loans is fixed at 6.8%. The interest rate for new loans is subject to change July 1st of every year.
Subsidized Stafford Loan:
- The government pays the interest while the student is in school
- Students are eligible for a maximum of $8,500 per academic year.
- Students go into repayment six months after graduation or dropping below half-time.
Unsubsidized Stafford Loan:
- The interest accrues while the student is in school. Students do have the option of paying the interest instead of allowing it to capitalize.
- Students are eligible for a maximum of $12,000 per academic year.
- Students go into repayment six months after graduation or dropping below half-time.
The Federal Graduate Plus Loan program is available to students that are US citizens or permanent residents, enrolled at least half-time (two one-unit courses) and are not on default on any previous federal loans. Additionally, graduate plus loans are subject to credit approval. Students are offered the graduate plus loan to help supplement the cost of tuition and books after the Stafford loan has been offered. As of July 2007, the interest rate for the Graduate Plus loan is fixed at 8.5% and it accrues while the student is in school.
Private Student Loans are usually offered to students that are enrolled less than half-time (below 2 one-unit courses). Private loans are also subject to lender credit approval. The interest rate is determined by the lender and interest begins accruing once the loan is disbursed to the student's account.
9. What kind of financial aid is available for International Students?
International students interested in financial aid are offered private student loans after completing the University Aid Application. Most lenders require a US co-signer for International student applicants. The interest on private student loans begins to accrue once the loan has been disbursed to the student's account. Students typically go into repayment six months after graduation.
10. What happens if I only enroll in one course?
Students that are enrolled in one course are not eligible for federal loans. The financial aid office offers students enrolled less than half-time private student loans which are subject to credit approval. Please contact the financial aid office if your enrollment differs from the information provided on your University Aid Application.
11. How many classes are required in order to qualify for federal loans?
