Scholarships, Loans, Veterans Benefits, and Supplemental Information Resources
If you have questions about any of the information on this page, contact the Financial Aid department.
Education Opportunity Act, signed into law on August 14, 2008, requires institutions of higher education that participate in the administration of educational loan programs (FFELP or DL) to develop and publish a Code of Conduct. To review LFGSM's Financial Aid Code of Conduct, go here.
The Lake Forest MBA program ia a part-time program. As such, all LFGSM students are eligible to apply for federal Stafford loans and Grad PLUS loans, regardless of their income. For additional requirements, go here.
Beside Stafford and Grad PLUS loans, LFGSM students may be eligible to apply for other supplemental financial resources including scholarships, veterans benefits, and private loans. Please allow a minimum of 30 days to complete the financial aid process. Lake Forest Graduate School of Management's Department of Education Title IV School Code is G23192.
LFGSM Scholarship Opportunities
LFGSM provides some private scholarship assistance to qualified individuals. LFGSM will award scholarships up to 50% of the course tuition (certain restrictions apply). Scholarships are awarded twice per year, at the beginning of Terms I and III.
These scholarships are made possible through the generosity of individuals and organizations, and vary in their qualification criteria, including opportunities for applicants in the non-profit sector, entrepreneurial business owners, manufacturing positions, and students demonstrating high academic achievement.
Learn more about qualifying for an LFGSM scholarship and view Frequently Asked Questions.
Current students applying for scholarships must be in good standing with the graduate school. Incoming students must be generally accepted to the MBA program at the time of applying for scholarships. For details on available scholarship opportunities, go here.
To apply for an LFGSM scholarship, open our Scholarship Application Form in Microsoft Word format. To apply, you may print this application and follow the instructions for submitting a hard copy application. Or, for your convenience, you may follow the instructions for completing and submitting an application electronically.
As part of the scholarship application process, you must to submit a Free Application for Federal Student Aid (FAFSA) to the U.S. Department of Education. Submitting a FAFSA is not the same as applying for a scholarship. It is a preliminary step. For information and instructions for submitting a FAFSA, go here to see Student FAFSA Instructions. Note: the FAFSA must be updated yearly using current income tax information.
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REACh Scholarship Opportunities (Resources for the Education of Adults in the Chicago Area)
LFGSM is a proud member of REACh -- Resources for the Education of Adults in the Chicago Area. REACh is a not-for-profit consortium of educational, civic, and corporate organizations which provides adults easier access to information about educational and financial aid opportunities.
Because of LFGSM's membership in REACh, all LFGSM students are eligible to apply for a REACh scholarship. REACh was officially incorporated in 1988 and has grown to include approximately 50 member institutions throughout the greater Chicago metropolitan area.
Go here to access REACh and its scholarship application process.
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HSF/NSHMBA Scholarship Opportunities
The Hispanic Scholarship Fund (HSF) has partnered with the National Society of Hispanic MBA's (NSHMBA) to provide financial resources to assist outstanding Latinos pursuing Master's Degrees in management/business.
The scholarships will be awarded on a competitive basis to full-time and part-time Master's degree-seeking graduate students. Since the Lake Forest MBA program is a part-time program, any Hispanic Lake Forest MBA student or prospective student who meets the HSF/NSHMBA criteria is eligible to apply.
While LFGSM is not affiliated with either the HSF or the NSHMBA, we provide this information as a service to our current and prospective students looking for supplemental ways to finance their MBA degrees.
For further information, go here to visit the HSF/NSHMBA web site.
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Student Loans
LFGSM participates in the Federal Family Educational Loan Program which provides students with both subsidized and unsubsidized Stafford loans. Most Lake Forest MBA students are eligible for an unsubsidized loan.
Unsubsidized loans are available regardless of income or financial need. Under the unsubsidized loan program, the borrower is responsible for paying the interest on the loan as the monies are disbursed.
Eligibility for a subsidized loan is based on a student's financial need. With a subsidized loan, the borrower is not responsible for the interest on the loan while he or she is attending LFGSM.
Grad PLUS loans are also available.
Contact Financial Aid with any questions you may have.
LFGSM students may get a student loan:
- As a one time option
- To cover tuition not covered by Employer Tuition Reimbursement
- For an LFGSM International Specialization course or International Study Elective course
- For one academic year
- For your total MBA Program, regardless of income or need. NOTE: certain maximum yearly limits apply.
All Lake Forest MBA students applying for student loans must complete the Free Application for Federal Student Aid (FAFSA) and submit it to the U.S. Department of Education. Submitting a FAFSA is not the same as applying for a loan. It is a preliminary step. For information and instructions for submitting a FAFSA, go here to see Student FAFSA Instructions. Note: the FAFSA must be updated yearly using current income tax information.
Please note that for student loans:
- You are required to be a U.S. citizen or a permanent legal resident with a green card
- Male students are required to be registered for selective service. A male who is not a U.S. citizen is required to have registered for Selective Service (military service) if he entered the U.S. before the age of 26
- You are required to be free from default on any federal loan
- You are required to be free from active bankruptcy
- You must be currently enrolled at the time the loan is certified
- You must notify Financial Aid if you either increase or decrease your number of scheduled courses, as it may affect your loan amount or eligibility
- If you have a past due account, you must contact Sandy Turkington, LFGSM's Student Accounts Manager.
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Private Loans
Most banks offer private loans based on an individual’s credit history. Private loans tend to charge higher interest rates than Stafford loans. Private educational (alternative) loans are also available. For further information, contact Financial Aid.
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Veterans Benefits
LFGSM is approved by the Illinois State Approving Agency for educational aid under the G.I. Bill to eligible veterans. For information, call the St. Louis Veterans Affairs customer service office, available 24 hours, at 888.442.4551. Application forms may be obtained through the St. Louis office, or by contacting Financial Aid.
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Supplemental Information Resources
For a listing of available contact information and for supplemental information resources, go here.
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