Financing Your MBA with CDWNot sure how you will pay for your MBA? Take a look at our many financial aid options below.
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FEDERAL STAFFORD LOANS
Available to eligible students through the Federal Direct Loan program, these loans are made directly by the U.S. Department of Education, not by commercial banks or other financial institutions.
Most students are eligible for Stafford Loans regardless of credit history, level of income, or value of assets. Students can borrow a maximum of $20,500 per academic year. Your loans will be received directly by LFGSM. LFGSM will use your loan money first to pay for tuition, fees, and other school charges. If any loan money remains, you’ll receive the funds by check or ACH, unless you give the school written authorization to hold the funds until later in the enrollment period.
Currently, all loans carry a fixed rate interest of 6.8% per year. After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you begin repayment. During this period, you’ll receive repayment information from your loan servicer, and you’ll be notified of your first payment due date. Payments are usually due monthly.
The Direct Loan Program offers several repayment plans that are designed to meet the different needs of individual borrowers. Generally, you’ll have 10 years to repay your loan, depending on the repayment plan that you choose.
To receive aid from the federal student aid programs, you must:
- Have unmet financial need.
- Be enrolled at least half-time or accepted for enrollment as a regular student working toward a degree or certificate.
- Be a U.S. citizen or eligible non-citizen.
- Have a valid social security number. If you don’t have a social security number, you can find out more about applying for one at www.ssa.gov.
- Maintain satisfactory academic progress.
- Sign a statement on the Free Application for Federal Student Aid (FAFSA) certifying that you will use federal student aid only or educational purposes.
- Sign a statement on the FAFSA certifying that you are not in default on a federal student loan and that you do not owe money back on a federal student grant.
- Register with the Selective Service, if required.
A Financial Aid Checklist can be obtained through our website, or by contacting the Financial Aid Office at 877-771-4MBA (ext. 5264).
GRADUATE PLUS LOANS
Graduate PLUS Loans funds are available to students through the U.S. Department of Education.
The maximum PLUS Loan amount you can borrow is your cost of attendance (determined by the school) minus any other financial assistance you will receive.
The interest rate for Direct PLUS Loans is a fixed rate of 7.9%. There is a fee of 4% of the loan amount, deducted proportionately each time a loan disbursement is made.
There are several repayment plans that are designed to meet the different needs of individual borrowers. Generally, you’ll have 10 years to repay your loan, depending on the repayment plan that you choose, and you may defer repayment while you are enrolled at least half-time. You will receive more detailed information on your repayment options during entrance and exit counseling sessions.
LFGSM provides private donor scholarship assistance to qualified individuals. LFGSM will award scholarships of up to 50% of the course tuition (certain restrictions apply).
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.
Current students applying for scholarships must maintain satisfactory academic progress and be in good financial standing. Incoming students must be generally accepted to the MBA program at the time of application for scholarships. As part of the scholarship application process, you must 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. Please see our website at www.LFGSM.edu/Scholarships for a listing of scholarships, details and processes.
LFGSM is approved by the Illinois State Approving Agency for educational aid under the G.I. Bill (including the Yellow Ribbon Program) to eligible veterans.
Application forms may be obtained through the St. Louis office, or by contacting the Financial Aid Office at 877-771-4MBA (ext. 5264).
For information, call the St. Louis Veterans Affairs Customer Service Office, available 24 hours, at 888-442-4551.