> Financial Aid > Student Loans/Employment
Student Loans/Employment
Loans
Loans provide students with the opportunity to defer the cost of educational
expenses by borrowing now and paying later. In addition to the Federal Direct
Stafford Loan and the Federal Direct Graduate Plus Loan the business school
offers private educational loans. We encourage you to borrow only what you need.
Students who apply for the Federal Direct Stafford Loan may borrow up to $20,500
per academic year. The Federal Direct Graduate Plus and private loans are available
to bridge the cost that the Federal Direct Stafford Loan does not cover. The
interest rate for the private loan is based on the student’s credit score.
- Federal Direct Stafford Loan and Federal Direct Graduate Plus Loan Program
http://dlservicer.ed.gov
- Private Educational Loan Program
Federal Direct Stafford Loan Program
The Federal Direct Stafford Loan is available to eligible U.S. Citizens and
permanent residents only. The Stafford Loan program allows you to borrow $20,500
per academic school year. The interest rate for the 2007-08 academic year is
a fixed rate of 6.8% set by the federal government. There is a 2.5% origination
fee of which 1.5% is given back to the student as a rebate. The rebate is then
divided equally per disbursement. Repayment starts 6 months after you complete
your MBA degree or drop below half-time enrollment. Students must be enrolled
in a minimum of 6 units to receive federal student loans. You do not have to
show financial need to qualify for the loan, but you must complete the financial
aid process. There are two types of Stafford Loans, the Subsidized Stafford
Loan and the Unsubsidized Stafford Loan.
- Subsidized Loan - Students who demonstrate financial need
as determined by our office will have the interest paid by the federal government
while they are in school and until they enter repayment. The subsidized loan
is capped at $8,500 per academic year.
- Unsubsidized Loan - Students who do not demonstrate financial
need may receive the unsubsidized loan for the maximum amount of $20,500 but
are responsible for the interest payment while in school. Students can however,
elect to defer the interest until they enter repayment.
Special Note: Your Stafford loan funds will not be disbursed until you have
submitted:
- Promissory Note
- Complete the on-line “Entrance Interview”
Once you have received your “Financial Aid Award Notification”,
please go to the financial aid website at http://www.ofas.uci.edu,
click on “Log on to My Aid” and follow the instructions.
The amount of interest that accrues on your loan from month to month is determined
using what is called the Simple
Daily interest formula. This method is a simple formula that multiplies
you loan balance by the number of days since the last payment, times the Interest
Rate Factor. The Interest Rate Factor is determined by dividing your interest
rate by the number of days in a year (365.25).
Federal Direct Graduate Plus Loan Program
The Federal Direct Graduate Plus Loan is available to eligible graduate and
professional students who are U.S. Citizens and permanent residents. The Federal
Direct Graduate Plus Loan program allows you to borrow up to the cost of attendance,
less any other financial aid received. This loan may be borrowed in lieu of
a private loan.
- Fixed interest rate of 7.9% for the life of the loan
- 4% loan fee of which 1.5% is rebated back to the student
- Minimal credit check – no adverse credit
- Must be enrolled at least half time with a minimum of 6 units
- May defer payment while in school
- Repayment begins 60 days after the final disbursement
Please contact our office if you are interested in the Federal Direct
Graduate Plus Loan Program.
Questions
and Answers About Direct PLUS Loans for Graduate and Professional Students.
pdf format.
Private Educational Loan Programs
The Paul Merage School of Business has several private loan options for the
MBA student. All are credit based, have variable interest rates, and are not
based on financial need. The private loan programs offered through the school
are:
Access Group (a nonprofit), Business Access Private Loan:
http://www.accessgroup.org
CitiAssist Graduate Alternative Loan: http://www.citiassist.com
Sallie Mae/UC Graduate Business Loan: http://www.salliemae.com/universityofcalifornia
Wells Fargo Graduate Loan: https://www.wellsfargo.com/student/
**Special Note: Each student has the right and ability to
select any lender of their choice. This includes lenders not listed from the
above private lender list.
Employment Opportunities
A number of employment opportunities are available to those students pursuing
their MBA on a full-time basis. Providing you complete the Free Application
for Federal Student Aid (FAFSA)
and meet the eligibility criteria, you may be considered for Federal Work-Study.
In addition, you can pursue employment as a research assistant or teaching assistant
or work in the Computer Lab. Employment provides you with the resources to help
meet your educational and living expenses and defray the cost of your MBA.
Teaching Assistantships
Teaching assistantships within the School of Business are generally reserved
for our PHD students and are available to our second year students only. Opportunities
in assistantships for our first year students may exist in other departments
on campus depending on your area of expertise. Students interested in a TA should
check with the respective departments. To apply for a Teaching Assistantship
outside of the School of Business during your first year of study, simply click
on the following link for individual departments/colleges and to contact individuals
http://www.rgs.uci.edu/grad/finance/ta.htm.
The following quarterly benefits will apply this year:
Payment of the Graduate Student Health insurance Program (GSHIP) mandated fee
of $836, 100% of the Registration fee $262, and 100% of the Education Fee $1,932.
The total remission will be $3,030 for both California residents and non-residents
for the 2007-08 academic school year. The above credits are the same for ALL
TA positions between 25% thru 50%. Also, TA's are paid monthly.
TA positions within the Business School are available to second year students
only.
Applications will be given to all first year students during spring quarter.
The forms must be completed and returned to the TA coordinator. The student
must have a 3.5 GPA or better for their first year of study and can only TA
in a class in which they received an “A”. The student is then notified
if they are selected.