Financial Aid Info:

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> 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.