Cox MBA Sneak Preview Weekend

April 20, 2012

Financing the MBA

Agenda• Staff Contacts • Student Budget • Cox Scholarships • Federal Loans • Private Loans • Other Financial Aid Opportunities • Paying Tuition • Loan Disbursements • After the MBA…

Staff Contacts• For questions related to Cox scholarship

awards and graduate assistantships:– Dustin Cornwell (dcornwell@cox.smu.edu or 214-

768-3001)

• For loans and federal financial aid questions:– Barbara Waters (bwaters@smu.edu or 214-768-

2371)

Estimated Student Budget 2011-12

Tuition $45,808

Living Expenses $13,900

Books & Supplies $1,650

Transportation $1,200

Health Insurance $1,777 *

Miscellaneous $1,400

TOTAL $65,735* Health insurance is required through SMU for all students, but there is an opportunity for students to waive out of the requirement if you are covered through other means. More information can be found at: http://smu.edu/healthcenter

Cox Scholarships/Assistantships• Merit-based awards made at time of offer of

admission• Total award amount split evenly between 4

semesters of the program• All scholarship awards applied directly to

tuition/fees• Assistantships available early in fall semester

Federal Loans(US Citizens and Permanent Residents)

• Up to $20,500 in unsubsidized loans per academic year• FAFSA: file online using 2011 tax information and school

code 003613• Government sends report to school• Automated e-mails sent to smu.edu account• Online award acceptance

– This only begins the loan process.

Federal Loans(US Citizens and Permanent Residents)

• SMU participates in the Federal Direct Loan program, which eliminates the need for private banks and all loan funds are borrowed through the Department of Education.

• Direct loans offered through William D. Ford Federal Direct Loan Program.

• We offer the Federal Plus Loan as an additional loan at fixed interest 7.9% with a credit check.

Consumer-based Loans

• Can help make up the balance due in tuition and for personal expenses

• Many loan companies are available– http://smu.edu/financial_aid/lenders/prvloan.asp

• Non-US citizens will need a US co-signer 

Other Financial Aid Opportunities• FastWeb Scholarship Search – www.fastweb.com

• Scholarship Search - www.collegeplanning.nelnet.net

• Opportunities for female students - http://www.fortefoundation.org

• National Black MBA Association - www.nbmbaa.org

• National Society of Hispanic MBAs - www.nshmba.org

• SMU’s Office of Financial Aid - http://www.smu.edu/financial_aid

Paying Tuition

• Tuition is due prior to the start of each semester• Any scholarship received will be applied to tuition in

equal installments• Loan funds are first applied to tuition balance; remaining

funds are refunded to student• Check your smu.edu e-mail account for information

Loan Disbursements

• If you take out loans beyond what is required for tuition, balance is refunded to you after tuition is paid

• You can choose direct deposit (requires form)• Funds sent to you as quickly and efficiently as

possible

After the MBA…

• Federal and some private loans come with a 6 month grace period after graduation

• Terms of repayment can be customized• Check with your lender(s) about opportunities to consolidate

Stafford (Federal) loans and lock in low interest rates• Other interest rate reductions may be for EFT payments, on

time payments, etc.

Questions aboutFinancing the MBA?