The purpose of this advisory is to outline the costs associated with Elon's MBA program and to provide you with the available financing options to assist in meeting those costs. If, after reading this advisory, you should desire additional information, please contact Lynette Lorenzetti in Elon's Office of Financial Planning at firstname.lastname@example.org, 336-278-7640 or 800-334-8448 ext. 2.
One of the major benefits of the Elon MBA is the reasonable cost of tuition. The current total program cost is around $32,000, with each credit hour being $798. Many companies, recognizing that advanced education is an excellent investment, will pay all or part of an employee's expenses. In addition, Elon offers a deferred payment plan and student loans.
If you intend to apply for any federal financing, we encourage you to submit your FAFSA at the time you apply for admission.
Graduate students may borrow up to $20,500 through the Unsubsidized Stafford Loan program. The student will be charged interest from the time the loan is disbursed until it is paid in full. If the interest is capitalized (allowed to accumulate) it will be added to the principal amount of the loan and will increase the amount the borrower will have to repay. If the choice is made to pay the interest as it accumulates, the total interest charges paid during repayment will be considerably less. The maximum unsubsidized loan for graduate and professional study is $20,500 per year.
The total amount a graduate or professional student may borrow from all Stafford Loans combined is $138,500 (no more than $65,000 of this amount may be in subsidized loans). The graduate borrowing limit includes any Stafford Loans received for undergraduate study.
Under current law, the interest rate charged on Federal Stafford Loans is fixed at 6.8 percent. There are also origination and guarantee fees associated with each loan up to 1.0 percent. These fees are deducted up front and thus lower the actual amount of each disbursement.
Repayment of Stafford Loans begins six months after graduation or withdrawal from the MBA Program. This is called the grace period. During the grace period on a Stafford loan, no payment of any principal is due.
Federal Stafford Loans are disbursed in two payments; one at the start of the academic term and one at the midpoint of the term. The loan funds will be sent to the university in equal disbursements.
This loan is based on credit worthiness. The application and disbursement process is similar to that described for Stafford Loans. Principal can be deferred while you are enrolled, however interest will accrue. Repayment begins immediately after graduation or when you are no longer enrolled.
Borrowers may borrow up to the cost of education less any other financial aid awarded. The fixed interest rate is set at 7.9 percent. The Department of Education will withhold up to 4 percent in fees from your requested loan amount. Federal regulations require loan proceeds be disbursed in two equal amounts. Proceeds are applied directly to your tuition account.
For more information, visit www.elon.edu/finaidborrow. First-time borrowers are required to complete student loan entrance counseling and a Master Promissory Note, which are available at www.studentloans.gov.
1. Complete and submit to the Office of Financial Planning the 2012 - 2013 Elon Graduate Financial Aid Application.
2. Complete and submit the 2012 - 2013 Free Application for Federal Student Aid (FAFSA). The FAFSA should be filed electronically online at www.fafsa.gov.
Elon’s Federal Title IV School Code is 002927.