Financing the MBA Program
One of the major benefits of the Elon MBA is the reasonable cost of tuition. For the 2023-2024 academic year, the per credit hour cost is $1,143. 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.
The Student Loan Programs
If you intend to apply for any federal financing, we encourage you to submit your FAFSA at the time you apply for admission.
Federal Stafford Loan
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 (including undergraduate 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 fixed interest rate charged on Federal Stafford Loans is set each year by the Department of Education at the beginning of July. There are also small origination and guarantee fees associated with each loan 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 PLUS Loan for Graduate Students
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. Under current law, the fixed interest rate charged on Graduate PLUS is set each year by the Department of Education at the beginning of July. There are also small origination and guarantee fees associated with each loan. These fees are deducted upfront and thus lower the actual amount of each disbursement. Federal regulations require loan proceeds be disbursed in two equal amounts. Proceeds are applied directly to your tuition account.
Information about the Graduate PLUS Loan may be obtained from the Office of Financial Aid website. First-time borrowers are required to complete student loan entrance counseling and a Master Promissory Note, which are available at www.studentloans.gov.
How to Apply for Student Loans
- Complete and submit to the Office of Financial Aid the Graduate Financial Aid Application. For those enrolling in fall 2023, please complete the 2023-2024 Graduate Financial Aid Application. The application may be submitted by fax or mail only. Emailed applications will not be accepted.
- Complete and submit electronically the Free Application for Federal Student Aid (FAFSA). For those enrolling in fall 2023, please complete the 2023-2024 FAFSA.
Elon’s Federal Title IV School Code is 002927.