Financial Aid

Chicago Booth offers three loan programs to U.S. citizens and U.S. permanent residents only. Scholarships from Chicago Booth are not available to executive MBA students.

Student loans for U.S. Citizens and U.S. Permanent Residents

There are three loan programs available to executive MBA students.

Federal Direct Stafford Student loan

The Federal Direct Stafford loan is available to U.S. citizens and U.S. permanent residents who enroll in two or more courses each quarter. The loan program has a subsidized and an unsubsidized part. The annual Federal Direct Stafford loan amount, including both subsidized and unsubsidized amounts, is $20,500. All students who apply for and meet the federal eligibility requirements can receive the Federal Direct Stafford loan regardless of income. The financial aid office will determine the amount (up to $20,500 in one year) and type (subsidized or unsubsidized) of loan the student is qualified to receive. There is a 10-year repayment period and no penalty for prepayment.

The maximum subsidized Federal Direct Stafford loan is $8,500. The subsidized part is based on financial need as determined by the financial aid office. The interest rate is fixed at 6.8 percent for the life of the loan. The interest is paid by the federal government while the student is enrolled in school and up to six months after graduation or leaving school.

The unsubsidized Stafford loan is not based on financial need. The interest rate is 6.8 percent and begins to accrue when the loan funds are disbursed to the student. The maximum unsubsidized loan amount is $12,000 if the student receives the $8,500 subsidized amount (or $20,500 if the student does not qualify for the $8,500 subsidized amount).

Federal Direct GradPLUS loan

The Federal Direct GradPlus loan is a credit-based federal loan that can be used to supplement the Federal Direct Stafford loan. The interest rate is fixed at 7.9 percent, and there is a 4 percent fee. Students can borrow the cost of attendance (set by the financial aid office) minus all other financial assistance. There is a 10-year repayment period and no penalty for prepayment.

Private, credit-based alternative loan

A private, credit-based alternative loan can be used instead of the Federal Direct GradPLUS loan to supplement the Federal Direct Stafford loan. The interest rate is set by the lender. Interest begins to accrue with the first disbursement of funds. Students can borrow the cost of attendance (set by the financial aid office) minus all other financial assistance. The repayment terms are set by the lender.

Loan Programs For International Students

Chicago Booth does not have a loan program for international students that does not require a U.S. co-signer living in the United States. We encourage international students to learn more about international funding sources in their home countries. Please note this list is provided as information and these sources are not affiliated with Chicago Booth.

Contact Information

For additional information on financial aid, please contact Chicago Booth Office of Admissions and Financial Aid, located in Chicago, at 773.702.3964.