Financial Aid

Every student is eligible for financial aid. However, the options are different for U.S. citizens, U.S. permanent residents, and international students. Chicago Booth does not grant scholarships to evening MBA and weekend MBA students.

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

There are three loan programs available to evening and weekend MBA students.

Federal Direct Stafford 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 unsubsidized part. The annual Federal Direct Stafford loan amount, including both subsidized and unsubsidized amounts, is $20,500. The interest rate is fixed at 6.8% for the life of the loan. 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 to $20,500 in one year) and the 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 is paid by the federal government while the student is enrolled in school and up to six months after graduation or dropping to one course.

The unsubsidized part is not based on financial need. The interest begins to accrue when the loan funds are disbursed to the student. The maximum unsubsidized Federal Direct Stafford 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 part).

Federal Direct GradPlus Loan - The Federal Direct GradPlus loan is available to U.S. citizens and U.S. permanent residents who enroll in two or more courses each quarter. 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% and there is a 4% fee. The interest begins to accrue when the loan funds are disbursed to the student. Students can borrow the cost of attendance (set by the financial aid office) minus all other financial assistance the student receives. There is a 10-year repayment period and no penalty for prepayment.

Private, credit-based alternative loan - The 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. 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.

Student Loans for International Students

Chicago Booth is committed to providing funding/loans for our international students without a co-signer. More information will be available to students upon admission to the program.

Loan Policy

You can review the loan policy for the University of Chicago Booth School of Business in the loan policy documentation (PDF).

Contact Information

For additional information on financial aid, please contact Chicago Booth Office of Admissions and Financial Aid at 773.702.3964 or financial.aid@ChicagoBooth.edu

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