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/weekend MBA students.
- Federal Stafford Loan - The Federal Stafford loan program has two parts: subsidized and unsubsidized. The maximum subsidized Federal Stafford loan is $8,500. The subsidized part is based on financial need as determined by the financial aid office. The unsubsidized part is not based on financial need. As of July 1, 2007, the maximum unsubsidized Federal Stafford Loan amount will increase to $12,000 (or $20,500 if the student does not qualify for the $8,500 subsidized portion) per school year. All students who apply for and meet the federal eligibility requirements can receive the Federal 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 ten-year repayment period and no penalty for prepayment. The Federal Stafford loan is available to U.S. citizens and U.S. permanent residents who enroll in two or more courses each quarter.
- Federal GradPlus Loan - The Federal GradPlus loan is a credit-based federal loan that can be used to supplement the Federal Stafford loan. The interest rate is fixed at 8.5%, and there is a 4% fee. Students can borrow the cost of attendance (set by the financial aid office) minus all other financial assistance. There is a 25-year repayment period and no penalty for prepayment. The Federal GradPlus loan is available to U.S. citizens and U.S. permanent residents who enroll in two or more courses each quarter.
- Private, credit-based alternative loan - The private credit-based alternative loan can be used instead of the Federal GradPlus loan to supplement the Federal Stafford loan. The interest rate is variable and based on the 91-Day Treasury Bill plus 3.25%. 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. There is a 20-year repayment period and no penalty for prepayment.
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.
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
