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Comprehensive US Scholarship/Financial Aid Discussion

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GMAT Club Legend
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Status: Um... what do you want to know?
Joined: 03 Jun 2007
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Schools: UC Berkeley Haas School of Business MBA 2010
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Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink] New post 10 Jan 2008, 11:46
yeah, if the Federal loans are at 6.8 and 8.25%, and the Prime is at 7.25%, I probably will just use the money from selling my place to pay for B-school and not bother with loans, since getting a 7%+ investment might be a bit too risky/volatile for my tastes while in school...
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GMAT Club Legend
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Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink] New post 10 Jan 2008, 11:55
Adding this thread to the mix for more information:

103-t58291
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Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink] New post 10 Jan 2008, 13:26
im wondering if it is even worth trying to minimize my assets just to get the subsidized loan. i mean its capped at $8500? thats nothing in the grand scheme of things.
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Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink] New post 10 Jan 2008, 14:05
I've heard from sources that the subsidized loan is very hard to get (unless you have like, zero savings and <$50K salary a year it seems). It might not be worth it in the end...
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Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink] New post 10 Jan 2008, 14:54
added some new links from last year's students, thanks to Praetorian, check the first post.
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Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink] New post 11 Jan 2008, 07:52
So is a scholarship factored in when we apply for financial aid?
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Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink] New post 11 Jan 2008, 08:35
It is. Say the expected annual outlay for your school is $65,000, and you receive a outside scholarship for $15,000 - then you'd only be eligible for $50,000 in further "financial aid."

Most of the time such a scholarship would simply reduce the amount of debt you would take on, and that's not a bad thing.

gmatclb wrote:
So is a scholarship factored in when we apply for financial aid?
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Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink] New post 11 Jan 2008, 10:57
Well, it will factor into my decisions if for insance...

40K tuition...no scholarship

I get 20K free aid and 20K loans...


40K tuition... 10K scholarship

I get 10K free aid and 20K loans....


You get what I mean?
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Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink] New post 16 Jan 2008, 19:35
By the way, anyone know which lenders waive the "1.5% federal origination fee" and the "1% federal default fee" on federal student loans?
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Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink] New post 18 Jan 2008, 04:38
Did you guys see this?

I dont like that AT ALL...any thoughts? Will we as top 10 mba aspirants not be influenced?

http://www.businessweek.com/bschools/co ... op+stories
"A Shaky Season for Student Loans"
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Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink] New post 18 Jan 2008, 20:20
Yep.

In case no-one has ever heard of social lending. This company (a red herring one to watch company) is providing a new way to loan money. It's an interesting concept.

http://www.zopa.com
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Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink] New post 19 Jan 2008, 06:39
togafoot wrote:
Yep.

In case no-one has ever heard of social lending. This company (a red herring one to watch company) is providing a new way to loan money. It's an interesting concept.

http://www.zopa.com


I doubt this is an option for business school.

I contacted the Ross financial aid office, they reconfirmed that the CitiAssist loan will continue to be available...
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Re: Comprehensive Scholarship/Financial Aid Discussion - 2007-8 [#permalink] New post 22 Jan 2008, 13:30
Guys,

Have you started researching scholarships, grants, fellowships available outside of the school you applied/were accepted to?
I can't seem to find anything...
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Re: Comprehensive Scholarship/Financial Aid Discussion - 2007-8 [#permalink] New post 22 Jan 2008, 15:12
nervous, you've checked out the Forte Foundation?

http://www.fortefoundation.org/site/Pag ... mba_paying
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Re: Comprehensive Scholarship/Financial Aid Discussion - 2007-8 [#permalink] New post 24 Jan 2008, 07:28
solaris1 wrote:
nervous, you've checked out the Forte Foundation?

http://www.fortefoundation.org/site/Pag ... mba_paying


Yes, I have but most of the scholarships listed are not up-to-date or I am not eligible for the award...
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Re: Comprehensive Scholarship/Financial Aid Discussion - 2007-8 [#permalink] New post 24 Jan 2008, 07:31
Guys, please help me yet again. I guess I was a little confused with the loan programs by the schools. Checking again the Ross financial aid site, I have one particular question:

It states "you may borrow up to the total cost of attendance". Does that include stuff like room&board? and do all schools give out such loans? For quite some time I thought you only get the tuition money in loans...?!
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Re: Comprehensive Scholarship/Financial Aid Discussion - 2007-8 [#permalink] New post 24 Jan 2008, 08:18
Yes - total cost of attendance includes estimated room & board expenses, books, laptop etc. as determined by the financial aid office.

branson wrote:
Guys, please help me yet again. I guess I was a little confused with the loan programs by the schools. Checking again the Ross financial aid site, I have one particular question:

It states "you may borrow up to the total cost of attendance". Does that include stuff like room&board? and do all schools give out such loans? For quite some time I thought you only get the tuition money in loans...?!
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Re: Comprehensive Scholarship/Financial Aid Discussion - 2007-8 [#permalink] New post 24 Jan 2008, 08:44
Thank you!

Throughout this entire MBA process there are so many assumptions you make and so much wrong information to pick up. GMATclub is just a place to sort these things out and become an informant applicant (and student).

Good to be here.
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Re: Comprehensive Scholarship/Financial Aid Discussion - 2007-8 [#permalink] New post 01 Feb 2008, 18:29
For those with admits already, who has moved forward with the loan process? Myself, I'm starting to research the process and am planning to contact Emory's financial aid office for advice and to get answers to a few questions. Just want to see if I'm behind the game...or on par.
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Re: Comprehensive Scholarship/Financial Aid Discussion - 2007-8 [#permalink] New post 02 Feb 2008, 00:46
you're on par with me... I still need to fill out the FAFSA and research what options I have.
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Re: Comprehensive Scholarship/Financial Aid Discussion - 2007-8   [#permalink] 02 Feb 2008, 00:46
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