How do I apply for financial aid? Is there a deadline to apply for financial aid?
An MBA student must apply for financial aid each year they are in the program. Domestic students are required to complete the FAFSA, CSS Profile, and provide a copy of their prior year's tax return, including all forms, schedules, W-2's, and signature. International students are required to complete the CSS Profile, and provide a copy of their prior year's tax return, including all forms, schedules, W-2's, and signature. If a student is not required to complete a tax return, the Financial Aid office requires that the Statement of Non-Filing Tax Status form be completed and sent to the Financial Aid office. If the tax return is not yet ready, the Financial Aid office requires that the Statement of Intent to File form be complete and sent to the Financial Aid office, along with a copy of your prior year's tax return and an extension, if applicable.
The deadline to apply for financial aid for the 2012-2013 academic year to be considered for fellowship funds is 15 June 2012 for admitted students and 25 July 2012 for rising MBA 2 students. A complete application (FAFSA, CSS Profile, and complete tax return) is required before the deadline to be considered for fellowship funds. Students can apply for educational loans up until 1 May 2013.
What items are included in the Cost of Attendance?
The Cost of Attendance includes tuition, health insurance, Campus Health Service fee, Instructional Materials, books and supplies, living allowance, and transportation allowance. The living allowance is calculated to cover fees associated with housing, food, and required bills and fees. The transportation allowance is calculated to allow students to travel to and from Stanford University. The living and transportation allowance is not calculated for extravagant living expenditures. Health insurance is mandatory for all students, unless you currently have your own health insurance.
How can I project what my estimated federal student contribution would be?
Each student is expected to provide a certain amount of their own funds towards their cost of attendance. The federal methodology for calculating your estimated student contribution is also used to calculate your federal loan eligibility. There are calculators online to help you estimate how much this contribution would be. The GSB Financial Aid Office does not endorse these companies or their products, and is providing these resources for informational purposes.
What if I need more financial aid than I am awarded?
If you are unable to meet your educational costs with your current income and assets, you can borrow against your student contribution up to the cost of attendance minus any financial aid or other resources (i.e., parents, relatives, friends, employers, and other outside sources).
What are Instructional Materials?
Instructional Materials are a collection of selected readings from books, magazines, journals and business cases compiled and tailored to enhance or supplement a specific course. Each course reader is tailored by the teaching faculty with an overview of the class, a schedule for assignments, finals, and other specifics for completion of the course.
What can change my aid?
Changes in financial circumstances may change your financial aid, and it is your responsibility to report such circumstances to the GSB Financial Aid Office. The following are the most common reasons financial aid may change: Moving on or off campus; changes in income, including bonus and accrued vacation pay; receipt of outside aid (fellowships, scholarships, and loans); contributions (gift or loans) from relatives; change in marital status; and Forgivable loans (sponsorships) from employers.
How will I get my visa if I am an International student?
The Admissions Office mails the Financial Declaration form to you once you are admitted to the MBA program. Please refer to the Bechtel International Center for more information.
As an International student, what kind of aid am I eligible for?
International students are eligible to be considered for fellowships, as well as being able to borrow a Private loan up to the Cost of Attendance, minus other aid received.
What if I am engaged and plan to marry on or before 15 January 2013?
The Financial Aid Office will consider your prospective spouse's income & assets when determining your financial need. We will also require tax returns (including W-2s and applicable schedules) or statements from your prospective spouse.
How do you treat my spouse's income? Is there a minimum amount you expect my spouse to earn?
If you are moving to Stanford, it may be difficult to estimate what your spouse's income will be until your spouse finds a new job. If you list no current employment or income for your spouse, we will impute income for the academic year. If your spouse is currently employed and you project an income for the academic year that is lower than his or her current income, we will use the current income. Based on the report of your spouse's actual income, we may make revisions to your aid offer.
If you have pre-school-aged children, we do not expect your spouse to work, nor do we impute income for your spouse. If your spouse will be employed, we will use income calculations as outlined above. In addition, if you are an international student and your spouse cannot work due to visa restrictions, we will not impute any income.
Can I expect the same aid in the second year as I received in the first year?
The Financial Aid Office performs a point in time analysis of all assets, liquid and non-liquid (in the year in which you first apply for financial aid), when determining your fellowship eligibility. However, overall financial need is evaluated annually to ensure a fair and equitable distribution of aid. If your financial situation does not change substantially from the time you apply in your first year and your summer income is about the same prior to your second year as it was in the summer prior to attending the GSB, your second year aid should be similar to your first year aid.
How can I figure out how much the minimum monthly repayment will be on my loans?
Various organizations have created loan repayment calculators to help borrowers estimate what their expected monthly payment may be. Below, you will find links to these repayment calculators. The GSB Financial Aid Office does not endorse these companies or their products, and is providing these resources for informational purposes.
Who is eligible for the Loan Forgiveness programs?
Both domestic and international students who are interested in working in an eligible Non-Profit can apply for the Non-Profit Loan Forgiveness Program as long as they meet the requirements outlined here. Non-US Citizen MBA’s who work in organizations that are located in developing countries, and who were from a specific GSB MBA class (2009 and 2010) can apply for the International Loan Forgiveness Program as long as they meet the requirements outlines here.