If the submitted materials are accurate and complete, then the Financial Aid Office will process your application. Be advised that supplemental information may be required and will be determined on a case-by-case basis.
If you are eligible for program funds, the Financial Aid Office will email an award letter and promissory note that indicates how much you are eligible to receive in these funds. The award letter will state how much you are eligible to receive in your first award disbursement (first six months of eligibility). It will also project how much you will receive in your second award disbursement (the next six months of eligibility) assuming that there is no change in income, employment, and/or marital status.
Eligibility will begin on the first date of the month in which the Financial Aid Office receives the completed loan forgiveness application and additional required materials. You may not request back payments on your educational loans prior to submitting the application materials.
The acknowledgement/acceptance letter will be based on the amount you receive for the first award disbursement. In the email, we will ask you to sign and return the acknowledgement/acceptance letter to the Financial Aid Office. A legible fax or scanned signature copy of the letter is acceptable. You may be contacted by the Stanford GSB Development Office to write a thank you letter to the donor on an annual basis. Thank-you letters must be submitted prior to your six-month renewal application.
Once we receive your acknowledgement/acceptance letter in the mail, it typically takes two weeks for us to process and disburse the award in the form of a check payment. It is then your responsibility to pay, in a timely manner, the lender or servicer that holds your Stanford GSB loans. If you live outside the U.S., you will need to consider how to deposit and remit loan payments from your loan forgiveness award to your lender(s) in a timely manner.
Each disbursement of funds from the program are made on the understanding that you will remain employed by the eligible organization described in your application for the full six months. If you change jobs, have a change in salary, or work less than halftime (less than 20 hours), you must notify the Financial Aid Office immediately. If requested by the Financial Aid Office, you will be required to repay any funds advanced, for which you have become ineligible.
Typically, the process takes four to five weeks from the receipt of MBA loan forgiveness application documents in the Financial Aid Office to the time in which you will receive the check payment. You should continue to make required loan payments during the application process.
At the end of the six months of qualified employment for which your educational loan payments have been made, you must provide the following renewal materials to the Financial Aid Office:
Proof of continued employment in an eligible organization.
Proof of current salary level and spouse’s, if applicable.
Copies of federal and state income tax returns and W-2s for the previous calendar year.
Proof of current payment status of all educational loans.
Confirmation that all educational loans are in good standing (i.e., no delinquency).
The Financial Aid Office must receive the above renewal materials no later than one month after the next six-month renewal period, as indicated on the award letter. Please be advised that the Financial Aid Office may grant back payments for only one month, upon receiving the renewal paperwork.
If the information provided is sufficient, the Financial Aid Office will process a renewal for the second award disbursement payment. If we receive changes to previously submitted information (e.g. change in income, employment and/or marital status), we may adjust the second award disbursement payment.
Renewal Award Letter and Acceptance Letter
You receive a renewal award letter and a new acknowledgement/acceptance letter based on the amount you are eligible for in the second disbursement. For the next six-month period, you will need to sign and return the acknowledgement/acceptance letter. Once the new acknowledgement/acceptance letter for the next six-month period is received, the subsequent disbursement will be made. Again, in order to keep loan(s) in good standing, you will need to continue making any required loan payments during the process.
After the second award disbursement has occurred and another six months of qualified employment for which your educational loan payments have been made, the application process will start over.