Jack Edwards Director, Financial Aid Stanford Graduate School of Business
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1 Jack Edwards Director, Financial Aid Stanford Graduate School of Business
2 Disclaimer This session is specific to how Stanford, GSB students borrowing trends when comparing Private vs. Graduate Plus Loans. The presentation is for discussion purposes on what the Financial Aid Office does in order for students to make the best decision when borrowing interest bearing student loans based on their personal financial situations. This presentation is in no means to promote one program over the other and viewers should be making decisions for their institutions based on the best interests of their students.
3 GSB Profile Financial Aid Programs Awarding Lender List Comparison Worksheet Loan Selection Form Forgo Federal Loan Form Student Borrowing Trends Agenda
4 GSB Profile Private Graduate Professional Business School Domestic and International Students 3 Full time Programs MBA 2 year program MSM 1 year program PhD 4-5 year program Admissions is Need Blind for All Programs
5 GSB Profile Enrollment: MBA = 820 fulltime students MSM = 81 fulltime students PhD = 104 fulltime students
6 GSB Profile MBA COA = $90,531 ($57,300 tuition) 75% - 80% apply for Financial Aid 55% - 60% receive Institutional Fellowships 65%-70% borrow loans at some point MSM COA = $157,780 ($108,000 tuition) 30% - 35% are sponsored 65% - 70% self sponsored 20% - 30% borrow loans No Fellowships PhD COA = $87,990 ($50,190 tuition) Fully funded through Institutional Fellowships
7 FA Application Process MBA and MSM: Require FAFSA and CSS Profile Require Prior Year Tax Documents and W-2 s
8 FA Programs Institutional Fellowships based on financial need only Federal Perkins Loans Federal Unsubsidized Stafford Loans Federal Grad Plus Loans Private Educational Loans
9 For MBA: For MSM: Awarding Priority Fellowship Federal Perkins (only if Federal EFC allows) Federal Unsubsidized Stafford Loan Federal Grad Plus Loan or Private Loan Federal Unsubsidized Stafford Loan Federal Grad Plus Loan or Private Loan
10 Entrance Counseling Domestic Students Must complete online DL counseling Must attend in person counseling International Students Must attend in person counseling
11 Lender List 3 5 Year History Student Portal
12 Comparison Worksheet Provide through Student Portal Provides terms and conditions Decision making strategies
13 Federal Direct Graduate PLUS Loan vs. Private Loan Comparison Table STANFORD GRADUATE SCHOOL OF BUSINESS Financial Aid If you were awarded a Direct Graduate PLUS Loan or Private Loan, and you are a domestic student, you will need to customize your loan package by choosing to borrow either the Direct Graduate PLUS Loan or Private Loan. Make your loan choice by completing the online Loan Selection Form. Below are some comparisons to help you decide which loan is best for you. Interest Rates Federal Direct Graduate PLUS Loan Fixed interest rate at 7.90% while in school & repayment. Private Loan Variable interest rate based on the lender, usually based on a LIBOR or Prime plus a credit margin. Some lenders will offer a fixed interest rate option. Fees 4% origination fee Depending on lender and credit, could have 0-5% origination fees. Credit Requirements Repayment Terms Grace Period Federal Loan Consolidation Credit check required. Approval determined by federal criteria and not on credit score. 10-year repayment, or up to 25 years if Federal Direct Stafford and Graduate PLUS exceed $30,000 No payments while in-school No federal grace period. However there are deferment and forbearance options. Check with the Department of Education. Can be consolidated with other federal educational loans (i.e., Perkins and Stafford). Credit check required. Approval determined by lender criteria based on credit score and credit history. Depending on lender, years. No payments while in-school 6 to 9 months grace period after enrollment ends Private Loan Consolidation available with very few lenders. Discharge Options Borrower Benefits Annual Loan Limit Aggregate Loan Limit Federal government will discharge the loan if permanent disability or death of student..25% interest rate reduction for Electronic Debit Account Repayment Students may borrow up to the cost of education less other aid received. None Decision making strategies: No options. If permanent disability or death, loan must be repaid by student or their estate. Borrower Benefits offered to reduce interest rates. Students may borrow up to the cost of education less other aid received. Yes, depending on lender PLUS: You may prefer the Federal Direct Graduate PLUS loan for the following reasons: The loan has a fixed rate. If your credit is considered poor, you are more likely to be approved for the federal loan. 4% Origination Fee charged prior to disbursement. There are more deferment and forbearance options which allow you to postpone payments temporarily after you enter repayment. Private: You may prefer the Private Loan for the following reasons: The interest rate is variable and could go down since it is dependent on the marketplace. Lower Interest rates offered with creditworthy co-signer. Some lenders are offering a fixed interest rate that will be based on your personal creditworthiness. Depending on Lender, typically will not have any origination fees based on good credit. There is a six month grace period after graduation in which you do not need to make any payments.
14 Loan Selection Form Online Application Form Must be completed by all loan recipients Students decline or accept loans Indicate amount want to borrow for each loan Choose disbursement options (A/W/S, W/S, Spring only) Choose lender for Private Loans
15
16 FY10: Student Borrowing Trends Federal Perkins = $1.4M Federal Subsidized Stafford = $2.6M Federal Unsubsidized Stafford = $3.6M Federal Grad Plus = $1.9M Private Domestic = $4.1M Private International = $4.2M Total Loan Volume = $17.8M
17 FY11: Student Borrowing Trends Federal Perkins = $1.4M Federal Subsidized Stafford = $2.6M Federal Unsubsidized Stafford = $3.5M Federal Grad Plus = $2.4M Private Domestic = $4.0M Private International = $5.6M Total Loan Volume = $19.5M
18 FY12: Student Borrowing Trends Federal Perkins = $1.4M Federal Subsidized Stafford = $2.6M Federal Unsubsidized Stafford = $3.0M Federal Grad Plus = $1.4M Private Domestic = $6.4M Private International = $7.3M Total Loan Volume = $22.1M
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