EWMBA Financial Aid Chat, 01.29.2015 hello Hello. Thank you for joining us this afternoon for the EWMBA admissions_chelsiah(a) Financing Your MBA Online Chat. We will begin shortly. maalage(c) Hello abhiphull(c) Hi Username(C) Am I the only person who's joining this chat? Hunter Chen(Q) hello? admissions_chelsiah(a) You are now welcome to submit your questions. Hi There! What percentage of the EWMBA students receive jeannepeng@outlook.com(q) financial aid? Is there a tool we can use to estimate our expected contribution? Hello! Approximately 70% of students receive some sort of financial aid. As a grad student, the expected contribution does not play a part in awarding most of the aid as we offer only one scholarship that is need based. Federal loans are not based on need as they are for undergrads. What are the financial options available for permanent maalage(q) residents/us citizens? There are federal and private loans available to you as well as Haas Scholarships. For details, please visit our website at http://www.haas.berkeley.edu/finaid/ewmba/index.html. Hi, is this event just a q&a chat or there will be any type of Dmitry(C) accompanying webinar? What kind of financial aid programs do you have available? Samik(Q) How do I know which ones I qualify to apply for? We offer scholarships through Haas, info is available at http://www.haas.berkeley.edu/finaid/ewmba/enteringstudents.html, and there are also loans available, http://www.haas.berkeley.edu/finaid/ewmba/loanoptions.html. ajayrajd@gmail.com(c) Are we waiting for more people to join? I'm considering to apply for the EWMBA program and I would like to finance most of the program via a student loans. What would be the max I would be able to obtain? And also, if my wife and I make a certain amount of income, would we be disqualified for a student loan? As a graduate student, loans are not based on need, therefore income will not disqualify you. There are both federal loan options and private. On average, our students are able to obtain a 4.9% interest rate on private loans. Federal loans have fixed rates and those are available online, http://www.haas.berkeley.edu/finaid/ewmba/loanoptions.html.
Farha(C) Hi When would the financial aid options open for the upcoming maalage(q) year? Once you have been admitted, you will be able to apply for Haas scholarships. In the summer, you may then begin the process of applying for loans. Alexis Koelbl(Q) Hi, is this working? admissions_chelsiah(a) Hi Alexis! Welcome and feel free to submit your questions. edisontanglim@yahoo.com(q) What do you mean by "expected contribution"? Expected contribution is a calculation used when awarding undergraduate aid. It does not pertain to graduate financial aid. On average, how long does it take an EWMBA student to pay rshah(q) off their loans? We do not have those stats, as student are not often in communication with us after graduation ;) I can say that it is quite common for our students to prepay their loans, for which there are not penalties. Is it possible to receive more than one scholarship? For SelmanY12015(Q) example, would someone be able to qualify for both the diversity and non-profit awards? Typically only one scholarship is awarded per student as we have limited funding and want to assist as many students as possible. Hello and Thanks for hosting the chat. I can see currently each SM(Q) unit is priced at $2,930. Do you expect this number to increase or will it be $2930 for each unit for class entering in 2015? Yes, the unit price is subject to increase with each academic year. Q: Hi, What percentage of candidates in the EWMBA program Farha(Q) have employer sponsorship? Our office does not process sponsorship, so we are unable to comment on those stats. Max Geller _FALL 2016(Q) How much have your costs increased over the last three years? On average the increase is between 5 and 7% Thank you. I was curious how most people choose to finance Alexis Koelbl(Q) their MBAs? Federal loans, private loans? Are there any scholarships? We do offer scholarships. Please find info online at http://www.haas.berkeley.edu/finaid/ewmba/enteringstudents.html. As for loans, you will want to first apply for a private loan to see what interest rate you are quoted. You can then compare the quote to the federal loans rates to determine which financing option is best for you. http://www.haas.berkeley.edu/finaid/ewmba/loan-
Semyon(Q) Max Geller _FALL 2016(C) Frank Bunger(Q) Haas98(Q) SelmanY12015(Q) rachel@gbi-inc.com(c) rachel@gbi-inc.com(q) SelmanY12015(Q) options.html Hi, how many students receive Dean's and diversity scholarships? I do not have those figures on hand. Please email us at finaid@haas.berkeley.edu and we will provide those for you. After sending my questions via the chatroom textbox, a notice appears that "Your question has been submitted to the moderator." Will my questions eventually be addressed in our session? Hi Cecile and Chelsiah, how is tuition payable, e.g. installments, or twice a year, etc? You have the option of paying for each semester if full, due January 15th and August 15th or you may elect to enroll in the deferred payment plan for a $40 fee. Doing so will break each semester's fees into 5 payments. What financing options are available to those who are neither permanent residents nor US citizens? Both scholarships (http://www.haas.berkeley.edu/finaid/ewmba/enteringstudents.html) and international loans are available (http://www.haas.berkeley.edu/finaid/ewmba/internationalloans.html) Should we fill out FAFSA? Is there a specific deadline for this? You can do so now if you d like, but we recommend doing so prior to July. Hi What are the average amounts of need-based aids and non-need based aids awarded to each EWMBA student? We have only one need based award, the Shapansky Grant and it is for $10,000, http://www.haas.berkeley.edu/finaid/ewmba/enteringstudents.html. I have a PHD does aid exist for those who have one? Yes, all types of aid are available to those with a PhD. One exception may be if you have reached the federal loan aggregate limit. If so, you would only be able to borrow the Federal Grad PLUS Loan and not the Unsubsidized Federal Loan. Private loans would remain available to you pending a credit check. Are the scholarships awarded yearly or do students re-apply each year? Students apply each of their three years for scholarships. Do you reccommend any service of any student loans advisory if we seek help in this process once admitted? Our office is able to assist students in determining which loans
smleitner@gmail.com(q) Farha(Q) abhiphull(q) Farha(Q) admissions_chelsiah(a) Samik(Q) DG(Q) are the best for them. You may also review our preferred lender list online at http://www.elmselect.com/results/index Does the school help in packaging the projecting amount for federal loan to include living expenses, if necessary? The cost of attendance is listed online at http://www.haas.berkeley.edu/finaid/ewmba/cost.html. Students may borrow up to the total cost of attendance for each academic year. Hi, What percentage of candidates in the EWMBA program have employer sponsorship? Our office does not process company sponsorship and thus I cannot comment on such stats. What is your advice for someone who is looking to qualify for a mortgage prior to applying for student loans? Is it feasible to pursue both within the same year? Yes, we have had student receive both within the same year. Having a mortgage has not prevented our students from obtaining federal or private loans as long as they have nothing derogatory on their credit report. how much scholarship one can get? We typically award only one scholarship per student. The amounts are listed online at http://www.haas.berkeley.edu/finaid/ewmba/enteringstudents.html What percentage of candidates in the EWMBA program have employer sponsorship? Our office does not process company sponsorship and therefore I cannot comment on those stats. Hi, I'm not sure if you've received my questions. don't think they got answered Hi Ben. We are answering questions as they come in, and will try to answer all submitted questions during this session. If you do not get your question answered by the end of the chat, please feel free to direct your questions to: finaid@haas.berkeley.edu Are Federal loans typically cheaper than private loans? For our population, private loans are, on average, cheaper. There are no fees for most private loans and the interest rate is based on one's fico score, so our students, on average, receive 4.9%. You can compare this with federal loans online at http://www.haas.berkeley.edu/finaid/ewmba/federalloans.html Are all the scholarships only limited to first year? e.g. lets say if I move to a Non-Profit org in 2nd year, will I be able to apply for Non-Profit/Public Service Scholarships?
Info on both entering and continuing scholarships are available online http://www.haas.berkeley.edu/finaid/ewmba/haasscholarships.html What's the average total cost including tuition and fees, Max Geller _FALL 2016(Q) books and supplies, room and board, travel, and other personal expenses for the first year of the EWMBA program? The Cost of Attendance is available online at http://www.haas.berkeley.edu/finaid/ewmba/cost.html What are the scholarships available for EWMBA students? And what are the award amounts on those scholarships? Scholarship info is available online at http://www.haas.berkeley.edu/finaid/ewmba/enteringstudents.html How do private loans typically decide what the upper limit is in David(Q) the amount someone can borrow? Private lenders do not typically determine the amount for which you qualify. You apply for an amount and will either be approved or denied based on your fico score. When do we apply for scholarship? Would that be per rakeshmotani@gmail.com(q) semester? Once you are admitted you will receive an email with the link to our online financial aid scholarship application. zedriks@yahoo.com(q) are there any deferral program for tuition? There is a deferred payment plan which will break up the cost of a semester's fees into 5 installments. There is a $40 fee for this plan. Max Geller _FALL 2016(Q) Do You Offer Different Tuition Payment Plans? There is only one payment plan which costs $40 and breaks up each semester's fees into 5 installments. The only other option is to pay your fees in full each semester. What is the max student loan I can obtain to finance the program? Also, is there an income level limit for a student loan? For example, if I make more than a certain amount, would I be disqualified for a student loan Loans are not need based, therefore your income is not a factor. A student can borrow up to the total cost of attendance for each academic year http://www.haas.berkeley.edu/finaid/ewmba/cost.html I see that there are a number of scholarships available and each edisontanglim@yahoo.com(q) scholarship requires a different response. Does this mean a person can apply to multiple scholarships? Once admitted you will be able to access our online scholarship application. At that time, you may apply for any scholarship for which you feel you are a good fit.
Hunter Chen(Q) smleitner@gmail.com(q) smleitner@gmail.com(q) Breck Baird(Q) Samik(Q) admissions_cecile(p) Max Geller _FALL 2016(Q) will we see questions and answers from other participants on our screens? A chat transcript will be made available. IS that $40 fee per semester? per payment installment? or per year? Per semester. If we want to apply for company sponsorship Haas EWMBA, what should we do? You will need to speak with your company's HR office. They will then need to supply you with a letter stating the amount and the duration of the sponsorship. This is typically done for each academic year. Are you allowed to apply to more than one scholarship? Yes, you may apply for as many scholarships as you like. Typically we award only one scholarship per student as funding is limited. You would receive the scholarship for which you are a best fit. Follow up to Ben s mortgage question: I am in the same situation and my mortgage broker recommended getting the mortgage first because the student loan could be considered debt and reduce the mortgage loan amount even if the student loan repayment is differed. However, the mortgage is not likely to affect the student loan. I would agree with that information. I have had students express concern with their level of debt when trying to obtain a mortgage after having borrowed student loans. If my family is paying for part of my tuition, can they internationally wire the money straight to Haas? Are there any restrictions or rules for it? We have information regarding payment methods available online. Please review for any fees associated with a wire transfer, but yes, it is an option. Payment info is available online at http://www.haas.berkeley.edu/finaid/payment-options.html Does this program award scholarships/grants on a "need-blind" basis? Only one of the scholarship opportunities is need based. The other's are not awarded based on need. http://www.haas.berkeley.edu/finaid/ewmba/enteringstudents.html Are variable rate loans cheaper? If so, are they available for graduate students Yes, private lenders offer grad students variable rate loan options. They do tend to have lower interest rates, but are also
associated with more risk. It is not uncommon for our EWMBA students to borrow variable rate loans if they are confident they will be prepaying their loans in a short period of time. Does Haas offer any TA or RA possions? I know it's a far shot but just thought wouldn't hurt to ask There are Graduate Student Instructorships available. It is less common for our EWMBA students to participate in these opportunities, but it does happen. http://www.haas.berkeley.edu/finaid/mba/gsi-feeremissions.html Do you know if students can claim tax deductions on private DG(Q) loans (for non citizens/green card holders)? The only tax deduction available is for the interest paid on a student loan. This typically does not assist those in school as they have deferred payments on these loans. Also, there is a salary cap and many students exceed the limit for participation. does that mean that company sponsorship is not available for Haas EWMBA program? Company Sponsorship is an option, but it is determined by one's company. If your company elects to sponsor you, they determine the amount and the duration. UC Berkeley then receives the funds from your company each semester and applies them to your fees. Is it worth applying to the scholarships before we are admitted? For example, if we are applying for the third application yannellselman@gmail.com(q) deadline, can we still apply for the first scholarship review date? Only admitted student will be able to login to our online scholarship application. If I lock into a variable rate loan, is it common to see lenders allow borrowers to refinance the loan with a different lender at a fixed rate It is not an option to take out a variable rate loan and then later change to a fixed rate loan with the same lender. You may elect to refinance with another company once you enter repayment on your loan. Is there a list of grants or foundation fellowship programs that smleitner@gmail.com(q) Haas participates in? Info on our scholarships is available online at http://www.haas.berkeley.edu/finaid/ewmba/enteringstudents.html. Info on some of the outside scholarships our students have secured is available online as well http://www.haas.berkeley.edu/finaid/outside-scholarships.html Just to clarify, all scholarships, including dean and diversity Hunter Chen(Q) scholarships, are need based, right? if yes, are there general
income guidelines that once surpassed, the candidate will not be considered for any scholarships? The only Need Based scholarship is the Shapansky Grant. All others take into account other criteria when awarded. What is your advice for someone who is trying to qualify for a home mortgage at the same time qualifying for a student loan? Getting a home mortgage prior to student loans seems the best plan The instructions for the Shapansky Grant ask for a personal statement where we should "Provide details as needed on any weinacai(q) resources listed in the application." What resources is this referring to? The application will ask you to provide info on specific resources. If you have financial resources not included on the scholarship application, you should disclose them in your personal statement. When you say 70% of students receive financial aid, where is Alexis Koelbl(Q) that mostly coming from? Scholarships or other sources such as employer assistance? Financial Aid includes mostly loans and scholarships for the EWMBA program rakeshmotani@gmail.com(q) Is the complete fee amount due before semester start? Fall fees are always due August 15th and spring fees January 15th. Hello. Thanks again or joining us this afternoon for the EWMBA Financing Your MBA Online Chat. If you did not get your questions answered or have further questions, please feel admissions_chelsiah(p) free to direct them to: finaid@haas.berkeley.edu All admissions related questions can be directed to: ewmbaadm@haas.berkeley.edu or 510-642-0292 DG(Q) how does one apply to outside scholarships, once admitted? Info may be found at http://www.haas.berkeley.edu/finaid/outside-scholarships.html