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MBA FAQs
MBA Funding FAQ
| Q1: |
Is MBA education affordable? |
| A1: |
Yes, but the affordability of an
MBA education is a personal decision. While financing is available,
loans are more readily accessible than grants or scholarships. |
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| Q2: |
What are the financing options? |
| A2: |
Financing options refer to the money
to help you pay for your graduate education. Your primary source of
funding will be through federal and credit-based education loans.
Typically, a financial aid package will include a combination of
government loans, scholarship support, other educational loans
that satisfy demonstrated need and the Wharton Loan, available to all
students admitted to the MBA program. |
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| Q3: |
How are scholarships awarded? |
| A3: |
Sscholarships
are merit-based and awarded on the strength of a candidate's entire
application. Scholarships are awarded at the time of admission into the
program. No application forms need to be completed to be eligible. |
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| Q4: |
How do I learn about my financing
options? |
| A4: |
Please visit the school's website for detailed information |
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| Q5: |
What do I need to know about
educational loans? |
| A5: |
Most schools offer
several educational financing programs to assist students in meeting
their educational expenses. These programs include Stafford and MBA Loan. There are other loan
programs with varying interest rates. Information is available in
libraries and through your local bank. |
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| Q6: |
Would you recommend the use of
financial aid consultants or scholarship search services? |
| A6: |
Consultants are usually expensive. If
a scholarship program charges an application fee, beware!
Consider the extent of the search being offered before committing to
a search service. Very few students have won scholarships using such
services. These services tend to be relatively expensive and the sources
that are guaranteed are usually the major federal student loan programs.
You may find better information by spending an hour or two in your local
library. |
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| Q7: |
Are there any other outside sources
that I should consider? |
| A7: |
You should also think of any
organizations to which you belong that might have aid funds available:
religious organizations, fraternal organizations, clubs, athletics,
veteran groups, ethnic groups, unions, employers, rotary clubs, etc. |
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| Q8: |
Are grants or scholarships taxable? |
| A8: |
The Tax Reform Act of 1986 states that
grant assistance is taxable income to the extent that it exceeds
tuition, required education fees, and course-related expenses.
Course-related expenses are those for books, supplies, and equipment
required for your courses. For non-resident aliens, it is required to withhold
federal income tax on grants received in excess of the expenses
described above. |
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