The Kelley School of Business MBA Program is committed to helping you understand your financial aid options. Here is the basic information you will need to know about financial aid.
Loan programs
Admitted students can fund their educational expenses through federal and/or private loan funding. A US citizen or permanent resident can complete the FAFSA to become eligible to receive up to $20,500 in an unsubsidized loan.
Students seeking funding beyond the $20,500 unsubsidized loan can apply for a Graduate PLUS loan. The Graduate PLUS loan requires a separate application to be completed in addition to the FAFSA application. A PLUS loan allows a graduate/professional student to borrow on his/her own behalf up to the cost of attendance minus any other financial aid received.
Both loans are part of the Federal Direct Loan Program. Under this program, the US Department of Education would be your lender. Direct Loans have fixed interest rates and several repayment plans to choose from.
Private student loans can be an alternative source of funding for domestic students. Private student loan lenders typically require a student to have a good credit history or co-signer with a good credit history and loan certification from the school. By conducting a quick internet search you will find many private loan lenders to choose from. Please make sure to do your research before selecting a lender.
International students may be eligible to apply for a student private loan through a US based lender if they have a US citizen or permanent resident willing to co-sign a loan. Interest rate for the loan would be based on the co-signer’s creditworthiness. Prodigy Finance & MPower Financing offer a no co-signer loan option to international Kelley MBA students.
For more information about the cost of attendance and financial aid options, contact Student Central.
Moving to a new city and starting school can be more expensive than students initially imagine.
Don’t forget to include these first semester costs in your budget:
- Security deposit for apartment rental
- MBA Association dues (about $450 that covers both years)
- Academy week travel (between $200-1500 depending on academy)
- GLOBASE (between $1500-2500 charged to January bursar bill)