Master of Financial Engineering Program

Financing an MFE

Program Costs | The Financial Aid Process

Financial Aid Overview presented March 17, 2009

Program Costs

Each year Berkeley's Financial Aid Office estimates the average cost for a graduate student during the academic year.  This budget is the basis for determining financial aid eligibility.  You may use the chart below (adjusted for a 12-month program) to estimate the cost of attending the MFE Program.  As these official figures are averaged for all UC Berkeley students, actual costs, especially housing costs, may be higher.

Estimated Program Costs (2010 - 2011)*

Tuition + University Fees
$50,402
University Health Insurance
$2,547
Living Expenses**
$29,235
Books, Supplies
$2,500
 
Total Program Fees
$84,684

* All fees are subject to change
**Housing, Food, Transportation, etc.

Computer Costs and Fees

MFE students are required to have their own powerful laptop computer. Various manufacturers offer students discounts at the Scholar's Workstation, the campus computer store. To contact the Scholar's Workstation, please call (510) 642-8424 or visit their website.

Financial Aid

The MFE Program does not offer scholarships or grants.  All assistance is in the form of loans which must be repaid after graduation or dropping below 6 units.  Due to the nontraditional academic calendar of the MFE Program, students cross over two award years, and therefore most students will need to go through the awarding process twice (once for the Spring & Summer terms, and once for the Fall & Winter terms).

Applications for private loans can be filed at any point within the academic year, however, you must first accept admission to the Haas School before applying for a private loan. Please note that the loan application process (application, approval, school certification) can take anywhere from two weeks to two months or longer. Please plan accordingly. Loans may not be disbursed if they cannot be processed before the end of your program

Fellowships and Assistantships

Currently there are no fellowships or assistantships associated with the MFE Program.

Outside Scholarship Opportunities

 

The Haas Financial Aid Office has compiled the following list of outside scholarship opportunities, sorted by application deadline for your convenience. There are many scholarship search engines and resources available on the Web, some of which are listed below.

Click here to download the extensive list of scholarships.

 

Haas School's Office of Financial Aid

The Haas School's Office of Financial Aid provides assistance in resolving financial aid/billing problems, and obtaining loan information and applications.  The Haas Financial Aid staff are your centralized point of contact for all financial aid, billing, and payment questions—rather than the central University offices.

Location: Room S420L (Student Services Building)
E-Mail: finaid@haas.berkeley.edu

Federal Direct Loans

Students who are citizens or permanent residents of the US can finance their education through the Federal Direct Loan Program. Up to $20,500 for each academic year (equivalent to two MFE terms) may be borrowed. Students demonstrating financial need can borrow up to $8,500 of this amount as a subsidized loan (no interest accrues while the student is in school), and $12,000 in an unsubsidized loan (interest accrues while the student is in school). Those who do not demonstrate financial need can borrow the full $20,500 in an unsubsidized loan. Eligibility for the Subsidized/Unsubsidized Direct Loans is based on student status and cost of education as determined through the FAFSA process — and not credit history. The interest rate on Direct Subsidized/Unsubsidized Loans is fixed at 6.8% for the life of the loan. Repayment is made over a 10–25 year term, with no prepayment penalties. See the FSA Website for more details.

Supplemental Loans

All students are eligible to apply for supplemental loans (often referred to as private loans), which are offered based on creditworthiness, and not financial need.  There are different loan options available depending upon the classification of the student (US Citizen/Permanent Resident or International).

Details about the available loan options, as well as application instructions, can be found on the Haas Financial Aid website.

Back to top | Program Costs | The Financial Aid Process

The Financial Aid Process

Federal financial aid in the form of loans is available for students who are citizens or permanent residents of the United States.

1) File a FAFSA (Free Applications for Federal Student Aid). Due to the nontraditional academic calendar of the MFE Program, U.S. citizens and U.S. permanent residents must file two FAFSAs per MFE year. (The 2009-2010 FAFSA is used for Spring and Summer, and the 2010-2011 FAFSA is used for the Fall and Winter). It is recommended that you file the FAFSA before you know if you have been accepted to the program. This allows enough time for the financial aid process to complete before the first tuition payment is due.

Information you need to fill out the FAFSA: Total 2008 calendar year taxable and nontaxable income and the federal tax you paid, along with the current value of your assets, excluding primary home equity. If you are married, the income and assets of your spouse must be included. You do not need to have filed your 2008 federal tax return before completing the FAFSA; it is permissible to use estimated figures. The FAFSA Federal School Code for Berkeley is 001312 (needed in #86). List UC Berkeley as the college. When you have finished the FAFSA, send it to the federal processor.

2) Receive your Student Aid Report (SAR). It will take approximately four weeks after you file the FAFSA for the Berkeley Financial Aid Office to mail you a copy of your SAR. Review it carefully for messages regarding your application status and database matches. The SAR lists your Expected Family Contribution (EFC) in the top right corner. There is no need to mail your Student Aid Report to the office.

3) Receive a US Department of Education PIN which can be used to make corrections to your FAFSA, file a Renewal FAFSA, sign your Direct Loan Master Promissory Note, and access your loan accounts online. Keep the Department of Education PIN, even after graduation. It will facilitate loan repayment and is necessary to file online loan consolidation.

4) Provide additional information if required. Some applicants will receive notification that their file has been selected for additional verification by UC Berkeley. Selection is a random procedure, so do not be alarmed if you are asked to submit additional forms. Documentation may include completion of the verification form and your 2008 (or 2009) federal 1040, including all schedules and W-2s, citizenship, and social security documentation.

5) Receive an Official Offer of Financial Aid. Once all your documents are submitted, it will take approximately 3-4 weeks before you receive an Official Offer of Financial Aid. This communication will explain your Expected Student Contribution (SC), which is how much money you are expected to pay once all other resources (outside scholarships, fee remissions, employer support) are subtracted from the cost of education. The remaining amount due is your Financial Need, which is used to determine how many loans you can take. If your expected Student Contribution is greater than your cost of education, you will not have any Financial Need and you will not qualify for any need-based aid such as Federal Direct Subsidized Loans. However, you may be able to borrow the amount of your expected student contribution in non-need-based aid such as Federal Direct Unsubsidized Loan or private loans.

6) Complete your Direct Loan Master Promissory Note. This is a legal document wherein you accept the terms of the loan and provide two references. If you have been offered a Federal Perkins Loan, you will receive a separate promissory note and other documents to complete. The Direct Loan Master Promissory Note can be completed online using your PIN.

7) Complete an Entrance Loan Counseling Session. If you have not previously borrowed at UC Berkeley, federal regulations require that you complete an Entrance Loan Counseling session. Choose “University of California (The) - BE, 200 California Hall, Berkeley,” as the School Association. After you complete the tutorial, click on the “Save and Acknowledge” button and the results will be sent to the Haas Financial Aid Office.

Click here to go to the Entrance Counseling Session

8) Receive your Financial Aid. Once you have been enrolled in at least 6 units, and have completed your supplemental steps, your financial aid is made available to you. Payments are made in two disbursements: one-half in the spring term and the other half in the summer term. Similarly, funds are disbursed 50% each term for the fall and winter MFE terms. Funds cannot be disbursed before the beginning of classes. The University pays Federal Financial Aid Awards directly to your CARS (Campus Accounts Receivable System) account. Generally, the aid will pay off your debts in the following order: tuition/registration fees, University housing, and if you have checked the appropriate box of your Financial Aid Offer Letter, other charges in order of due date. If a balance remains, it is refunded to you by check or Electronic Funds Transfer (EFT). UC Berkeley recommends that you sign up for an EFT to allow refunds from your federal financial aid award to be automatically deposited into your savings or checking account. (Deposits into investment accounts are not allowed.) The campus may require up to 10 days to process an EFT application.

Private loans also require a promissionary note. Once completed, funds can be sent to the university the same way federal funds are disbursed.

9) Make Any Additional Tuition Payments. If your financial aid award does not cover your entire bill, you must pay the remaining balance by the due date or risk incurring late charges. Payments are due January 15, 2009 for the spring term, May 15, 2009 for the summer term, August 15, 2009 for the fall term and on January 15, 2010 for the winter term.

The University does not accept credit cards or debit cards. Checks or money orders must be in U.S. dollars from a U.S. bank. Make checks payable to “Regents, University of California.”

Payment Options

10) Complete a Loan Exit Session. If you borrow a federal or private loan, you must complete a loan exit session prior to graduation. Repayment plans, electronic debit option, loan consolidation, and other important information are reviewed. You will be given printed information with your particular level of indebtedness and lender contact information. Account look-up capabilities on the loan servicer's web site will be demonstrated.

FOR FURTHER ASSISTANCE
Contact:
Haas Financial Aid Office, S420L
Haas School of Business #1900
University of California
Berkeley, CA
94720-1900
tel: 510.643.0183
fax:510.642.9387
finaid@haas.berkeley.edu

Back to top

Esin Tureci, MFE 09

Esin Tureci, MFE 09

MFE Internship
RiskMetrics Group
New York

"Haas definitely succeeds in finding the best person to teach each class. We are learning directly from the people who wrote the books and developed the theories, tools and models."