Financing an MFE
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 (2008 - 2009)*
Total Program Fees $83,390
* 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 beginning 6 months 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).
- Students who are citizens or permanent residents of the United States apply for federal loans using the Federal Application for Federal Student Aid (FAFSA). For the Spring & Summer 2008 terms, students should complete the 2007-08 FAFSA at their earliest convenience. For the Fall 2008 & Winter 2009 terms, students should file the 2008-09 Renewal FAFSA, beginning January 1st, 2008.
- International Students (those not classified as citizens or permanent residents of the US), can apply for a private loan – with or without the use of a creditworthy US co-signer. International Students can apply for one loan to cover the entire 12-month academic period. The private loan programs do have specific borrowing limits, though: if borrowing a loan without the use of a co-signer, the student can only borrow up to the cost of fees/tuition—minus any other aid received. If borrowing a loan with a co-signer, the student can borrow up to the full cost of attendance—including living expenses (rent, food, transportation, etc.). Information and application instructions for private loans is available at http://www.haas.berkeley.edu/mba/finaid/prvtmba.htm.
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.
Fellowships and Assistantships
Currently there are no fellowships or assistantships associated with the MFE Program.
Information about UC Berkeley Graduate Division awards and fellowships.
Private Scholarship Database
The Haas School has developed the Scholarship Database to assist students in locating and researching various funding opportunities. This searchable database lists scholarships offered by the Haas School as well as scholarships provided by a variety of external organizations for which MBA students are eligible. The Haas School of Business provides this information as a service to prospective and current students, and does not guarantee the availability of scholarship funding nor the content of any external scholarship information.
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 is charged while the student is in school), and $12,000 in an unsubsidized loan (interest is charged 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.
