Presidential Scholars | Scholarships | Student Loans | Internships | Graduate Assistantships | Campus Employment | Other Resources
Although the returns on a full-time MBA are measured in countless professional, financial, and personal rewards, it requires a significant investment of time and money. The Illinois MBA provides a number of options to help students finance their graduate business education. Many students borrow through student loans to defray educational costs. Other sources of financial aid include scholarships, internships, graduate assistantships and campus employment.
For costs associated with the Illinois MBA, please see tuition and fees.
PRESIDENTIAL SCHOLARS
Presidential Scholars will receive a scholarship that will cover the cost of MBA tuition for the length of the program. Presidential Scholars possess characteristics that differentiate them from the typical MBA student. They have demonstrated leadership qualities that translate into academic excellence, significant professional accomplishments, extensive community involvement, and an exceptional commitment to enhance and improve the Illinois MBA.
All completed applications are screened to identify potential Illinois MBA Presidential Scholars; thus, no separate scholarship application is required for this award.
SCHOLARSHIPS
There are several scholarship opportunities available for qualified first- and second-year Illinois MBA students.
First-Year Scholarships
Second-Year Scholarships
STUDENT LOANS
There are a number of sources for student loans:
- Federal Student Loans are available to citizens and permanent residents of the United States. The annual amount available from FAFSA is $18,500. The FAFSA application can be completed on line.
- MBA Loans is a private program offered by the Graduate Management Admission Council (GMAC). The program is available to all students. International students must have a co-signer who is a citizen or permanent resident of the United States. For information call 1 (888) 440- 4MBA. The MBA loans web address is: www.salliemae.com/mbaloans/.
- Access Group provides private and federal loans to graduate and professional school students. International students can also find loan information through Access Group under "Comprehensive Access Loan."
- Personal Loans are available and can be reached at: Student Loans Programs.
- The Grad PLUS Loan program is available from the U.S. Department of Education. The loan can provide additional funds for educational expenses not met by other types of aid. Students may borrow this loan after they have exhausted their eligibility for subsidized and/or unsubsidized loans. Students may borrow up to their cost of attendance minus other financial aid received. For more information, contact the Office of Student Financial Aid.
- The Rowe Fund is the student loan program of the Organization of American States. It awards interest-free loans to qualified persons from Latin American and Caribbean countries to help finance graduate, postgraduate, and the final two years of undergraduate studies at accredited universities within the United States. Applications accepted year-round.
To learn more about the loan conditions, application process, and FAQs, visit http://www.oas.org/rowe/purpose.asp.
INTERNSHIPS
Most students hold summer internships between the first and second year of their MBA program. Career Services works closely with students during their first year in the program to assist in the development of internship opportunities.
In addition, unique to the Illinois MBA, the E. Marion Kauffman Foundation offers students internships during the academic year.
GRADUATE ASSISTANTSHIPS
Graduate assistantships are not available within the MBA program. However, MBA students are eligible for graduate assistantships in other schools/departments of the University. The University’s policy allows colleges to demand, from the unit appointing the assistant, reimbursement for the value of the tuition income lost through assistantships outside the college. The Illinois MBA will recover the amount of the tuition waiver from the school/department that has offered the assistantship. The Graduate Advisory Council (GSAC) maintains the Assistantship Clearinghouse, a listing of assistantships available on a campus-wide basis.
The policies regarding tuition recovery can be found by going to http://www.grad.illinois.edu/policies/tuitionwaiver.htm.
CAMPUS EMPLOYMENT
Hourly employment is available within the MBA program during the second year of the program. Students may work as a Program Associate (PA) or as a Core Faculty Assistant (CFA). The positions are awarded to students who meet the eligibility criteria listed below and who successfully interview with the supervisor of the position. PAs and CFAs are limited to 10 hours work per week and earn $14 per hour. A sample copy of the PA/CFA contract can be be viewed here.
Eligibility Criteria:
MBA students are eligible for opportunities in other schools on campus as well. A student can consult the Virtual Job Board for students or the Assistantship Clearinghouse for hourly job vacancies across campus.
OTHER RESOURCES
The University of Illinois Office of Student Financial Aid is a good place to find comprehensive information and FAQs about all types of financial aid. The University Library Reference Room also maintains a current record of private and public sources.
Helpful Links
There are several websites that offer assistance in locating loans and/or scholarship assistance:
Student Loans Program
FinAid: The Financial Aid Information Page
Financial Aid From the U.S. Department of Education
MBA Loans
FinancialAid.com
Scholarships.com
Fast Web
We invite you to discuss your personal situation with one of the MBA Admissions staff. Best wishes as you develop a plan to finance your MBA.
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