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Financing your MBA
Tuition and fees for the Foster MBA program and the related living expenses represent a significant investment. The average student covers the cost through a combination of :
Educational loans
Scholarships
Other Funding Sources
Overview
FAFSA
To receive federal student aid including government loans, all U.S. citizens and eligible non-citizens must file a FAFSA (Free Application for Federal Student Aid) The FAFSA is also used to determine eligibility for Foster School of Business need-based scholarships as well as UW Family Housing and Childcare Assistance. International applicants without a SSN are not eligible to file the FAFSA. See the help section of the FAFSA Web site if you need assistance determining eligibility.
Complete the FAFSA, with these guidelines in mind:
List "University of Washington-Seattle" Code 003798 in the School section.
Submit the FAFSA form by February 28 to ensure that it is received by the priority deadline of March 1.
Although you may apply after the priority deadline, the later the FAFSA is submitted, the less likely it will be processed in time for consideration for a Foster School of Business need-based scholarship. Students who file after the priority deadline may work with the UW Office of Student Financial Aid to receive loans and other aid.
Educational Loans
Federal Government Loans
Domestic Foster School of Business MBA students may qualify to borrow up to $20,500 per year through the Stafford/Ford (subsidized and unsubsidized) loan programs. If you are offered admission to the Foster MBA Program and your FAFSA is approved, the University of Washington will provide you with a financial aid eligibility letter and a promissory note asking how much of the $20,500 annual maximum you wish to borrow.
The Stafford/Ford programs are based on these eligibility criteria:
- U.S. citizenship or Permanent U.S. residency
- Not in default on a prior federal student loan
- Must have registered for the draft if required by law to do so
Please see the Student Loan Guide for information on eligibility and application for the Stafford/Ford loan program and as well as the Federal Direct Graduate PLUS Loan (GPLUS) loan program.
Private Loans
Private educational loans are available to both domestic and international students through banks and other organizations. Depending on credit worthiness, students may qualify to borrow up to the full cost of attendance minus any financial aid received, as determined by the Office of Student Financial Aid. Please see the Private Loan information on the OSFA web site which includes links to sites that provide summaries of private lenders as well as their contact information. To secure a private loan, an applicant must be a U.S. citizen, permanent resident, or have one as a co-signer. International students may also want to investigate private educational loans available from their home countries.
Scholarships
The Foster School of Business provides scholarships to over half of the students in the MBA Program. There are two forms of scholarships available: merit-based and need-based.
Merit-based Scholarships
Awarded to both domestic and international students.
First year merit scholarships are awarded based on competitive factors you provide in the Foster School of Business application including your GMAT score, GPA, and admission interview.
No scholarship application is required.
Second year merit scholarships are awarded based on GPA during your first year in the MBA Program, involvement in and contribution to student clubs, activities and demonstration of professionalism.
Second year students must apply for merit scholarships by submitting the online Scholarship Application due April 30.
Need-based Scholarships
Awarded to eligible first and second year students based on financial need as determined by the FAFSA (Free Application for Federal Student Aid )
To be eligible: complete the online Scholarship application and upload the required supplemental documents.
Priority is given to students who apply by the following deadlines:
April 30, for current students
April 15, for newly admitted students
AND who have filed the FAFSA by the March 1 priority deadline.
International students with a U.S. Social Security Number (SSN) are not eligible for federal loans, but should file the FAFSA in order to be considered for need-based scholarships from the Foster School of Business as well as UW Family Housing and Childcare Assistance.
In addition to Foster School scholarships, students are encouraged to research external scholarship opportunities.
Other Funding Sources
Incoming students are strongly encouraged not to work during the first academic year of the Foster MBA program, most students pursue a paid summer internship. Some second year students pursue on-campus part-time work such as teaching assistants. Teaching Assistant positions require a commitment of 20-25 hours per week and most provide a tuition reimbursement and monthly stipend in return. Other second year students pursue paid part-time work opportunities off campus in an industry or function relevant to their post-MBA goals.
U.S. veterans, their spouses, and children can qualify for a partial tuition waiver if the Foster MBA program is their first graduate/professional degree and they meet the appropriate eligibility conditions.
International students seeking other sources of aid may want to consider international programs such as Fulbright and Muskie Fellowships, and other scholarship/grant programs that are designed to support students pursuing graduate study outside their home countries. Many countries also offer government scholarships for overseas graduate study. EduPASS is a resource that provides financial aid information and tips for international students.