Class of 2011 Program Fee
and Financial Aid:
MBA for Executives
Program Fee|Scholarship Awards |Financial Aid
Program Fee
The Program Fee for the Class of 2012 is $115,500.
Recommended to University of Virginia Board of Visitors; confirmation expected after 1/1/2010.
This fee includes your UVA tuition and required fees, textbooks/cases/simulations, leased laptop with required software, room & board for all on-grounds residencies in Charlottesville, and all program-related expenses during the international leadership residency. Program related costs not covered include: your travel to and from Charlottesville; airfare/transportation to the international leadership residency.
Scholarship Awards
For the Class of 2011, The Darden School’s MBA for Executives Program offers a limited number of merit-based scholarship awards. Selection criteria for these scholarships are based on the overall strength of the application, including professional, academic and personal background and experience. No separate application form is required to be considered for a merit-based scholarship. (NOTE: Students receiving full financial corporate sponsorship are not considered for merit-based scholarships.)
Financial Aid
Financial aid is available to students in the MBA for Executives Program in the form of federal and private loan programs. These loans are not ‘need-based’; therefore students with an acceptable credit rating will be eligible. Applying for financial aid at the University of Virginia is a two-step process: incoming students apply to the Federal Government and to the UVA Student Financial Services Office for federal loan consideration. Federal loan programs require that the applicant be a U.S. citizen or Permanent Resident. Federal Loan programs eligible for MBA for Executives include both the Stafford Loan and the Grad PLUS Loan.
Applications for all loans are handled through the University of Virginia’s Student Financial Services office. However, if you have specific questions regarding this process, please do not hesitate to contact Amanda Mills, assistant to Darden’s Director of Financial Aid, by e-mail MillsA@darden.virginia.edu or by phone at 434.924.7739.
Types of Financial Aid
There are three types of loan programs available to MBA for Executives’ students:
- The Federal Stafford Loan Program (available to U.S. citizens and permanent residents)
- . 5% Origination Fee deducted from total loan before disbursal to the University
- Fixed interest rate of 6.8%
- Interest is deferred in school and during 6 month grace period from last day of classes
- MBA for Executives’ students can borrow up to $20,500 per borrower year [every two tuition pay periods] (for three borrower years, a total of $61,500 is available)
- The Federal Grad PLUS Loan (a complementing loan available to U.S. citizens and permanent residents who have already borrowed the full amount of Federal Stafford Loans)
- 3% Origination Fee deducted from total loan before disbursal to the University (students should borrow 3.1% above the additional money desired to compensate for the origination fee)
- Fixed interest rate of 8.5%
- Interest is deferred until 60 days after last disbursement in final term, but may upon request of servicer be deferred to match 6 month grace period from last day of classes for the Stafford Loan
- MBA for Executives’ students may borrow a complementing amount to other financial aid, including the Stafford Loan, in order to meet the full cost of attendance.
- Private, third-party certified student loan programs (available to all students) though Banks offering Private Student Loans.
- For students interested in searching for available private loans, one source is www.CertifiedPrivateLoans.com. This website allows you to compare private loans from up to ten different lenders. You may also wish to go to www.finaid.org and search for “private student loans.
Loan Calculator
There is a helpful loan calculator available on the FinAid.org website.
Tax and Savings Options
There are several tax and savings options described in detail on the main Financial Aid section of the Darden website.
How to Choose A Lender and Guarantor:
http://www.virginia.edu/financialaid/loans.php#Lender
NOTE: Funds received through the Stafford, Grad PLUS, or private, third-party certified student loan programs are sent directly to the University of Virginia’s Student Financial Services Office and applied directly to your bill.
U.S. Citizen and Permanent Resident Checklist
- File the Free Application for Federal Student Assistance: FAFSA online.
- Electronically file the 2009-2010 University Financial Aid Application for Federal Loans by accessing the University Student Information System using the login information provided in the status change area of the Darden applicant website. Apply & sign promissory for Federal Stafford Loan and Grad PLUS Loans with a lender of your choice.