SOM Gateway

« previous | main | next »

Financial Aid Information

Filed under SOM MBA Office
Posted by , October 15, 2008
View all posts for October 2008

Information About Financial Aid

Here is some information we received about Financial Aid from the Financial Aid Office.

Access to Aid: Students have not had an issue, in general, with access to financial aid. There are no issues with access to federal student loans. We’ve seen some delays and confusions with the mechanics of obtaining the loans through the online process, but not at all with finding lenders who are willing to provide the loans. Our online recommended list remains up to date. Some returning students have found that they had to change lenders or guarantee agencies because their previous lender was no longer able to honor the promissory signed in the past. Incoming grad students may or may not have experienced this if they wanted to stay with their lender from undergrad.

Private Loans: The only real issues that students tend to have is their own credit history and the availability of a co-signer. A couple of our recommended lenders have indicated mid-year that they will no longer make private loans or have restricted to whom they will make private loans. However, they have stated that they intend to honor the loans that have already been made. At this time, we have no reason to doubt them. These lenders have been removed from our recommended lender list online.

If you would like to look at it, the online recommended lender list is at http://www.elmselect.com/oll/SchoolLenderList/?schoolId=4870#2651.