Financing Your Education

Several financial aid options exist for students wishing to pursue an MBA at the Smith School. There are many fellowships, scholarships and assistantship opportunities as well as need-based awards and private loans.

Merit Based Awards [There is no separate application for these awards - applicants to the Smith MBA program are automatically considered.]

The Smith School of Business awards scholarships based on scholastic merit, evidence of leadership, GMAT scores, and work experience. The generous donors who provide these scholarships recognize the importance of attracting outstanding students from all over the world to the Smith School MBA program. All applicants to the full-time MBA whose applications are complete by February 15 receive automatic consideration.

Graduate Assistantships

Financial assistance through college and university research and teaching assistantships is widely available to academically qualified students. Students awarded graduate assistantships  receive a tuition waiver and are paid a 9.5-month stipend for 180 hours of work per semester. Assistantships offer students the opportunity to develop skills in a variety of areas including technology, communications, business research, teaching, small business counseling, and project management.

MBA students not awarded graduate assistantships through the Smith school may apply for an Graduate Assistantship (GA) throughout the University of Maryland at College Park. GA positions are handled independently by each department throughout the university, therefore, students are encouraged to contact departments directly.

Federal Student Loans

Students who are U.S. citizens or permanent residents may apply for Federal Student Loans through the Office of Student Financial Aid by completing the Free Application for Federal Student Aid (FAFSA) by February 15. The application is available online at http://www.fafsa.ed.gov; UMD-College Park's FAFSA code is 002103.

After the FAFSA is received by the Office of Student Financial Aid, additional information specific to the individual student may be requested. (For example, a student who has worked full-time and is terminating employment will receive a form requesting additional information about the current year's expected income). When all application materials are received Federal loans are certified, and the student is notified. This notification process typically begins mid to late June. An application for aid has no bearing on the application for admittance to the program.

Private Educational Loans

You should exhaust your Federal loan eligibility first before applying for loans from private sources. MBA students may choose to borrow a private educational loan through many lenders. In the past, students have used the following lenders:

• Citi Bank - offers the Citi Assist Loan program for Graduate and Professional students.
• Sallie Mae - offers the MBA Loan program. Students can apply online with Sallie Mae.
• Access Group – offers an MBA Loan Program. Students can apply online with Access Group. Also, Access Group charges no originating fees for its loans.