One of the most pressing issues for many Professional MBA candidates is financing your education. You can begin the process of applying for financial aid before being admitted into the Professional MBA program, but no aid will be awarded until after you are admitted. Financial aid can be used to pay partial or full program costs.
Sources of Financial Aid
Professional MBA program participants are eligible to apply for different types of financial aid through the Texas A&M Scholarships & Financial Aid Office.
Veterans Education Benefits
To get information on using Veteran’s benefits and resources, click here.
Federal Student Loan – Direct Unsubsidized Loans
The U.S. Department of Education’s federal student loan program is the William D. Ford Federal Direct Loan Program. Under this program, the U.S. Department of Education is your lender. Students can borrow up to $20,500 per academic year. Interest rates change each July and the most up-to-date information about current rates can be found here. Repayment begins six months after graduation or dropping below half-time enrollment. The maximum lifetime borrowing limit is $138,500 including undergraduate amounts. This program was formerly referred to as the Federal Stafford Loan.
Federal Student Loan – Direct Graduate PLUS Loans
The William D. Ford Federal (Direct) Graduate PLUS Loan Program allows graduate students to borrow up to the total cost of attendance (minus other aid). Approval for this type of loan is based on a credit screening process. The most up-to-date information about interest rates is found here, with repayment beginning 6 months after graduation or dropping below half-time status.
Alternative (private) loans are administered by private lending institutions to be used for educational costs. They are not part of the federal student loan programs, may carry higher interest, and should be used when other options have been exhausted. Texas A&M Scholarships and Financial Aid maintains a lender list for private loan options.
How to Apply for Financial Aid
- Create an FSA ID: the FSA ID is used to confirm your identity when accessing your financial aid information and electronically signing your federal student aid documents.
- Complete the FAFSA online: the FAFSA is available beginning on October 1 and should be completed as soon as possible. The FAFSA may be completed during the admissions process, but financial aid will not be awarded until program admission. The school code on the FAFSA for Texas A&M University is 003632.
- Beginning in Spring 2020, if FAFSA is complete, apply for the Direct Grad PLUS loan. The University will release the application on an as-yet-to-be-determined date.
- Apply for alternative loans: Further funding can be accessed through alternative loans from private lending institutions to cover additional costs. Texas A&M maintains an alternative loan lender list. International students who are not permanent residents are not eligible for federal loans. However, international students can apply for alternative loans through a private lending institution. This may require a creditworthy, U.S. citizen co-signer.
- Complete Master Promissory Note (MPN) for each loan type
Documents required to complete the FAFSA.
- Social Security number
- Driver’s license
- W-2 and 1099 wage forms
- Federal Income Tax Return
- IRS 1040, 1040A, 1040 EZ
- Foreign Tax Return
- Veterans benefits
- Current bank balances
- Current business net worth
- Farm/ranch net worth (if you have more than 100 employees)
- Investment net worth (not including retirement plan accounts, such as a 401K, 403B or annuity)