MMS: Foundations of Business (FOB)



Types of Financial Assistance

Merit Scholarships

The Admissions Office at The Fuqua School of Business oversees and manages the merit-based scholarship process. Merit scholarships are awarded based on a candidate's overall profile. In order to be considered for a merit scholarship, please complete the scholarship essay in the online application.  You can learn more about the scholarship essay on the Application Instructions page. Please contact the Admissions Office at +1.919.660.7705 if you have questions about merit-based scholarships.

Private Alternative Student Loan

With a U.S. co-signer, an international student can borrow from financial institutions at possibly a lower interest rate than the Coastal Federal International Student Loan Program. Private/Alternative Loans are credit-based student loans that require a U.S. Citizen or Permanent Resident co-signer. Students may borrow up to the Cost of Attendance less other financial aid. These loans provide an in-school deferment of payments and 6-9 months grace period (depending on the lender). The repayment period also varies depending on the lender. Please refer to the Duke University Recommended Lender List to view a list of loan programs and to learn more about specific interest rates, repayment terms, and other loan features.

Coastal Federal Credit Union International Student Loan

Fuqua is proud to offer a student loan program for international students through Coastal Federal Credit Union (Coastal). Coastal is a successful and long-standing financial institution and does not require a co-signer. You are applying directly for a line of credit with Coastal. A credit union is a bit different from a traditional bank in that you must become a "member" and establish a small savings account of $5 to $25 to utilize their loan services. Coastal Federal Credit Union offers a very competitive rate of prime plus 5%. With the current prime rate of 3.25%, the rate would be 8.25%. Effective January 1, 2013, all new Coastal Loan borrowers will be charged a 3% origination fee that will be added to the principal borrowing amount.

External Funding Sources for International Students

We have provided a list of external funding programs from various international agencies. We encourage you to view the list of programs as you may find a suitable funding source.

Applying for Student Loans

Private/Alternative Student Loan

Step 1

Review the Duke University Lender List.

Step 2

Select loan program.

Step 3

Complete your application online at the lender website.

Step 4

Duke University will receive confirmation from the lender to submit school certification.


Coastal Federal International Student Loan

Step 2

Student will receive a secure email with loan documentation from Coastal Federal.

Step 3

Students submit:

  • Notarized loan documents
  • Copy of Resident Identification Card
  • Copy of passport, copy of visa, copy of your country of origin driver's license
  • $25 (check or money order).

Step 4

Coastal requests school certification of the loan from Fuqua Financial Aid.

Cost of Attendance

Estimated International MMS Cost of Attendance
2014-2015, 11-Month Period

 

To view detailed Cost of Attendance information, please download this pdf.

Summer
(July - Aug.)
Fall
(Sept. - Dec.)
Spring
(Jan. - May)
Academic
Year
Educational Expenses
(Student Bursar Account Charges)
Fuqua MMS Tuition 15,966 15,967 15,967 47,900
Student Medical Insurance* 2,100 2,100
Health Fee 225 342 342 909
MMS Association (Gov't Fee) 450 450
Graduate Activity Fee 17 17 34
Graduate Recreational Facility Fee 120 120 240
Graduate Student Services Fee  

 10

 10

 20

Transcript Fee 40 40
Total 16,231 19,006 16,456 51,693
Educational Supplies
Books/Course Packs 294 588 735 1,617
Total 294 588 735 1,617
Student Living Expenses
Fuqua Board (Food) 1,014 2,028 2,535 5,577
Fuqua Housing 1,726 3,452 4,315 9,493
Fuqua Miscellaneous 758 1,516 1,895 4,169
Fuqua Transportation 366 732 915 2,013
Total 3,864 7,728 9,660 21,252
Total Cost of Attendance 20,389 27,322 26,851 74,562
Student Loan Borrowing Eligibility** 20,389 27,322 26,851 74,562

Coastal Loan Borrowing Eligibility (90% of COA)***

 18,350

 24,590

24,166

 66,921

For more information about tuition due dates and the billing schedule please visit the University Bursar Office website.

*Student Medical Insurance Plan is required for all Fuqua MMS students and is charged during the fall semester. It can be waived if you have other health insurance coverage. International students with an F-1 or J-1 visa are required to purchase this student medical insurance plan.  Please contact our Financial Aid Office if your Duke-sponsored Student Medical Insurance Plan cost is different from this amount. We will adjust your COA accordingly. The actual cost of the Student Medical Insurance Plan is established in late spring each year. The University Student Affairs Office provides additional information regarding student medical insurance with fall tuition statements.

**The Student Loan Borrowing Limit will be reduced by any other financial aid received (i.e. scholarships). This cost of attendance will determine the total amount of your Financial Aid eligibility.

***Coastal Loan Borrowing Eligibility (90% of COA) allows newly admitted students to borrow up to 90% of their cost of attendance, minus any other aid.

Additional Considerations to Increase the Cost of Attendance

  • Spousal Increase: Per student's request, we may increase up to 60% of living expenses. This is only considered for Fuqua students whose spouse is living with them during their studies at Fuqua, not employed and not a student.
  • One-Time Computer Increase: Students must submit an invoice or quote for the price of the computer in order to receive this increase, up to the $2,500.
  • Duke Student Health Insurance Family Coverage: This increase may be made to the cost of attendance when proof of coverage is presented to the Financial Aid Office.

Non-Allowable Cost of Attendance Adjustments

  • Interview Activities: Expenses incurred for interview activities coordinated by Fuqua, and general interview trips are not considered for financial aid purposes because they are not standard requirements within the curriculum.
  • Personal Debt: Due to Federal Law, personal consumer debt (i.e., credit cards, car loans, etc.) cannot be factored into the cost of attendance.
FAQs

How are the Fuqua Merit Scholarships determined?
Merit Scholarship recipients are selected by an Admissions Merit Scholarship Committee. Merit scholarships are awarded based on a candidate's overall profile. In order to be considered for a Merit scholarship, please complete the scholarship essay in the online application. The Merit Scholarship awards are made independent of determining a student's eligibility for student loans.

Does Fuqua offer other scholarship or grant assistance?
No.

Is it possible to borrow funds to meet the costs of attending Fuqua?
You are eligible to apply for enough student loans to meet the cost of tuition, fees, books, and related living expenses as estimated in the cost of attendance.

How do I apply for student loans?
You will select your lender of choice and complete the application with that lender.

Is a co-signer required for the loans?
A U.S. citizen or permanent resident co-signer is required for the Alternative Loans. A co-signer is not required for the Coastal Federal International loan.

What happens if I borrow more than the cost of tuition (i.e. living expenses)?
When a student borrows beyond the cost of tuition, loan disbursements will be posted to your student Bursar account as a payment towards your university charges first, and then the University Bursar's Office will issue a refund to you for living expenses.

When is my application due?
Applications should be submitted as soon as possible to cover the University charges by the tuition due date. Students who anticipate borrowing alternative student loans may consider contacting lenders earlier to make certain that they are creditworthy loan borrowers.

How are the funds disbursed to pay university charges?
The funds are sent directly to university bursar office.

Does the fact that I do not have credit history in the U.S. have an impact on my loan rate?
For Alternative loan borrowers, the rate is based upon the credit status of both the student and U.S. permanent resident or citizen co-signer.

For Coastal borrowers, we offer the same rate for all students based on admission to Duke. The credit report or lack of credit does not impact the rate at all.

What is a "grace period"?
A grace period is as an allotted amount of time, usually 6-9 months, after leaving school in which you are not required to make payments on your student loans. Although, payment is not due during this time, interest does accrue.

Can I make payments before I graduate and before the repayment period begins?
You are not required to make a payment before the grace period ends; however, you can make payments at any time with no pre-payment penalty. Accrued interest will be satisfied first.

If I choose to make payments while in school, is there a pre-payment penalty?
There is no pre-payment penalty.

On the Private Education Loan Applicant Self-Certification form, what amount should I use?
Enter the annual cost and the estimated annual financial assistance you will need. Your Financial Aid office can provide these figures.