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• Overview |
• Scholarships |
• Federal Stafford Loans |
• Federal Perkins Loan |
• Graduate PLUS Loan  |
• Work-Study |
• Alternative Student Loan |
• International Student Loans |

Overview of Types of Financial Assistance for the Masters of Management Studies

Scholarships

Merit Based Scholarship:
The Admissions Office at The Fuqua School of Business oversees and manages the merit based scholarship process.  Every admitted applicant will be considered for a merit scholarship and if selected to be a recipient, will receive notification of their award within two weeks of their admission.  Please contact the Admissions Office at 919.660.7705 or if you have questions about merit based scholarships.

Need Based Scholarship:
The Fuqua School of Business has limited need-based scholarship funds available that will be offered to MMS candidates demonstrating limited resources.  As funds are limited, all applicants who wish to be reviewed for a need-based scholarship are required to complete and submit the following documents as soon as possible:

• 2009-2010 MMS Financial Aid Form
• Need Access Student Information Worksheet 2009 - 2010
• Need Access Student Information Worksheet Instructions 2009 - 2010  
• Need Access Parent Information Worksheet 2009 - 2010 
• Need Access Parent Information Worksheet Instructions 2009 – 2010 
• Need Access Divorced/Separated Parent Information Worksheet 2009 - 2010
• Need Access Divorced/Separated Parent Information Worksheet Instructions 2009 - 2010
• 2008 W2s, 2008 Federal Tax Forms (i.e. Form 1040), all schedules for student (spouse of married) and the student’s parent(s).

Notification of awards will be sent within two weeks after receiving all required documents.

Although students in Graduate and Professional programs are considered “Independent” for federal student aid programs, parental information is required for need-based institutional aid to show the financial strength that can potentially support the student.  Need-based scholarship recipients are expected to have a level of self-help (i.e.  student loans) as a part of their financial aid resources to help finance their MMS program.

International students are not exempt from completing the student and parent Need Access worksheets.  Please answer the items on the worksheets that pertain to you.  If you have not filed U.S. federal tax forms, please provide us with equivalent tax documents from the country in which you have filed.  Please be certain that tax documents submitted to our Financial Aid Office are officially translated into English.

Federal Stafford Loans

The annual loan limit for the Federal Stafford Loan (Subsidized and Unsubsidized combined) is $20,500.  Current Federal Stafford Loans have a 6.8 percent fixed interest rate.  Interests rates are set by the Department of Education and do not vary with lenders. 

Repayment begins six-months after graduation or termination of enrollment.  The minimum payment per month during repayment is $50, and the maximum repayment period is ten years using the standard repayment plan. 
Generally, a 3 percent federal origination fee and a 1 percent lender guarantee fee are deducted from each disbursement of this loan; however some lenders may reduce these fees.

Subsidized Stafford Loan

The Subsidized Federal Stafford loan is based on financial need* and is federally subsidized (interest paid during in-school enrollment and grace period by the federal government).  This enables graduate students to borrow up to $8,500 per academic year, with an aggregate loan limit of $65,500 (undergraduate and graduate combined).

*Eligibility for a subsidized loan is determined by using information provided in FAFSA results.

Unsubsidized Stafford Loan

The Unsubsidized Federal Stafford loan has the same terms and conditions as the subsidized Stafford Loan.  Graduate unsubsidized Stafford Loan borrowers may borrow the difference between any subsidized Stafford Loan up to the maximum loan amount of $20,500 per academic year.  The borrower is responsible for the interest that accrues during the in-school enrollment and the six-month grace period.

As interest accrues you may pay it while in school, or you can allow the lender to capitalize these charges and add them to the loan principal at the start of repayment. Students can borrow from the subsidized and unsubsidized Stafford loan program in one application. 

The aggregate loan limit for the federal Stafford Loan program is $138,500 (undergraduate and graduate combined).

You may visit the National Student Loan Data System (NSLDS) website to track the history of your federal student loan borrowing: http://www.nslds.ed.gov/nslds_SA/

You must choose a lender to apply for this loan program.

Please refer to the Duke University Recommended Lender List for some participating lenders. 

Federal Perkins Loan

Applicable only to students in The Duke MBA-Daytime program, this is a federal student loan program, which is campus-based and administered by Duke University and The Fuqua School of Business.

The annual federally authorized loan limit provides for loans up to $8,000 per academic year, with an aggregate loan limit of $60,000 per student. Due to limited funding, we are unable to offer this loan to all eligible students with financial need. The Fuqua School of Business awards these funds based on a student's determined financial need and available loan funds. The interest rate on Federal Perkins Loan is fixed at 5 percent and is subsidized during in-school enrollment and the 9-month grace period. The interest will begin to accrue nine months after graduation or termination of enrollment.

Disbursement of loan proceeds are made in two equal payments at the beginning of the Fall and Spring semesters.

Duke University's Student Loan Office will send recipients a Federal Perkins Loan Master Promissory Note, disclosure form, and other required documents that must be completed to receive this loan.

Federal Graduate PLUS Loan

The Graduate PLUS Loan is a credit-based federal student loan program with an 8.5 percent fixed interest rate.  Through this loan program, students may borrow up to their Cost of Attendance less other financial aid.  Before a student may apply for this loan program, he/she must complete the FAFSA and should be awarded the maximum Federal Stafford Loan ($20,500) for the academic year. Students should contact their lender of choice to apply for this loan for pre-approval.

There are two fees deducted from this loan:

1. A Guarantee/Federal Default Fee: up to 1 percent (Some lenders waive or reduce this fee)
2. An Origination Fee: 3 percent (Deducted from loan amount)

Repayment on this loan begins within sixty days of final loan disbursement. However, if the borrower is remaining in-school, they will automatically be granted the in-school deferment based on school certification.

After the borrower graduates or terminates their enrollment, the borrower may align their repayment of the Graduate PLUS loan with the six-month grace period on a Stafford loan through a forbearance request.

You must choose a lender to apply for this loan program.

Please refer to the Duke University Recommended Lender List for some participating lenders. 

Federal Work-Study Program

The Federal Work-Study (FWS) Program is federally funded and supports the employment of students while they are in school. Once students complete the FAFSA and establish employment, they must visit our Financial Aid Office to be reviewed for FWS eligibility and to complete a Work-Study Authorization Form for payroll purposes. With Federal Work-Study, the federal funds and The Fuqua School of Business pay a student's salary jointly.

Students are responsible for securing their own employment within the school, which offers a variety of employment opportunities for interested students. Fuqua students average working six to eight hours per week and are paid by the hour biweekly for the hours worked.

Federal Work-Study awards are contingent on adequate federal funds being received by the University.

Please note that not all student positions require Federal Work-Study funding.

Alternative Student Loan Program

Alternative student loans are often referred as private student loans.  For many students, alternative student loans are used to supplement or replace the personal resources used in determining eligibility for Federal Student Aid.  Generally, such loan programs provide for deferment of payments while the student is enrolled full-time and offers a six to nine month grace period (depending on the loan program) after graduation before repayment begins.  This loan may be used to cover remaining expenses up to the cost of attendance for the academic year.
Please note that students should secure a Federal Stafford Loan first before applying for an alternative student loan.

You must choose a lender to apply for this loan program.

Please refer to the Duke University Recommended Lender List for some participating lenders.

International Student Loans

The Graduate Student Loan Program for Fuqua International Students through Coastal Federal Credit Union (Coastal) offers a very competitive rate of prime plus 5% with no fees.  With the current prime rate of 3.25%, the rate would be 8.25%.  This loan does not require a U.S. co-signer. 

The new Coastal loan program is different from other student loan programs in several ways:

• You are applying for a line of credit with a local financial institution /credit union.  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 $25 to utilize their loan services.
  
• Coastal is a successful and long-standing financial institution but new to the student lending world.  We are very pleased that they have chosen to partner with Fuqua to fund our international student lending needs.  Since Coastal is new to student lending, and since Fuqua is anxious to get applications to you as quickly as possible, the attached package of forms is lengthier than future ones will be.  As this is the case, we have included a sample set of completed application forms to assist you.  Please read the enclosed application instructions carefully to ensure that you are completing the forms correctly to prevent processing delays. 
  
• As you are now applying for a line of credit to cover your entire educational experience; in future academic years, you will only need to complete the short Educational Loan Advance Application.
  
• Lastly but importantly, the Fuqua School of Business has agreed to guarantee this cohort of student loans to obtain favorable rates for our international students.  This means that the Fuqua School will be required to pay any defaulted loans, and as such, will take a personal interest in following up on delinquent payments and in collection.  We are making this investment because we have confidence the international students chosen to attend the Fuqua School of Business will become highly successful business people who will make payment of their student loans a top priority. 

You must print, complete, and submit the original loan application forms to the following address (faxed or scanned applications are not accepted): 

Financial Aid Office
The Fuqua School of Business
 Duke University
1 Towerview Drive
Box 90120
Durham, NC  27708-0120

Please note that the 'Pages' tab in the Adobe PDF application does not order the forms in the right sequence.  Therefore, you must print the entire application to receive the forms in the correct sequential order.

For those of you already on campus, you may drop the forms off at the Financial Aid Office (West Keller Room 111, 109, or 108).  In addition, the Financial Aid staff can refer you to an on-campus Notary Public to certify your signatures.

Please note that after our Financial Aid Office receives your completed loan application forms, it will take approximately two weeks for the loan application to process and for the first disbursement to be issued to the school.  All loan disbursements will be posted to your student Bursar account as a payment towards your University charges.  If your loan disbursement is more than your University charges, then the University Bursar's Office may issue a refund to you.  Please visit the Bursar's Office website ( www.bursar.duke.edu ) to learn more about the refund process.

Should you have any questions regarding this loan program after reading the instructions and reviewing the loan applications, feel free to contact our Financial Aid Office at 919-660-8079 or finaid-info@fuqua.duke.edu .

Instructions and Application Forms:

Daytime MBA/MMS Coastal Student Loan Application

SAMPLE Coastal Student Loan Application  
 
W-8Ben Instructions
 
W-8BEN Form