2009 MIT Sloan MBA Financial Aid Chat with Daniel Barkowitz
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Linda Abraham (Apr 23, 2009 11:03:49 AM)
Hello. My name is Linda Abraham. I am the founder of Accepted.com and the moderator of today’s chat.
First I want to welcome all of you to the MIT Sloan Financial Aid chat
today, and I want to congratulate you on your acceptance to Sloan. To
ensure that you make the most out of your MBA experience, it is a wise
move, especially in these economically uncertain times, to set yourself
up to fund your MBA.
I also want to welcome MIT’s Daniel Barkowitz,
Director of Student Financial Aid & Employment , Elizabeth Barnes,
Assistant Director Financial Aid and Angel Navedo, Assistant Director
of MBA Admissions.
Thank you all for joining us today.
ElizabethBarnesMIT (Apr 23, 2009 11:04:32 AM)
Hello! I am the coordinator of loans and will be sending you loan statements.
Linda Abraham (Apr 23, 2009 11:05:03 AM)
Before I open the floor to your questions, I want to pose a couple:
1. Timing:
What are the steps and what is the time frame for the loan
process? When will students know what they are eligible for, when do they get the
funds, when is tuition due?
DanielBarkowitzMIT (Apr 23, 2009 11:05:48 AM)
Linda, we begin accepting financial aid applications as early as January 1.
We review applications on a first come basis and have been sending awards out since early March. We are also about to send another 131 letters out soon!
For domestic students, we must have your FAFSA and your Graduate Loan Application in order to review your application. For international students we just need the Graduate Loan Application.
rdogg (Apr 23, 2009 11:08:09 AM)
Angel, on average, how many Sloan students receive fellowship/tuition waivers -- and how much is the average award?
AngelNavedoMIT (Apr 23, 2009 11:08:28 AM)
Good afternoon all!
Jarrod (Apr 23, 2009 11:08:50 AM)
Liz: When do second round admitted students find out about their financial aid
package? I heard for first round it was 2 weeks after the decisions were
sent out.
AngelNavedoMIT (Apr 23, 2009 11:08:51 AM)
Rdogg, generally, about 40 students a year receive fellowships. The average fellowship is around $10,000.
tranx (Apr 23, 2009 11:09:01 AM)
Daniel: What is the mix of loans/work-study/grants that MIT Sloan offers?
ElizabethBarnesMIT (Apr 23, 2009 11:09:25 AM)
Hey Jarrod, send me an e-mail at finaid@mit.edu and I will let you know.
awan (Apr 23, 2009 11:09:45 AM)
Liz: Greetings from a MIT R2 Admit for Class of 2011. I am right now
choosing between two schools, so I'd like to know approximately when we
will be receiving our award letters after submission of the loan
application and FAFSA.
DanielBarkowitzMIT (Apr 23, 2009 11:10:20 AM)
Tranx: Since MIT Sloan offers a limited number of fellowships, most
students borrow loans to fund their cost. We package up to full budget
for students with loans.
ElizabethBarnesMIT (Apr 23, 2009 11:10:22 AM)
Awan, I am sure that some of the second round admits will be getting their aid decisions this week.
jamay (Apr 23, 2009 11:10:39 AM)
Elizabeth: I was a little confused by the "expected
educational resources" grid on the loan application. Can you clarify
how we are supposed to fill that out?
sm2011 (Apr 23, 2009 11:10:48 AM)
Daniel: I am an international student. Can I get the same maximum loan
package as would a U.S citizen? If not, what are the recommended
companies that I should use to get my loans?
DanielBarkowitzMIT (Apr 23, 2009 11:10:49 AM)
Tranx: Work is an option if students wish to pursue it. We have an open job market here at MIT!
ElizabethBarnesMIT (Apr 23, 2009 11:10:56 AM)
Jamay, your loan eligibility will be the cost of education less any other aid received. Expected educational resources are fellowships, teaching and research assistantships.
AngelNavedoMIT (Apr 23, 2009 11:11:16 AM)
Most fellowships are awarded the same week as the decisions, but some remain available. When accepted applicants who have received a fellowships choose to
attend another school, that fellowship becomes available and we
consider all eligible candidates.
DanielBarkowitzMIT (Apr 23, 2009 11:11:49 AM)
Sm2011: You can receive the same loan totals as a domestic student. We
do not "recommend" a particular loan product, but note that the MIT
Federal Credit Union is willing to loan to a Sloan International
student without a US Cosigner.
Tom R (Apr 23, 2009 11:12:19 AM)
Elizabeth: Why is there $5,000 in the budget for "Computer"?
Tom R (Apr 23, 2009 11:12:39 AM)
Daniel: Where can I find the 2009-2010 budget?
DanielBarkowitzMIT (Apr 23, 2009 11:12:40 AM)
Awan: We will be sending these out on a first-come first-serve basis.
ElizabethBarnesMIT (Apr 23, 2009 11:12:48 AM)
Tom, the computer allowance dropped to $3000 this year. Computer allowance is made because all students are expected to have
laptops with certain hardware and software. You will get the details
from Sloan.
DanielBarkowitzMIT (Apr 23, 2009 11:13:03 AM)
Tom R: the budget is: $77,224 for Sloan 1st year students and $74,224 for 2nd year students. We add
allowances for other family members traveling to campus with you.
Ying (Apr 23, 2009 11:13:18 AM)
Angel: Can international student be guaranteed loans without a US co-signer?
Lexie (Apr 23, 2009 11:13:30 AM)
Elizabeth: Where can I find more help on choosing between all the different private loan programs?
AngelNavedoMIT (Apr 23, 2009 11:14:14 AM)
The final budget will be posted next week on our website.
Drew (Apr 23, 2009 11:14:19 AM)
Daniel: Will we need to furnish our tax returns for proof?
AngelNavedoMIT (Apr 23, 2009 11:14:26 AM)
Hello Ying, the MIT Federal Credit Union offers a loan to Sloan students, international and US, which does not require a US cosigner. You can find more information on our website.
Justin (Apr 23, 2009 11:14:33 AM)
Angel: After the Graduate Loan Application is submitted, how long does
it usually take to receive a response/financial aid package?
ElizabethBarnesMIT (Apr 23, 2009 11:14:43 AM)
Lexie, we have a website for loan information, however you
are not limited to those lenders.
DanielBarkowitzMIT (Apr 23, 2009 11:14:48 AM)
Drew: No, we do not need final tax returns as we do not require verification... (be honest though!).
ElizabethBarnesMIT (Apr 23, 2009 11:15:31 AM)
Very rarely a student is selected for verification and is required to submit tax returns. But this is not a routine requirement.
DanielBarkowitzMIT (Apr 23, 2009 11:15:34 AM)
Justin (and others): We know that people need answers ASAP so we are
turning these around within a week of receiving all information.
WIL (Apr 23, 2009 11:16:09 AM)
Elizabeth: I got admitted to Sloan on 4/6, and have accepted the offer. Will it be late to apply for FAFSA in May?
DanielBarkowitzMIT (Apr 23, 2009 11:16:31 AM)
Justin: If you have questions about your status, you can call or email us. Our phone is 617-253-4971 and email is finaid@mit.edu.
mit2011 (Apr 23, 2009 11:16:48 AM)
Hello Daniel, I have a question regarding the cost breakdown of the
academics at MIT Sloan. I'd like to know if these amounts are an average
of what we would spend or the maximum possible.
ElizabethBarnesMIT (Apr 23, 2009 11:16:57 AM)
WIL, you may apply whenever you like, but the first bill goes out July 10th and is due August 1st, so you want to apply by June.
tranx (Apr 23, 2009 11:17:10 AM)
Angel: Is there a cost-advantage to residing in an on-campus housing? On average, about 1/3 of our students reside on-campus.
AngelNavedoMIT (Apr 23, 2009 11:17:18 AM)
Hello Tranx, On-campus housing is generally less expensive than off-campus housing,
and they offer close proximity to the school and free internet access. The rest are spread throughout the Boston area with most living in
Boston's Beacon Hill, Back Bay, Cambridge's Central Square, and Kendall
Square.
Sarath (Apr 23, 2009 11:17:34 AM)
Elizabeth: I just wanted to make sure about one particular issue. I
have already received my award letter - which is comprised completely
of an alternate loan. Once I am approved for a certain loan amount,
will I have to use the entire amount or can I opt to use a mix of the
loan amount and personal founds?
DanielBarkowitzMIT (Apr 23, 2009 11:18:39 AM)
Mit2011: The budget figures are a cost average. For example, we
allocate $12,000 for a 9 month housing cost. You can appeal your budget
if your costs are more than our estimates, but we do expect
reasonableness (in other words, don't live like a banker when you are a
student) -- then again, most bankers these days are living like
students. :)
ElizabethBarnesMIT (Apr 23, 2009 11:18:48 AM)
Hi Sarath, You may apply for any amount between $2000 and the total
budget. Please be aware that there are expenses which you will incur
that we are not allowed to consider such as job hunting and transition
expenses.
DCstartup (Apr 23, 2009 11:18:49 AM)
Elizabeth: After you've turned in the FAFSA and grad application, how long does it take to receive the financial aid letter?
JeffFor2011 (Apr 23, 2009 11:19:08 AM)
Angel: Do financial aid awards include grants or is it primarily just loan offers?
ElizabethBarnesMIT (Apr 23, 2009 11:19:20 AM)
DCstartup- ideally within two weeks.
Bart (Apr 23, 2009 11:19:21 AM)
Daniel: As an international (Canadian student), where can I find out what aid/scholarships I am eligible for?
AngelNavedoMIT (Apr 23, 2009 11:19:26 AM)
Jeff, financial aid awards are primarily loan offers. Any fellowships awarded will come directly from Rod Garcia, Director of MBA Admissions.
Christina (Apr 23, 2009 11:19:41 AM)
Elizabeth: Part 4 on the GLA asks about our MIT tuition award and more
- how do we know what those are before submitting the application?
Should we estimate based on our expected family contribution from the
FAFSA?
DanielBarkowitzMIT (Apr 23, 2009 11:20:17 AM)
Bart: Remember that the only MIT administered scholarships are
fellowships. Otherwise, we would suggest some scholarship search sites
from outside agencies listed on our website.
jmg (Apr 23, 2009 11:20:18 AM)
Daniel: So is it feasible that one may have not yet received any awards
from MIT as of yet - but may still receive one? Are these awards or
loans? Also, regarding loans - I have applied to MITFCU for a loan --
is there something available through your office specifically?
ElizabethBarnesMIT (Apr 23, 2009 11:20:32 AM)
Christina, you may be awarded assistantships later. Just let us know so we can adjust your aid. This morning I sent back $2837 of loan for a student who has received a
tuition and stipend award. I told him to check with the lender in a
month to confirm that the loan repayment has been processed.
Becky (Apr 23, 2009 11:20:38 AM)
Elizabeth: What is the process after you receive your award/aid letter?
DanielBarkowitzMIT (Apr 23, 2009 11:21:01 AM)
Jmg: You must apply through our office in addition to the form through
the MITFCU. Our award offers will only include loans unless you have
been awarded a fellowship in the Sloan Admissions process.
Lexie (Apr 23, 2009 11:21:23 AM)
Angel: How does one apply for fellowship/tuition waivers? I had the
understanding that the main source of financial aid would come in loans.
AngelNavedoMIT (Apr 23, 2009 11:21:53 AM)
Hi Lexie, there is a list of fellowships on the application where you could indicate whether or not you wanted to be considered. There are some other fellowships, some of which are detailed online,
which are awarded by the Admissions Committee based on eligibility and
the application materials.
DanielBarkowitzMIT (Apr 23, 2009 11:21:59 AM)
Becky: The process of what to do after the award is covered on our website.
Nacho (Apr 23, 2009 11:22:28 AM)
Daniel: What are the next steps after sending the Graduate Loan Application?
Sarath (Apr 23, 2009 11:24:08 AM)
Angel: Can I use only the loan amount as proof of
funds for my I-20 application - or is it wise to show a certain % of
loan amounts, and personal funds for the Visa application?
DanielBarkowitzMIT (Apr 23, 2009 11:24:13 AM)
Nacho: We review your financial aid application and produce an award
for you. The award will list your maximum eligibility for student
loans. You then select a lender and (if a domestic student) begin the
process for the certification of your Stafford and PLUS Loan. If you
want/need to borrow a loan other than the Stafford and Perkins, you
select this lender and apply using their process. We list the most
commonly used loans on our financial aid web page.
AngelNavedoMIT (Apr 23, 2009 11:24:13 AM)
You do not need to do anything to be considered for the Dean's Award or Diversity Award.
rdogg (Apr 23, 2009 11:24:19 AM)
Daniel: What are the criteria for receiving fellowship/tuition waivers? Need, merit or both?
ElizabethBarnesMIT (Apr 23, 2009 11:24:22 AM)
Becky, the toughest step after receiving the loan decision is budgeting and
choosing your lender for the alternative eligibility. I.e. do you want
a fixed rate or variable rate?
AngelNavedoMIT (Apr 23, 2009 11:24:31 AM)
Hello Sarath. This is an important question. International students must accurately indicate on the financial
certification form exactly how they plan to pay for the first year. This means that if you plan to pay using loans, you must indicate that on the FCF. Any discrepancy between what is on the FCF and how you pay in actuality
(for example, you indicate that you plan to pay with personal funds but
end up using loans) could put your immigration status in jeopardy. Finally, Sarath, it is fine to indicate loans as proof of funds for
MIT, but the consulate may ask you how you plan to pay back all of
that money.
DanielBarkowitzMIT (Apr 23, 2009 11:25:01 AM)
Rdogg: The criteria for selecting fellowships are merit only -- there is no need determinant.
deepblue (Apr 23, 2009 11:25:13 AM)
Daniel: What percentage of MBA students normally take the Teaching Assistantship / Research Assistantship opportunities at Sloan?
Christy Le (Apr 23, 2009 11:25:55 AM)
Elizabeth: Can you provide more details about TA program? How
does it work and where can we find out about the opportunities? The
link from mbaadmit.mit.edu requires password to get access to information.
DanielBarkowitzMIT (Apr 23, 2009 11:26:32 AM)
Deepblue: (nice nick) -- I don't believe many take advantage of
TA/RAship opportunities since these are centrally administered for the
entire campus and most funding comes in the science/engineering sectors.
Drew (Apr 23, 2009 11:26:49 AM)
Angel: In the interest of helping as many students as possible, does MIT limit the number of fellowships per student to one?
ElizabethBarnesMIT (Apr 23, 2009 11:27:03 AM)
We have a website for after you are awarded your financial aid and a
website to estimate your loan repayments. Domestic students
can count on having $41,000 in Federal Direct Stafford Loans at 6.8%.
AngelNavedoMIT (Apr 23, 2009 11:27:32 AM)
Drew, yes, incoming students receive only one fellowship. But it is certainly possible that current students, who had received a fellowship upon admission, can also receive a merit-based scholarship as a current student.
ElizabethBarnesMIT (Apr 23, 2009 11:27:52 AM)
Terry, Lots of students have sent their aid applications as
attachments. We do not recommend it because it is putting you SSN in
e-mail.
tranx (Apr 23, 2009 11:27:55 AM)
Daniel: How is FAFSA's ‘Expected Family Contribution’ factored into MIT's decision for financial aid?
Tom R (Apr 23, 2009 11:28:13 AM)
Elizabeth: If I am an R1 admit, and I applied for aid on March 11, and have not heard anything yet, is that unusual?
DanielBarkowitzMIT (Apr 23, 2009 11:28:23 AM)
Christy Le: I believe these awards are centrally administered through
the Dean for Graduate Student's office, but
all awards have been distributed for 2009-10.
mbanj (Apr 23, 2009 11:28:37 AM)
Daniel: Can you speak a little on work opportunities, especially for international students?
ElizabethBarnesMIT (Apr 23, 2009 11:28:56 AM)
TomR, No this is not unusual. You have been in competition with 1578 admitted freshmen, but you are probably one of the 131 who will hear soon.
DanielBarkowitzMIT (Apr 23, 2009 11:29:28 AM)
Tranx: We use the FAFSA EFC to determine whether you are eligible for
Perkins loan and whether your Stafford loan is Subsidized (the
government pays the interest while you are in school) or Unsubsidized.
mit2011 (Apr 23, 2009 11:29:49 AM)
Elizabeth: I am a first round admit; can I still send the loan
application? I thought I had secured the amount. Turned out my loan in
my home country was denied.
viking (Apr 23, 2009 11:30:22 AM)
Angel: What percentage of international students is NOT eligible for
loans - in other words, what is the risk that you are not able to
secure a loan?
ElizabethBarnesMIT (Apr 23, 2009 11:30:23 AM)
MIT2011, yes you can. Our fax number is 617-253-9859.
DanielBarkowitzMIT (Apr 23, 2009 11:30:39 AM)
Mbanj: Work opportunities are open to all students at MIT. More
information can be found online.
International students generally have an hourly limit during the week
(20 hours) but there are plenty of jobs on campus.
AngelNavedoMIT (Apr 23, 2009 11:31:08 AM)
Hello Viking. The risk is 0%. All Sloan admitted students are guaranteed a loan through the MIT Federal Credit Union.
Annie (Apr 23, 2009 11:31:23 AM)
Daniel: I was told by someone at the MITFCU that they are currently not offering loans to graduate students. Is that incorrect?
mit2011 (Apr 23, 2009 11:31:25 AM)
Elizabeth: Can I decide to pay my tuition on a monthly basis? If so, is there an interest to pay as well?
Becky (Apr 23, 2009 11:31:36 AM)
Daniel: Are PLUS loans included in the award/aid letter or do you apply separately?
DanielBarkowitzMIT (Apr 23, 2009 11:31:37 AM)
Annie: MITFCU is not offering a program to non-Sloan
graduate students. This is the correct link for information on the Sloan
program. Other
non-Sloan graduate students cannot use this program.
ElizabethBarnesMIT (Apr 23, 2009 11:32:14 AM)
MIT 2011, there is an MIT billing plan based on an APR of 8%. You pay 1/4 of the balance with the first bill of the term, then 1/3 etc. Please see the website for payment plans for more details.
sm2011 (Apr 23, 2009 11:32:52 AM)
Angel: Is the MIT loan package comprehensive enough to cover my tuition fee? Or do I need additional loans?
AngelNavedoMIT (Apr 23, 2009 11:33:22 AM)
Hello Sm2011. Yes, if you apply for aid for the full cost of education, that will include tuition plus personal expenses. You can always apply for less, but you are guaranteed the full amount if you need it.
hv08 (Apr 23, 2009 11:33:28 AM)
Daniel: What banks or intermediaries does MIT work with for loans?
DanielBarkowitzMIT (Apr 23, 2009 11:33:28 AM)
Becky: A PLUS loan is an alternative loan choice, so we do not assume
that students will borrow from this program. We encourage all students
to evaluate each program they are considering (PLUS included) and make
the best decision for themselves.
JeffFor2011 (Apr 23, 2009 11:33:44 AM)
Angel: I read that Sloan students are not eligible to TA or RA during
their core term. Are there other opportunities to work within MIT or
Sloan to help pay for tuition?
AngelNavedoMIT (Apr 23, 2009 11:34:11 AM)
Hi JeffFor2011. Trust me, you will be plenty busy in the first semester! There are plenty of opportunities in subsequent semesters to apply for assistantships.
DanielBarkowitzMIT (Apr 23, 2009 11:34:34 AM)
Hv08: We work with all loan providers. We list the most commonly used
loans by previous MBA students on our web page, but we will process any
loan from any lender that you choose. Please see our loan code of conduct for more details.
ElizabethBarnesMIT (Apr 23, 2009 11:34:36 AM)
Terry, yes it is fine to leave the SSN question blank if you do not have a social security number.
mit2011 (Apr 23, 2009 11:34:52 AM)
Daniel: If I have secured the cost for the whole first year and tuition, can
I hold on to my loan application? Can I apply next year if I need it?
DanielBarkowitzMIT (Apr 23, 2009 11:35:08 AM)
Mit2011: Sure, you can wait until the next year.
jmg (Apr 23, 2009 11:35:12 AM)
Angel: As an international student - I am preparing to submit my Financial Certification Form; is attaching my MITFCU loan approval
sufficient?
Sarath (Apr 23, 2009 11:35:22 AM)
Daniel: I am an international student admitted in the first round. How do I go about looking for TA/RA options?
Miro (Apr 23, 2009 11:35:27 AM)
Elizabeth: I have submitted my FAFSA and Grad aid application. Who should I be following up with to make sure it has been received and if
I am I am being considered?
AngelNavedoMIT (Apr 23, 2009 11:35:43 AM)
Hello Jmg. Yes, it is sufficient to receive the I-20, but do be aware
that you may face questions at the consulate about how you plan to pay
back those loans. The answer should not be that you plan to work in the US.
ElizabethBarnesMIT (Apr 23, 2009 11:35:48 AM)
Miro, send me an e-mail.
seynabou (Apr 23, 2009 11:35:51 AM)
Elizabeth: Hi to everybody! Are we automatically considered for fellowships if some are available or should we specifically apply for
them?
Anon (Apr 23, 2009 11:36:17 AM)
Angel: I cannot attend the admit weekend; will any extra financial aid
information and tips offered at the weekend be communicated to
candidates? If so, where should we look for this information?
DanielBarkowitzMIT (Apr 23, 2009 11:36:20 AM)
Sarath: At this point, to my understanding, all TA/RA awards for the
year have been distributed (see above). You can apply for next year,
but Sloan students do not ordinarily receive these.
ElizabethBarnesMIT (Apr 23, 2009 11:36:38 AM)
Hi Seynabou. You applied for these when you applied for admission. There are a couple of others decided by the Sloan admissions staff.
AngelNavedoMIT (Apr 23, 2009 11:36:48 AM)
Hello Anon. All relevant financial aid information is available on the
MBA Admit site and the student financial services website.
sm2011 (Apr 23, 2009 11:37:02 AM)
Daniel: Following up on Angel's comment: How will rates differ between international and US citizen?
mit2011 (Apr 23, 2009 11:37:05 AM)
Angel: How much should a student should to earn from his internship at the end of the first year?
Becky (Apr 23, 2009 11:37:13 AM)
Elizabeth: On the website, it says there is a custom CitiAssist loan
available to Sloan students. Is this correct? I called them and they
were unaware of any such loan.
DanielBarkowitzMIT (Apr 23, 2009 11:37:24 AM)
Anon, you can also visit my blog for more information.
AngelNavedoMIT (Apr 23, 2009 11:37:25 AM)
Hello Mit2011, the mean monthly base salary last year was $7,649 for summer internships. Please visit the Career Development Office website for employment reports dating back eight years.
ElizabethBarnesMIT (Apr 23, 2009 11:37:54 AM)
Becky, send me the website so we can correct that. There is no custom loan program at Citibank for Sloan students now.
Anon (Apr 23, 2009 11:38:01 AM)
Daniel: Generally speaking, how is federal and private loan money, which
is given for housing and living expenses, distributed to candidates?
DanielBarkowitzMIT (Apr 23, 2009 11:38:20 AM)
Sm2011: For the MITFCU, the rate information is on our web page.
Jane (Apr 23, 2009 11:38:26 AM)
Elizabeth: What is the time line for submitting the promissory notes
for the federal loans & applying for the private loan? (Does one come
before the other, where should we be right now on this, etc?)
Becky (Apr 23, 2009 11:38:38 AM)
Angel: MITFCU said a loan was not available to US students last week when I called. Is this true?
JohnBWell (Apr 23, 2009 11:38:48 AM)
Daniel: Is there a loan forgiveness program for people taking lower paying jobs in nonprofit or developing countries?
ElizabethBarnesMIT (Apr 23, 2009 11:39:03 AM)
Jane, you have plenty of time to get the loan paperwork done by September. The most important step is to choose the alternative loan and
apply so we can certify it before the first due date of August 1st.
Jarrod (Apr 23, 2009 11:39:28 AM)
Daniel: Is the interest rate offered at MIT Federal Credit Union
generally competitive or better than loans we can get via a third party? Is it fairly standard for Sloan admits use the credit union over other
options?
AngelNavedoMIT (Apr 23, 2009 11:39:44 AM)
Hi Becky, the application is not online yet for US students (it is
available now for international students); the application for US will
be available next week.
DanielBarkowitzMIT (Apr 23, 2009 11:39:47 AM)
Anon: Once tuition is paid, you can request a refund check for the
difference. VERY IMPORTANT POINT FOR ALL: You should arrive with enough
money to pay your starting rent since we cannot release funds to you
until after class registration.
Bart (Apr 23, 2009 11:39:47 AM)
Angel: Which comes first?: Do international students need to get their
financial aid in order before they can apply for the F1 visa?
AngelNavedoMIT (Apr 23, 2009 11:40:19 AM)
Hello Bart. International students need to get loan approval first if they plan on using the loan as proof of funds.
DanielBarkowitzMIT (Apr 23, 2009 11:40:22 AM)
JohnBWell: There is no loan forgiveness program, but most lenders are willing to work on a forbearance or deferment process.
jk103 (Apr 23, 2009 11:40:34 AM)
Elizabeth: Hi, once we get conditionally approved for a loan, do we have
to come on campus to open an account with MITFCU or can we do this in August? Thanks!
puneet (Apr 23, 2009 11:40:40 AM)
Hi Daniel, will the fact that I have a mortgage for my home and intend
to keep it (renting out the house while I'm in school) be an issue in
securing a loan?
rdogg (Apr 23, 2009 11:40:56 AM)
Angel: Are financial aid packages contingent on accepting Sloan's offer? In other words, can I see what my MIT loan package would be prior to making a deposit?
AngelNavedoMIT (Apr 23, 2009 11:41:01 AM)
Jk103, you can open an account in August.
ElizabethBarnesMIT (Apr 23, 2009 11:41:06 AM)
The first bill will be for the fall term tuition, student life fee and
health insurance. You will also have anticipated credits for the half of
the federal loans and any certified alternative loan. Alternative loans mean loans other than the Federal Direct Stafford
Subsidized and Unsubsidized and Perkins. For domestic students this
includes the Federal Direct Plus loan.
DanielBarkowitzMIT (Apr 23, 2009 11:41:18 AM)
Jarrod: We do not provide selection advice to students. You can choose
the loan you want. The interest rates on the loans most commonly used
by Sloan students are on the web page.
AngelNavedoMIT (Apr 23, 2009 11:41:32 AM)
Hi Rdogg, you can see your financial aid package before making a deposit.
It is not contingent.
Nacho (Apr 23, 2009 11:41:44 AM)
Angel: Hi all, I am an international student. I want to use the loan
as my financial resource for applying for the student visa. Is there
anything additional that I should do?
DanielBarkowitzMIT (Apr 23, 2009 11:41:53 AM)
Puneet: It depends on the lender, but probably not. Most lenders are
basing their decisions on credit score, rather than debt to income
ratios.
MITbound2009 (Apr 23, 2009 11:41:57 AM)
Daniel: Hi all. I have been looking for housing, and it seems kind of
expensive. Don't you think that the current budget for housing is a little
low?
mbanj (Apr 23, 2009 11:42:07 AM)
Elizabeth: I am currently working out a possible funding arrangement
from my employer. In the event that doesn't work out, when is the
latest that I can submit my application for financial aid? Or should I
just go ahead anyway?
AngelNavedoMIT (Apr 23, 2009 11:42:39 AM)
Hi Nacho. You need to get the approval letter from MITFCU and send that
in with your Financial Certification Form as a proof of funds. This
requires you to fill out the Graduate Loan Application and the MITFCU
loan application.
ElizabethBarnesMIT (Apr 23, 2009 11:42:52 AM)
Mbanj, we entertain loan applications through May 1st 2010 of the 2009-2010 year.
Linda Abraham (Apr 23, 2009 11:43:09 AM)
Are there factors other than repayment terms that students should consider in choosing a lender?
DanielBarkowitzMIT (Apr 23, 2009 11:43:26 AM)
MITbound2009: We survey MIT housing to determine their average rates
and use this as a measure. We also look at other colleges in the area
and benchmark against their rates. Remember that our standard budget is
not meant to provide luxurious accommodations (you may want to think of
getting a roommate or finding a space outside of Cambridge), but also
note that rents in Cambridge are coming down due to the economy.
DanielBarkowitzMIT (Apr 23, 2009 11:44:24 AM)
Linda: For all -- you may want to look at deferability while you are in
school, origination fees, required co-signers, interest rate,
origination fees, etc.
Anon (Apr 23, 2009 11:44:46 AM)
Daniel: What costs (besides deposit and potential housing deposit) do
students generally need to cover before they are able to use their loan
money?
JohnBWell (Apr 23, 2009 11:44:55 AM)
Elizabeth: Will you be re-distributing funds among students if people
with fellowship offers reject them? What steps should students take to
be considered for these funds?
DanielBarkowitzMIT (Apr 23, 2009 11:44:56 AM)
Linda: Also customer service experience.
Linda Abraham (Apr 23, 2009 11:45:06 AM)
Thanks, Daniel.
Claire (Apr 23, 2009 11:45:18 AM)
Angel: Are the fellowships mostly awarded to the domestic students?
AngelNavedoMIT (Apr 23, 2009 11:46:14 AM)
Hello Claire. It depends on the fellowship, but most are available to all students.
ElizabethBarnesMIT (Apr 23, 2009 11:46:47 AM)
JohnBWell and others, the fellowships are handled through admissions and
loans are handled through Student Financial Services where I work.
Jorge (Apr 23, 2009 11:46:47 AM)
Angel: Hi everyone, quick question: For those of us who have already
received a fellowship, do we still qualify for other awards such as the
McKinsey Award or the Class of 2004 Diversity Scholarship?
DanielBarkowitzMIT (Apr 23, 2009 11:47:14 AM)
Anon: Since you don't receive your loan money until after registration
and classes have begun (generally in the first week after classes
start) you need to be prepared to cover any expense before that time
(travel, deposit, housing deposit, book purchase, etc). If this is a
hardship, we can (on a limited basis) procure an advance to provide some
start up funding, but this will come with a promissory note and steep
penalties if you do not repay it immediately.
AngelNavedoMIT (Apr 23, 2009 11:47:15 AM)
Hello JohnBWell. Yes, we do re-distribute funds if fellowship offers are
turned down. As an admitted student, you need not do anything. The
fellowships are merit-based and we consider the entire pool of admits.
Ying (Apr 23, 2009 11:47:25 AM)
Daniel: How is the loan amount determined? If the budget is $75,000 and I
have $40,000, does that mean I can only get $35,000 loan? What if I want to
borrow $75,000? ( I am an international student without a US cosigner).
viking (Apr 23, 2009 11:47:53 AM)
Angel: You emailed us a link to a page with TA positions. Is there a
similar page for RA positions? Do you recommend not taking any RA
positions in the first semester due to workload?
AngelNavedoMIT (Apr 23, 2009 11:48:15 AM)
Hello Jorge. It is unlikely that you would receive a second award from
the school (for example, the Diversity Scholarship), but the McKinsey
Award is available to all students regardless of whether or not they
have received a prior award.
DanielBarkowitzMIT (Apr 23, 2009 11:48:28 AM)
Ying, we allow you to borrow up to the full $75,000. You can choose to
borrow less if you have money available to fund your expenses. If you
will be receiving a scholarship or payment from a governmental or
private entity, we will reduce the amount of your maximum loan by the
amount of this award.
JohnBWell (Apr 23, 2009 11:48:28 AM)
Daniel: Can students use the MIT credit union loan to pay off previous
student loans with less favorable terms or are the funds deposited
directly to tuition and the school?
AngelNavedoMIT (Apr 23, 2009 11:48:35 AM)
The McKinsey Award is awarded by McKinsey & Company and not by the Sloan School.
Becky (Apr 23, 2009 11:49:03 AM)
Angel: It seems as though other schools offer much more scholarship.
Does MIT provide it differently? Are there more opportunities during the second
year to receive scholarships/fellowships?
DanielBarkowitzMIT (Apr 23, 2009 11:49:18 AM)
JohnBWell: The funds are deposited directly to the school, so no, you
cannot use the loan to pay off previous student loans. (Unless you fund
your living expenses some other way and borrow from the CU to cover
these expenses).
ElizabethBarnesMIT (Apr 23, 2009 11:49:42 AM)
The budget includes $2496 for local transportation. You are also eligible
for discounted MBTA passes.
Lexie (Apr 23, 2009 11:50:02 AM)
Hi Elizabeth: You said the first bill would be due August 1st but I understand Federal Credit Union won't distribute funds to international
students until they sign the papers in person - what if I cannot make
it on campus to finalize the loan application before the due date?
AngelNavedoMIT (Apr 23, 2009 11:50:05 AM)
Hello Becky. Oh how I hate to hear this :). Sloan offers a ton of aid
via teaching and research assistantships which can heavily defray the
cost of education. Most schools do not offer these opportunities.
sm2011 (Apr 23, 2009 11:50:14 AM)
Daniel: I am an international student and need to submit a Financial
Certification Form by July 1 to attain a student visa. This means I need
to know how much I will be receiving from my MIT loan package by the end of May, the latest, in case I do not receive the full loan and may have to apply
for extra source of loan. However when I spoke to a financial aid
officer few days ago, he mentioned that I will be hearing back from the
office end of June/early July about my package. This will be too late
:o( Is there a way that I can hear back sooner what my financial aid
package will be?
tranx (Apr 23, 2009 11:50:30 AM)
Angel: Regarding on-campus housing, how much does on-campus housing cost?
ElizabethBarnesMIT (Apr 23, 2009 11:50:34 AM)
Lexie, if we have certified the loan, you will have an anticipated credit for half the total loan amount.
DanielBarkowitzMIT (Apr 23, 2009 11:50:38 AM)
To Becky (and others), one way to increase the amount of fellowships
offered is to contribute generously to Sloan after you graduate. :)
Linda Abraham (Apr 23, 2009 11:50:53 AM)
:-)
DanielBarkowitzMIT (Apr 23, 2009 11:51:25 AM)
Sm2011 send an email and we can check your status. That sounds late to me. Do you have your application in already?
ivy (Apr 23, 2009 11:51:38 AM)
Daniel: If we have a conditional acceptance offer, how does this affect our financial aid applications and loan logistics?
AngelNavedoMIT (Apr 23, 2009 11:51:39 AM)
Hello Tranx: You can find information online for both on-campus housing pricing for single students and on-campus housing pricing for married students.
Rya (Apr 23, 2009 11:52:06 AM)
Elizabeth: In some of the scenarios listed in the MIT financial aid
materials, it suggests with levels of EFC below a certain amount, MIT
may grant up to $25,000 in tuition aid. Is this still a possibility or
have all grants for tuition been awarded?
DanielBarkowitzMIT (Apr 23, 2009 11:52:12 AM)
Ivy: We process your paperwork the same as other students. We just
confirm your enrollment in September before we release your funds. Other than that, you are just the same as others.
AngelNavedoMIT (Apr 23, 2009 11:53:03 AM)
Hello Mit2011. The amount varies based on the time commitment, but some TAships cover full tuition.
DCstartup (Apr 23, 2009 11:53:13 AM)
Angel: When would Round 2 admitted students know whether they were a recipient of the Dean's Award or Diversity Award?
AngelNavedoMIT (Apr 23, 2009 11:53:48 AM)
Hello DCstartup. Most awards have been offered, but some may become
available after the May 9th reply deadline. All will be awarded by the
end of May.
ElizabethBarnesMIT (Apr 23, 2009 11:53:49 AM)
Rya, the example was from an old handout. The maximum fellowship awards
tend to be $24,325. Of course, you can also get funds from outside MIT.
viking (Apr 23, 2009 11:53:55 AM)
Elizabeth: What if you change your mind regarding sources of funds - do you submit a new FCF?
Sarath (Apr 23, 2009 11:53:56 AM)
Angel: Are all fellowships awarded at the time of the admissions decision or is it possible that they will be awarded later?
sm2011 (Apr 23, 2009 11:54:12 AM)
Daniel: International students have to submit a financial certificate
form by July 1st. If I submitted my graduate loan application now, will I
have decision letter in time to submit the Financial Certificate Form
for my visa?
DanielBarkowitzMIT (Apr 23, 2009 11:54:46 AM)
Sm2011: Yes, you will... If you get nervous check in with us.
AngelNavedoMIT (Apr 23, 2009 11:54:53 AM)
Hello Sarath. Most are awarded the same week that we release decisions,
but as some of those offers are turned down, the fellowships will be
re-distributed.
deepblue (Apr 23, 2009 11:55:20 AM)
Daniel: Do you have to accept the Sloan offer before you can initiate the student loan process?
DanielBarkowitzMIT (Apr 23, 2009 11:55:32 AM)
Daniel, no. You may begin the process at any time.
AngelNavedoMIT (Apr 23, 2009 11:55:33 AM)
Hello Viking. If you decide to change your source of funding, you need
to notify the International Students Office so that they may update
your file with US Homeland Security.
mbanj (Apr 23, 2009 11:55:34 AM)
Angel - If how I actually pay changes (my company may decide to
sponsor me), how should I go about updating this regarding the potential immigration issue?
DanielBarkowitzMIT (Apr 23, 2009 11:55:41 AM)
One question I want to ask and address: Q- If you get a fellowship or scholarship later in the year what happens? A- Your loan amount may be reduced so that you are within the total
budget. If this happens, you may see no net change in your total
monetary award as fellowship money may be used to repay your educational loan.
Just keep this in mind before you "celebrate" your award with a large
purchase.
ElizabethBarnesMIT (Apr 23, 2009 11:55:50 AM)
Are any of you going to be sponsored by employers or donors? If so contact Jason Marsala, with the information.
AngelNavedoMIT (Apr 23, 2009 11:56:09 AM)
Hi Mbanj. I just answered a similar question from Viking. You simply
need to work with the International Students Office to update your file.
Becky (Apr 23, 2009 11:57:16 AM)
Daniel: I called the MITFCU and they said they were unaware of a loan for US Students. Although I mentioned I was a Sloan student to MITFCU, they said it was unavailable.
DanielBarkowitzMIT (Apr 23, 2009 11:57:35 AM)
Becky: In the next week, the US link will be up and running, so go to our web page and link from there. You can also contact me directly and I can resolve the miscommunication (it still is a new program).
Sarath (Apr 23, 2009 11:57:41 AM)
Angel: for Visa purposes, you mentioned that the Consulate may ask
me how I plan to repay the loan - For many reasons, there is no 100%
guaranteed answer that I can give them. Is this generally a major issue
when it comes to visa applications?
AngelNavedoMIT (Apr 23, 2009 11:58:04 AM)
Hi Sarath, we have not seen students turned down for visas the last few years, but you should have a good answer ready for this question.
Miro (Apr 23, 2009 11:58:47 AM)
Daniel: Any advice for parsing through all the potential alternate loan
providers? Should we plan to apply to all of them? Any recommendations
on how to narrow down?
jmg (Apr 23, 2009 11:59:38 AM)
Angel: A follow up on my question about the Financial Certificate Form - do I need to prove funds for one year or two years?
ElizabethBarnesMIT (Apr 23, 2009 11:59:42 AM)
Miro, you do not want to apply to all of the alternative lenders. We
will certify the first one received. Choose the one that suits you best.
AngelNavedoMIT (Apr 23, 2009 11:59:51 AM)
Jmg: One year only.
AngelNavedoMIT (Apr 23, 2009 11:59:55 AM)
As we are winding down, on behalf of the MBA Admissions Office I want
to thank Daniel and Liz for joining us today, and thank you all for
your questions. Feel free to contact me if you have
further questions.
Linda Abraham (Apr 23, 2009 12:00:04 PM)
You're most welcome, Angel. Thank you again all for participating today.
Special thanks to Daniel, Elizabeth and Angel for taking the time to
meet with us, provide this information, and help you discover the best
way to finance your MBA at Sloan.
DanielBarkowitzMIT (Apr 23, 2009 11:59:45 AM)
Thanks to all for your questions... We look forward to welcoming you to campus in September.
ElizabethBarnesMIT (Apr 23, 2009 12:00:19 PM)
The general MIT financial aid e-mail is finaid@mit.edu.
AngelNavedoMIT (Apr 23, 2009 12:00:24 PM)
Thanks Linda!
Linda Abraham (Apr 23, 2009 12:00:26 PM)
Have a very good day! Best wishes for a great 2 years at Sloan!
AngelNavedoMIT (Apr 23, 2009 12:00:31 PM)
Have a good day all.
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