Financial Aid

Chicago GSB is committed to providing financial aid to all students. U.S. and foreign national students can apply for aid. However, the options are different for U.S. citizens/U.S. permanent residents and international students. The GSB does not grant scholarships to Executive Program MBA students.

The GSB offers several types of financial assistance:

Student loans for U.S. Citizens and U.S. Permanent Residents

There are three loan programs available to Executive Program MBA students.

Federal Stafford Student loan

The Federal Stafford loan is available to U.S. citizens and U.S. permanent residents who enroll in two or more courses each quarter. The loan program has a subsidized and an unsubsidized part. The annual Federal Stafford loan amount including both subsidized and unsubsidized amounts will be $20,500. All students who apply for and meet the federal eligibility requirements can receive the Federal Stafford loan regardless of income. The financial aid office will determine the amount (up to $20,500 in one year) and type (subsidized or unsubsidized) of loan the student is qualified to receive. There is a ten year repayment period and no penalty for pre-payment.

The maximum subsidized Federal Stafford loan is $8,500. The subsidized part is based on financial need as determined by the financial aid office. The interest rate is fixed at 6.8% for the life of the loan. The interest is paid by the federal government while the student is enrolled in school and up to six months after graduation or leaving school.

The unsubsidized part is not based on financial need. The interest begins to accrue when the loan funds are disbursed to the student. The interest rate is fixed at 6.8% for the life of the loan. As of July 1, 2007 the maximum unsubsidized Federal Stafford Loan amount will increase to $12,000 (or $20,500 if the student does not qualify for the $8,500 subsidized portion) per school year.

Federal GradPLUS loan

The Federal GradPlus loan is a credit-based federal loan that can be used to supplement the Federal Stafford loan. The interest rate is fixed at 8.5% and there is a 4% fee. Students can borrow the cost of attendance (set by the financial aid office) minus all other financial assistance. There is a 25 year repayment period and no penalty for pre-payment.

Private, credit-based alternative loan

A private, credit-based alternative loancan be used instead of the Federal GradPLUS loan to supplement the Federal Stafford loan. The interest rate is variable and based on the 91-Day Treasury bill plus 3.25%. Interest begins to accrue with the first disbursement of funds. Students can borrow the cost of attendance (set by the financial aid office) minus all other financial assistance. There is a 20 year repayment period and no penalty for pre-payment.

Loan Programs For International Students

Chicago GSB is committed to providing funding/loans for our international students without a co-signer. More information will be available to students upon admission to the program.

Contact Information

For additional information on financial aid, please contact the GSB Office of Admissions and Financial Aid at 773.702.3964.