Costs and Financial Aid

MFE students are required to have their own powerful laptop computer. Various manufacturers offer students discounts at the Scholar's Workstation, the campus computer store. To contact the Scholar's Workstation, please call (510) 642-8424 or visit their website.

The MFE Program Office is launching a new memorial scholarship: The Chengchun "Arthur" Qi Book Scholarship. This fund has been developed in memory of Arthur who was a student in the MFE program, but who passed away unexpectedly in February 2012. The application is now available online here. Click on Currently Enrolled Student and then log in to answer the following essay question: Describe the most interesting book you have ever read and discuss how it has impacted you. Limit your response to 500 words.

Students who are citizens or permanent residents of the United States can apply for federal loans using the Federal Application for Federal Student Aid (FAFSA). For the Spring & Summer 2012 terms, students should complete the 2011-12 FAFSA at their earliest convenience. For the Fall 2012 & Winter 2013 terms, students should file the 2012-13 Renewal FAFSA, in late spring 2012.

International Students (those not classified as citizens or permanent residents of the U.S.), can apply for a private loan—with the use of a creditworthy U.S. Citizen co-signer. International Students can apply for one loan to cover the entire 12-month academic period. The private loan programs also have specific borrowing limits. The student can borrow up to the full cost of attendance—including living expenses (rent, food, transportation, etc.). Here is a Comparison Chart of reputable lenders.

We do have a financing option for International Students that does not require a co-signer, credit history, or income. The Eli Lilly Credit Union will extend Lines of Credit (LOC) to international students. This Line of Credit is similar to a private educational loan. Below are some important facts about the Eli Lilly LOC.

• Maximum: $50,000
• Minimum: $10,000
• 3% Fee, added to the principal
• Prime + 4.50% variable interest rate
• 6 month Grace Period before payments are required
• 20-25 year repayment options, No pre-payment penalties
• Visa documentation is required. Our office will facilitate this process.
• Funds for the class of 2013 will be disbursed half in spring and a quarter in each of the subsequent fall and winter terms.

The application for the Eli Lilly LOC is available online. We recommend that new admits wait until January to apply. To begin the process click on "Apply Now/Draw Request" and then "New Borrower".

The application may ask for some school related information. The Enrollment Period (Program Length) is approximately March 18th to March 16th.

Applications for private loans should be initated in January preceeding your entry into the program. Please note that the loan application process (application, approval, school certification) can take anywhere from two-four weeks. Additionally no funds can disburse before classes begin. Please plan accordingly. Loans may not be disbursed if they cannot be processed before the end of your program. Here is a Comparison Chart of reputable lenders.

Additionally, www.peerform.com, founded by one of our alumni, is a consumer loan option designed for students. It provides a 3-year repayment term with a loan amount ranging from $1,000-$25,000. This is not for everyone, but could be plausible for some MFE students. Please refer to the website for up-to-date information.

The MFE Program Office is launching a new memorial scholarship: The Chengchun "Arthur" Qi Book Scholarship. This fund has been developed in memory of Arthur who had been a student in the MFE program, but who passed away unexpectedly in February 2012. The application will be available later this month. An email will be sent out once the application is available.

The Haas School has developed a list of outside scholarships to assist students in locating and researching various funding opportunities. The Haas School of Business provides this information as a service to prospective and current students, and does not guarantee the availability of scholarship funding nor the content of any external scholarship information.

Please also review the Graduate Division website for possible university-wide opportunities.

• Congratulations to Sophia Chami for receiving the Finance Women's Association Scholarship for 2011-2012!
  

Students who are citizens or permanent residents of the US can finance their education through the Federal Direct Loan Program. Up to $20,500 for each academic year (equivalent to two MFE terms) may be borrowed. The interest rate on Direct Loans is fixed at 6.8% for the life of the loan. Repayment is made over a 10-25 year term, with no prepayment penalties.

US citizens and permanent residents can seek additional funding through a Federal Grad PLUS Loan. This loan requires a credit check. Students can borrow a Grad PLUS Loan up to the remaining total cost of education each year, minus any other expected financial aid such as the Direct Loan of $20,500.

This PIN can be used to make corrections to your FAFSA, file a Renewal FAFSA, sign your Direct Loan Master Promissory Notes, and access your loan accounts online. Keep the Department of Education PIN, even after graduation. It will facilitate loan repayment and monitor your loan balance. Visit www.pin.ed.gov for more information.

File a FAFSA (Free Applications for Federal Student Aid). Due to the nontraditional academic calendar of the MFE Program, a FAFSA must be filed twice to cover all four terms. The 2011-2012 FAFSA is used for Spring 2012 and Summer 2012. The 2012-2013 FAFSA is used for the Fall 2012 and Winter 2013.

Information you need to fill out the FAFSA: Total 2011 calendar year taxable and nontaxable income and the federal tax you paid, along with the current value of your assets, excluding primary home equity. If you are married, the income and assets of your spouse must be included. You do not need to have filed your federal tax return before completing the FAFSA; it is permissible to use estimated figures. The FAFSA Federal School Code for Berkeley is 001312. List UC Berkeley as the college.

Please email Haas Financial Aid finaid@haas.berkeley.edu once you have completed a FAFSA as we manually package your award, due to the nature of your program's calendar.

Some applicants will receive notification that additional documentation is needed for Federal Loans. Documentation may include submitting proof of citizenship or obtaining a Selective Service waiver. If additional documents are required it should be displayed on MyFinAid.

Once all your documents are submitted, it will take approximately 4 weeks before you receive a Financial Aid Notification via email. This communication will provide all details about supplmental steps needed for disbursmeent. The information is included on this web page as well.

Your Financial Aid Notification email will prompt you to log into MyFinAid to view your awards. You must accept the loans you wish to borrow. You will be offered a Federal Direct Loan as well as a Graduate PLUS Loan.

This is a legal document wherein you accept the terms of the loan and provide two references. If you have been offered a Federal Perkins Loan, you will receive a separate promissory note and other documents to complete. There are separate notes for the Federal Direct Loan as well as a Graduate PLUS Loan.The Federal Loan Master Promissory Notes can be completed online using your PIN.

If you have not previously borrowed at UC Berkeley, federal regulations require that you complete an Entrance Loan Counseling session. Choose "University of California, Berkeley," as the School Association. After you complete the tutorial, click on the "Save and Acknowledge" button and the results will be sent to the Financial Aid Office. This is done once for both the Federal Direct Loan as well as a Graduate PLUS Loan.

If you are applying for private loans, you do so directly with the lender. Be sure to complete all supplemental steps as requested by the lender for the loan to be ready for school approval. Then funds will be disbursed electornically to the university as detailed below.

Once you have been enrolled in at least 6 units, and have completed your supplemental steps outlined above, your loans can disburse. Payments are made in two disbursements for each academic year: half in spring and half in summer. Similarly, funds are disbursed half each term for the fall and winter. Funds cannot be disbursed before the beginning of classes. All funds disburse directly to your CARS (Campus Accounts Receivable System) account.to pay your assessed charges.

If a surplus remains, it is refunded to you by check or Electronic Funds Transfer (EFT). We strongly recommend that you sign up for an EFT so refunds are automatically deposited into your savings or checking account. (Deposits into investment accounts are not allowed.) The campus may require up to 7 days to process an EFT application. Private loans funds are sent to the university the same way federal funds are disbursed.

If your financial aid award does not cover your entire bill, you must pay the remaining balance by the due date or risk incurring late charges. Payments are due December 15, 2012, for the spring term, May 15, 2012, for the summer term, August 15, 2012, for the fall term and on January 15, 2013, for the winter term.

The University does not accept credit cards or debit cards. Checks or money orders must be in US dollars from a US bank. Make checks payable to "Regents, University of California."

Payment Options

• By Mail: Send a check to Billing and Payment Services, University of California, Berkeley, 140 University Hall #1111, Berkeley, CA 94720-1111
• Online: Pay through the ePay site within CARS (Campus Accounts Receivables System)
• In person: Pay at the Cashier's Office (140 University Hall on the corner of Oxford and Addison streets)
• Electronic: Submit payment electronically through your bank's pay-by-phone or online bill pay service.
• Wire transfer: Refer to the Billing Office website for specific details.

If you borrow a federal loan, you must complete a Federal Loan Exit Counseling prior to graduation. Repayment plans, electronic debit option, loan consolidation, and other important information are reviewed. You will be given printed information with your particular level of indebtedness and lender contact information.