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NOTIFICATIONFinancing Your MBA
Overview
As you make plans to finance your MBA, you may find it useful to review sample budgets of MBA students at the University of Washington. Tuition for the MBA program and the related living and program expenses represent a significant investment and the average student covers the cost through a combination of personal savings, educational loans, scholarships, and other funding sources such as academic employment and paid internships.
FAFSA
All U.S. citizens and eligible non-citizens must file a FAFSA (Free Application for Federal Student Aid) in order to receive federal student aid including government loans. The FAFSA is also used to determine eligibility for Michael G. Foster School of Business need-based scholarships as well as UW Family Housing and Childcare Assistance. International students with a U.S. Social Security Number (SSN) are not eligible for federal loans, but should file the FAFSA in order to be considered for need-based scholarships from the Foster School as well as UW Family Housing and Childcare Assistance. International applicants without a SSN are not eligible to file the FAFSA. See the help section of the FAFSA Web site if you need assistance determining if you are eligible to receive Federal Student Aid or to file the FAFSA.
Complete the FAFSA online or fill out a paper form available at the UW Office of Student Financial Aid (OSFA), 105 Schmitz Hall, 206-543-6101. When completing the FAFSA, follow the instructions from the OSFA with these guidelines in mind:
- Submit the FAFSA form as soon after January 1 as possible.
- List "University of Washington-Seattle" Code 003798 in the School section.
- Send your FAFSA via postal mail or transmit it online by February 15 to ensure that the application is date-stamped and received by the priority deadline of February 28and the evaluation process is complete before the MBA program begins.
- Do not wait to be admitted to the Foster School to file the FAFSA. File the FAFSA by the priority deadline and list all schools to which you have applied or plan to apply.
- Even if you do not expect to reflect financial need, you must file the FAFSA to qualify for and receive federal loans.
- If you are an international student with an SSN, when you file the FAFSA you may receive an error message when you submit the online application, but the application will still be processed.
Although you may apply after the priority deadline, the later the FAFSA is submitted, the less likely it will arrive at the UW Financial Aid Office in time for consideration for a need-based scholarship. Failure to meet this deadline does not eliminate you from the financial aid process. Students who file late may still work with the UW Office of Student Financial Aid to receive loans and other aid.
UW Office of Student Financial Aid (OSFA)
The UW OFSA Web site includes extensive information on the financial aid process such as details on filing the FAFSA, education loan resources including a comparison guide, and information on federal aid notification and disbursements.