An MBA is an investment you make in yourself. It delivers a foundation of knowledge, a set of skills, and a network that can play a strong role in your success (even while you're still in the program!), but, like any major investment, it takes careful consideration and planning.
We frequently talk with prospective students about their options for financing part-time MBA studies. Here are some of the most frequently-asked questions we receive about financing an MBA—and our answers:
Tuition is on a per-unit fee structure. For the 2015-16 year, per-unit cost is $3,047. With 42 units required to graduate, total cost over the progam comes to about $128,000. Books are an additional $1100 (approx.) per year. Included in the tuition cost are the two mandatory program retreats, an i-pad, and Saturday class lunches.
Please note that tuition increases about 3-6% each year.
Approximately 70% of students in the Berkeley Haas Evening & Weekend MBA program receive some form of financial aid.
There are federal loans and private loans available to you as well as Berkeley Haas scholarships.
Both scholarships and international loans are available.
Once you have been admitted, you are able to apply for Berkeley Haas scholarships. In the summer, you may then begin the process of applying for loans.
You have the option of paying for each semester in full, due January 15th and August 15th of each year, or you may elect to enroll in the deferred payment plan for a $40 fee each semester. This breaks each semester's fees into 5 payments.
Yes, we are excited to be able to offer the following scholarships to students in the Evening & Weekend MBA Program (award amounts range from $10,000-$20,000):
Students can apply each of their three years (and possibly be awarded scholarship money each year).
Yes, you may apply for as many scholarships as you like. But, we generally award only one scholarship per student as funding is limited. You would receive the scholarship for which we feel you are a best fit (but note that not everyone is guaranteed a scholarship award).
As part of the public University of California system, Berkeley-Haas is one of the few top-ranked MBA programs able to benefit from the expanded Post 9/11 Benefits.
Depending on qualifying length of service, veterans can obtain funding for up to 100% of fees, a monthly housing allowance, and an annual book stipend of up to $1,000.
Yes. To thank you for your service, we offer application fee waivers for veterans who apply to any Berkeley Haas MBA Program. Please see the bottom of our Costs and Financial Aid page for additional details.
Company sponsorship is an option determined by one's company. If your company elects to sponsor you, they determine the amount and the duration. UC Berkeley then receives the funds from your company each semester and applies them to your fees.
As a graduate student, loans are not based on need, therefore income will not disqualify you.
For EWMBA students, private loans are, on average, cheaper. There are no fees for most private loans and the interest rate is based on one's FICO score, so students, on average, receive 4.9%. You can compare this with federal loans online on our Financial Aid website.
While private loans do tend to have lower interest rates, they are also associated with more risk. It is not uncommon for students to borrow variable rate loans if they are confident they will be prepaying their loans in a short period of time.
The federal loans available to permanent residents are the Unsubsidized Loan and the Grad PLUS Loan. The latter is subject to a credit check and is looking not at your score, but for any derogatory marks. If you have checked your credit report and know that you have none listed on either of your three reports, then you should be credit eligible.
Yes, we have had student receive both within the same year. Having a mortgage has not prevented our students from obtaining federal or private loans as long as they have nothing derogatory on their credit report.
There are no loans at the graduate level that do not incur interest.
Our students are more commonly considering alternative financing options such as Home Equity Lines or borrowing from their 401(k), but while these may offer favorable rates, they also require immediate repayment.
Note that student loans do not require that you enter repayment typically until 6 months after you graduate or drop below half-time enrollment (6 units).
We hope this information helps with financing, a major consideration when contemplating going to business school. For more information, please view our financial aid page. In addition, we're always happy to help answer your financial aid and admissions-related questions. Feel free to email us at ewmbaadm@haas.berkeley.edu or call us at 510-642-0292.
While an MBA is a major investment, it's also one with great potential for return. We invite you to see why people choose Berkeley Haas.