Olin Business School at Washington University in St. Louis | Groups
Types of Loans
 

Following is an overview of commonly used types of loans. International students are not eligible for Federal student loans but may be eligible for private loans. You may use a combination of both cosigner and non-cosigner programs.
 

Type Annual Amount available Interest Rates and Fees
(effective 10/01/2017)
Interest accrual and repayment
Federal Stafford Loan program

(Domestic students only, based upon meeting federal eligibility requirements)
$20,500 per academic year 6.00% fixed interest rate for 17-18 FAFSA year

1.066% Origination Fee
Interest accrues immediately upon disbursement

Repayment begins after 6 month grace period
Federal Graduate PLUS Loan Program

(Domestic students only, based upon meeting federal eligibility requirements AND credit check)
Applicants may be able to borrow 100% of costs not covered by the Stafford Loan Program 7.00% fixed interest rate for 17-18 FAFSA year

4.264% Origination Fee*
Interest accrues immediately upon disbursement

Repayment begins after 6 month deferment period
Private Student Loans

(Go to elmselect.com loan options available to Washington University Graduate Programs domestic students and international students with or without a US Cosigner. Loan availability and terms will vary by the lender & credit worthiness of the borrower.
Applicants may be able to borrow 100% of cost for a degree program Variable & fixed interest rates determined by credit check

Origination fees will vary by lender
Interest typically will accrue immediately upon loan disbursement

Repayment terms will vary by lender but typically do include some type of grace period
Olin Non-Cosigner Loan Program

(International student loan available exclusively for the Full-Time MBA program.)
Applicants may borrow up to full-tuition minus institutional scholarship 10% fixed interest rate

Zero origination fees
Interest typically will accrue immediately upon disbursement

Repayment begins 3 months after graduation (or program withdrawal)

10yr & 15yr repayment plans available

*Loan origination fees are deducted from the loan disbursements for tuition. For additional details go to https://studentaid.ed.gov/

Stafford Loan is a federal student loan that enables graduate students to borrow up to $20,500 per academic year, with an aggregate loan limit of $138,500 (undergraduate and graduate combined). Eligibility for an unsubsidized loan is determined using the information provided in the FAFSA results. This loan comes with a six-month grace period and students are responsible for the interest that accrues while they are enrolled in school.

Graduate PLUS Loans for graduate students can be used to cover up to 100 percent of your total cost of graduate education (tuition, books, food, housing, transportation) minus other financial aid you've been awarded. All origination fees will be deducted at the time of disbursement.

  • You must file the FAFSA (Free Application for Federal Student Aid) to be eligible.
  • You must accept all Stafford student loans for which you are eligible before you may borrow under the Graduate PLUS program.
  • You must be a citizen or permanent resident of the United States.
  • A standard credit analysis is required to determine your eligibility.

Private Loans are designed specifically for graduate business students by banks. These lenders offer funds to international students and to students who require loan assistance in excess of the annual borrowing limits for the federal Stafford loan program. The maximum amount of the loan you can request is the total listed on the need analysis page times the number of semesters in one academic year.

International students must have a credit-worthy US citizen or permanent resident as a co-signer to be eligible.

  • The interest rate on these loans is generally tied to the 90-day LIBOR rate, the 91-day Treasury Bill, or the prime rate.
  • A standard commercial credit analysis is required before your eligibility can be determined.
  • The bank offering the loan establishes loan characteristics and eligibility requirements. Be sure to review the specific terms and conditions of the specific loan program from which you would be borrowing funds.
  • Many lenders allow you to complete their loan applications online.

Depending on the lender selected, students using a private loan with cosigner can usually begin their application process 90 days prior to the start of the program. Available loan periods are as follows:

  • Fall/Spring Enrollment (August – May)
  • Fall Only Enrollment (August – December)
  • Spring Only Enrollment (January – May)
  • Summer Enrollment (May – August) - separate loan application required

Olin International Full-Time MBA Loan without a U.S. cosigner
Applications will not be available until you arrive on campus, but this program is typically available for any international student admitted to our full-time MBA program. Following are the 2017-18 Terms:

  • 10 percent fixed interest rate. No origination fees or prepayment penalties
  • Loan limits are tuition minus scholarship.
  • 10-year repayment term that begins 90 days upon graduation or program withdrawal; 15-year repayment available upon request
  • Interest will start accruing from the date the loan is disbursed.
  • Choice of paying interest while in school or having interest capitalized one time at repayment or when the grace period expires.
  • Separate loan applications are required for the fall and spring semesters.