Financing your Rice MBA

The Tuition for the Class of 2018 in Fall 2016 - Spring 2017 is $53,000*. An enrollment deposit of $2,000** is due upon acceptance. Tuition and Fees are billed in 50 percent increments for Fall and Spring. Students generally use a combination of the following resources to cover the cost:
  • Personal resources
  • Jones School Admissions Scholarship
  • Student Loans: our system begins to process on May 15 for the coming academic year
  • Semester Payment Plan
To assist you with creating your plan for financing your education, please view the Estimated Annual Expenses form.

*Tuition and Fees may increase 2%-5% one academic year to the next.
**The $2,000 non-refundable deposit is due upon acceptance into the program and serves as a guarantee of enrollment in the year for which you are accepted. Failure to enroll in that year results in forfeiture of the deposit and may require reapplication. The deposit is applied toward the cost of your first semester.
 

Here’s how serious (and competitive) the Rice MBA is in recruiting top talent around the world:

  • 82% of our incoming full-time class received a merit-based scholarship
  • 60% is the average tuition award percentage per those receiving scholarships
  • We have over 40 named, merit-based scholarships to support the right student
  • We travel to 28 cities around the world looking for you!
If you’re applying to the Rice MBA Full-Time program, you’re eligible for a scholarship based on academic merit! Merit-based scholarships are determined on the strength of the entire application package, including your GMAT score, undergraduate transcripts, work history and leadership experiences.

All admitted MBA full-time students (both international and domestic), are considered for merit-based scholarships which can range from 10-100% of tuition. There is no separate application process for scholarship consideration. Once your application is submitted, it is reviewed and considered for scholarship based on all required criteria within your application.

If you are admitted to the Rice MBA Full-Time program, any scholarship award will be announced in your admission packet. Your admissions letter will indicate the amount offered per academic year.
Federal Direct Student Loans are issued through the Department of Education and are available to US Citizens and US Permanent Residents (green card holders).

The first step in this process is to complete the Department of Education’s Free Application for Federal Student Aid (FAFSA). The FAFSA is available for completion as of January 1 for the coming academic year and Rice University’s FAFSA school code is 003604.

Our system begins processing FAFSA and student loan applications on May 15 for the coming academic year. Before we may process your information, however, you must be admitted to the program and have paid your enrollment deposit. Once processed, you will be notified regarding your initial loan award and of the loan application next steps.

The Department of Education offers two types of Federal Student Loans. Please note that student-specific eligibility can only be determined once your completed FAFSA is received and processed.

I. Federal Direct Unsubsidized Loan
The maximum academic year (Fall and Spring semesters) amount of the Federal Direct Unsubsidized Loan is $20,500.
  • Interest Rate: 5.84% fixed
  • Origination Fee: 1.068% is subtracted from the total by the Department of Education as a processing fee
  • Loan Disbursement: 50% in Fall and 50% in Spring
  • Interest Accrual: begins to accrue on the amount disbursed from the point of disbursement
  • Minimum Enrollment: a minimum of half-time enrollment (4.5 credits/semester)
II. Federal Direct Graduate PLUS Loan (a.k.a.: Grad PLUS)
There is no particular academic year maximum, however, the amount borrowed may not exceed the cost of attendance.
  • Interest Rate: 6.84% fixed
  • Origination Fee: 4.272% is subtracted from the total by the Department of Education as a processing fee
  • Loan Disbursement: 50% in Fall and 50% in Spring
  • Interest Accrual: begins to accrue on the amount disbursed from the point of disbursement
  • Minimum Enrollment: a minimum of half-time enrollment (4.5 credits/semester)
The above rates are based on the 2015-2016 academic year and any changes will be announced by the Department of Education in June 2016. For further information regarding Federal Direct Student Loans, please visit Rice University’s Office of Financial Aid and Federal Student Aid.

 

The College Access Loan (CAL) is a credit based program administered by the Texas Higher Education Coordinating Board (THECB). Rice University policy limits the maximum academic year amount to $40,000.
  • Eligibility: US Citizens or Permanent Residents (green card holders) and Texas state resident
  • Interest Rate: 4.5% fixed
  • Origination Fee: 0%, 3% or 5% depending on credit score
  • Loan Disbursement: 50% in Fall and 50% in Spring
  • Interest Accrual: begins to accrue on the amount disbursed from the point of disbursement
  • Minimum Enrollment: a minimum of half-time enrollment (4.5 credits/semester)
  • Loan Repayment Entry:
    • No payments are required during the program as long as you maintain a minimum of half-time enrollment
    • There is a 6 month repayment Grace Period following graduation, withdrawal, or the point at which you drop below half-time
     
For more information, please visit the THECB website  
Private Student Loans are an additional funding option to be used in combination with, or as an alternative to, Federal and State Student Loans.

These types of loans are available to US Citizens, US Permanent Residents (green card holders), and may also be available to International Students with a US Citizen or US Permanent Resident co-signer.

The application process is student-initiated and directly with the lender of your choice. Approval and loan terms are based on the applicant's (and co-signer's, if applicable) credit history as determined by the lender. The Office of Financial Aid Private Loans section contains a sample list of private lenders*; this may assist you in your research.

For International Students, additional funding information is also available in the International Students section and through the Office of International Students and Scholars.

Please note that you are not limited to the sample list of private lenders and, if you do not see your desired lender, please contact them directly.

*Rice University does not promote, nor has affiliation with, any student loan lending institution. It is your responsibility to choose the lender that is right for you.
As an International Student to the US, you are required to demonstrate sufficient funding to cover the cost of attendance in order to obtain your student visa. We encourage you to review the information on the Office of International Students and Scholars site and note the International Financial Declaration Form for MBA Students.

As a rule, International Students utilize the following primary funding sources:
  • Personal resources
  • Lending institutions in your home country
  • Study Abroad Grant & Lending Organizations
  • Private Student Loans through a US lending institution (requires a US Citizen or Permanent Resident co-signer).
In the interest of assisting our students with the funding process, our office has compiled a list of educational and funding-related websites for your convenience. Please note that you are not limited to the lending institutions or organizations listed here and you must research, apply individually, and work directly with the funding resource.

International Payments
For those planning to wire funding from abroad, Rice University has partnered with peerTransfer/flywire to facilitate this process at as low a cost to you as possible. Please reference the University Cashier's Office site for additional information.

International Grant & Lending Organizations1
The following loan opportunities may not require a US citizen or permanent resident co-signer. Please note there is additional funding information available on the Office of Financial Aid and the Office of International Students and Scholars websites.
Banco de México-FIDERH Logo Banco de México-FIDERH (Fund for Development of Human Resources) is a federal trust managed by the Central Banco de México that offers affordable low-interest loans to Mexican students for graduate studies either in Mexico or abroad. The Jones Graduate School of Business participates in a collaboration agreement with FIDERH. Applicants approved for funding through FIDERH are also eligible for an institutional scholarship of a minimum of 25% of tuition*.
*Funding awarded as an admissions merit scholarship will be considered toward meeting the institution’s portion of the joint agreement.
Conacyt CONACYT (National Council on Science and Technology) is a member of Mexico’s department of education and offers scholarship and stipend opportunities to Mexican nationals seeking to study abroad.
Funed FUNED (Mexican Foundation for Education, Science and Technology) is a non-profit private organization which offers Mexican nationals low-interest loan funding. Applications are accepted and processed by FUNED year-round. A joint funding agreement exists between CONACYT and FUNED. The Jones Graduate School of Business participates in a collaboration agreement and applicants approved for funding through FUNED are also eligible for an institutional scholarship of a minimum of 25% of tuition*.
*Funding awarded as an admissions merit scholarship will be considered toward meeting the institution’s portion of the joint agreement.

Global Student Loan Corporation is a third-party loan facilitator that assists in providing educational loans to citizens of India.

The Leo S. Rowe Pan American Fund grants interest-free educational loans to students, from Latin American and Caribbean OAS member countries, to help them finance their higher education studies in the United States.

Prodigy Finance offers no co-signer loans to students studying at a select number of US MBA programs. Rice University MBA is an approved participant.

US Loan Organizations1
A primary requirement for application with the below lenders is that you must secure a US citizen or Permanent Resident (green card holder) co-signer. We are aware that the following US lending institutions offer International Student loans. Please note that you are not limited to this list and may apply with any lending institution of your choice. It is your responsibility to choose the lender that is right for you and all questions regarding the application process and loan terms should be directed to the lender. *These lending institutions do not require the student borrower to have a Social Security Number (SSN).

Additional Resources1 There are third party organizations that may offer additional funding opportunities to you. This reference list is by no means exhaustive, however, we hope it will assist in your funding search.

1. Disclaimer: The above list of funding organizations is provided as a courtesy to assist you in your funding research and we do not promote the use of any particular entity. Neither the JGSB nor Rice University receive any form of compensation, monetary or otherwise, from the organizations listed and the University does not assume any liability. Students must research, contact the organization directly, and confirm their eligibility to apply for funding through these organizations and institutions.  
For information regarding VA education benefits, reference the Military & Veteran Education Benefits site. Please contact our financial aid representative, Salomon Medina, at 713-348-3886 or via email at smedina@rice.edu with any questions.
What is the FAFSA?
The Free Application for Federal Student Aid is an online application provided by the Department of Education. The FAFSA consists of (a) personal/household information and (b) the previous tax year's information. The application must be completed each academic year of the program.

What is the FAFSA school code for Jones Graduate School of Business?
The Jones Graduate School of Business is part of Rice University. The University's FAFSA School Code is 003604.

Why is the FAFSA needed?
The FAFSA is a supporting document and is the first step when applying for both Federal and State Student Loans. The FAFSA is not required for Private Student Loans.

Am I eligible for student loans?
Domestic students (US citizens and Permanent Residents) are eligible to apply for Federal, State, and Private Student Loans. International students may apply for Private Student Loans with a US citizen or Permanent Resident (green card holder) co-signer.

Does Rice University participate in a Private Student Loan option for International Students that does not require a co-signer?
Yes. Prodigy Finance offers a no co-signer loan for international students. Please visit their website to apply.

When do I start applying for student loans?
The loan application process begins after (a) you are admitted to the program and (b) you submit your enrollment deposit. (c) Our system begins processing FAFSAs and certifying loan applications on May 15 for the coming academic year. We recommend you wait until this date before applying for any type of loan. Application instructions for Federal and State Student Loans will be provided to you from the Jones School financial aid representative. If applying for Private Student Loans, please proceed directly with the lender of your choice.

What is the Cost of Attendance (COA) Budget?
Each academic year we develop a budget that consists of direct costs (tuition & fees) and estimated allowances for indirect costs (room & board, transportation, etc.). You may borrow up to the COA minus other funding resources such as scholarship, etc.

How much should I borrow?
We always encourage you to borrow conservatively. In deciding how much to borrow, a basic principle is to borrow sufficient funding to cover the costs for the academic year (Fall + Spring).

How can I defer my student loans from a previous degree?
You may request a Confirmation of Enrollment letter from the Jones School Registrar (jgsbregistrar@rice.edu) one week after classes have started. If your loans are not Federal Student Loans, please first confirm with your lender that in-school deferment is an option before submitting your request.