Facebook Skip to main content

Financing Your MBA

Foster Evening MBA candidates recognize the MBA as an investment in themselves, their careers, and their futures.

With a total program cost of $92,003, the Evening MBA program will be approximately $30,668 per year (if a student completes the program in three years).

Students who invest in the Foster Evening MBA program cover the cost through a combination of personal savings/funds, educational loans, scholarships, and other funding sources. Slightly over half of our students receive some amount of tuition reimbursement from their employers, and over 40% are using some amount of loan funding. One of the advantages of a part-time MBA is that students continue to earn an income throughout the program.

Domestic applicants may apply for Federal loans. The University of Washington requires that you file the Free Application for Federal Student Aid (FAFSA or the Renewal FAFSA). The online form can be found at studentaid.gov. A paper FAFSA can be obtained from local colleges or public libraries or requested from the UW Office of Student Financial Aid. The priority deadline for FAFSA submittal is January 15. You may submit the FAFSA form anytime after October 1. Please list “University of Washington-Seattle,” Code 003798, in Section G of the application.

The Student loans program chart provides information on the types of loans available along with interest rates, loan fees, terms and repayment. Scroll down to see the Graduate and Professional Students section.

Who is eligible to apply?

Most University of Washington MBA students qualify to borrow $20,500 per year through the Federal Stafford Direct Loan Program. To apply, you must be a permanent U.S. resident, must not be in default on a prior federal student loan, and must have registered for the draft if required by law to do so. Otherwise, this program is not based on need, income, or credit. Depending on credit worthiness, students may also qualify to borrow up to the full amount of the program fee through the private MBA Tuition Loan Program. Foreign residents may apply for this loan with a U.S. citizen co-signer.

How to apply?

To apply for a Federal Stafford Direct Loan, fill out a Free Application for Federal Student Aid (FAFSA) on line at studentaid.gov or on paper and submit it to the address included on the application. If you are offered admission to the MBA Program and your FAFSA is approved, the University of Washington will send you a financial aid eligibility letter and a promissory note asking how much of the $20,500 annual maximum you wish to borrow. You will need the University of Washington’s federal financial aid code for the FAFSA: 003798.

For a list of private education loan and/or credit programs for students and their families visit the University of Washington Financial Aid website.

Where to get financial aid applications and more information?

The paper edition of the FAFSA can be obtained from the University of Washington’s Office of Student Financial Aid:

Office of Student Financial Aid
University of Washington
Box 355880, Seattle, WA 98195-5880
Phone: 206-543-6101
Email: [email protected]
Web: www.washington.edu/students/osfa

Private loans are yet another resource available to cover your educational expenses. We strongly encourage qualified students to exhaust all federal loan options before applying for private loans. Unlike private loans, federal loans are required by law to provide flexible payment options, income-based repayment and loan forgiveness benefits.

We recognize that not all students qualify for federal loans. International students can qualify for private loans with a creditworthy U.S. Citizen or Permanent Resident co-signer. International students may also want to investigate private educational loans available from their home countries.

You are encouraged to do independent research and can borrow from any lender you prefer.

Students are encouraged to research external scholarship opportunities. UW’s Graduate Funding Information Service (GFIS) offers great online tips and resources as well as drop-in hours or one-on-one appointments. Contact them at [email protected] or stop by the Research Commons of the Allen Library. You can also read about external MBA scholarships on Accredited Schools Online.

Women, LGBTQIA+, and underrepresented minorities can find a list of scholarship opportunities offered by Foster and outside resources on our Diversity Resources page.

International students seeking other sources of aid may want to consider international scholarship/grant programs that are designed to support students pursuing graduate study outside their home countries. Many countries also offer government scholarships for overseas graduate study. Each country’s local EducationUSA Advising Center can provide information on scholarships as well as assistance with applying to US schools, the visa process, and preparation for US study. Please consult EduPASS for general financial aid information and tips for international students.

The University of Washington participates in the Post-911 GI Bill Program and Foster Evening MBA students are eligible to apply for the Tillman Military Scholars Program. Additionally, applicants are encouraged to apply for the MilitaryMBA Scholarships and can apply for a GMAT exam fee reimbursement.

Military Benefit Resource Links