Financing a Masters Degree

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The upfront cost to attend graduate school is certainly an inconvenience for students, but the rewards of attending are irreplaceable. Consider that last year the average master’s program graduate from the business school reported receiving a 46% increase in pay. That increase in pay would payback the total cost of attending a master’s program in two and a half years.

There are many options available to students in need of financial support through the University of Utah and David Eccles School of Business. Overall, approximately 25% of our MAcc students, 29% of our MBA students and 21% of our MS Finance students receive scholarships or assistantships.

Getting started

Complete the following two forms

FAFSA - Free Application for Federal Student Aid

UFORM - University of Utah Financial Aid Application

Make an appointment with a University of Utah financial aid counselor: (801)581-6211

When scheduling an appointment, students will need to specify academic status (Undergraduate or Graduate). Also, inform counselor if any outside sources will provide tuition assistance (i.e. employer, military). University counselors are the best source of financial aid & scholarship information; they are prepared to discuss all financial options available and questions that you have.

General Information

University of Utah Financial Aid and Scholarship Office

Is located in 105 Student Services Building (SSB). Staff members are available to assist students Monday and Wednesday through Friday from of 8:00 a.m. to 5:00 p.m. and with limited services on Tuesdays. Students may contact the office at (801) 581-6211. Students should also review their financial aid status on the Campus Information System.

David Eccles School of Business Masters Office

801.581.7785
mastersinfo@business.utah.edu
1645 East Campus Center Drive, Salt Lake City, UT, 84112

Financial Aid

Consists of any combination of scholarships and government insured loans or private loans awarded to students to help cover the cost of attending the University. The University of Utah David Eccles School of Business and the Financial Aid and Scholarships Office assist students in meeting the cost of gaining an education through various scholarships and loans as described below.

Eligibility for Financial Aid

Eligibility is determined by a student's financial need. A student's financial need equals the difference between what the University of Utah estimates it will cost to attend the institution (referred to as the student budget) and the amount the student and the family will be expected to provide, as determined by the U. S. Department of Education using information submitted on the Free Application for Federal Student Aid (FAFSA).

Types of Aid

Scholarships & Assistantships

BusinessSchool Application

The David Eccles School of Business Admissions Application includes a section to apply for scholarships and assistantships. When applying to the school students also apply for scholarships and the assistantship program. Deadlines coincide with school application deadlines; MBA students February 15 and masters of accounting, finance, and statistics students April 1.

BusinessSchool Scholarships & Assistantships

Each academic department in the business school awards students with assistantship and scholarships. There are many options available to students; approximately 25% of MAcc students, 29% of MBA students and 21% of MS Finance students receive some form of scholarship or assistantship.

All financial awards over $2,500 per semester are given as assistantships. Students may receive multiple financial awards in combination to allow them to perform an assistantship. Teaching assistantships pair students with faculty members to assist with lecture preparation, grading, test and quiz administration, office hours, etc. Graduate assistants participate in team projects led by DavisEcclesSchool administration in pursuit of school initiatives. The type of assistantship performed will be decided by school administration after the time of award. Students with assistantships are expected to work anywhere from 8 to 16 hours per week, depending on each individual student's level of support.

Third Party Scholarships

Federal Student Aid - provides tools to search available scholarships nationally

BusinessSchools.com: scholarships for business students

College net: database of scholarships

FastWeb: free scholarship search

GoCollege.com: information and scholarship search

Loans

Federal Perkins Loans

The program provides low-interest loans to students pursuing postsecondary education. To be eligible students must be enrolled full-time (9 hours) or part-time (5 hours).

Lender: University of Utah - Interest Rate: 5.0% - Max Amount: $6,000 - Repay Grace: 9 Months

Stafford Loans (Subsidized or unsubsidized)

These federal loans are available to students, with low interest rates and deferred principal and interest payments until after graduation.

(Subsidized)

Lender: Private Lender - Interest Rate: 6.8% - Max Amount: $8,500 - Repay Grace: 6 Months

(Unsubsidized)

Lender: Private Lender - Interest Rate: 6.8% - Max Amount: $12,000 - Repay Grace: 6 Months

Federal Family Education Loan (FFEL)

Lender: Private Lender - Interest Rate: 8.5% - Max Amount: Varies - Repay Grace: 60 days from disburse.

Private Loans

Loans available through private lending institutions are another option available to finance the cost of education. Interest rates and monthly amounts are typically more than federal student loans. Award amount, interest rate, and length of repayment vary upon lender.

Home Equity Loans

Using a home as collateral, the interest on these loans can be low and in some cases tax deductible. These loans are subject to credit approval and closing costs.

401K Loans

This loan is beneficial because it does not require a credit check and any interest will go back into the account. This type of loan has a typical payback of five years otherwise it will be considered taxable income. A premature departure from employer may cause the loan to come due in full.

eStudent Loan.com: consumer guide for review before selecting a private loan.

When using third party searches use caution, scholarships are not always legitimate. Always check the reputation of a scholarship by contacting the Better Business Bureau or the State Attorney General’s Office.

Additional Types of Aid

Employer-Provided Educational Assistance

Employers can offer up to $5,250 in educational assistance annually, without tax implications to the employee. Contact a human resource representative to inquire about tuition assistance specifics and requirements.Click here for more information.

Military Educational Programs

The Armed Forces offers financial aid for service members and their families. Contact a local military recruiter or visit the U.S. Department of Defense at www.todaysmilitary.com, click on “What You Get”. Information is also available at www.gibill.va.gov or call the office of Veteran Affairs (801)581-6945.

Federal Work Study

The Federal Work Study (FWS) program provides opportunities for students attending half-time or greater, to work on campus while attending school. The student is responsible for obtaining his/her own employment. FWS earnings do not count against financial aid eligibility for the following year. Work-study is one form of federal financial aid that is awarded to students with demonstrated financial need. Students may not be required to apply for work-study in order to receive other forms of student aid such as an assistantship, tuition waiver, scholarship or grant. FWS is awarded on a yearly basis with the award covering a period of eligibility within the fiscal year, July 1 to June 30. The student must reapply for FWS each year he/she would like to be considered.