Finding Financial Aid

Wondering how to fund the Loyola MBA?  Check out this article on finding financial aid from our Marketing Communications Office:

FINDING FINANCIAL AID

Most graduate business students look to their employers to help cover their tuition, an approach which has become challenging in recent years as many companies have reduced education benefits or added more strict conditions for tuition reimbursement. Still eager to advance their educations and careers but unable to meet all the upfront costs with their own savings or current incomes, a growing number of graduate business students are exploring their financial aid options.

At Loyola, a financial aid counselor dedicated to working with graduate students helps MBA and MSF candidates develop a plan that meets their needs and keeps them on track to complete their degrees. While a small number of merit and need-based grants are available in the Executive MBA and MBA Fellows programs for women, minority students, small-business owners, and students who are working in non-profit organizations, the best fit for most students continues to be federal, unsubsidized Stafford student loans.

“There’s a great misconception among most students that they make too much money to qualify for any sort of student loan,” says Danielle Ballantyne, assistant director of graduate admission and financial aid. “But there’s no income ceiling on an unsubsidized federal student loan.”

Unsubsidized federal loans offer a fixed rate of 6.8% to all students enrolled at least half-time: six credits each in the fall and spring, three credits in the summer. By comparison, the average credit card interest rate is nearly 15%. No credit check is needed for these loans; the only factors that prevent eligibility are lack of U.S. citizenship, a previous default on a federal loan, or a conviction on a drug-related charge.

The website www.studentloans.gov has a great calculator for estimating monthly payments and determining how a loan might affect a student’s budget. The maximum loan amount per academic year is $20,500, but students can also apply for Federal Graduate PLUS loans to obtain additional funds (a credit check is a requirement for PLUS loans). Interest accrues while students are enrolled, but repayment may be deferred until the completion of the program so long as a student remains enrolled at least half time. The typical repayment period is 10 years following the completion of a program.

“I knew I would receive partial reimbursement from my employer, but only after I first paid and then passed each course,” Pamela Jarrar, MBA Fellows ’13, a lead medical technologist at Johns Hopkins Medicine. “It was extremely overwhelming to look at the entire amount. The Loyola staff and friends suggested looking into a federal student loan. The online process for the FAFSA was quite simple and easy and all my information was sent directly to Loyola. I had my student loan within two weeks and was able to relax until school started.”

Ballantyne also counsels students on how to time their loans to coincide with their employers’ reimbursements and Loyola’s due dates.

“Our goal is to keep students from taking on too much debt up front,” she says.

In addition to the large number of students who receive unsubsidized loans, some students qualify for subsidized loans in which interest doesn’t accrue until after a student leaves school. While these loans are need-based, students shouldn’t rule them out automatically, as the eligibility is based on total cost of attendance, which includes tuition, registration fees, standard allowance for books and living expenses.  

“The student loans help tremendously in the lightening of the burden of the MBA program,” says Cristina Mulcahy, MBA Fellows ’13, sales manager for McCormick & Co. “I felt that after carefully reviewing the costs for the next few years and lining up the assistance that I was receiving, it made the program very manageable for me.”

Wondering how to get started? Visit www.loyola.edu/financialaid to learn more. The aid application itself takes only about 30 minutes to complete. And of course, don’t be afraid to ask Ballantyne for some one-on-one guidance.

“We don’t want to lose a single student because they think we won’t be able to find a plan that works for them,” says Ballantyne.

For more information on financial aid options at Loyola, contact Danielle Ballantyne at dballantyne@loyola.edu or call 410-617-5205. Or, view the Graduate Financial Aid Frequently Asked Questions www.loyola.edu/mbafinancialaid.

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MBA Advantage: Research shows that companies run by MBAs are better managed and more profitable

Are you looking to make a case to your employer on the benefits of the MBA? 

Here’s some news from an article in Bloomberg BusinessWeek that can help. 

Researchers from Harvard, LSE, McKinsey & Co., and Stanford have developed a tool to evaluate management practices in more than 10,000 firms across 20 countries and found a link between an advanced business degree and better management practices.

According to the research, an MBA toolkit emphasizes the very practices that are associated with performance.   Here’s how:

  • MBA students are typically taught statistics and data analysis throughout their coursework, equipping them with the tools for effective monitoring of performance improvements to keep ahead of competitors.
  • MBA courses typically contain finance classes that explore the connections between operational concepts such as output and financial concepts such as gross margin to set short-term and long-term targets, a key characteristic of best-practice firms.
  • MBA courses usually contain sections on human resources management.   Students learn how rewards and incentives can motivate their top talent – which has a ripple effect on other employees to outperform. 

“We find across countries and industries that firms with more MBAs tend to be better managed and perform better financially,” said Rebecca Homkes, director of the Management Project and a research officer at the Center for Economic Performance at the London School of Economics.  “While we cannot make a cause-and-effect determination, our belief is that part of this strong relationship stems from the core numerical, financial, and people-based skills emphasized in the MBA course.”

To read the entire article, visit:  http://www.businessweek.com/business-schools/the-mba-advantage-07112011.html

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Turn the page to a new chapter with a Loyola MBA

Are you thinking of going back to school to pursue your MBA, but your reading interests in recent years include the latest mystery or bestselling novel?  If you’re eager to get your mind revved up for a Management, Ethics, or Finance class – be sure to check out some titles recommended by our Sellinger faculty.  You’ll even find some of these books discussed in our classes!  For a complete listing visit:  http://www.loyola.edu/sellinger/news-events.aspx?.newsid=22C4A0B584C44DACB35801E0B4627B52.

 

 

 

  

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New Professional MBA students begin a bright future in the summer term

This week, Loyola opened its doors to 30 new MBA students who are heating up their resumes this summer with a graduate management education.

Professional backgrounds:

Yes, there are the usual accountants and engineers as you would expect to find in your  Marketing Management or Fundamentals of Finance class.  But, a Maryland State Trooper? 

Yes, one of our state’s finest is joining a staff member from Baltimore Magazine, a specialist from Homeland Security, and a business manager for an independent school near Annapolis who together started the Loyola MBA this summer.  

The majority of organizations represented reflect the strong financial foothold in the area’s economy (PNC Bank, Wachovia, Morgan Stanley)  as well as the significant presence of the federal workforce along the Baltimore-Washington corridor (Department of Defense, Social Security Administration).

These students are joined by other new faces from some of the biggest firms in the region – Under Armour, Marriott, McCormick, Constellation Energy, and Lockheed Martin  – as well as smaller organizations in consulting, manufacturing, financial services and healthcare.

While some of the statistics below stand out, it is important to keep in mind that there truly is no single “typical” student on the Loyola MBA.   Each person comes with their unique professional DNA which creates an incredibly diverse learning laboratory.

Industries of New Students:

Financial Services 24%
Government 14%
Energy 10%
Tech 10%
Manufacturing 10%
Pharma/Healthcare 7%
Consulting 7%
Non-Profit 7%
Entertainment/Media 3%
Other 7%

Job Functions of New Students:

Accounting/Finance 41%
Ops/Engineers 28%
MIS 10%
Marketing/Sales 3%
General Mgt 3%
Other 14%
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New Professional MBA students begin a bright future in the Summer term

This week, Loyola opened its doors to 30 new MBA students who are heating up their resumes this summer with a graduate management education.

Academic backgrounds:

Half of the students attained their undergraduate degrees from private and public universities and colleges within Maryland including UMBC, University of Maryland,  Loyola, University of Baltimore, Towson State, and Stevenson University.

The remaining half received their bachelor’s degrees in bordering states (St. Joseph’s, Penn State, West Virginia and James Madison) and stretching as far west as North Dakota (State), as far south as South Carolina (Clemson) and as far north as Maine (Colby College).   

There are also several students who hold international degrees from Tianjin University in China and Moscow State Open University in Russia.

With respect to undergraduate majors, most of the incoming students are pursuing the MBA to further their studies in business with continued interest from engineers who want to broaden their technical and quantitative skills.   Other majors include Applied Sociological Research, Psychology, and Paralegal Studies.     

Undergraduate Majors of new students

Business/Economics      73%
Engineering 10%
Liberal Arts 7%
IT 3%
Science/Tech 0%
Other 7%

A number of students have advanced degrees including a Master’s in Electrical Engineering from Johns Hopkins University and a J.D. from Cornell University Law School.

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Five Simple Tips to Advance Your Career

Check out the Forbes article, Five Simple Tips to Advance Your Career, re-posted by Loyola’s dedicated graduate careers advisor.

It has some great ideas, but one in particular caught our eye.

In tip #3, the author encourages professionals to find a mentor who “sees your value and wants to help you grow and succeed.”

One of the benefits of embarking on an MBA is that you gain the wisdom and guidance of a whole constellation of mentors. At Loyola, you will find an entire community of people dedicated to your professional development.  Accomplished faculty, caring administrators and staff, and high-quality classmates will collectively help you develop your talents to the fullest.  After all, personal growth and opening up the potential in others is at the heart of what a Jesuit business education is all about.

Discover your potential.  Click here to register for an upcoming information session: http://www.loyola.edu/sellinger/academics/graduate/info-sessions.aspx.  Or, contact me at bcoward@loyola.edu to arrange an informational interview.

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Four common strategies for career development

Looking to move up to the next level?  According to the 2011 Alumni Perspectives Survey published by the GMAC Council, the most common strategies for career development are:

  1. Involvement in high profile projects
  2. Building a relationship with upper management
  3. Stay current in one’s field
  4. Proactively seeking feedback about one’s performance

Other findings in the article – career development needs to be self-initiated and goal setting helps promote career growth.

For many ambitious professionals, that goal setting takes the form of a graduate business degree.  One of the key benefits of an MBA is that it addresses all of these strategies at once.   

Here’s how a Loyola MBA will help your career advancement in each of these four areas:

  1. An integrated learning experience means that you have in-depth knowledge of all the core functions of business (accounting, data-based decision making, economics, finance, marketing,) for the breadth of understanding needed in high profile projects.
  2. Our emphasis on leadership development and strategic management competencies provide a high-level skill set that will enable you speak the language of business to build relationships with upper management.
  3. Through the expertise of our faculty, a combination of full-time academic professionals and corporate leaders who bring real-world experience to the classroom, our relevant and challenging curriculum emphasizes conceptual and practical trends in today’s organizations so that you stay current in your field
  4. Our Jesuit emphasis on self-awareness, discernment, and reflection means that you endeavor to understand yourself and the world around you.   As you strive to make a difference, it becomes second nature to seek feedback about your performance.

Of course, goal setting alone won’t get you to where you want to be.  Click here to take action.

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