Financing Your Degree

Deciding to go back to school is a big decision. Figuring out how to pay for it doesn't have to be. College awarded financial aid, scholarships and government loans for both full time and part time MBA students may make pursuing your degree easier.

Students applying for the full time MBA program must submit a complete application by January 15 in order to be considered for college awarded financial aid for the following fall term.

Tuition- Full Time and Part-Time Students
Estimated Budget – Full Time Students
Financial Aid - Federal Financial Aid
Financial Aid - College Awarded Financial Aid

Tuition

Lehigh University charges graduate tuition on a per credit hour basis. The cost per credit hour applies to international, domestic, full time or part time students.

MBA Program (On campus, online and satellite courses)
Cost per credit hour academic year 2008-2009 - $700
Total tuition cost for 36 credit hours required for degree - $25,200

Note: For each online course there is a $100 course access fee.

MBA & Engineering Program (On campus students)
Cost per credit hour academic year 2008-2009 - $880
Total tuition cost for 45 credit hours required for degree - $39,600

MBA & Engineering Program (Satellite students)
Cost per credit hour academic year 2008-2009 - $700
Total tuition cost for 45 credit hours required for degree - $31,500

MBA & Educational Leadership Program (On campus students)
Cost per credit hour academic year 2008-2009 - $605
Total tuition cost for 45 credit hours required for degree - $27,225

The cost per credit hour is subject to change in academic year 2009-2010.

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Estimated Budget – Full Time Students

Students must carry a minimum of nine (9) credit hours per term to be considered a full time graduate student. Students may also be certified full time by the College of Business and Economics Dean's Office if the student carries less than nine credits for a term which may occur during the last semester of study.

The figures presented below are estimated costs for one year of study. Your actual costs may be higher.

Tuition is due by the first day of class and is payable by semester. Payment may be made to the Lehigh University Bursar's Office using MasterCard, Visa, American Express or personal check.

Lehigh offers a payment plan that allows students to pay their tuition over three installments. An installment of 40% is due by the first day of class with two additional installments of 30% each due 30 and 60 days after classes begin.

Lehigh offers a tuition deferment plan for students with employer tuition reimbursement plans. Students utilizing this plan must sign a promissory note and pay a $50 fee per semester. Students must submit a new deferment form for each semester in which they choose to participate.

Payment information and forms for graduate students may be found at the Lehigh University Bursar's website.

Housing
The cost of living in the Lehigh Valley is very affordable. The Office of Residential Services maintains on campus graduate student apartments that range from $485 per month plus utilities for an efficiency apartment to $640 per month plus utilities for a three bedroom apartment. A list of off-campus apartments is available through their website. For more information on graduate housing, contact the Office of Residential Services at (610) 758-3500 or inrsd@lehigh.edu .

The Office of Graduate Student Life website contains comprehensive information on temporary and permanent housing, roommate forums and finders, a list of off campus apartments, and links to local newspaper classifieds. Information on leases and city inspections may be obtained here too.

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Financial Aid - Federal Financial Aid

Loans and Work-Study Awards

Students may apply for federally-funded Stafford Loans and Federal Work-Study through the Office of Financial Aid at 218 W. Packer Avenue , Bethlehem PA. These funds are awarded on the basis of demonstrated need by filing these forms:
1. The Free Application for Federal Student Aid (FAFSA)
2. Lehigh's Institutional Application
3. Your most recent federal tax return (1040) and W-2's.

The primary loan source for graduate students is the Federal Stafford Loan. The Stafford Loan amount for which graduate students are eligible has been raised to $20,500. Of that amount, up to $8,500 can be subsidized, with the remainder being unsubsidized, and is adjusted for the cost of education, other financial aid received, and your own ability to pay for schooling.

The Office of Financial Aid is also required to obtain information on all previous federal student loan borrowing from any other college(s) attended, as well as an indication that there is no prior default or refund due the government for overpayment of federal aid. Lehigh depends upon the information displayed on the Student Aid Report (SAR), obtained from the National Student Loan Data System (NSLDS) filing the FAFSA. Funds cannot be disbursed without a SAR (and the NSLDS information). This is a federal requirement. Students who are not able to demonstrate "need" may borrow from the Federal Unsubsidized Loan Program. Because the Stafford loans are financed through commercial lenders, their availability is virtually assured if students qualify. Keep in mind that if you borrowed from the Stafford Loan fund as an undergraduate, you must use the same lender for your graduate Stafford loans. There is only limited availability of Federal Perkins Loans and Work-Study.

A graduate student is considered a full time student if enrolled for 9 credit hours per term during the academic year. In order to qualify for a Stafford Loan, you must be enrolled at least half-time (6 credits) during the academic year and 3 credits during the summer sessions. If you register for less than 6 credits per term during the academic year, you may qualify for an alternative student loan from a commercial lender. The Office of Financial Aid's website, www.lehigh.edu/~infao contains a list of frequently used lenders, as well as a listing of commercial educational loans together with current interest rates, terms and conditions of repayment. International students may also qualify for alternative student loans and need to contact lenders for information. Students who apply for an alternative loan must also file Lehigh's Institutional Application.

MBA LOANS® is a joint venture between the Graduate Management Admissions Council® and SallieMae®, the largest student loan provider in the U.S. MBA Loans provides two types of low cost loans for graduate business students: Federal Stafford Loans and MBA LOANS Private Loans. MBA LOANS Private Loans is available for students who have reached the maximum Federal Stafford Loan amount. It also provides funds for non-U.S. students to borrow with a U.S. citizen or resident cosigner. Restrictions apply.

Note: Loan eligibility is, in part, determined by your cost of attendance. Because graduate students frequently reduce their registered credit hours after making application for a loan, your loan requests may need to be reduced as credit hours are reduced.

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Financial Aid – College Awarded Financial Aid

College awarded financial aid is available for both full time and part time students. Applicants must receive an offer of admission as a regular student in order to be considered for college-awarded financial aid. College awarded financial aid is available for on campus courses only.

Full-Time Students

Financial Aid deadline is January 15 for applicants seeking to begin the MBA program in the fall term. A complete program application must be filed by this date. Awards to full time students are merit-based. The Committee on Financial Aid will consider an applicant's work experience, undergraduate record and test scores to determine awards.

It is strongly recommended that international students submit the new internet-based TOEFL score (iBT) in support of their application. The MBA program will use the new iBT as a tool for the awarding of financial aid. You must achieve an iBT speaking section score of 28 and an iBT listening section score of 20 in order to be considered for awards. All awards are contingent upon passing the Lehigh University SPEAK test with a score of 230 upon arrival at Lehigh. International applicants visiting the university may take a SPEAK exam free of charge if an application to the MBA program has been filed. Pennsylvania state law mandates that all international graduate students who have contact with undergraduate students during the course of their duties have evidence on file of their English proficiency. Information on the SPEAK test may be found at www.lehigh.edu/~inesl.

College awarded financial aid positions available for full time MBA students:

Teaching Assistants - Teaching Assistants support CBE faculty members through recitations for undergraduates, class preparation and other functions associated with the classroom experience and are required to work 20 hours a week during the nine-month academic year. In return, Teaching Assistants receive tuition waivers for 9 credit hours per semester; a stipend of $13,635, less applicable taxes, payable August through May; and are eligible for a health insurance subsidy.

International Students applying for Teaching Assistantships must present a valid and acceptable TOEFL score as well as a Lehigh University SPEAK score of at least 230 as required by Pennsylvania state law.

Graduate Assistants - Graduate Assistants help support courses in the College of Business and Economics and are required to work up to 20 hours a week during the nine-month academic year. In return, Graduate Assistants receive tuition waivers for up to 9 credit hours per semester, a stipend of up to $11,440, less applicable taxes, payable August through May; and are eligible for a health insurance subsidy.

International Students applying for Graduate Assistantships must present a valid and acceptable TOEFL score as well as a Lehigh University SPEAK score of at least 230 as required by Pennsylvania state law.

Research Assistants - Research Assistants support faculty in a variety of ways and may include research projects, support for web based courses and other duties as assigned and are required to work an average of 5 hours per week during the nine-month academic year. In return, Research Assistants may receive tuition waivers, stipend or hourly wage and may be eligible for a health insurance subsidy.

International Students applying for Research Assistantships must present a valid and acceptable TOEFL score, and might be required to submit an acceptable Lehigh University SPEAK score of at least 230 as required by Pennsylvania state law.

Business Analysts – Lehigh University's Small Business Development Center (SBDC) provides general management assistance to 1,500 entrepreneurs and small businesses each year in the Lehigh Valley and surrounding areas. MBA students are employed by the SBDC as business analysts.
Please contact the MBA office for the current package offerings.

Part Time Students
Scholarships is available to part-time MBA students. Applicants must receive an offer of admission as a regular student in order to be considered for an award. These awards are based upon a combination of merit and need. The Committee on Financial Aid will consider an applicant's work experience, undergraduate record and test scores to determine awards. In addition, the applicant must also submit the college's financial aid form and attach a statement from their employer or a copy from the employee's handbook which indicates the employer's tuition refund policy. There is no deadline for application; however, there is a limited pool of funds and applicants are encouraged to apply early.

Other Scholarships
For a list of some of the many sources of scholarships and grants see Financial Aid and Scholarship Resources.

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