Marriott School of Management Loan
What is it?
The Marriott School of Management Loan is a loan sponsored by the MSM for students enrolled in its graduate programs, except for the Executive MBA, Executive MPA programs, and international students. The MSM Loan has an annual interest rate of 5.5 percent, which begins to accrue six months after discontinuance of full-time status or graduation. Payments begin six months after discontinuance of full-time status or graduation, as the rates indicated below.
|Total Amount Borrowed||Monthly Payment*|
*Based on a 5-year repayment plan
Who is eligible?
To establish and maintain eligibility, a student must meet the following criteria:
- Be a graduate student in the Marriott School of Management (except the Executive MBA or MPA programs).
- Meet all Satisfactory Academic Progress Requirements.
- Be enrolled full time.
- Because of limited MSM funds, you are required to first apply for Federal Stafford Loans.
- Do not exceed federal loan limits.
How do I apply?
The Marriott School requires that all students who request the Marriott School of Management (MSM) Loan must first apply for, and accept, federal financial aid--which include both the Stafford (subsidized) and Stafford (unsubsidized) loans. Due to limited resources, the MSM Loan is to be considered supplemental, and secondary, to federal aid.
To apply, first complete the Free Application for Federal Student Aid (FAFSA). All eligible students who have accepted their maximum federal Stafford loan award(s) will then automatically be considered for the MSM Loan. Additional 'To-Do List' items will provide needed instruction to complete the application process.
How much money can I get?
If all eligibility requirements are met, you can borrow up to $7000 for the year or $3500 per semester, though your total financial aid package cannot exceed the Cost of Attendance for the year. You can borrow up to $15,500 during your eligible graduate program. If your total aid has met the Cost of Attendance limit but you still have Stafford Loan eligibility, a one-time increase of up to $1500 to the Cost of Attendance is permitted for the purchase of a computer.
Yearly award amounts are disbursed to the student over a period of at least two semesters.
How and when will I get the money?
Your BYU Loan will be posted to your Student Account where it will credit toward your tuition and other tuition charges. If money from the BYU Loan and other aid exceeds charges owed, Student Financial Services will refund excess monies. The refund process begins approximately three days after the first day of classes, and continues until after the add/drop deadline.
If registered part-time, excess funds will remain in the Student Account until after the add/drop deadline, or until you verify with Student Services (801-422-4104) that no further registration changes will be made.
Excess funds will be sent to your bank account if you authorize direct deposit. If you do not authorize direct deposit, any excess funds will be mailed to the mailing address you have listed on myBYU. This may delay your receipt of funds.