Student loan options are available through the University for U.S. citizens and permanent residents and international students. You may find other options from the Graduate Management Admission Council (GMAC).
Your total financial aid (scholarships, fellowships, and all education loans) cannot be more than the estimated living expenses plus tuition and fees. Living expense estimates are based on reasonable cost of living for the Chapel Hill area. Individual student expenses may be less than the below amounts, which are the maximum amounts that can be covered through financial aid. Certain allowable expenses can be added to the financial aid budget, with documentation of the cost: MBA Global Opportunities, computer purchase, day care for children under 13, and commuting for students living more than 15 miles from campus.
| Financial aid budget (per academic year) | North Carolina residents | Non-North Carolina residents |
|---|---|---|
| Tuition and mandatory fees1 | $53,776 | $71,956 |
| Total (with living expenses) | $84,234 | $102,414 |
| Living expenses | Per month | Per academic year |
|---|---|---|
| Books | N/A | $1,290 |
| Food | $674 | $6,068 |
| Health insurance | $309 | $2,784 |
| Housing | $1,628 | $14,648 |
| Miscellaneous | $211 | $1,900 |
| Direct Loan fee | N/A | $306 |
| Grad PLUS Loan fee | N/A | $1,690 |
| Travel | $197 | $1,772 |
| Total | $3,019 | $30,458 |
1 Tuition and fees are finalized the summer before each fall semester. This cost is an estimate, pending approval of the state budget. Tuition is expected to increase between 3-10% each academic year. Refer to the University Cashier’s website for actual tuition and fee charges for a given academic year.
Students have access to non-need-based loan funding (loans that start accruing interest at disbursement) to cover expenses associated with their degree. Your total financial aid (scholarships, fellowships and all education loans) can’t exceed the financial aid budget for the academic year, which includes tuition, fees and living expenses (see below).
The Federal Direct Unsubsidized Loan program is available to all U.S. citizens and permanent residents who meet basic federal requirements (i.e., student has never defaulted on a federal loan, is not currently involved in filing bankruptcy, is registered for Selective Service, etc). You can borrow either Federal Direct Graduate PLUS or private student loan funds to supplement the unsubsidized loan annual maximum of $20,500.
UNC Chapel Hill does not have a preferred lender list for private education loans. You can research private education loan lenders to determine if a private loan is best for you by using our database (called ELMSelect) of lenders UNC Chapel Hill students have used in the past.
| Federal Direct Unsubsidized Loans | Federal Direct Graduate PLUS Loans | Private Loans | |
|---|---|---|---|
| Credit requirements | None, but student must meet eligibility requirements as determined by the FAFSA. | Good credit history or no credit history (no delinquent accounts or bankruptcy on credit report). | Lenders may require students to have a particular credit score to be approved without a co-borrower. |
| Interest rate | 8.08% fixed* | 9.08% fixed* | Fixed or variable and is normally based on either the Prime Rate or LIBOR. |
| Origination fee | 1.057%** | 4.228** | Varies, but normally none. |
| Annual maximum | $20,500 | Financial aid budget minus all other financial aid. | Financial aid budget minus all other financial aid. |
| Grace period | 6 months | 6 months | 6 to 9 months |
| Repayment period | 10 to 25 years. Several repayment plans available. | 10 to 25 years. Several repayment plans available. | 10 to 25 years, depending on the lender |
| Income-driven repayment options | Yes | Yes | No |
| Possible loan forgiveness or cancellation | Yes | Yes | No |
*The interest rate is fixed for the life of the loan and applies to loans disbursed after July 1, 2024 and before July 1, 2025. Read more about Federal Direct Loans at the Department of Education website.
**The origination fee is part of the principal loan amount that is deducted from the disbursed amount and applies to loans disbursed after October 1, 2022 and before October 1, 2025.
International students who are not U.S. citizens and who have a credit-worthy U.S. citizen or U.S. permanent resident co-signer may also be eligible for private education loans through lenders such as Sallie Mae and Citizens Bank. Students should research private education loan lenders to determine which is best for their individual situation.
Students should also explore loan options that may be available through other resources, some of which are dependent on your country of citizenship. Some of these will have specific requirements for the borrower as outlined by the lender, bank, or government, so the student should contact the lending agency directly for details on each program. Below is a list of possible programs, but this is not a comprehensive list.
Our Financial Aid team is always happy to answer your questions about tuition and financial aid. You can reach out via email to MBAFinancialAid@unc.edu.