Financing Your Rice MBA

The tuition for the Class of 2018 is $115,000. The tuition covers the complete 22-month schedule of course work and is billed in 25% increments over 4 semesters. An enrollment deposit of $2,000* is due upon acceptance and will be applied toward your first semester bill.

Students pay no required institutional fees** and the following items are provided to students at Jones Graduate School of Business expense:
  • Textbooks and program materials
  • Parking
  • Privileges at Fondren Library
  • Light meals before classes
Tuition may be covered by the use of personal resources, Federal Student Loans, Private Student Loans, or a Semester Payment Plan available through the Cashier’s Office. In addition, many students’ tuition needs are supplemented by company financial support. We encourage you to check with your company regarding education benefits and tuition reimbursement programs.

Students are required to have a laptop that meets Jones School specifications. Further information on required and recommended hardware and software will be provided to admitted students.

*The $2,000 non-refundable deposit is due upon acceptance into the program and serves as a guarantee of enrollment in the year for which you are accepted. Failure to enroll in that year results in forfeiture of the deposit and will require reapplication.

**Medical insurance is an institutional requirement and you are automatically billed this fee in the Fall semester of both academic years. You may waive this fee by submitting proof of alternative medical insurance.
Federal Direct Student Loans are issued through the Department of Education and are available to US Citizens and US Permanent Residents (green card holders).

The first step in this process is to complete the Department of Education’s Free Application for Federal Student Aid (FAFSA). The FAFSA is available for completion as of January 1 for the coming academic year and Rice University’s FAFSA school code is 003604.

Our system begins processing FAFSA and student loan applications on May 15 for the coming academic year. Before we may process your information, however, you must be admitted to the program and have paid your enrollment deposit. Once processed, you will be notified regarding your initial loan award and of the loan application next steps.

The Department of Education offers two types of Federal Student Loans. Please note that student-specific eligibility can only be determined once your completed FAFSA is received and processed.

I. Federal Direct Unsubsidized Loan
The maximum academic year (Fall and Spring semesters) amount of the Federal Direct Unsubsidized Loan is $20,500.
  • Interest Rate: 5.84% fixed
  • Origination Fee: 1.068% is subtracted from the total by the Department of Education as a processing fee
  • Loan Disbursement: 50% in Fall and 50% in Spring
  • Interest Accrual: begins to accrue on the amount disbursed from the point of disbursement
  • Minimum Enrollment: a minimum of half-time enrollment (4.5 credits/semester)
  • Approval: completion of the FAFSA
II. Federal Direct Graduate PLUS Loan (a.k.a.: Grad PLUS)
There is no particular academic year maximum, however, the amount borrowed may not exceed the cost of attendance.
  • Interest Rate: 6.84% fixed
  • Origination Fee: 4.272% is subtracted from the total by the Department of Education as a processing fee
  • Loan Disbursement: 50% in Fall and 50% in Spring
  • Interest Accrual: begins to accrue on the amount disbursed from the point of disbursement
  • Minimum Enrollment: a minimum of half-time enrollment (4.5 credits/semester)
  • Approval: completion of the FAFSA and a review of your credit history
The above rates are based on the 2015-2016 academic year and any changes will be announced by the Department of Education in June 2016. For further information regarding Federal Direct Student Loans, please visit Federal Student Aid.

Loan Repayment
Prior to entering repayment, the Department of Education assigns a borrower's student loan(s) to a third-party Loan Servicer. The following are important elements of loan repayment. 
  • Repayment is deferred while you are enrolled at least Half Time (4.5 credit hours per semester)
  • There is a 6 Month Repayment Grace Period following graduation, withdrawal, or the point at which you drop below Half Time enrollment
  • The Standard Repayment Plan is 10 years, but repayment can span up to 30 years depending on the borrower's eligibility
  • There is no early repayment penalty

Additional information may be found on the Department of Education's Loan Repayment website.
The College Access Loan (CAL) is a credit based program administered by the Texas Higher Education Coordinating Board (THECB). Rice University policy limits the maximum academic year amount to $40,000.
  • Eligibility: US Citizens or Permanent Residents (green card holders) and Texas state resident
  • Interest Rate: 4.5% fixed
  • Origination Fee: 0%, 3% or 5% depending on credit score
  • Loan Disbursement: 50% in Fall and 50% in Spring
  • Interest Accrual: begins to accrue on the amount disbursed from the point of disbursement
  • Minimum Enrollment: a minimum of half-time enrollment (4.5 credits/semester)
  • Approval:completion of the FAFSA and a credit review (minimum Experian VantageScore of 591)

Loan Repayment
Loan repayment is made directly to the Texas Higher Education Coordinating Board (THECB).
  • Repayment is deferred while you are enrolled at least Half Time (4.5 credit hours per semester)
  • There is a 6 Month Repayment Grace Period following graduation, withdrawal, or the point at which you drop below Half Time enrollment
  • Principal balances under $30,000 have up to a 10 year repayment period
  • Principal balances of $30,000 or more have a repayment period up to 20 years

For more information, please visit the THECB website  
Private Student Loans are an additional funding option to be used in combination with, or as an alternative to, Federal and State Student Loans.

These types of loans are available to US Citizens, US Permanent Residents (green card holders), and may also be available to International Students with a US Citizen or US Permanent Resident co-signer.

The application process is student-initiated and directly with the lender of your choice. Approval and loan terms are based on the applicant's (and co-signer's, if applicable) credit history as determined by the lender. The Office of Financial Aid Private Loans section contains a sample list of private lenders*; this may assist you in your research.

For International Students, additional funding information is also available in the International Students section and through the Office of International Students and Scholars.

Please note that you are not limited to the sample list of private lenders and, if you do not see your desired lender, please contact them directly.

*Rice University does not promote, nor has affiliation with, any student loan lending institution. It is your responsibility to choose the lender that is right for you.
The primary sources of funding for International Students are
  • Personal resources
  • Lending institutions in your home country
  • Private student loans through a US lending institution (requires a US Citizen or US Permanent Resident cosigner).
In the interest of assisting our students with the funding process, our office has compiled a list of funding-related websites for your convenience. Please note that you are not limited to the lending institutions or organizations listed here and you must research, apply individually, and work directly with the funding resource

International Payments
For those planning to wire funding from abroad, Rice University has partnered with peerTransfer/flywire to facilitate this process at as low a cost to you as possible. Please reference the University Cashier's Office site for additional information.

International Loan Organizations
The following loan opportunities may not require a US citizen or permanent resident co-signer. Please note there is additional funding information available on the Office of Financial Aid and the Office of International Students and Scholars websites.

 Banco de México-FIDERH Logo Banco de México-FIDERH (Fund for Development of Human Resources) is a federal trust managed by the Central Banco de México that offers affordable low-interest loans to Mexican students for graduate studies either in Mexico or abroad.

Global Student Loan Corporation is a third-party loan facilitator that assists in providing educational loans without a US citizen or permanent resident co-signer to citizens of India. 

Prodigy Finance offers no-cosigner loans to students studying at a select number of US MBA programs. Rice University MBA is an approved participant.

US Loan Organizations
A primary requirement for application with the below lenders is that you must secure a US citizen or Permanent Resident (green card holder) co-signer. We are aware that the following US lending institutions offer International Student loans. Please note that you are not limited to this list and may apply with any lending institution of your choice. It is your responsibility to to choose the lender that is right for you and all questions regarding the application process and loan terms should be directed to the lender. Due to the loan processing timeline, we recommend you begin the application process no earlier than April 15 for the coming academic year. *Does not require the student borrower to have a Social Security Number (SSN).

Additional Resources
There are third party organizations that may offer additional funding opportunities to you. This reference list is by no means exhaustive, however, we hope it will assist in your funding search.

Disclaimer: The above list of funding organizations is provided as a courtesy to assist you in your funding research and we do not promote the use of any particular entity. Neither the JGSB nor Rice University receive any form of compensation, monetary or otherwise, from the organizations listed and the University does not assume any liability. Students must research, contact the organization directly, and confirm their eligibility to apply for funding through these organizations and institutions.

For military and VA funding information click here. Please contact our financial aid specialist, Salomon Medina, at 713-348-3886713-348-3886 or through email at smedina@rice.edu with any questions.
What is the FAFSA?
The Free Application for Federal Student Aid is an online application provided by the Department of Education. The FAFSA consists of (a) personal/household information and (b) the previous tax year's information. The application must be completed each academic year of the program.

What is the FAFSA school code for Jones Graduate School of Business?
The Jones Graduate School of Business is part of Rice University. The University's FAFSA School Code is 003604.

Why is the FAFSA needed?
The FAFSA is a supporting document and is the first step when applying for both Federal and State Student Loans. The FAFSA is not required for Private Student Loans.

Am I eligible for student loans?
Domestic students (US Citizens and Permanent Residents) are eligible to apply for Federal, State, and Private Student Loans.
International students may apply for Private Student Loans with a US citizen or Permanent Resident (green card holder) co-signer.

Does Rice University participate in a Private Student Loan option for International Students that does not require a co-signer?
Yes. Prodigy Finance offers a no co-signer loan for international students. Please visit their website to apply.

When do I start applying for student loans?
The loan application process begins after (a) you are admitted to the program and (b) you submit your enrollment deposit. (c) Our system begins processing FAFSAs and certifying loan applications on May 15 for the coming academic year. We recommend you wait until this date before applying for any type of loan. Application instructions for Federal and State Student Loans will be provided to you from the Jones School financial aid representative. If applying for Private Student Loans, please proceed directly with the lender of your choice.

What is the Cost of Attendance (COA) Budget?
Each academic year we develop a budget that consists of direct costs (tuition & fees) and estimated allowances for indirect costs (room & board, transportation, etc.). You may borrow up to the COA minus other funding resources such as scholarship, etc.

How much should I borrow?
We always encourage you to borrow conservatively. In deciding how much to borrow, a basic principle is to borrow sufficient funding to cover the costs for the academic year (Fall + Spring).

How can I defer my student loans from a previous degree?
You may request a Confirmation of Enrollment letter from the Jones School Registrar (jgsbregistrar@rice.edu) one week after classes have started. If your loans are not Federal Student Loans, please first confirm with your lender that in-school deferment is an option before submitting your request.