Financing Your Graduate Studies
Many graduate students require financial assistance to help pay for their studies. Financial assistance comes in a variety of forms. It is important to know and understand the options available to you.
Merit-based aid is generally awarded based on academic excellence. Scholarhips, assistantships, grants, etc. are all examples of merit-based aid. Unlike loans, merit-based aid does not have to be repaid; however, there may be a work component requirement.
The School of Business has a limited number of Graduate Management Assistantships available to entering full-time students. These assistantships provide compensation up to $4,800 per academic year in exchange for the recipient working with faculty member or administrative department in a research or administrative capacity.
For consideration, applicants must answer "Yes" to the "Would you like to be considered for a graduate assistantship?" question in the WPI online application. Assistantships are awarded based on academic excellence and overall strength of the application compared to other admitted candidates. Award recipients will receive notification of a Graduate Management Assistantship in their acceptance letter.
FEDERAL LOAN BORROWING
Through the William D. Ford Direct Loan (Direct Loan) Program, graduate students may borrow up to $20,500 or the Cost of Attendance, whichever is less, through the Federal Direct Unsubsidized Stafford loan program.
The Federal Direct Unsubsidized Stafford loan program is a low-interest government loan and available to all degree-seeking and certificate-seeking graduate students who are enrolled on at least a half-time basis (e.g., two or more classes per semester). The current interest rate is 6.80%. To qualify, you must be a U.S. citizen or permanent resident and cannot be delinquent or in default on any student loans.
- Complete the Free Application for Federal Student Aid (FAFSA) using WPI's six-digit code 002233 in the school section of the form;
- Complete either the WPI Graduate Student Application or the WPI Certificate Program Application;
- Review entrance counseling information.
PRIVATE LOAN BORROWING
Students may be interested in borrowing a private loan if they have need to borrow in excess of $20,500 per academic year, are taking fewer than six credit hours per semester, and/or are not a U.S. citizen or permanent resident.
Students may borrow up to the Cost of Attendance through a private loan. Unlike the Federal Direct Unsubsidized Stafford loan, private loans require a credit check and may require a co-applicant (also known as a 'co-signer'). Additionally, private loan interest rates are based on the borrower's credit worthiness and are set by the individual lender. Below are links to the lenders we feel offer the best rate, customer support, and service.
- CitiAssist Loan offered by Citibank
- MEFA Loan offered by the Massachusetts Educational Financing Authority
- Wells Fargo Graduate Loan offered by Wells Fargo
- Complete the loan application provided by the lending agency using the links above
- Complete the Certificate Program Enrollment Verification Form (certificate-seeking students only)
We encourage you to practice smart borrowing habits and only borrow what you need to finance your education. If you need assistance with or guidance on any of the information presented above, don't hesitate to contact the Office of Financial Aid at +1-508-831-5469.
DISCLAIMER: The lenders listed on WPI's website and on all printed materials are recommendations only and students have the option of using the lenders or using lenders of their own choosing. Each year, WPI invites interested lenders to submit proposals to be placed on our lender list. Decisions are based on customer service history and attainable borrower repayment benefits. WPI is in no way induced to choose any of the lenders appearing on the WPI website or printed materials.
Employer Tuition Assistance
Many part-time graduate business students receive tuition benefits from their employers. Contact the Human Resource Office at your workplace to inquire about tuition benefits.