Frequently Asked Questions
General FAQs
Does the degree differ for the Executive MBA, MBA Fellows, Professional MBA, or Emerging Leaders MBA program?
No, it is the same degree offered in different formats for different audiences. Students who graduate from any of these programs earn an MBA from Loyola University Maryland.
How many students will be in a class?
Class sizes range by program, with 22-35 students on average in a class.
How do I get to campus?
Our graduate centers are located in Timonium, Md. and Columbia, Md.
Tuition & Financial Aid
Do I have to pay the tuition all at once?
Tuition billing schedules vary by program. Please contact the office of the program you are interested in to discuss billing schedules for the program or the office of financial aid to discuss financial aid options.
How much is tuition?
Tuition varies by program. The costs for the upcoming academic year are available online.
What is included in the tuition?
The tuition for the Executive MBA, MBA Fellows, and Emerging Leaders MBA is all inclusive. All course materials including case studies and books, and overnight accommodation for the Residency as well as accommodation and travel for the Domestic and International Field studies is included.
For the Professional MBA, Master of Science in Finance, and Accounting Certificate tuition is based on a per credit hour basis. Typically courses are three credits.
What are the benefits of funding your graduate degree through loans?
A federal Stafford loan does not go into repayment until after a student either falls below half-time or finishes their program. Even if the student is only eligible for unsubsidized loans, which accrue interest while the student is enrolled at a fixed rate of 6.8%, the interest is usually much better than an interest rate on a credit card. Students can choose to pay the interest or let it be added to the principal of the loan.
How common is it for MBA (or graduate) students to take out loans?
It is more common than you think to take out a loan. According to a report issued by the 2007-08 National Postsecondary Student Aid Study (NPSAS), roughly 55.5% of students seeking an MBA take out loans, with the average debt upon graduation being $31, 927.
A lot of MBA students will use loans to pay for their tuition up front because they don’t receive reimbursement from their employers until they receive a grade. The loan can then be paid with the reimbursement.
What is the process for taking out loans? How much time does the application take?
Our application procedures can be found on our website, www.loyola.edu/financialaid. The application should take less than a half-hour to complete. A student is then notified of his or her financial aid award via their Loyola email within four weeks after a completed application is received.
How do I apply for financial aid at Loyola University Maryland?
Aid application procedures for graduate students are available on the financial aid website. Graduate students are required to file the Free Application for Federal Student Aid (FAFSA) and the Federal Direct Student Stafford Loan Graduate Information Sheet. In some cases additional documentation may be required. You will be notified via your Loyola email account if additional documentation is needed to complete your application.
What is Loyola University’s FAFSA school code?
Our FAFSA school code is 002078.
I probably don't qualify for aid. Should I apply for aid anyway?
Yes! Do not automatically assume that you will not qualify for need-based financial assistance. Allow Loyola to determine your eligibility. If you do not qualify for need-based forms of aid, you will be informed of non-need-based student loan financing options.
What are the financial aid application deadlines?
We ask that graduate students have a completed application on file at least four weeks prior to registering for classes. Maryland state residents who apply for aid through the state have a March 1 deadline for filing the FAFSA.
What if I miss the deadline?
We encourage you to still complete the application process. You may have to pay up front for your courses but you will be reimbursed once the loan proceeds are credited to your student account.
Is it necessary to file for financial aid each year?
Yes. Eligibility is based upon an annual review of the information submitted on the Free Application for Federal Student Aid (FAFSA). Annual changes in family income, assets, family size, and the number of dependent children enrolled in college will affect the annual expected family contribution toward educational expenses.
Do I need to be accepted for admission before I can apply for financial aid?
No. You may begin your application prior to being admitted however, your aid eligibility will not be determined until you have been admitted to the University.
How will I be notified of my financial aid award?
Graduate students are notified via their Loyola University Maryland email account, which will be set up upon being admitted to the University. The email will direct you to view your financial aid award in WebAdvisor and provide links to sign your master promissory note and complete entrance counseling if you are a new applicant.
When will I be notified of my financial aid award?
Graduate students who have a complete financial aid application on file will be notified on a rolling basis. For example, students who are applying for aid beginning with the summer semester are given priority over students beginning in fall. Fall financial aid applications are usually processed during the month of June.
Can you describe the terms – interest rate, payment schedule?
The interest rate is fixed at 6.8%, and while payment is deferred while you are taking classes, interest on unsubsidized loans does accrue during this period. Your monthly payment is based on how much you borrow and which repayment option you choose. The standard repayment time is 10 years following the completion of a program, but a student can choose a longer repayment option if needed.
What would my monthly payment be?
The www.studentloans.gov website has a great tool, a repayment calculator, where a student can plug in how much they’ve borrowed or plan to borrow and can then see what their payment would be based on the repayment option they choose.
Does Loyola offer grants or scholarships to graduate students?
Several academic departments have grant aid available. Contact the graduate program director or coordinator for more information on programs’ unique to each department.
What forms of aid are available to graduate students other than loans?
A limited number of graduate assistantships are offered to students enrolled on a full-time basis in the in Loyola College or the School of Education. Applications for graduate assistantships may be obtained on the Loyola University Maryland website.
The office of student life has a limited number of resident assistantship positions that are open to graduate students. Students interested in these positions should contact the director of student life for an application and further information.
Do you offer a payment plan?
Student administrative services offers a monthly payment plan for graduate students during the fall and spring semesters. Students need only be registered for one course to have their payments divided into four equal installments. A $35-per-semester administrative fee and a course registration fee of $25 are not included in the plan. Contact student administrative services for more information.
Can I transfer my aid from another school to Loyola University Maryland?
Loyola has specific application procedures for federal Stafford loan assistance. If you are planning to transfer to Loyola from another institution, please make sure you add Loyola to your FAFSA results as well as following the additional application procedures outlined on the graduate financial aid website. If you are a Maryland state aid recipient, you must contact the Maryland Higher Education Commission to have the aid transferred for use at Loyola University Maryland.
Can a graduate student receive Federal Work- Study or a Federal Pell grant?
Graduate students are not eligible for Federal Pell grant assistance and Loyola University Maryland limits Federal Work-Study assistance to undergraduate students.
Is financial aid available to cover summer courses?
Yes. Summer begins the new academic year and you may apply for loan assistance to cover summer, fall, and spring. Typically, grant assistance from participating academic departments is only awarded during the fall and spring.
What if I have special circumstances?
Families who suffer significant losses of income due to temporary or long-term loss of employment or the death of a wage earner or families who incur significant medical expenses not covered by insurance may appeal for a mid-academic year review of the financial aid decision. In these unusual situations, Loyola will use "current year" income rather than the "prior year" income to determine a change in financial aid eligibility. All requests for a mid-academic year review must be made in writing.
How is eligibility determined? How much can I borrow?
Any graduate student is eligible for a federal Stafford loan as long as he or she hasn’t defaulted on a federal loan in the past, is a U.S. citizen or Permanent Resident and has not been convicted of a drug offense. Students can borrow up to their full cost of attendance which includes tuition, registration fees, and a standard allowance for books and living expenses. The federal Stafford loan maximum per academic year is $20,500. A student can then apply for a Federal Graduate PLUS loan to make up the difference if needed. Graduate PLUS loans do require a credit check; however, the government is only looking for an adverse credit history, not a debt-to-income ratio.
How can I learn more about financial aid?
Please visit the office of financial aid to learn more about loans, scholarships, and financial assistance.
Admission
How often are information sessions held?
Information sessions are held at our Timonium and Columbia Graduate Centers throughout the year and we offer virtual information sessions about once a month. The full schedule and program specific registration is available online. We also encourage individual meetings. Please contact us to discuss a one-on-one meeting, or to arrange for class visits.
The ELMBA program information sessions are typically held monthly September through April. One-on-one visits are encouraged throughout the year.
Can I apply online?
Online applications are available for all programs, except Leadership Essentials. To apply, visit http://www.loyola.edu/sellinger/apply.aspx.
How should I submit official transcripts and letters of recommendation?
For the Executive MBA, MBA Fellows, Professional MBA, Master of Science in Finance, Master's Plus, Accounting Certificate, and Cybersecurity Certificate, please have your transcripts and letters of recommendation sent to the following address or email (letters of recommendation need to be on official letterhead with an original signature):
Loyola University Maryland
Graduate Admission Processing Center
P.O. Box 1447
Beltsville, MD 20704
graddocs@loyola.edu
All documents for the Emerging Leaders MBA should be sent to:
Office of Graduate Admission
Loyola University Maryland
GCTC 80
2034 Greenspring Drive
Timonium, MD 21093
graduate@loyola.edu
What if I received my bachelor’s degree from a university outside of the United States?
Applicants who received a degree from a university outside of the U.S. must have their transcripts evaluated by the World Education Service. The website to learn more may be found at www.wes.org
What should the letters of recommendation say?
We look for evidence of leadership achievements and potential. Therefore, we encourage your referee to talk about your professional achievements, career progression, as well as important personal characteristics such as team leadership skills, drive, and determination.
Do I have to take the GMAT?
The GMAT is required for the Professional MBA, Master of Science in Finance, Emerging Leaders MBA, and Accounting Certificate program. The GMAT is waived for applicants to the Executive MBA program and MBA Fellows program, and may be waived for those who meet certain academic or professional requirements for other programs. To request information on GMAT waiver, test dates, or review courses call 410-617-5067 or e-mail mba@loyola.edu.
GMAT review courses are offered by Loyola University Maryland.
Can I visit a class?
Yes, there is no better way to “test drive” the program. Please contact us to discuss opportunities to visit a class.