FAQS

• How much does the MBA@UNC Online Graduate program cost?

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  Tuition is based on the number of credits for which you register. Current tuition rates can be found on the Tuition & Financial Aid page.

• How much is the enrollment deposit, and when is it due?

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  Admitted applicants will be required to submit a $1,500 non-refundable enrollment deposit to reserve a space in the program. Enrollment deposits will be applied as a credit toward the first quarter’s tuition once the student enrolls in the program.

• Will I know the amount of my financial aid award before I have to submit an enrollment deposit?

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  We hope to provide you with full financial aid information as soon as possible; however, the process may not be complete prior to the enrollment deposit deadline. U.S. and permanent residents should be eligible to borrow the maximum Federal Direct Loan amounts, provided they meet the basic eligibility requirements. Students can also review the additional loan options to determine the best program for covering the remaining amount of their estimated cost of attendance. International applicants are not eligible for Federal student loans.

• How is tuition billed?

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  Tuition bills are processed through the UNC Cashier’s Office; however, any specific questions about your tuition charges should be directed to the MBA@UNC Registrar or the MBA@UNC Financial Aid Office.

  • Tuition is billed on the 15th of the month prior to each quarter.
  • Tuition is due on the second Tuesday of the month that each quarter starts.
  • Financial aid is disbursed directly to the Cashier’s Office and student loan funds will be credited directly toward any outstanding tuition balance due.

  Billing schedule example:

  Quarter	Bill Sent	Payment Due On
  July	Early July	2nd Tuesday in August
  October	Mid-September	2nd Tuesday in October
  January	Mid-December	2nd Tuesday in January
  April	Mid-March	2nd Tuesday in April

• How do I view my bill?

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  Enrolled students and Authorized Users will receive email notification when bills are available in the ConnectCarolina Student Center.

• What are the accepted forms of payment?

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  The payment system is generally available 7 days a week, except for certain processing times which vary.

  • Payments from your checking account
    • Must be drawn from a U.S. bank.
    • No fee when paying with this option.
      

  How to find your account number or routing number.

  • Credit/Debit card payments
    • We accept American Express, Discover, MasterCard and Visa.
    • There is a 2.85% or minimum $3.00 non-refundable transaction fee to use credit/debit cards.

  Additional information can be found on the UNC University Cashier page.

• How does my employer go about paying the school?

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  A third-party sponsor is a government agency, embassy, or private company that pays all or a portion of a student’s invoice directly to the university. Upon receipt of a billing authorization from the payer and a FERPA form from the student, we will bill the third party approximately two weeks after classes start for each term. Since we generate hundreds of these bills, it can take several weeks to send all of them.

  Upon receipt of the authorization, the specific charges to be paid by the sponsor will be deferred, and a sponsored service indicator will be placed on your Student Account. Once the drop/add period has ended, the Cashier’s Office will bill your sponsor for the items they have agreed to pay.

  Sponsors are expected to remit payment within 30 days of the billing date on the invoice. Payments can be made either by a check made payable to UNC-CH or online as an electronic funds transfer.

  The student remains responsible for ensuring that their account is paid in full. Students will continue to receive bills until the third party pays, and the account is paid in full. View the UNC University Cashier page for full instructions.

• Are payment plan options available for online students?

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  UNC offers several options for students to make a payment towards tuition. See all available payment methods.

• What are the consequences if my tuition bill is not paid when classes begin?

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  In accordance with state law, payment for tuition and fees is due prior to the start of the term. Students registering in the billing period must pay tuition and fees or defer their bill in the Student Center by the due date noted on the bill. Accounts not paid or deferred by the due date may result in cancellation of registration. Past due prior term balances cannot be deferred or paid with financial aid for future terms.

  Students expecting financial aid, departmental funding or other third-party support may request deferment of their term bill that is due prior to the start of each term. Deferments requests must be submitted by the due date on the first bill of each semester.

• If I’m eligible to receive a refund, what is the process?

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  Details on the refund process are listed on the UNC University Cashier Student Accounts page

• What is the Title IV Authorization?

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  Federal Financial Aid is subject to strict guidelines as described below. This aid is intended to pay current tuition, fees, and certain other costs of attendance. Students must explicitly grant permission for the Cashier’s Office to apply federal financial aid to these other charges, like campus health charges, library fines, etc.

  Log in to the Student Center through Self Service in ConnectCarolina, select “View Permissions” from the drop-down menu in the Student Financials section. Click on “Grant Permission” then follow the instructions. For additional information on Title IV Authorization, visit the UNC University Cashier Financial Aid page.

• Who can I contact at UNC for billing and payment questions?

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  The Cashier’s Office receives a very high number of calls, so please consider emailing your inquiry (including your PID) to cashier@unc.edu for faster service. Responses to email inquiries are generally made by email within one business day.

  Visit the UNC University Cashier Contact page for an email address dedicated to particular issues.

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• Does UNC offer internal scholarships to online students?

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  Many private organizations and government programs offer fellowships, grants, and scholarships that can help you fund your degree. UNC’s Funding Information Portal organizes these resources and offers a convenient way for you to research these opportunities. Start your research early to give yourself the best chance of receiving an award.

  In the past, UNC Kenan-Flagler MBA students have received funding from these organizations and programs.

  • Prospanica (formerly known as the National Society Hispanic MBAs)
  • The Robert Toigo Foundation
  • Edmund S. Muskie Graduate Fellowship
  • The Kinesis Scholarship (for residents of Puerto Rico).

  For additional information please visit the UNC Scholarships and Student Aid page.

• Are there UNC specific supplemental financial aid forms I need to complete?

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  No, UNC does not require school specific supplemental forms. If you are a new student, and are planning to apply for federal student aid, you will need to complete the Free Application for Federal Student Aid (FAFSA), Entrance Counseling and the Loan Agreement Master Promissory Note (MPN) on the Federal Student Aid website.

• Do I need to include my social security number (SSN) in my application for admission to be eligible for aid?

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  Yes, you will need to include your SSN in your application for admissions, in order for UNC to retrieve your FAFSA from the federal database.

• What are my financing options?

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  Fellowships: Merit fellowships will be awarded to a limited number of students in each entering class at MBA@UNC.

  How do I apply for a fellowship?
  Your application for admission serves as the application for fellowships. There is no separate application for these awards.

  How would a fellowship affect my loan eligibility?
  A student’s fellowship amount will reduce overall tuition balance and is normally credited equally over all payments. The reduction to the tuition amount proportionally reduces the student’s loan eligibility.

  Corporate sponsorship: Some companies provide employees with an educational benefit, whereby they pay all or part of tuition expenses. Preparing a request for corporate support might help to gain support. We are happy to share information and guidance to help you make such a request.

  Veterans benefits: MBA@UNC is an approved program for students receiving military education benefits.

  Student loans: Federal student loans are available to US Citizens and Permanent Residents. UNC Kenan-Flagler has a student loan officer who provides dedicated assistance to applicants. International applicants are not eligible for Federal student loans. Learn more about student loans at MBA@UNC.

  Federal Direct Unsubsidized Loans

  Credit Requirements:
  None, but students must meet eligibility requirements as determined by the FAFSA.

  Interest Rate:
  5.28% fixed*

  Origination Fee:
  1.057%**

  Annual Maximum:
  $20,500

  Grace Period:
  6 months

  Repayment Method:
  10 to 25 years. Several repayment plans available

  Income-Driven Repayment Options:
  Yes

  Possible Loan Forgiveness or Cancellation:
  Yes

  Federal Direct Graduate PLUS Loans

  Credit Requirements:
  Good credit history or no credit history (no delinquent accounts or bankruptcy on credit report).

  Interest Rate:
  6.28% fixed*

  Origination Fee:
  4.228%**

  Annual Maximum:
  Financial aid budget minus all other financial aid.

  Grace Period:
  6 months

  Repayment Method:
  10 to 25 years. Several repayment plans available

  Income-Driven Repayment Options:
  Yes

  Possible Loan Forgiveness or Cancellation:
  Yes

  Private Loans

  Credit Requirements:
  Lenders may require students to have a particular credit score to be approved without a co-borrower.

  Interest Rate:
  Fixed or variable and is normally based on either the Prime Rate or LIBOR.

  Origination Fee:
  Varies, but normally none.

  Annual Maximum:
  Financial aid budget minus all other financial aid.

  Grace Period:
  6 to 9 months

  Repayment Method:
  10 to 25 years, depending on the lender

  Income-Driven Repayment Options:
  No

  Possible Loan Forgiveness or Cancellation:
  No

• What federal student aid is available to graduate students?

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  The federal student aid graduate students are eligible to apply for include the Federal Direct Unsubsidized Loan and the Federal Direct Graduate PLUS Loan. Learn more about the types of federal student aid.

• Why are graduate students not eligible for the Federal Pell Grant or the Federal Subsidized Loan?

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  The Department of Education awards Federal Pell Grants and Direct Subsidized Loans to eligible undergraduate students who demonstrate financial need and have not yet completed their bachelor’s degrees. The Department of Education does not evaluate need or income for loans at the graduate or professional level. Therefore, graduate students are not eligible for the Federal Pell Grant nor the Direct Subsidized Loan.

• Are there academic standards I must meet to continue to receive federal student aid?

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  Yes, you must maintain Satisfactory Academic Progress to remain in good standing with the program.

• What is the minimum number of credits required to receive federal student aid?

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  Students must be registered at 4.5 credit hours per term to receive federal student aid.

• Do I have to be full-time to receive financial aid?

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  No, but in order to be eligible for federal loan funding, students must be enrolled in at least 4.5 credits per university semester. Please note that two quarters (July/October and January/April) are the equivalent to one university semester.

• What are private loans?

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  Private education loans are offered by private lenders to help students bridge the gap between the cost of education and the amount the government allows you to borrow in federal loans. Lenders offer private educational loans with different rates, fees, repayment terms, and approval requirements.

• Are private loans offered at UNC?

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  Students may choose to borrow a private loan instead of or in addition to a federal loan.

• What are my loan options if I am not a U.S. Citizen or Permanent Resident?

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  Some student loan lenders offer private loans to international students that may or may not require a U.S. co-signer. Additional information is available under Full-Time MBA Private Education Loans (may or may not require co-signer).

• When will I receive my financial aid award?

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  Once you are admitted, we will process financial aid usually within the first week. You will receive either a financial aid offer email or a request for additional items.

  We will send notification of your financial aid offer to your UNC email that is listed as the primary account on your student center. The email will include instructions on how to view your offer in your ConnectCarolina Student Center. You will need to create an ONYEN (Only Name You’ll Ever Need) in order to view your aid.

• How do I accept my financial aid award?

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  Log in to your ConnectCarolina Student Center pages and click on your “Financial Aid” tab. If additional information and/or documents are required from you before your financial aid eligibility can be determined and an award made, these requirements will be displayed under your “To-Do” list.Click each “to-do” item listed and follow the instructions provided for each item.

• Am I required to accept the full amount that I am offered on my award letter?

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  No, you do not have to accept the full amount offered. Students are encouraged to borrow only what is needed. You can choose to accept all, part or none of your financial aid award.

  Students can use the “Reduce/Decline” self-service feature in ConnectCarolina to indicate how much aid they want to accept. When a loan is reduced, the system will automatically split that reduction equally between both the fall and spring semesters.

  For example, if a $10,000 loan is reduced to $5,000, the reduction will be updated to $2,500 per fall/spring semester (for a total of $5,000).

  If a student’s first term of enrollment is spring semester, loan reductions will only be made for that semester. During the summer term, loan reductions are updated just for that term.

• Does my Direct Loan eligibility cover the entire cost of the program?

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  Possibly; however, all students should anticipate being eligible to borrow the maximum Federal Direct Unsubsidized Loan amount as long as they meet the basic eligibility requirements below:

  • United States citizen or permanent resident
  • Not in default on any undergraduate or graduate federal education loans
  • Have not exceeded 138,500 in federal student loan debt for both undergraduate and graduate loans

  Students also have the option to apply for the Federal Graduate PLUS Loan to help cover their remaining tuition and fees costs (if needed) or living expenses after their Federal Direct Unsubsidized Loan eligibility is exhausted.

• When will loans disburse to my student account?

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  Accepted student loans generally are sent to the University Cashier by the first day of classes each semester or term. Financial aid, including student loans, is automatically applied to billed tuition/fee charges. If a student’s financial aid exceeds the amount of their billed tuition/fee charges, the University Cashier will issue a refund for the overage. The University Cashier issues financial aid refunds within 14 days of aid being applied to a student account. Please note that Students are required to sign up for direct deposit in order for the Cashier’s Office to most quickly deliver any credit balances directly to their bank accounts. This can be a US checking account of your choice.

• Can I use loan funds to cover additional expenses such as living, books, supplies, etc.?

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  Yes. Financial aid budgets include both direct expenses (required tuition and fees) and indirect expenses (housing, meals, transportation, books and supplies, and basic personal expenses). Students can choose to increase their overall indebtedness to include these estimated living expenses, if needed.

• Is there a Summit required for this program? If so, will I be able to use loan funds to cover Summit expenses?

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  Yes, there are two Summits required for the MBA@UNC program. If there is a surplus credit from your loans, you may use those funds to cover expenses associated with your Summit.

• Who can I contact at UNC for financial aid questions?

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  For more detailed information or for further questions, please contact our Financial Aid team at onlinefinaid@unc.edu.

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• What is the Federal Direct Unsubsidized Loan?

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  Direct Unsubsidized Loans are available to undergraduate and graduate students; at the graduate level, the loan amount is not based on need or income. Graduate & Professional students are only eligible for Direct Unsubsidized Loans and Direct Graduate PLUS Loans; Graduate students are not eligible for Direct Subsidized Loans. Visit the federal student aid website to learn more about the difference between Direct Subsidized Loans and Direct Unsubsidized Loans.

• How much am I eligible for with the Direct Unsubsidized Loan?

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  There are limits on the unsubsidized loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits). Most graduate-level students are potentially eligible to receive up to $20,500 per academic year from the Direct Unsubsidized Loan. Learn more about graduate annual loan limits.

• How do I apply for the Direct Unsubsidized Loan?

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  To apply for the Direct Unsubsidized Loan, you must complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. You will also need to complete Entrance Counseling and electronically sign the Loan Agreement Master Promissory Note (MPN) online at Studentaid.gov.

• What is the current interest rate for the Direct Unsubsidized Loan?

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  If you receive a federal student loan, you will be required to repay that loan with interest. Interest is paid to the lender as a cost of borrowing. Interest is calculated as a percentage of the unpaid principal amount. Unlike other forms of debt, such as credit cards and mortgages, Direct Loans are daily interest loans, which means that interest accrues (accumulates) daily. The Direct Unsubsidized Loan interest rate is determined on an annual basis for loans disbursed on or after 7/1 of the current year, and before 7/1 of the following year. Learn more about interest rates for federal student loans.

• Are there any loan fees for the Direct Unsubsidized Loan?

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  Most federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive while enrolled in school. This means the money you receive will be less than the amount you actually borrow. You’re responsible for repaying the entire amount you borrowed and not just the amount you received. Learn more about fees associated with federal student loans.

• When do I begin repayment on my Direct Unsubsidized Loan?

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  Once you graduate, drop below half-time enrollment, or leave school, your federal student loan goes into repayment. However, if you have a Direct Unsubsidized Loan, you have a six-month grace period before you are required to start making regular payments. You can make prepayments on your loan while you are in school or during your grace period.

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• Do I have to repay my student loans while I’m in school?

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  No; most federal student loans grant a six-month grace period before you must begin making payments after you graduate, fall below half-time status, take a leave of absence or withdraw from the program.

  You can defer payment on your federal student loans if you are enrolled at least half-time. You should be aware that although you can defer payments while you are in school, and during your grace period, interest will still accrue on your loan(s).

  Most private loans also have deferred payment options while you are in school; however, you will need to check with your loan servicer.

• When do I have to repay my loan?

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  Repayment begins after the six-month grace period when you graduate, drop below half-time enrollment, take a leave of absence or withdraw from the program. You can make prepayments on your loan while you are in school or during your grace period. Within the grace period, your loan servicer will provide you with a loan repayment schedule that states when your first payment is due, the number and frequency of payments, and the amount of each payment. Your monthly payment amount depends on your repayment plan. Learn more about repayment timelines.

• What are the repayment plan options and how do I select one?

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  The Department of Education (ED) offers multiple options for repayment. When your loan enters repayment, your servicer will automatically place you on the Standard Repayment Plan; however, you may request a different plan at any time. Learn more about federal student loan repayment options.

• How can I estimate my repayment amount?

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  Use the Loan Simulator to estimate how much you would pay monthly and overall.

• Can I consolidate my federal student loans?

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  Yes; if you have multiple student loans you may be able to combine them into one loan with a fixed interest rate. A Direct Consolidation Loan allows you to combine multiple federal education loans into one loan including both graduate and undergraduate loans. When completing the free Federal Direct Consolidation Loan Application and Promissory Note, you will confirm the loans that you want to consolidate and agree to repay the new Direct Consolidation Loan.The result is a single monthly payment instead of multiple payments. Learn more about loan consolidation.

• What are the federal student loan forgiveness options?

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  In certain situations, all or a portion of your federal student loans may be forgiven, canceled, or discharged. If you’re no longer required to make payments on your loans due to your job, this is generally called forgiveness or cancellation. If you’re no longer required to make payments on your loans due to other circumstances, such as a total and permanent disability or the closure of the school where you received your loans, this is generally called discharge.

  Outside of the circumstances that may qualify you to have your loans forgiven, canceled, or discharged, you remain responsible for repaying your loan, per the Master Promissory Note you signed. Learn more about federal student loan forgiveness programs.

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• How do I qualify for a tuition tax credit?

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  For details on tax benefits for education, see Publication 970. Tax Benefits for Higher Education, which provides detailed information. UNC is unable to provide tax advice. We urge you to contact your tax advisor or the IRS at 800-829-1040 or www.irs.gov if you have any questions regarding the HOPE or Lifetime Learning Tax Credits.

• What is the 1098-T form?

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  It is an informational form filed with the Internal Revenue Service to report the amounts billed to you for qualified tuition, related expenses, and other related information. The primary purpose of the IRS Form 1098‐T is to inform you that we have provided this required information to the IRS.

• What information is included in the 1098-T form?

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  Form 1098-T reports amounts paid for qualified tuition, scholarship and grants processed in the previous year to students enrolled in courses at UNC for which they receive academic credit. The information reported on the 1098-T form helps students evaluate whether they are eligible for an educational tax credit.

• How do I obtain my 1098-T Form?

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  1098-T forms will be available online through the ConnectCarolina Student Center before the Jan. 31 mailing deadline. Please allow 10 days for arrival/delivery of 1098-Ts mailed to students who did not choose electronic delivery.

  Students can access their 1098-T form by logging in to ConnectCarolina, clicking the Student Center tile, and using the drop-down menu under the Student Financials section. Select “View 1098T” and click the arrow button. For additional information on obtaining your 1098-T Form, please visit UNC University Cashier page.

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