[MUSIC]
Hi, I'm Will Torres, and I'm joined by my colleague Tiffany Barone Manalo.
We're going to be talking about Financial Aid, here at Stanford GSB, and
we're going to be going over some frequently answered questions.
>> In today's conversation, we're going to talk about who should apply for
financial aid, when you should apply and the types of aid available to you.
>> After we go through the basics, we're going to bring in some current student who
went through the financial aid process, and we'll be sharing their experiences.
There are two terms to know, need-blind and need-based.
The admission process is need-blind,
which means we're not taking into account how you're going to pay for
your education, when we're making those admissions decisions.
The financial aid process happens after you're admitted,
and financial aid here at Stanford is need-based.
That means you're going to be working with our financial aid officers,
to take a look at your financial circumstances,
to figure out a financial aid package that will support you during your time here.
The financial aid process, is centered around our school's guiding principles
of access, equity and excellence.
We want every student who is admitted, to be able to engage and
participate to the fullest extent during their time here.
To do this, we've developed a financial aid process,
to treat students consistently and equitably, while supporting
the GSB's efforts to attract the most competitive and diverse class possible.
We understand that a Stanford degree is an investment in you and your future.
And we hope that with our financial aid support,
you'll be able to make that investment,
with a goal of supporting those who need it the most, with the most aid.
>> So I'm going to provide you with a general overview of financial aid at
Stanford GSB.
So all admitted students into the MBA and
MSS program, are eligible to apply for need based fellowship and loans.
Loans are specific based off a year citizenship.
We determine your cost of attendance based off a year unique financial situation so,
marital status, as well as family size.
Your cost of attendance takes into consideration,
your tuition, living expenses, housing charges, health insurance, etc.
We determine your student contribution based off of the information reported in
your application.
We take into consideration special circumstances which include
medical expenses, support to family, as well as your family size.
On average, 50% of our students receive GSB fellowship, which equates so that
$76,000 for the two year MBA program, and $50,000 for their one year MSx program.
The GSB has an exception, that all incidents will contribute a portion of
their incoming assets towards their educational cost.
>> One of the most commonly asked questions that I get is,
how do you determine a student's fellowship eligibility?
>> Yes, that is a typical question that we received from prospective
admitted students.
So in order to determine somebody's need-based fellowship eligibility, we're
going to look at their income and assets to determine their student contribution,
which is what they should be able to contribute towards their education.
We take that student contribution plus a base loan and
deduct it from their costs of attendance, to determine what their financial need is.
Of that financial need,
we're going to give as much as we can in need -based fellowship, and the rest would
come in the form of loans which are specific based off your citizenship.
And just coming from lived experience, life is complicated.
So how do you take in to account personal,
and/or like unique circumstances from applicants?
>> Yeah, that's a great question.
So within our financial application, we have a section specifically for
students to call out unique financial situations and provide us contact, and
we will review them and take them into consideration on a case by case basis.
>> And then what about folks who are thinking about non-profit or
public sector areas, that historically might have a different [INAUDIBLE]?
>> [LAUGH] So, what's really amazing is that the GSB
offers a loan forgiveness program for both the MBA and MSx alumni,
who are working in a non-profit public service sector.
>> Great, and how do you consider folks coming from outside the United States,
so international versus US citizens?
>> Yeah. So for us, for financial aid purposes,
we treat both internationals and US citizens and permanent residents exactly
the same in our financial aid algorithm, to determine need based aid eligibility.
So,whatever one student will get,
would be the same that somebody else would get in the calculation.
>> Great, and then what if I'm coming to the GSB with a spouse or children?
How do you take that into account?
>> Yeah, so if you're coming with a spouse or children,
we're going to use a higher cost of attendance.
Because you have higher expenses, when we're determining your
student contribution as well as your fellowship eligibility.
In addition, Stanford University as a whole offers a family grant program,
that will offer further assistance to individuals who are coming with
dependent children.
>> Yeah, and let's say I'm admitted.
I'm applying for financial aid,
and that supports really important to how I'm deciding where I'm going to go.
Are there any tools or places you could point me to,
to help at least ballpark what might I get?
>> Yes, so that's a really good question.
And we actually have a financial aid calculator,
available on the My GSB website once you're admitted into the program,
where you can put in your information that we would ask for
In your financial aid application, and get a range for what your student contribution
would be, as well as your need-based fellowship eligibility.
So that would help you get some informed decisions, about whether or
not you want to go through the process.
>> Yeah, and then, final question.
Do you have any tips, best practices or
things I should consider as I'm thinking about, funding my B school education.
>> So one of the first things is we say start with the website,
because all the contents available there for you to understand, how to apply for
aid, what aids available to you in a leader type of nuances.
And then always reach out to our office, because we're here to be
helpful to you to answer any questions, and get you through the process.
And it's a conversation.
So don't be afraid to tell us about a special circumstance that's going
on in your life, because it might be something we can take into consideration.
>> Thank you.
And so, with that, we invite you to learn more about financial aid for
both the MBA and the MSS programs.
Log on gsb.stanford.edu to learn more.
[MUSIC]