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As I slogged through my loan related activities, I jotted down these notes. I hope it helps some of you and maybe saves a bit of time. Trust Fuqua's documents before this document and please tell me of any discrepancies.

You may also want to check out a spreadsheet posted on the files section of Yahoo's duke_mba_2006 message board which compares other sources for Stafford and Alternative loans. (Thanks GSaloom) We'll post this to the new incoming student message board soon.

This is based on what I had to do and what others told me, so it may be different for many, especially for non-U.S. classmates. Let me know if I can add/modify anything to make this more helpful.

Miscellaneous Notes

I strongly suggest that you keep a file with all loan related documents. While you don't need this information very often, when you need it, you'll want it quickly, so keep it organized.

Here's a web page from The College Foundation of North Carolina that may help with understanding the loan situation: (thanks supraatln)

For International Classmates

I want to gather useful information for you, but I lack knowledge. Please forward information to me and I will post it here. If the information is sufficiently large and different, I will create a separate page.

Last year (for class of 2006) the Financial Aid Office will posted forms that the international students could use for the Duke MBA Loan. The details were available on the incoming student website in June 2004.

Thanks for this tip Chinmay S.: "For all of you internationals,who have three years of credit history in the United States ACCESS GROUP loan is better than Sallie Mae. You will get around 3.9% + 3 months LIBOR and no origination fee."

Thanks to Sergei for this: "I'm not exactly in a similar situation but but have you looked into Access Group's loans for int'ls with US credit history just in case (as a backup plan)? I got pretty good rate quote of 3.8% from them."

Please send any other tips that I can post for International Students to Contact Info.

Mark's Loan To Do List From Last Year

  1. BY June 30, 2004: Deal with the FAFSA form online ( This includes going through a process for receiving a PIN online that takes a few days. DO IT NOW! This gives Duke what they need to work with you.
  2. If you have any changes to the "2004-2005 Financial Aid Award Notification" (in large envelope from Fuqua post marked May 13, 2004) then make them and send it in.
  3. Complete SallieMae Federal Stafford Loan Master Promissory Note online ( (Do not use this link if you are attending another school.)
  4. AFTER MAY 25 (as stated in 5/27 financial related email from Fuqua) apply to Alternative Educational Student Loan (BEL) if needed. (Apply online:
  5. Apply to Federal Perkins Student Loan if needed.
  6. For Federal Perkins Student Loan, just complete the required promissory note and disclosure forms which should arrive on roughly June 2 (referenced in the Financial and General Information notes sent by Fuqua via postal mail).
  7. Complete the Entrance Loan Counseling requirements (referenced in the Financial Aid Award Notification) (referenced by email from Fuqua dated 5/17).

Please let me know if I missed anything. I will post to the Yahoo message board for any significant changes that I make here.

Duke Suggested Loans

Name Interest Rate Possible Amount Starts Accruing Notes

Sallie Mae Bank One Federal Subsidized Stafford Loan A

8.25 8,500 When Borrowed

See notes for "Federal Unsubsidized Stafford Loan A" then read here for differences:

  • Subsidized - I'm not sure what being subsidized entails yet.
Sallie Mae Bank One Federal Unsubsidized Stafford Loan A 8.25 10,000 When Borrowed
  • Department of Education sets rate annually on July 1.
  • Repayment begins 6 mo. after graduation.
  • Unsubsidized.
  • You may pay interest while in school (or have them load it into the loan)
Sources: Financial Aid General Information from Fuqua;
Federal Perkins Student Loan 5 - 9 months after graduation
  • Interest is 5% during repayment
  • No interest accrued during school or during grace period before repayment begins
  • No processing, origination or guarantee fees

Sources: Financial Aid General Information from Fuqua;

BEL - Alternative Educational Student Loan - MBA LOANS-Business Education Loan (BEL) 0-3 (see notes) - When Borrowed
  • Interest is prime + (0 if excellent credit, 1 if good credit, 3 if fair credit)
  • no fees
  • Interest added to loan at repayment
  • Can get cost of education minus other assistance.
  • See more at
Sources: Financial Aid General Information from Fuqua;

Other Sources For Loans

Name Interest Rate Possible Amount Starts Accruing Notes
Thanks to GSaloom for much of this data. Thanks also to Chinmay.
If you have more sources and care to share them, please send them.
Alternatives to Sallie Mae Bank One Stafford
CFI Stafford ? ? ?  
T.H.E. Stafford ? If you know any of the stats for these loans, send them my way and I'll record them here.
Access Group Stafford ?  
CitiASSIST Stafford ?  
Alternatives to BEL
CFI Private ? ? ?  
T.H.E. Private ? ? ?  
Access Group Private ? ? ?  
CitiASSIST Private ? ? ?  

Loans for money above the admissions approved amount
(Be careful not to swamp yourself in too much debt.)

? ? ?

Loans for money above the admissions approved amount.

Special Loans

For other loans (I'm guessing computers, GATES, etc.) check this out:

For a loan to cover special cases like computers

1. Financial Aid copied my receipts

2. Print the alternative loan application found here:

Find the link that says "Business Education Loan (BEL)"


Contact Info© copyright - Mark W. Rice