Applying for US Financial Aid
As with all federal student aid, you apply for Direct Loans by filling out the Free Application for Federal Student Aid (FAFSA). Please use FAFSA on the Web to complete your application. The information on your FAFSA is transmitted to us, and we use the information to assess your financial need for student aid.
The award package
The Direct Loan Program offers the following types of loans:
all fees / interest rates for loans disbursed after 7/1/2022:
• Unsubsidized (interest rate 6.54%) not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
• PLUS (interest rate 7.54%): unsubsidized loans for graduate students. PLUS loans help pay for education expenses up to the costs of attendance minus all other financial assistance. Interest is charged during all periods.
Student borrowers are not required to begin making payments until after they drop below half-time attendance. See the “Leaving school” section in the menue on the right for more information. We will tell you how much you may borrow and the types of loans you are eligible to receive. The information below will give you an idea of how much you may be eligible to receive.
How you should calculate…
…your Costs of Attendance (eligible costs for Direct Loans) – all figures are in US$, based on an average exchange rate of the last five years EUR/US$ of 1.15 for 2019/20, 1.13 for 2020/21, 1.14 for 2021/22, 1.15 for 2022/23 and 1.16 for 2023/24. In case you claim higher expenses, show proof of it. Additional expenses for students with disabilities will be decided on a case-by-case basis.
For all Graduate Plus Loans you may add the Loan Origination Fee (4.228%, AY2022/23) to the published loan limits below.
MBA FT 1st year (12 months)
| AY 2023/24 | ||
|---|---|---|
| Tuition fees | 26,200 | |
| Fee Student Union | 550 | |
| Textbooks | 750 | |
| Subtotal (loans will be credited to your student account) | 27,450 | |
| Flight USA/Germany/USA | 2,000 | |
| Room and Board, based on German Foreigner’s Act | 13,000 | |
| Computer | 1,000 | |
| Subtotal (loans will be transferred to your bank account) | 16,000 | |
| Total | 43,450 |
Please add for each dependent (without spouse) coming with you USD 13,000.
MBA FT 2nd year (9 months)
| AY 2023/24 | ||
|---|---|---|
| Tuition fees | 19,600 | |
| Fee Student Union | 550 | |
| Textbooks | 650 | |
| Subtotal (loans will be credited to your student account) | 20,800 | |
| Room and Board, based on German Foreigner’s Act | 9,800 | |
| Subtotal (loans will be transferred to your bank account) | 9,800 | |
| Total | 30,600 |
Please add for each dependent (without spouse) coming with you USD 9,800.
MSc FT 1st and 2nd year (12 months each)
| AY 2023/24 | ||
|---|---|---|
| Tuition fees | 19,700 | |
| Fee Student Union | 550 | |
| Textbooks | 750 | |
| Subtotal (loans will be credited to your student account) | 21,000 | |
| Flight USA/Germany/USA | 2,000 | |
| Room and Board, based on German Foreigner’s Act | 13,000 | |
| Computer | 1,000 | |
| Subtotal (loans will be transferred to your bank account) | 16,000 | |
| Total | 37,000 |
Please add for each dependent (without spouse) coming with you USD 13,000.
MBA PT 1st and 2nd year (12 months each)
| AY 2023/24 | ||
|---|---|---|
| Tuition fees | 16,700 | |
| Textbooks | 750 | |
| Subtotal (loans will be credited to your student account) | 17,450 | |
| Room and Board, based on German Foreigner’s Act | 13,000 | |
| Subtotal (loans will be transferred to your bank account) | 13,000 | |
| Total | 30,450 |
Please add for each dependent (without spouse) coming with you USD 13,000.
MBA PT 3rd year (9 months)
| AY 2023/24 | ||
|---|---|---|
| Tuition fees | 12,500 | |
| Textbooks | 750 | |
| Subtotal (loans will be credited to your student account) | 13,250 | |
| Room and Board, based on German Foreigner’s Act | 9,800 | |
| Subtotal (loans will be transferred to your bank account) | 9,800 | |
| Total | 22,300 |
Please add for each dependent (without spouse) coming with you USD 9,800.
MSc PT 1st and 2nd year (12 months each)
| AY 2023/24 | |
|---|---|
| Tuition fees | 14,900 |
| Textbooks | 750 |
| Subtotal (loans will be credited to your student account) | 15,650 |
| Room and Board, based on German Foreigner’s Act | 13,000 |
| Subtotal (loans will be transferred to your bank account) | 13,000 |
| Total | 28,650 |
Please add for each dependent (without spouse) coming with you USD 13,000.
MSc PT 3rd year (6 months)
| AY 2023/24 | ||
|---|---|---|
| Tuition fees | 7,500 | |
| Textbooks | 400 | |
| Subtotal (loans will be credited to your student account) | 7,900 | |
| Room and Board, based on German Foreigner’s Act | 6,500 | |
| Subtotal (loans will be transferred to your bank account) | 6,500 | |
| Total | 14,400 |
Please add for each dependent (without spouse) coming with you USD 6,500.
PhD, each 1st, 2nd and 3rd year (all years 12 months)
| AY 2023/24 | |
| Tuition Fee | 7,200 |
| Textbooks | 1,000 |
| Subtotal (loans will be credited to your student account) | 8,200 |
| Flight USA/Germany/USA | 2,000 |
| Room and Board, based on German Foreigner’s Act | 13,000 |
| Computer | 1,000 |
| Subtotal (loans will be transferred to your bank account) | 16,000 |
| Total | 24,000 |
Please add for each dependent (without spouse) coming with you USD 13,000.
How we calculate
1. Your Unsubsidized Loan eligibility (is determined before calculation for Grad PLUS loans): Costs of Attendance (see above) minus estimated financial assistance (our award letters for scholarships) = Unsubsidized Eligibility. The amount may not exceed annual total limit.
2. Your Unsubsidized PLUS loan: Maximum PLUS loan: Costs of Attendance minus estimated financial assistance (our award letters for scholarships), without any annual/aggregate limits. A PLUS loan may replace the expected family contribution.
Note: PLUS loan borrowers cannot have an adverse credit history (a credit check will be done).
Accepting a loan
We will notify you of the loan amount that is offered, usually in an “award letter” that lists all of your proposed financial aid awards (your award package). You should evaluate the aid offer carefully. In the case of loans, keep in mind that whatever amount you borrow must be paid back with interest. If your living expenses are not as high as the standard allowance projected by us, you may not have to borrow as much as the amount stated in the award letter. You have the right to decline the loan or to request a lower loan amount. In the award letter we will tell you how to do this. All MPN confirmation processes will require student borrowers to view how much they currently owe in federal student loans, and to acknowledge that they have seen this amount before a school can make a first disbursement of the first Direct Loan that a student borrower receives for each new award year.
Credit check & endorser alternative
When you apply for a Direct PLUS Loan, the Department will check your credit history. To be eligible to receive a PLUS loan, you must not have an adverse credit history. If you are determined to have an adverse credit history, you may still receive a Direct PLUS Loan if you obtain an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay the loan.
Loan limits
The maximum amount of money you may borrow each academic year in Direct Loans:
| Total (Unsubsidized) | $20,500 |
The actual loan amount you are eligible to receive for an academic year is determined by us.
Below is the aggregate (total) limit for Direct Subsidized and Unsubsidized Loans:
• $138,500 (no more than $65,500 may be subsidized loans for undergraduate study)
This aggregate limit includes both Direct Subsidized and Unsubsidized Loans and any subsidized and unsubsidized Federal Stafford Loans received through the Federal Family Education Loan (FFEL) Program. With a Direct PLUS Loan, you can borrow up to the cost of the student’s attendance minus other financial aid the student receives.
Entrance counseling
If you haven’t previously received a loan or if you are a first time Grad PLUS borrower, you must complete entrance counseling before we can make the first disbursement of your loan. This helps you to understand your responsibilities regarding your loan. You may be able to complete this counseling online.
The Master Promissory Note
To take out a Direct Loan for the first time, you must complete a Master Promissory Note (MPN). The MPN will be provided by the U.S. Department of Education. You can complete the MPN online at the StudentLoans.gov website. The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s). To complete an MPN online, you will be required to use your Department of Education-issued PIN. If you do not have a PIN, you may request one from the official PIN site. Please be aware, your MPN is valid for one academic year only. For the second year of your program you must complete a new MPN, in case you are interested in additional loans. If you are applying for a Direct PLUS, you’ll need to complete and sign a PLUS MPN that is separate from the one that you use for your Direct Unsubsidized Loans. You’ll receive a disclosure statement that gives you specific information about any loan that the school plans to disburse under your MPN, including the loan amount, fees, and the expected disbursement dates and amounts.
Annual Student Loan Acknowledgement
This process becomes effective in the academic year 2021/22 and will require student borrowers to view how much they currently owe in federal student loans, and to acknowledge that they have seen this amount before a school can make the first disbursement of the first Direct Loan that a student borrower receives for each new award year. This Annual Student Loan Acknowledgement does not replace existing counseling requirements. This means that in addition to completing the Annual Student Loan Acknowledgement, first-time student Direct Loan borrowers must also complete entrance counseling before receiving their first loan disbursement, and Direct PLUS Loan applicants who are determined to have an adverse credit history and qualify for a Direct PLUS Loan by obtaining an endorser or documenting extenuating circumstances must also complete PLUS credit counseling.
The Annual Student Loan Acknowledgement should take less than 10 minutes to complete. The experience will be personalized based on the borrower’s attributes, but generally—
- First-time borrowers (those who have no current loan balance) will
- answer a few questions about their state, school, expected degree, and field of study.
- view general financial literacy information about borrowing student loans.
- check a box acknowledging they read and understood the information.
- Returning aid recipients (borrowers with current outstanding loan balances) will
- view summary information about their loans and grants from the National Student Loan Data System (NSLDS®) as of the day they complete the acknowledgement. Information includes outstanding balance, estimated 10-year standard monthly payment based on the borrower’s current balance, servicer information, loan limit information, grant summary, and grant limit information.
- check a box acknowledging they read and understood the information.