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Financing Your Education
While our goal at The University of Tennessee is to make the Executive MBA affordable and accessible to most executives, we understand that some may need financial assistance in order to meet educational costs.
Financial assistance for program costs can be found through a variety of sources, including the following:
- Tuition Assistance
All executives in the Executive MBA program must have
the full support of their employer for attendance, time away from work and
the program's applied management projects. Many executives find their employers
will provide full or partial financial support as well. We recommend that you
first contact your employer to determine if your organization can help you
meet your educational expenses.
- Tax Deductibility of Educational Expenses
Under IRS Tax Topic 513, you may be able to deduct work-related educational expenses paid during the year as an itemized deduction on Schedule A of Form 1040. To be deductible, your expenses must be for education that:
- Maintains or improves skills required in your present job; or
- Serves a business purpose of your employer and is required by your employer, or by law or regulations, to keep your present salary, status, or job.
Your expenses are not deductible if the education is required to meet the minimum educational requirements of your job, or is part of a program of study that can lead to qualifying you in a new trade or business.
Everyone has unique tax circumstances. Please consult your tax accountant or the U.S. Internal Revenue Service. See Tax Topic 513, Publication 970, and Tax Topic 456 to learn more about tax deductibility of educational expenses.
- Federal Financial Aid: Stafford Loans and Other Loan Programs
The University of Tennessee participates in a number of federal financial aid programs. Eligible University of Tennessee executives may receive Federal Education Loans, such as the Subsidized Stafford Loan and the Unsubsidized Stafford Loan. Eligible Tennessee residents may tap a variety of state grant and loan programs. Executives may use state aid to meet all or part of their university costs. The University's Office of Financial Aid recommends that you first apply for Stafford Loans and then for external loans offered through a private lender, such as The Graduate Management Admission Council, Chase Bank, Edsouth or Citibank. Stafford Loans typically have lower fees and interest rates.
- External Loans: An Attractive Alternative
Eligible executives at The University of Tennessee may take advantage of special financial aid loan programs available from Chase Bank, Citibank, Edsouth or the Access Group. These plans give executives the option of spreading the payment of fees over a number of years. You may borrow as little as $500 or up to the cost of your education (minus other financial aid) depending on the plan. The financing plans offer a competitive interest rate and no pre-payment penalty. Financing plans may be used to finance all of your University of Tennessee costs. You may
- Rewards of Service: Veterans Benefits and the GI Bill
Executives who now serve or have served in the U.S. armed forces may be eligible to receive educational benefits to assist with educational expenses. These benefits also may extend to spouse and child dependents of disabled veterans. Students who may be eligible for VA benefits should call the VA at 1-888-442-4551 for information about which benefits are available to them. Please note in your admission application that you are eligible for VA benefits and include your VA file number. For general information about Veterans educational benefits, please visit the Veteran's Affairs Website or email or call Regina Mincey in the University's Veteran's Affairs office at 865-974-1500.
- Other Resources: Private Grants and Scholarships
Many private organizations offer financial assistance to offset educational costs. These organizations are listed in financial aid reference books that can be found in most libraries. Your librarian can help you locate these and other related books or you may write to the specific organizations to request literature and application information.
- AbsolutelyScholarships. This website helps you search across the most comprehensive scholarship databases available.
- The College Blue Book. New York: MacMillan Publishing Company. New York: MacMillan Publishing Company.
- Directory of Financial Aid for Women. Gail Ann Schlachter. San Carlos California: Reference Service Press.
- Financial Aid for Veterans, Military Personnel & Their Dependents. Gail Ann Schlachter and David Weber. San Carlos California: Reference Service Press.
- The Scholarship Book. Daniel J. Casey and Michael J. Alves. New Jersey: Prentice Hall.
- Educational Programs. Business and Professional Women’s Foundation, Scholarship Dept., 2012 Massachusetts Avenue N.W., Washington D.C. 20036.
- Website FINAID- The Financial Aid Information Site at http://www.finaid.org.
- Need a Lift? American Legions Education Program, P.O. Box 1055, Indianapolis, Ind. 46206.
- Scholarships, Fellowships and Loans, Vol.6. S. Norman Feingold and Marie Feingold. Bellman Publishing Company, Arlington, Mass. 02174.
- Foundation Grants to Individuals. Carol M. Kurzig, Editor. The Foundation Center, 888 7th Avenue, New York, NY 10019.
The Route to Financial Aid
To be considered for financial aid at The
University of Tennessee, executives must complete the following steps:
- Complete either an online application for admission and financial aid or if you prefer a more traditional application, we will be glad to mail it to you.
- Complete a Free Application for Federal Student Aid (FAFSA). The FAFSA can be found in the University's financial aid packet or you may complete an online FAFSA select and complete the form for 2004/2005). We encourage you to complete the FAFSA online. It will save you from having to fill out an entirely new paper application during the summer term of your enrollment.
- Complete, sign and return the promissory note we will send to you.
- Furnish other documents as specified and requested by the University or the lender.
For more information about the financial aid application process, contact the Executive MBA program office at (865) 974-8519 or (800) 486-EMBA Monday through Friday, 8:00 a.m. to 5:00 p.m. EST, or by e-mail at emba@utk.edu.
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