Office of Financial Aid & Scholarships

MBA Graduate Student Financial Aid Checklist

  • You must be degree seeking (accepted in a graduate program) and enrolled at least half-time to receive financial aid. Half time is defined as 5 units per Fall or Spring semesters, for a total of 10 units. This typically involves taking 1 course in Mods  I and II and 2 courses in Mod III.

  • File a Free Application for Federal Student Aid (FAFSA) at after October 1st. This application covers the fall, spring, and summer semesters (in that order).

  • After filing your FAFSA, you will receive your Student Aid Report (SAR). Read it carefully. If the SAR states you have been selected for the verification process, you will receive an email from the Office of Financial Aid & Scholarships regarding the materials needed.

  • After you are awarded, you will be able to view your Award Notification on MyUNIverse.  Your Award Notification will state your eligibility for financial aid.

  • If you are a first-time borrower of Direct Loans you will need to complete a Direct Loan Master Promissory Note (MPN) at the Student Loans web page using your FSAID. The MPN is a legal document in which you promise to repay your loan and any accrued interest and fees to the U.S. Department of Education. The MPN explains the terms and conditions of your loan and is used for loans that you receive over a period of multiple academic years. You also need to complete online Entrance Counseling on the website.

Commonly Asked Questions

Q: How much money can I borrow?
A: As a graduate student you may borrow up to the cost of attendance as determined by UNI or $20,500 (whichever is less), per academic year. 
Note: You may receive less than these annual maximum amounts if you receive other financial aid that is used to cover a portion of your cost of attendance.

Q: When do I receive financial aid for Modules I & II?
A: If you register for 5 or more credit hours at the beginning of fall semester (e.g. 1 course each in both Mods I and II) and have completed the necessary aid acceptance requirements (see above), your financial aid will credit to the u-bill at the beginning of Fall semester.  However, if you drop the Mod 2 course prior to the start of the course, you will be required to pay back any financial aid you have received. 

Q: When do I receive financial aid for Module III?
If you register for 5 or more units, you will receive aid after the first day of class for Mod III (mid-February).

Q: Can I receive financial aid for summer?
Your summer enrollment will determine your loan eligibility for the summer session.  If enrolled less than half-time during the summer (defined as 4 hours during summer for graduate students) students may consider any unused loan eligibility from the Fall or Spring semesters to accept prior to the end of the Spring semester.  Contact Heidi Patterson ( or Tim Bakula ( to evaluate your specific options for summer.