MBA Insider's Blog

Student Perspectives: 3 Tips to Prepare Your Finances For Your First Year in Business School

About Jenny: Jenny Muliawan is a first-year full-time student at UCLA Anderson. Prior to business school, Jenny lived in the Bay Area, and worked in the world of People & Culture. In her free time, she enjoys exploring new walks with her dog,  and finding the best matcha flavored snacks in town.

---

When I learned that I was admitted into UCLA Anderson, I had to quickly figure out how I was going to pay my way through two years of this experience with my savings. While I was privileged and lucky to receive a fellowship that covered 85% of tuition, there were still so many unknown variables for which I didn’t know how to prepare before starting business school. Now, a year into this amazing full-time program, I have learned 3 lessons about money management that I wish I knew before school started:

1. Add in a 20% buffer into your budget for hidden costs

These hidden costs are the little costs of being involved and socializing in business school. These include the small day-to-day costs such as the coffees, boba teas, and tacos that you start purchasing, as well as the larger costs to attend club/school events (ie. fees and outfit for AnderProm ) and trips (e.g. weekend trip to San Diego or Las Vegas).

2. Be mindful and selective of your experiences

There is so much to do in business school, and the reality is that you won’t be able to attend every event. I paid for multi-year membership dues for 8 different clubs at the start of the program, and have only been able to make it to a few of the club events. About $1000 is now a sunk cost. Give yourself some time to settle into school and figure out the cadence of your schedule. Don’t feel like you have to purchase everything immediately due to FOMO - I’ve had to miss out on many paid experiences due to last minute changes to my schedule. You can sign up for clubs at any time during the year so don’t feel the need to do it the first week of school.

3. Spend time learning about the loan process and other assistance programs

Even if you don’t think you’ll need a loan or financial assistance, be proactive and spend a few hours learning about how loans work by scheduling a call with the Financial Aid office and plugging some numbers into loan calculators like the one available on Juno. If you know that you will be applying for a loan, consider doing so while you’re still working to get a better interest rate. You might also learn that you might qualify for some programs such as CalFresh after submitting your FAFSA application. Use this time as a learning opportunity.

---

Student Blogger: Jenny Muliawan ‘23

Undergrad: University of California, Berkeley, B.A. Cognitive Science 

Pre-MBA: Senior Manager, People & Culture, Redbubble

Leadership@Anderson:  Director, Admission Ambassador Corps; Director of Admissions, WBC

Student Perspectives: How UCLA Anderson Helps Students Succeed

This post is a part of the Student Perspectives series - each post is written by a current UCLA Anderson student, and provides first-hand perspectives and experiences about being an MBA student at UCLA Anderson.

---

Today’s student blogger is Jose Leon, UCLA Anderson MBA Class of 2020. Jose is from Santiago, Chile and graduated from Pontificia Universidad Católica de Chile and prior to starting Anderson, worked at PICTON as Deputy Manager of Equities.

---

Student Blogger:  Jose Leon '20 Hometown: Santiago, Chile Undergraduate Studies:  Pontificia Universidad Católica de Chile - Industrial Engineering Pre-Anderson: Deputy Manager of Equities, PICTON Post-MBA Career Goals: Investment Management

 

---

 

Q1. What was it about UCLA Anderson that attracted you when you were considering schools?

A1. There are three main reasons why I decided UCLA Anderson was the best place for me. First, it is arguably one of the best MBA programs in the world, and among the top schools.  It is the only school that I truly felt shared my values (sharing success, drive change and think fearlessly). Second, UCLA Anderson is a school with an extremely strong alumni network in Chile. The Chilean Anderson alumni are a very active community that organizes all sorts of activities and is committed to the success of all its members. And finally, I knew Anderson would do anything it could to help me finance the MBA. This was important for me considering that I did not have the financial situation to fully afford the 2-year program.

 

Q2. How did UCLA Anderson work with you to make the MBA more affordable?

A2. From the very beginning, when I attended to the information session in Santiago, the staff was warm and friendly. I was able to reach out to them afterwards, and they answered all of my questions regarding the admissions process. It was through one of these conversations that I became aware of the financial resources I could have available as an incoming student. For example, they offer competitive student loans, and incidentally UCLA Anderson is one of the few schools that help international students get loans without the need for US co-signer. Also merit fellowships were available to cover part and even the full cost of tuition. In my case, I was awarded two fellowships that are helping me pay for my MBA.

 

Q3. How does UCLA Anderson award fellowships?

A3. There are several ways to get awarded a fellowship. Everyone that applies to the MBA program is automatically considered for fellowships. The selection is based on the overall strength of the application. That includes academics, test scores, work history, essays, and even your fit the school culture. In some cases, applicants and admitted students can also apply to fellowships that will provide you both professional and financial help. As a second year student, you will be able to apply for additional fellowships, too. Overall, receiving a fellowship is a competitive process and typically a third of the class will qualify for fellowships so make sure to submit your best application. All students –- whether or not you have been awarded a fellowship -– are also still able to apply for loans to help offset the cost of their education.

 

Q4. What are your career plans post-MBA?

A4. After graduating from Anderson, I intend to look for a leadership position in an Investment Management company here in the U.S. I want to broaden my expertise, which today is mainly in the Chilean stock market, and learn about different industries and perfect my investment technical skills.  In the long-term, I wish to create an ESG (Environmental, Social, Governance) Investment Fund that connects capital from the U.S. and all over the world with businesses and ideas in Chile and the rest of Latin America. The result of being such a connector and promoter will mean growth and development for my country in a discipline that needs to be exploited around the world.

 

Q5. How has your experience been here at Anderson?

A5. I just got married on March, only a couple of months before we arrived in Los Angeles to start school! And so far, my wife and I have had an amazing experience! Even though we came from far away (Chile), we feel completely at home here. I think the main reason is the super friendly and supportive environment at UCLA Anderson. Classmates, staff, professors -- everyone is willing to help you and guide you to make this a pleasant experience. My wife has been part of almost every school event we have had. She already knows my classmates and has started to bond with them and their Sig-Os (significant others), who can actually become active members of our Anderson community.  On top of that, the classroom experience has been really amazing Every classmate has different skills and background that enrich our  discussions. Both professors and classmates will make this an intellectual challenge that will not be easy, but I am sure that it will help me grow much more than I expected to before.

 

 

Q6. What are you most excited to do here on at UCLA Anderson?

A6. Actually, it is the whole experience of an MBA in the U.S. I am looking forward to assuming leadership roles in the clubs I will join, like IFA (Investment Finance Association) and LABA (Latin American Business Association). Also, I am very curious about the summer internship process here in the U.S., because it is very different from what I am used to in Chile. Furthermore, I am excited to learn from the best professors in the world, which will make a huge impact on my professional path going forward. And finally, I am really enthusiastic about all of the extracurricular experiences I will be able to do here in LA, like hanging out with my classmates in Anderson Afternoons and organizing weekend trips, like the one we did at Sequoia National Park.

 

Q7. Overall, can you sum up how you feel going into the Anderson experience thus far.

A7. This is so much more than what I was expecting… this experience has been amazing so far and I am completely sure that I made the best decision coming to Anderson. I am excited about the challenges to come during these two years, which I know I can successfully navigate because I can count on a great team in this school. Now that I am a bit less worried about my paying for school, I can take the time to more fearlessly explore some of my passions. Being awarded a fellowship was life-changing for my wife and me. We are greatly thankful to school and the staff for being so supportive. We are excited to be able to call UCLA Anderson our family now!

 

-- Jose Leon '20

 

---

Stay in Touch: Introduce Yourself
Follow the Admissions Team @uclaMBA:  Twitter and Instagram
Questions? Contact us at: [email protected]

#TuesdayTips by @uclaMBA Admissions: Tip #25 - Financial Aid

Here's the next tip in our new series of Admissions Tips by the UCLA Anderson MBA Admissions team.  

Check back weekly on Tuesdays for a new #TuesdayTip here on our blog, or follow us at @uclaMBA on Instagram and Twitter. 

---

Stay in Touch: Introduce Yourself
Follow the Admissions Team @uclaMBA:  Twitter and Instagram
Questions? Contact us at: [email protected]

#TuesdayTips by @uclaMBA Admissions: Tip #14 - Financial Aid

Here's the next tip in our new series of Admissions Tips by the UCLA Anderson MBA Admissions team.  

Check back weekly on Tuesdays for a new #TuesdayTip here on our blog, or follow us at @uclaMBA on Instagram and Twitter. 

---

Stay in Touch: Introduce Yourself
Follow the Admissions Team @uclaMBA:  Twitter and Instagram
Questions? Contact us at: [email protected]

Q&A with the Financial Aid Office

We receive lots of questions about financing your MBA, so today I’m excited to share insights from Ji Choi and Andy Promsiri, our amazing full-time MBA Financial Aid team.  Ji and Andy are committed to helping prospective and current students find the best options to fund your studies and collectively bring many years of financial aid experience and knowledge.  Check out their helpful tips below!

Our photogenic financial aid team Andy & Ji

What are some common financial aid mistakes made by applicants?

First off, borrowing too much – just because you qualify for X amount of loans doesn’t mean you have to take it all!  Look at your savings, your budget and the cost of education to see how much you will need for tuition, books, living expenses, travel, and “surprise” expenses and borrow accordingly. 

Another common mistake we often see is a student borrowing money without doing all the research on the best financing options for you.  Every loan has different incentives and drawbacks that affect individual borrowers differently.  It’s important to read the fine print to make sure you understand what they are.  This site provides a lot of information on private loans and is a good place to start. 

What steps can prospective students take now to prepare financially for their MBA?

Start budgeting and saving - earlier the better!

Pay off as much consumer debt as possible (credit card bills, car loans, etc.) prior to starting school.

Domestic students can start filling out the FAFSA now – provisional award letters will be sent to our admitted students beginning in April.  We also recommend you check your credit report so there are no surprises if/when you start looking into private loan options.  You can check your credit for free at www.annualcreditreport.com.

What should prospective students know about UCLA Anderson’s financial aid office?

We have an open door policy and are happy to answer questions from prospective and admitted students alike!  Financing your MBA is an important factor in deciding which program is right for you, and we are here to help add clarity to that process throughout your MBA journey.

What are some financing options available for our full-time MBA students?

All of our admitted students are considered for merit-based fellowships, and we announce awards at the time of admission.  Award amounts vary depending on the strength of your entire application relative to the rest of the admit pool.  Typically, the top third of our admits will receive some level of fellowship money.

It’s important to note that students who did not receive a fellowship at admission can apply for select 2^nd year donor fellowships.  Awards are based on first-year grades in the core courses, involvement in the UCLA Anderson community and other criteria set by the donors. 

Approximately 20% of 2^nd year students take on TA/RA positions as well.  Perks include competitive pay, partial tuition remission, and health insurance.  These positions aren’t guaranteed since the professors announce and select their TA/RAs, but it’s an option to keep in mind.

What about international students?

We do offer a private loan that does not require a US cosigner, which you can find more information about on our website.  Also, International students admitted to our program will need to fill out a Confidential Financial Statement (CFS) as part of the requirement to obtain an I-20, and many admits don't know you can use any grants, fellowships, and loans you receive to meet the CFS threshold.

We highly recommend international students to research other financing options offered by your home country to see if your government provides any incentives for graduate study.   For example, some countries provide grants and/or low interest loans to their citizens that can have a significant impact on your MBA investment.

Any final words of wisdom?

Look at the big picture ROI – not just the cost of education but also outcomes like employment statistics and salaries when researching MBA programs.

Put in the time to assemble a strong application – not only will you be a stronger candidate for admissions purposes, you can put yourself in a better position to receive a merit fellowship as well.

If you have ANY financial aid-related questions, don’t be shy - just ask us!

For more on financing your MBA at UCLA Anderson, check out our website.  If you have additional questions, you can contact Ji and Andy at [email protected] or [email protected].  

Financial Aid Application for Need-Based Grants

Round I and Round II applicants should complete the financial aid application for the need-based grants now.  Domestic students should complete the Free Application for Federal Student Aid (FAFSA).  International students should complete the Need Access Application.  For detailed information regarding the application process and deadlines, please visit our website.

New Loan Forgiveness Program for Public Service

There is good news for those who are interested in pursuing a career in the public service after earning the MBA degree.  The US federal government created a Public Service Loan Forgiveness Program which forgives the balance of principal and interest on eligible federal loans after a borrower makes qualifying loan payments for 10 years while working full-time in a qualifying public service position.  This means that someone who borrowed $115,000 in federal loans and earns $50,000 per year working for public service could reduce his or her monthly payment by $900 (from $1,320 to $420) based on the Income Based Repayment plan.  After 10 years or public service, approximately $130,000 of the loan interest and principal would be forgiven.

2009-2010 Financial Aid Notifications (e-FAN)

The 2009-2010 electronic financial aid notifications, known as e-FAN's,  will begin going out on July 23rd for admits who have completed the necessary UCLA Graduate Division paperwork. 

An e-mail advising you where to locate your financial aid offer letter will be send to you.   A list of lenders for each federal program will accompany your e-FAN.  All accepted aid is applied for electronically.  Please be sure and read all the notices that accompany the offer for full instructions.

There is still plenty of time to secure your aid for the start of school.

** International Students ** We are very close to finalizing a private student loan for those who do not have a U.S. Co-borrower.  All details to follow as soon as we have final approval.

Lender Information for the 2009/2010 Academic Year

Due to the current economic situation and recent changes to the U.S. immigration laws, most lenders have made a decision to discontinue providing private loan programs to the international students without a co-borrower.  We strongly suggest that you  secure funding from your home country to finance your MBA as funding sources from the U.S. lending institutions have become more difficult, if not impossible to obtain.

We are working hard to find an alternative solution to help fund our international sutdents. We will keep you posted with up-to-date information as it becomes available.

Annual Tuition and Fees 2009/2010

The annual tuition and registration fees for the 2009/2010 academic year are estimated to be $35,673* for California residents and $43,915* for non-California residents and international students.

*These figures are estimates and are subject to change without notice.