Fundings for the MFE master programs

[knightluo]

I wonder how people are funded to the finance engineering/math finance programs.
The tuitions are seem pretty high, and from what I know,
The government Direct Loan will only be up to $20,500 per year, which is not even enough for the tuition.

Any idea, guys?

Thanks!

 

[roni]

private loans

 

[knightluo]

private loans

Any idea on the interest rate on these loans? I found the gov loan is already 7%. Isn't that a bad rate?????

 

[bordin]

rich kids can take parents' loans

 

[enthusiast]

Any idea on the interest rate on these loans? I found the gov loan is already 7%. Isn't that a bad rate?????

Last I checked Private loans these days are about 3.5-4% APR (**variable rate). Looks good now, but if and when rates go up this could be a different story. Plus I heard that private loans are protected by regulations, meaning they do not (or are very difficult to get rid of) go away (even in bankruptcy) unless you pay them off . No one intends to default on student loans, but shit does happen!

Disclaimer: I do not have any current education loans!

 

[Andy Nguyen]

Student loans are something you can only get rid of when you pay it off or die. I don't know the law in other countries.
My impression is that a lot of kids from China/India can afford the tuition without taking the loan. They come from families where parents are in the banking business (hence the interest in finance). The stock market in China did great a few years ago which generated untold wealth.

There will be people who pay above their means to do this degree but that's life. Some people are willing to risk more than others.

 

[myampol]

Obtain an MFE at a school which only charges $12,000 rather than $60,000 tuition for the degree: that would be your first "great trade." :D

Or, if personal/family resources are truly an obstacle, find your way into a funded Ph.D. program and learn the MFE material enroute. Do it at a school which also offers an MFE (after all, it is the MFE tuition $$ which funds many of the doctoral candidates) and get hired as a teaching assistant. Instead of "pay to play", you would be getting paid (and, if sadism is your thing, there would be plenty of MFE students ripe for torturing.) :p

You should be able to exit the doctoral program with an M.Phil or some other type of Master's degree if you reach ABD status ("all-but-dissertation"). That would be another "great trade" (for you, not for the school.)