Undergraduate students can earn a Master of Business Administration (MBA) in one year after completing an undergraduate degree. The following resources will help you understand how your tuition and aid will change when you advance from undergraduate status to graduate status in the +1 MBA Program.
Financial Aid as an Undergraduate vs Graduate Student
Throughout the +1 MBA program, students are considered either undergraduate status or graduate status.
When you are enrolled as an undergraduate student, you will be billed undergraduate tuition and fees rates, and receive undergraduate financial aid.
When your status changes to graduate, you will be charged graduate tuition and your financial aid will be amended based on the term you were admitted to RIT.
Your undergraduate financial aid will no longer apply. You will no longer qualify for Federal and State funding (i.e. Pell, SEOG, NYS TAP, SAE, and undergraduate loans) as well as institutional scholarships and grants awarded by RIT during your undergraduate enrollment.
Once you have reached graduate status, part of your financial aid offer will include a Combined Accelerated Scholarship. The Combined Accelerated Scholarship will cover 40% of your total tuition. No minimum number of credits of enrollment is necessary to qualify for this scholarship.
Your Combined Accelerated Scholarship will be amended based on your actual enrollment status and tuition charge shortly after the Add/Drop period of a semester has passed.
Combined Accelerated Scholarship cannot be combined with any scholarship and/or tuition remission funding that may be awarded to you by your academic department. The Office of Financial Aid will calculate which funding source covers the greatest percentage of your tuition and apply that amount to your account.
Students who are certified as graduate students are not eligible to receive Federal Pell and SEOG Grants, nor are NY State residents eligible to receive state grant and scholarship funding such as TAP.
Students from RIT who meet the full admissions requirements to the MBA program will receive a minimum 30% scholarship award unless they qualify for The RIT Master Plan. A review of Saunders scholarship awards takes place along with department admission decisions.
Students from other institutions
Any student from each of Saunders’ non-RIT +1 partner institutions who meet the full admissions requirements can receive a minimum 30% award. A review of Saunders scholarship awards takes place along with department admission decisions.
When will I (and my financial aid) change from undergraduate to graduate status?
Undergraduate student status advances to graduate student status once you complete your bachelor’s degree. You can find the required curriculum for your Bachelor’s degree on your program's webpage.
Once in the graduate status, the program allows select core MBA courses to be waived with a combination of specific undergraduate "B" grade or better-completed coursework. We encourage students to confirm with their academic departments when they should anticipate that their enrollment status will be classified as a graduate student.
The Office of the Registrar will notify the Office of Financial Aid and Scholarships that a student enrolled in the +1 MBA program has advanced to the graduate level within their program of study. The student’s financial aid is then amended based on the program they are enrolled in, and the term they were admitted to RIT. Student Financial Services will amend your rate to reflect graduate tuition.
Graduate Education Funding Sources
When your undergraduate financial aid has been updated to graduate financial aid, you will need to review your new financial aid offer. In addition to your graduate scholarship, you may also be offered other funding sources such as loans, student employment, and assistantships to aid you with your educational expenses.
Students advancing to graduate status in an upcoming summer or fall semester
If you plan on advancing to the graduate level within your Accelerated Dual-Degree program in an upcoming summer or fall semester (check with your academic department), you can report on the FAFSA that you are a graduate student and answer “Yes” to the question “Will you be working on a master’s or doctorate program?” You will not need to report your parental information on the FAFSA.
Students advancing to graduate status in an upcoming spring semester
If you don’t plan on advancing to the graduate level until the spring semester, we recommend that you continue to report on your FAFSA that you are an undergraduate student and that you answer “No” to the question “Will you be working on a master’s or doctorate program?” You should also continue to report your parental information on the FAFSA unless you can be classified as an independent student for reasons other than working on an advanced degree.
Contact our office for help
Don’t worry if you make a mistake reporting your student status on the FAFSA. Often we can make the correction on your behalf once your FAFSA data has been received. We will notify you if you are required to make any additional updates to your FAFSA such as adding parental information.
As a graduate you can apply for Federal Student Loans. You must be a U.S. citizen or eligible non-citizen and complete the FAFSA to apply.
Qualified students will be offered the maximum eligibility in the William D. Ford Unsubsidized Direct Loan program for graduate students (up to $20,500 annually). Any Federal Direct Parent PLUS Loan and Undergraduate Federal Direct Loans will be cancelled for upcoming terms.
You must be enrolled in a minimum of six credits in coursework or in a full-time co-op per term to qualify for federal student loan funding. If you are enrolled in less than six credits but have been granted full-time equivalent status by your academic department, you may still qualify for federal student loan funding.
Students who are offered additional federal loan funding mid-year will need to accept the new loan amount in the Financial Aid & Scholarships section of eServices.
If you have questions at any point in the process, we’re here to help.
For general questions about the financial aid process, we recommend our live chat.
For general questions about your specific situation, we recommend that you email firstname.lastname@example.org.
For detailed questions about your specific situation, we recommend that you call 585-475-2186.
Contacting our office by phone or email allows us to answer specific questions related to a student as long as we are able to affirm the student and the individual requesting information to protect privacy and confidentiality. Live chat is reserved only for general non-student specific information.
Office of Financial Aid and Scholarships
Bausch and Lomb Center
56 Lomb Memorial Drive
Rochester Institute of Technology
Rochester, NY 14623-5604