Fees and Financial Aid

Fees

Fees for the 12-month program are $59,000*. An advance program fee is required and must be sent in with your application. Your tuition and program fees must be paid according to one of the following flexible payment plans. The advance payment is refundable only if we deny your admission.

Fee Schedule and Payment Options

Financial Aid

A Degree: An Investment in the Future

Pursuing a university degree requires commitment on many levels. Physician Leaders sometimes find it difficult to make a financial commitment to completing their degrees. It may help to know that a university degree is an investment that requires you to commit time, energy and resources. Once you have completed your degree, you'll probably agree with other Physician Executive MBA program graduates that the investment was indeed worthwhile.

Meeting that Financial Commitment

While our goal at The University of Tennessee is to make the Physician Executive MBA affordable and accessible to most adult students, we understand that some Physician Leaders 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

Many Physician Leaders find their employers and practice partners to be an excellent sources of support. Contact your employer and your practice partners to determine if they can help you meet your educational expenses. Other employers offer time off with pay in lieu of direct monetary reimbursement. Extra time away from work without a financial or professional consequence is also a form of tuition assistance.

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.

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 [PDF], and Tax Topic 456 to learn more about tax deductibility of educational expenses.

Federal Financial Aid: Stafford Loans, GradPLUS Loans and Other Loan Programs

The University of Tennessee participates in a number of federal financial aid programs. Eligible University of Tennessee Physician Leaders 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. Physician Leaders 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, then a GradPLUS, and finally an external loan - such as the MBA Tuition Loan (or other external loan program) offered through a private lender.

Stafford Loans are available to qualified, fully-enrolled, U.S. Citizens or Permanent Residents. Under the Stafford Loan, you may borrow up to $10,250.00 per semester. The vast majority of students in the program qualify for the maximum each term. Virtually everyone who applies for Stafford loan is approved by the lender. This aid program provides one of the most economical and affordable borrowing options because interest rates are typically well below average and repayment schedules are flexible. Stafford loans require completion of the Free Application for Federal Student Aid or a "FAFSA", an application from a lender, and execution and return of the Master Promissory Note to the lender before any loan proceeds can be disbursed.You apply for this loan once.

GradPLUS loans, available to eligible, fully-enrolled, U.S. Citizens or Permanent Residents, allows a graduate/professional student to cover the gap between the amount available under one's financial aid package and what is needed to pay for school. The GradPLUS loans uses credit criteria, but the applicant's debt-to-income ratio and credit score are not part of this criteria. GradPLUS loans offer easy, simple applications, high loan approval rates, below average fixed interest rates, and quick processing once eligibility determined and loan documentation is in order.

The University will determine eligibility for a Stafford Loan before determining eligibility for a GradPLUS loan. Additionally GradPLUS loans require completion of the Free Application for Federal Student Aid or a "FAFSA", an application from a lender, and execution and return of the Promissory Note to the lender before any loan proceeds can be disbursed. You apply for this loan each term during which GradPLUS loan funds are needed.

External Loans: An Attractive Alternative

With an external loan, you are not penalized for earning too much money. The amount you may borrow is based on your creditworthiness and ability to repay the loan. You may borrow as little as $500 or up to the cost of your education (minus other financial aid) depending on the plan. These loan plans offer competitive, though market-based, interest rates and no pre-payment penalties. Loan proceeds may be used to finance all of your University of Tennessee educationally related expenses.

Eligible Physician Leaders at The University of Tennessee may take advantage of special private financial aid loan programs available from EdFinancial and First Tennessee Bank. Sallie Mae's MBA Private Loan (sponsored by the the Graduate Management Admission Council) and Tuition Answer Loan give Physician Leaders the option of spreading the payment of fees over a number of years. You apply for this loan each term during which external loan funds are needed.

External loans require completion of the Free Application for Federal Student Aid or a "FAFSA", an application from a lender, eligibility determination for the Stafford and/or GradPLUS loans, and execution and return of the Promissory Note to the lender before any loan proceeds can be disbursed.You apply for this loan each term during which external loan funds are needed.

Qualified non-U.S. citizens who reside in the United States may be eligible for the Access Group's Comprehensive Access Loan or Sallie Mae's Tuition Answer Loan.

There are many other loan programs available to meet your needs. Please contact Tom Brown for more details.

University of Tennessee Fee Waiver Benefit

UT's Fee Waiver has the objective of enabling regular full or part-time faculty and staff to perform their present duties more effectively and to assist them in preparing for future opportunities by providing a plan of educational assistance.

• If you are full-time (100% employee effort), you qualify for a fee waiver of up to nine credit hours at the current in-state maintenance rate, this is approximately equivalent to $2,954.00 per term or $8,862.00 over the course of your enrollmen
• If you are part-time and your employee effort is between 75% and 99%, you would qualify for a fee waiver of up to six credit hours at the current in-state maintenance rate. This is approximately $1,974.00 per term or $5,922.00 when calculated for each of the three required semesters.
• If you are part-time and your employee effort is between 50% and 74%, you would qualify for a waiver of up to four credit hours at the the current in-state maintenance rate or approximately $1,316.00 per term or $3,948.00 over the course of the program.

Some restrictions apply. See the University's Educational Assistance (Fee Waiver) policy statement for full details.

Tennessee Board of Regents Schools Fee Waivers

Tennessee law provides full-time employees of Tennessee Board of Regents Institutions with a fee waiver for one course (up to four credit hours at the current in-state maintenance rate for credit per term. The benefit is approximately $1,316.00 per term or $3,948.00 over the term of your enrollment. This waiver also applies to tuition charges, maintenance fees, student activity fees, or registration fees. The employee must comply with the enrolling institution's requirements which may involve presenting a valid employee identification card and completing the institution's approval form.

Special Note on UT and Regents Schools Fee Waivers: The University of Tennessee fee waiver and the State fee waiver shall not be combined to waive fees for courses take at The University of Tennessee. Since the UT fee waiver already exceeds the State benefit, the State fee waiver may not be used by University of Tennessee employees to take courses at any UT campus.

Rewards of Service: Veterans Benefits and the GI Bill

Physician Leaders 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 Lewellyn in the University's Veteran's Affairs office at 865-974-1500.

VA Tuition Assistance Top-up Program

On October 30, 2000, the President signed into law an amendment to the Montgomery GI Bill - Active Duty education program that permits VA to pay a Tuition Assistance Top- up benefit. The amount of the benefit can be equal to the difference between the total cost of a college course and the amount of Tuition Assistance that is paid by the military for the course.

To be eligible for the Top-up benefit, the person must be approved for federal Tuition Assistance by a military department and be eligible for MGIB-Active Duty benefits. To be eligible for MGIB benefits, the person must be an MGIB - Active Duty participant and must have served at least 2 full years on Active Duty.

The amount of the benefit is limited to the amount that the person would receive for the same course if regular MGIB benefits were being paid. In no case can the amount paid by the military combined with the amount paid by VA be more than the total cost of the course.

If a person receives the Top-up benefit, his or her regular MGIB benefits will be reduced. The amount of entitlement charged for Top-up payments is determined by dividing the amount of the payment by the claimant's full-time monthly rate.

The benefit is available for all courses that began on or after October 30, 2000. A copy of the Tuition Assistance Authorization form for the course that has been signed by an authorized military official will be required. People who have not requested MGIB benefits before should submit a VA Form 22-1990 to establish eligibility.

The application and other evidence should be sent to one of VA's four education processing offices in Atlanta, Buffalo, Muskogee (OK), or St. Louis. See HERE for addresses of the processing offices. The application form is available HERE. Claims should specify that Tuition Assistance Top-up is being claimed.

The Top-up program is not available at this time to persons who are eligible for the MGIB Selected Reserve program.

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.

• 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, Physician Leaders 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. Click here to request a traditional application package.
• Complete a Free Application for Federal Student Aid (FAFSA) The University's school code is 003530.
• Complete your application for a Stafford Loan, GradPLUS Loan, and/or an External Loan.
• Promptly sign and return the promissory note(s) the lender sends to you or that you print out from the lender's website.
• Furnish other documents as specified and requested by the University or the lender

Detailed information about the financial aid application process can be found in the application packet, which is available from the PEMBA Program Office. To receive this information, contact the PEMBA Office at (888) 446-5458 Monday through Friday, 8:00 a.m. to 5:00 p.m. EST, or by using our online contact form.

Related Links

Admission Information
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Fees and Financial Aid
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Contact This Department

The University of Tennessee
Physician Executive MBA
608 Stokely Management Center
Knoxville, TN 37996
Phone: (865) 974-1772
Fax: (865) 974-0929
Email: click here