Estimated Budget and Financial Information

Graduate School of Business 2014-2015

Apply Early for Financial Aid

Complete and submit the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1. FAFSA applications are available via the Internet at www.fafsa.ed.gov. Be sure to list Oral Roberts University school code number, 003985, on the FAFSA.

Graduate Stafford or PLUS loans can be awarded only after the Financial Aid Office receives the results of your FAFSA and you are fully accepted and enrolled in the Graduate Business program. Some ORU Institutional Grants also require FAFSA results. Upon completion, your awards will be available for review on the ORU Vision website at vision.oru.edu.

Complete Your Financial Aid File

To complete your financial aid file on Vision, you will need your Student ID number (Z number) and: 1) accept your awards, 2) sign your award letter, 3) complete your Entrance Interview, and 4) submit your Master Promissory Note Application online. Other required documents may be requested on Vision and will need to be completed and returned to the Financial Aid Office. Please note that your financial aid file must be complete to continue with the validation process through Student Accounts.

Estimated Budgets

The following 2014-2015 estimated budget for the Graduate School of Business is based on 18 credit hours for the academic year (9 each semester) for the MBA program only:


Direct Costs Per Semester Masters Program per Year 
Tuition* (2014-15 academic year)
$5,481 $10,962
Books $924 $1,848
Fees* $423 $846
Total Direct Costs $6,828 $13,656
     
Indirect Costs    
Room
$2,889 $5,778
Board $2,495 $4,990
Miscellaneous/Insurance $924 $1,848
Travel $893 $1,786
Total Indirect Costs $7,201 $14,402
     
TOTAL $14,029 $28,058

The room component of the financial aid budget is an average figure.  Actual room charges will be determined by room selection. The board component of the financial aid budget is based on a typical meal plan.  Your actual meal plan charges will be determined by your selection. 

Tuition and Fees for Traditional MBA Program

Tuition*                           $609/graduate credit hour
Full-Time Fees*                $423 general fee/semester
Part-Time Fees*               $235 general fee/semester

Online Tuition and Fees for MMgt/LMBA Programs

Tuition                            $349/graduate credit hour
Full-Time Fees                 $386 general fee/semester
Part-Time Fees                $220 general fee/semester

*Tuition and fees subject to change every academic year; full-time is considered 9 credit hours/semester

Any required leveling courses are charged at a rate of $943 per credit hour. Students enrolled in less than full-time or who enroll in only Internet courses will have direct costs, such as tuition and fees, adjusted to reflect the student’s enrollment. Students enrolled in less than 4.5 hours are not eligible to receive Financial Aid for that semester. The above budges are estimates and do not include charges, lender origination fees, and fees related to specific classes or circumstances. Personal health insurance is required for all full-time students. Please consult with the Graduate Financial Aid Specialist for details.

Helpful Tips

1. Students should maintain reserve funds to pay for unexpected costs such as car repairs, medical or dental needs, as well as other unplanned expenses.

2. Students should come financially prepared with at least 3 months of living expenses to allow for any federal processing or disbursement delays. All institutional charges (tuition, fees, etc.) will be deducted from your federal funds before excess money (for living expenses) can be refunded to the student.

3. Students may wish to enroll in the Tuition Management Systems (TMS) which allows students to pay education expenses over a period of months.

How TMS works

  • Education expenses for the academic year are totaled (note: books and/or other materials may not be included in the TMS plan).
  • All deductions (such as scholarships, loans, grants, etc.) are subtracted from the education expenses/charges.
  • Total Amount (TMS Contract Amount) = total expenses – total deductions.
  • TMS Contract Amount is divided by the number of months in the plan

How to enroll:

Students may enroll on the TMS website at http://oru.afford.com or call them directly at 1.800.722.4867.

  • Be sure to let TMS know you are an ORU student.
  • Give TMS the total expenses that your ORU enrollment counselor has given you for the semester. TMS will divide the total amount due by the amount of payments in the plan.
  • Once you are enrolled with TMS, call the Student Accounts offices at 918.495.7401 and give your TMS account number. They will verify that you have made the first month’s payment and validate you if all other steps to complete validation have been fulfilled (please note: the cost to enroll in a four-month payment plan is $50, which is a non-refundable fee).

 Other TMS Information:

  • If enrolling in the fall semester and utilizing TMS, you may opt to set up a nine-month (August – April) payment plan. The annual payment plan has a $81 enrollment fee, which saves the student $31. The annual budget can be found by doubling the fall budgeted cost and then dividing by nine in order to get the monthly figure due.
  • TMS will post a $55 late fee to your account if your payment is not received on the first of each month.
  • A monthly statement will be sent to you after each payment.
  • After enrolling in TMS, all further correspondence regarding TMS must take place directly with their offices by contacting them at: 1.800.722.4867 or oru.afford.com. You may also correspond with them at:

    Tuition Management Systems
    Payment Processing Center
    PO Box 0169
    Cincinnati, OH 45274-0169