Program Guide.c2.3.indd - Master of Financial Engineering Program

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Program CostsCourtney Walker, MFE 07Previous degreeBS, Applied MathematicsColumbia UniversityMFE internshipCDO StructurerBarclays CapitalNew York“In my opinion, the greatest strengthof the program is the caliber of thefaculty, who not only effectivelycommunicate fundamental financialconcepts but are often pioneers inthe industry itself.”Each year Berkeley’s Financial Aid Office estimatesthe average cost for a graduate studentduring the academic year. This budget is thebasis for determining financial aid eligibility.You may use the chart below (adjusted for a12-month program) to estimate the cost ofattending the MFE Program. As these officialfigures are averaged for all UC Berkeley students,actual costs, especially housing costs,may be higher.Tuition $46,500*University Health Insurance $1,758*Housing and Utilities $13,494*Food $6,921*Books, Supplies $3,750*Personal $4,347*Transportation $2,007*Miscellaneous Fees $3,065*(class pass fee, summer session fee,campus fee, and others)Total Estimated Expenses (12 months) $80,842** all costs are subject to changeComputer CostsMFE students are required to have their ownpowerful laptop computer. Various manufacturersoffer students discounts at the Scholar’sWorkstation, the campus computer store. Tocontact the Scholar’s Workstation, please call510-642-8424 or visit their web site at http://www.tsw.berkeley.edu.Financial AidThe MFE Program does not offer scholarshipsor grants. All assistance is in the form of loanswhich must be repaid after graduation or droppingbelow 6 units. Due to the nontraditionalacademic calendar of the MFE Program, studentsmust file two loan applications for the fullMFE Program.MFE Spring Term 2007 and MFE SummerTerm 2007:• Students who are citizens or permanentresidents of the United States should applyfor federal loans via the 2006-2007 FAFSA(Free Application for Federal Student Aid)at http://www.fafsa.ed.gov no sooner thanJanuary 1, 2006.• International students with a creditworthy UScitizen or US permanent resident co-signercan apply for a private loan no sooner than90 days before March 2007 classes begin.Information is at http://www.haas.berkeley.edu/MBA/finaid/prvtmba.html.Federal Direct LoansUS citizens and US permanent residents canfinance their education through the FederalDirect Loan Program. Up to $18,500 for everysemester (equal to two MFE terms) may beborrowed. Students demonstrating financialneed can borrow $8,500 of this amount as asubsidized loan (no interest is charged whilethe student is in school) and $10,000 in anunsubsidized loan (interest is charged whilethe student is in school). Those who do notdemonstrate financial need can borrow thefull $18,500 in an unsubsidized loan.Eligibility is based on student status and cost ofeducation as determined through the FAFSAprocess, not credit history. The interest rate isvariable annually and is based on the 91-day USTreasury bill. Repayment is made over a 10- to25-year term with no prepayment penalty. Visithttp://www.ed.gov/DirectLoan/about.htmlfor any updates.12
Master’s in Financial EngineeringPrivate LoansAll students are eligible to apply for privateloans, which are offered based on creditworthiness,not financial need. You should obtaincopies of and verify the accuracy of your creditreports before applying for a private loan. Oneoption for this is http://www.annualcreditreport.com. The interest rates on these loans are usuallyhigher, so students typically pursue thisoption last. Rates and fees may be credit-tieredand can be based on the Prime Rate or on the3-month LIBOR (London Interbank OfferedRate). International students may qualify forprivate loans if they have a creditworthy UScitizen or US permanent resident as a co-signer.Through private loans, a student may be ableto borrow up to the annual cost of education,which includes living expenses and registrationfees. For more information, visit the HaasFinancial Aid Office, or go to http://www.haas.berkeley.edu/MBA/finaid/prvtmba.html.Haas Financial Aid OfficeThe Financial Aid Office provides assistance inresolving financial aid/billing problems, andobtaining private student loan information andapplications. The office is located in RoomS420K of the Student Services Building. To gethelp from a Haas financial aid counselor, call510-643-0183 or e-mail finaid@haas.berkeley.edu.The Haas Financial Aid staff is your pointof contact, rather than the central financialaid office.HousingBerkeley graduate students live in both universityand off-campus housing. Housing in theBerkeley area is expensive and often in shortsupply, so you should plan ahead to ensure thatyou will have a place to live before classes begin.If you are interested in applying for universityhousing, do not wait for notice of admission toseek information. For more information, visithttp://www.housing.berkeley.edu/housing.The Community Living OfficeThe office provides rental listings and counselingfor students seeking off-campus housing.For more information, visit http://www.housing.berkeley.edu/housing or go to the CommunityLiving Office at 2535 Channing Way. Bring yourletter of admission and photo identification.International House (I-House)This residence and program center housesmore than 600 students, many of whom are atthe graduate level. You do not have to be aninternational student to live at the I-House,which is less than a five-minute walk to Haas.For more information, visit the InternationalHouse Residence Office at 2299 PiedmontAvenue, #2320, Berkeley, CA 94720-2320 orcall 510-642-9490.University Family Student HousingThis housing is available for students who aremarried and/or have children. Rent for familystudent housing is less expensive than forcomparable off-campus housing, so thereis a waiting list. For more information, visithttp://www.housing.berkeley.edu/livingatcal/studentsfamilies.html.The University Child Care ProgramChild care accredited by the National Academyof Early Childhood Programs, is available forchildren ages 3 months to 7 years old, and paymentis on a sliding scale. At least one parentmust be a registered UC Berkeley student. Formore information, visit http://www.housing.berkeley.edu/child/families/.Luca Barone, MFE 05Previous degreeMasters in Economics and FinanceLuiss Guido Carli University, RomeCurrent positionExotic Credit Derivatives Sales Strategist,F.I.C.C.“The theory we learnd from ProfessorMark Rubinstein and his colleaguesdeals with state-contingent claims,the elementary particles of ‘nuclearfinancial economics.’ This theory isespecially useful for practitionersbecause it provides a productiontechnology for duplicating the payoffsof any contingent claim by using anappropriate dynamic strategy. It canalso be used to solve the inverseproblem of inferring risk-neutralprobabilities from the simultaneouslyobserved prices of options andother derivatives.”Apply online:http://mfe.haas.berkeley.edu/applications.html13
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