Welcome to another edition of Trivia Tuesday, a weekly column that examines the opportunities and resources available to students at the leading MBA programs.
The high cost of attending a full-time MBA program means that graduates often carry significant educational debt. Although repayment is generally not an issue for students going into high-paying jobs in the private sector, repayment can be difficult for those who choose public or non-profit sector employment.
Recognizing the need for experienced, well-trained managers in the public and non-profit sectors, many business schools have created loan repayment assistance programs for graduates going into these fields. Today we’ll highlight some of the assistance available.
Since 2002, Wharton students who make a commitment to engaging in non-profit or public-sector careers after graduation may apply for the John M. Bendheim Loan Forgiveness for Public Service program. The program provides up to $10,000 a year of loan forgiveness for up to five years after graduation. Recipients must re-apply annually for the grant and provide a biannual update of their activities. At Kellogg, alumni are eligible to receive assistance through the Collins Family Loan Assistance Program for up to ten years, but must reapply for the award each year. Precise award amounts are dependent upon the graduate’s own salary, immediate family resources and loan payment obligations.
Meanwhile, the Stanford GSB offers two separate loan assistance programs. The first is the Non-profit/Public Service Loan Forgiveness Program, which provides selected alumni with an average of $4000 a year towards their loan payments. Graduates can apply for the program at any point in their careers, as long as they are employed in public service and still making loan payments. Globally, the GSB International Loan Forgiveness Program supports recent graduates who are non-U.S. citizens and are working for organizations in developing countries. Now in its pilot year, the program offers selected students up to $7,500 a year for up to three years following graduation.
For students interested in applying their MBA skills to public service work, loan assistance programs may be a valuable source of financial support post-MBA. Applicants would do well to inquire about the availability of loan assistance prorgrams at their target schools, as well as the regulations governing such awards. More detailed information on the loan programs at these and other MBA programs may be found through the schools’ websites or in the Financial Aid section of the Clear Admit School Guides. Happy researching!
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