It’s time once again for Trivia Tuesday, our regular column examining the programs and policies that differentiate the leading business schools. With the start of the school year fast approaching, most first-year students have finalized their financial aid packages and now know how they will pay for their tuition, room and board, books, and other expenses. Although MBA students typically finance a large part of their program costs through federal and private loans, a select number earn merit-based scholarships to cover some or all of their costs. Today we will look at a few of the merit-based scholarships available at Chicago, Kellogg, MIT Sloan, Tuck and Wharton.
Chicago’s most prestigious merit scholarship is the the Distinguished Fellows program. Inaugurated in 2002, the program awards four full-tuition scholarships plus $20,000 stipend packages each year. Students selected as Distinguished Fellows take part in the Leadership Practicum hosted by the Roger L. and Rachael M. Goetz Distinguished Service Professor of Creative Management Harry Davis, in which they meet in small groups, with program alumni, or individually with Professor Davis to develop a broad perspective on leadership. In addition to the Distinguished Fellows program, Chicago administers six merit-based scholarships that go to students with particular characteristics or backgrounds (such as students from emerging economies) and that range in size from $25,000 per year to full tuition plus a $15,000 stipend. All students are automatically considered for these merit awards, so no separate scholarship application is required.
At Kellogg, several specialized scholarship programs provide support to minority and international students, with selection based on demonstrated leadership and other donor-specified criteria. In addition, international students are supported through the Donald P. Jacobs International Scholarships that provide $10,000 of annual support to outstanding international students. As at Chicago, no separate scholarship application is required for these awards, since all students are considered during the regular admissions process.
Meanwhile, both MIT Sloan and Tuck offer merit scholarship to support to students who will enhance the diversity of the incoming class. For instance, Sloan offers several fellowships that target niche demographics, such as graduates of Columbia or Barnard, residents of the United Kingdom or graduates of Georgia Tech. Broader-based fellowships include the McKinsey Award, which is sponsored by McKinsey & Company and awards four $15,000 fellowships annually, and the Class of 2004 Diversity Scholarship, which seeks to attract students who come from backgrounds that are underrepresented at Sloan. At Tuck, students who apply for financial aid are considered for a number of merit-based scholarships and fellowships, which range from $3,000 to full tuition. Tuck considers a variety of factors when evaluating students for merit-based awards, including academic and professional performance, leadership and service, and the ability of the student to contribute to the diversity of the Tuck community. Scholarships are automatically renewed in the second year provided that students remain in good academic standing through their first year at Tuck.
Finally, Wharton tends to offer merit-based fellowships (to 25% of the incoming class) and grants (to approximately 20% of students). Wharton students report that the merit-based fellowships typically make awards of $7,500, $15,000 or $30,000 per year. Students must complete a separate fellowship application at the time of admission to Wharton to be considered for one of these awards, which the fellowship committee encourages all students to do. While some awards are open to all, others are targeted to particular groups. For instance, students from emerging economies, citizens of Europe or Mexico, or students of Hispanic or African-American descent may apply for the Emerging Economy, European, Henry Ralph Ringe, or Howard E. Mitchell Fellowships, respectively.
For more information on the costs and financing options at the leading MBA programs, be sure to check out the schools’ financial aid sites or the Financing Your MBA section of the Clear Admit School Guides!
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