News, advice and resources for business school applicants

Financial Aid

A go-to source for information about financing an MBA education. Learn more about graduate business school loans, scholarship opportunities and more.

MIT Sloan School of Management Announces New LGBT MBA Fellowship

reaching outAs part of its commitment to fostering a diverse MBA class, MIT Sloan School of Management will award a new fellowship for lesbian, gay, bisexual, and transgender (LGBT) students to one or more members of the class of 2017, the school announced last week. The new Reaching Out LGBT MBA Fellowship will be worth at least $10,000 per year.

“This is the first year that MIT Sloan will award this specific fellowship,” Jeff Carbone, associate director of admissions, said in an article on the MIT Sloan website. He added that the decision to offer the fellowship was a simple one, “because we look for diversity in all forms.” Continue reading…

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London Business School Awards Two £30,000 Scholarships to Female Business Execs

30 percent clubLondon Business School (LBS) has awarded two female business executives £30,000 scholarships for the school’s Senior Executive Program, concluding an initiative launched in August with the 30% Club, an organization devoted to increasing female representation in the C-suite of leading corporations.

Andreea Moldova, general manager (Czech Republic and Slovakia) at Avon Cosmetics, and Yasmin Becker, assistant director at the Nursing and Midwifery Council, so impressed the judging panel that LBS increased its commitment and provided two scholarships, though the completion was originally intended to have a single winner. Continue reading…

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Indian School of Business to Award 10 Merit-Based Full Tuition-Fee Waivers

isbAs part of a new initiative this year, Indian School of Business (ISB) is offering 10 full tuition-fee waivers to the school’s top 10 applicants this admissions season. These full waivers – valued at INR 2 million (roughly $66,000) – complement a range of other merit scholarships the school awards to applicants based on leadership potential, past academic performance and personal attributes.

No application is necessary for these new full tuition-fee waivers. Simply complete the ISB application. The Admissions Committee will select the recipients based on its evaluation of all of the candidates. The top 10 candidates, as measured by a combination of academic strength, leadership potential, work experience and other attributes, will be awarded the full tuition-fee waivers. Recipients will be notified of this decision at the time of admission. Continue reading…

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UC Berkeley’s Haas School of Business Awards Scholarships to Half of Full-time MBA Class

Haas 2The Haas School of Business at the University of California at Berkeley set a new record this year, awarding scholarships to a full half of its entering full-time MBA class, the school announced earlier this month. In all, Haas will provide almost $6 million in scholarship aid to students across its three MBA programs, with an average award of $26,000 for students in the full-time MBA program.

“It’s a real tipping point, and we plan to continue the trend of providing the highest level of financial support possible to help our students achieve their academic goals,” Daniel Roddick, Haas director of financial aid, said in a statement. Continue reading…

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New Loan Program Launches for International MBA Students at U.S. Schools

tuition hikesA new pilot loan program will provide expanded options for international MBA students at a number of top programs in the United States, according to a recent report in Poestandquants. The program, offered by Prodigy Finance, will extend to international students and U.S. residents with non-permanent status who are studying at 16 top schools, including Harvard Business School, the University of Pennsylvania’s Wharton School and MIT Sloan School of Management.

Especially in recent years, banks have been reluctant to lend to students who are studying internationally. Prodigy Finance seeks to fill this need using a “community finance” model. Basically, alumni from participating schools fund loans for current students, banking on the value of a degree from their alma mater and the likelihood that future alums will repay. Interest rates on the loans vary between 6 and 12 percent, depending on the school, the individual borrower’s profile and current rates. Continue reading…

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Financial Aid at Harvard Business School, Straight from the Admissions Director

300px-Aerial_of_the_Harvard_Business_School_campusNEWS FLASH: Business school, especially at top schools, costs a ton. Okay, so that’s not really news. More notable is the fact that top schools want to make the MBA affordable, at least according to the most recent post on the Director’s Blog at Harvard Business School (HBS).

Earlier this week, HBS Admissions Director Dee Leopold devoted a post on her blog to the topic of financial aid, noting that HBS last year awarded $26 million in need-based financial aid and has plans to increase that amount for the Class of 2017. Continue reading…

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The Economist Group Launches $25,000 MBA Scholarship Contest

econonmist_gmat tutorThe Economist Group’s business education division, Which MBA?, yesterday launched its second Brightest Minds MBA Scholarship Contest, which will award a $25,000 scholarship to the prospective MBA or EMBA student who scores highest on a simulated GMAT exam.

The first Brightest Minds MBA scholarship ran earlier this year, drawing more than 4,500 entrants, The Economist Group reports. The winner, Rishabh P. from India, is currently applying to several business schools, with plans to begin an MBA program in fall 2015. Continue reading…

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Wharton Social Impact Initiative to Pay Down Student Loans for MBAs Who Pursue Nonprofit, Public Sector Careers

loan forgivenessFor MBAs who pursue careers in the nonprofit and public sectors, paying back staggering student loans they took out to finance their degree can be incredibly challenging. At the University of Pennsylvania’s Wharton School, a social impact‒focused fund managed by the Wharton Social Impact Initiative comes to the rescue.

The John M. Bendheim Loan Forgiveness Fund for Public Service was created in 2005 by a 1940 graduate of the school, John Bendheim, and his son Tom, WG/Lauder ’90. The fund will grant up to $20,000 per year to pay down selected candidates’ student loans. Continue reading…

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New Program Qualifies GMAT Test Takers for Interest Rate Reduction for New MBA Loans


Photo credit: zingbot

The Graduate Management Admissions Council (GMAC), which owns and administers the GMAT exam, has partnered with Discover Student Loans to introduce a new program designed to qualify GMAT test takers for an interest rate reduction on eligible new MBA loans.

The Discover MBA Loan with GMAT Test-Taker Reward, launched last month, offers graduate business students who take the GMAT exam the opportunity to receive a 0.25 percent interest rate reduction on new MBA Loans from Discover Student Loans.

Continue reading…

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Economist, GMAT Tutor Launch $25,000 MBA Scholarship Competition

Show off your verbal and quantitative skills as part of a new scholarship competition, and you could win $25,000 toward an MBA at one of more than a dozen top business schools.

Economist GMAT Tutor recently launched a new MBA scholarship contest for prospective MBA and EMBA students. To take part in the competition, interested applicants must complete the Economist GMAT Tutor simulation test, which consists of one 75-minute Verbal section and one 75-minute Quant section.

The top scoring student will receive a $25,000 scholarship to one of 18 top business schools from around the globe serving as sponsors for the competition. Sponsor schools include the University of Virginia’s Darden School of Business, HEC Paris, CEIBS and the Kelley School of Management at Indiana University, among others. Continue reading…

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ESADE Offers Wide-Ranging MBA Scholarships

300px-Esade_idiomasFinancing a full-time MBA program is no small feat, especially when you take into consideration the income you’ll forgo as you devote yourself to studies. Fortunately for prospective applicants to Spain’s ESADE Business School, the school offers a wide range of scholarship opportunities to outstanding full-time MBA candidates.

If you’re a young Asian professional who wants to influence the shape of business in Asian-Pacific countries, there’s a scholarship for you. If you’re a North American candidate with foreign language proficiency and proven international experience in either working or studying abroad, there’s a scholarship for you. If you’re a candidate with significant work experience in the sustainable energies industry and an interest in a global energy industry career…yep, there’s a scholarship for you, too. Continue reading…

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