Financial Aid
A go-to source for information about financing an MBA education. Learn more about graduate business school loans, scholarship opportunities and more. For more information on how to finance your MBA and the costs of attending business school, visit our
MBA Program Costs & Financing Guide.
Published: October 5, 2014
New Loan Program Launches for International MBA Students at U.S. Schools
A 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.
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Published: August 20, 2014
Financial Aid at Harvard Business School, Straight from the Admissions Director
NEWS 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.
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Published: August 4, 2014
The Economist Group Launches $25,000 MBA Scholarship Contest
The 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.
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Wharton Social Impact Initiative to Pay Down Student Loans for MBAs Who Pursue Nonprofit, Public Sector Careers
For 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.
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Published: March 17, 2014
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.
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Published: February 4, 2014
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.
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Published: January 30, 2014
ESADE Offers Wide-Ranging MBA Scholarships
Financing 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.
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Published: January 20, 2014
London Business School, Lloyds Launch New Scholarship Program for Women
In an effort to increase the representation of women in post-graduate management education and in the business world as a whole, Lloyds Banking Group has launched a new scholarship program for women applicants to London Business School (LBS), the school announced today.
Citing research showing that limited financial resources present a core barrier to women seeking to pursue an MBA, the bank has established the Lloyds Scholars MBA Scholarship for Women. As part of the new program, Lloyds will award four £30,000 scholarships per year for each of the next four years.
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Published: January 16, 2014
MIT Sloan School of Management Announces New Scholarship for Technology-Focused MBAs
MIT Sloan School of Management and London-based global telecommunications company Zamir Telecom last week announced a new scholarship program for promising MBA students planning to pursue careers in the technology sector.
The new Zamir Telecom fellowship is open to students from emerging economies in Africa, Asia or the Middle East, as well as to students interested in technological advancements in those regions.
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Published: January 12, 2014
INSEAD MBA Scholarship for Students from Developing Countries
If you are a Round 2 applicant to INSEAD Business School from a developing country, you could be eligible for a €10,000 (~$16,448) scholarship. The INSEAD MBA ’91 June Endowed Scholarship, created by the Class of 1991 on the occasion of its 20th Class Reunion, will be awarded once a year to a disadvantaged candidate from a developing country who can demonstrate financial need.
Applications for the scholarship’s second round open tomorrow, January 14th, and the deadline for submission is January 31st. To be considered, prospective applicants must complete an online scholarship application, which includes providing answers to the following essay questions:
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Published: December 18, 2013
Anonymous $6 Million Gift to Fund Student Scholarships at USC Marshall School of Business
An anonymous gift to the University of Southern California (USC)’s Marshall School of Business will support scholarships for both undergraduate and MBA students, the school announced earlier this month. The Marshall School will receive $6 million, part of a $20 million gift to the university made by a married couple described as longtime USC supports but whose identities were not revealed.
The Marshall School portion of the gift will go to the James G. Ellis Endowed Scholarship Fund, a challenge fund established by Tyler Muse ’07 and his family and named for Marshall’s current dean.
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Published: December 11, 2013
Columbia Business School Announces New Dong-Bin Shin Fellowships
Columbia Business School (CBS) has announced four two-year, full-tuition fellowships open to international students entering in August 2014. Announced late month, the Dong-Bin Shin Fellowships will be awarded, one each, to students from four different regions: the Middle East or Africa, Europe, Latin America and South Korea. Applications are due by January 6, 2014.
The fellowships are named for CBS alumnus Dong-Bin Shin ’81, chairman of the Lotte Group, a diversified company based in South Korea and Japan that includes more than 70 companies across a range of industries. Shin, who also serves as a member of the CBS Board of Overseers, recently made a $4 million gift to the school, part of which will support the fellowships.
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Published: November 28, 2013
Oxford’s Saïd Business School, Zamir Telecom Establish New Scholarship for Tech Sector Students in Emerging Economies
Saïd Business School at the University of Oxford earlier this month announced the creation of a new scholarship to help support MBA students from the technology sector, made possible thanks to a generous gift from a global telecommunications firm.
Zamir Telecom will give Saïd £15,000 (approximately $24,500) per year for three years, which will fund one scholarship each year. The Zamir Telecom MBA Scholarship is open to applicants from an emerging economy (in Africa, Asia or the Middle East) or to those from other countries who have an interest in technological advancement in emerging economies.
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Published: November 13, 2013
Columbia Business School, Morgan Stanley Launch Sustainable Investing Fellowship
Columbia Business School (CBS), together with investment bank Morgan Stanley, has launched a new fellowship designed to help develop the next generation of leaders in sustainable investing, the school announced earlier this month.
The new Morgan Stanley Sustainable Investing Fellowship will give a select group of CBS students the opportunity to help drive investment that promotes sustainable economic growth. Participating Fellows with conduct research with supervision from CBS faculty while also working as interns at Morgan Stanley, to gain experiential learning in product innovation, thought leadership and investment strategy.
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Published: November 6, 2013
UT’s McCombs School of Business Establishes New Entrepreneurship Scholarships
The McCombs School of Business at the University of Texas at Austin, together with the Jon Brumley Texas Venture Labs (TVL), has created two new scholarships for MBA students interested in entrepreneurship.
The TVL Scholarship is a competitive scholarship that will be awarded each February. The new scholarships are worth more than $174,000 each, which covers $10,000 per year in tuition funds and also includes a $30,000 in-state tuition waiver, a slot in an accelerator program (valued at $74,000) and consideration for a post-graduate position as an Accenture Venture Partner (valued at $50,000).
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Published: October 27, 2013
$10 Million Alumni Gift Creates New Scholarship Program for College Seniors at NYU’s Stern School of Business
New York University (NYU)’s Stern School of Business has received a $10 million gift from an alumnus to establish a new scholarship program supporting exceptional college seniors seeking to pursue their MBA at Stern directly following graduation.
William R. Berkley, chairman of the NYU Stern Board of Overseers and vice chairman of the NYU Board of Trustees, pursued his MBA at Harvard Business School immediately upon graduating with a Bachelor of Science from NYU in 1966. With the creation of this new scholarship program, named in his honor, he hopes to create opportunities for other graduating seniors who want to proceed directly on to business school.
“At 20 years old, I had big ideas and I was incredibly eager to get started. I knew the tools of an MBA would be essential, and I had no time to lose,” Berkley said in a statement. “I had the rare opportunity to pursue my passion at a young age, and we want to bring to Stern the brightest students in the world who are ready to do the same.”
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Published: September 5, 2013
Wharton Start-Up Expands to Lend to MBA Students at 20 Top Schools
A company launched last fall by students at the University of Pennsylvania’s Wharton School experienced success in its pilot phase, during which it served as a lender to Wharton MBA students and recent graduates, and so this fall will launch nationally to lend to MBA students at 20 top MBA programs in the United States, the Financial Times reports.
Wharton student David Klien is chief executive and co-founder of CommonBond, which last year lent $2.5 million to 40 MBA students and recent graduates from Wharton using funds raised primarily through crowdsourcing. Now, the start-up has raised more than $100 million through debt financing and selling equity. It will expand to offer low-interest loans to MBA students at business schools throughout the country, including Harvard Business School, Stanford Graduate School of Business, Dartmouth’s Tuck School of Business, Columbia Business School and others.
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U.S. News Ranks 10 Full-Time MBA Programs That Lead to Highest Student Debt
As part of its Short List series, U.S. News & World Report today took a closer look at the student debt load incurred by full-time MBA students graduating from top business school programs. According to data provided by schools as part of its annual ranking, U.S. News found that full-time MBA graduates in 2012 emerged with an average of $49,619 in debt. At the 10 schools where graduates incurred the most student debt, the average per student was $97,154.
Graduates of New York University’s Stern School of Business top the list in terms of average debt. There, the average graduate has a debt load of $105,782. Six figure debt is also the norm for graduates from the University of Virginia's Darden Graduate School of Business Administration, the Fuqua School of Business at Duke University and the Massachusetts Institute of Technology's Sloan School of Management, U.S. News reports.
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Top Business Schools Help Students Who Head into Lower Paying Fields
Taking on debt to finance an MBA program only to take a job at a low-paying nonprofit organization after business school doesn’t add up to graduates being able to repay their loans. Fortunately, many top business schools have created programs to help ease the financial burden for those who go into nonprofit or other low-paying fields, according to a recent report in Bloomberg BusinessWeek.
In addition to Harvard Business School, which this year gave 19 students grants of $50,000 to supplement their first-year salaries, schools including Columbia Business School (CBS), Duke’s Fuqua School of Business, UMichigan’s Ross School of Business, Stanford Graduate School of Business and the University of Pennsylvania’s Wharton School all also offer financial assistance in one form or another to help graduates repay student loans, Bloomberg BW reports. And while many business school students don’t seem to know about these programs, they should: The benefits can extend for multiple years adding up to as much as $100,000 for some, Bloomberg BW adds.
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Clear Admit Publishes New Financial Aid Guide for MBA Applicants
We are excited to announce the release of Financing the MBA, the latest Clear Admit Strategy Guide to hit the digital shelves! This new, 35-page guide contains up-to-date details on expenses and financial aid opportunities for leading MBA programs, an indispensable tool when planning your approach to the 2013-2014 admissions season.
As the cost of attending business school reaches an all-time high, navigating the various means of financing your education can be daunting. Inside Financing the MBA, readers will find an overview of the costs they can expect to encounter during the application process and in business school, and the guide also explores the loans, scholarships and fellowships students may use to pay for their degrees. Furthermore, we've included more granular detail on the costs and financial aid application processes at a diverse range of top business schools, including information for both domestic and international students. Whether you're only beginning the application process or making your final decision on where to attend, you won't want to miss the financing information found in this guide!
Financing the MBA joins five other titles in the Clear Admit Strategy Guides, a line of publications that offers candidates strategic insights and best practices based on Clear Admit's years of experience in MBA admissions. Together, these guides offer insightful application planning strategies for applicants at each stage in the admissions process. Be sure to visit our online shop to download your copy today!
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Published: April 25, 2013
Stanford Graduate School of Business Announces New Africa MBA Fellowship Program
Citizens of African countries who are admitted to the Stanford Graduate School of Business (GSB) MBA program and can demonstrate financial need are now eligible for a new $140,000 fellowship, the school announced earlier this month.
The Stanford Africa MBA Fellowship Program is part of an effort by the school to contribute to Africa’s human and economic development by educating leaders who are committed to making an impact on the continent, according to a recent post on the Stanford MBA Admissions blog. “This fellowship program is a critical step toward removing any financial barrier,” wrote admissions blogger Victoria Hendel de la O.
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Published: April 21, 2013
Alternative Lenders Could Offer New Options for Foreign Students at U.S. Business Schools
Private student lending shrank sharply during the financial crisis, and though traditional lenders have cautiously returned to making loans to U.S. citizens, non-Americans looking to attend business school in the United States often are hard-pressed to find financing options that don’t require a U.S. co-signer. But according to a recent article in the Financial Times, peer-to-peer lenders and crowdfunding start-ups could present new opportunities for foreign students.
One peer-to-peer lender, SoFi, which hopes to lend $1 billion this year, has been in discussions with several U.S. business schools about extending loans to foreign students that would be funded by alumni from their home country, the FT reports. Meanwhile, Pave, a crowdfunding start-up that lets students raise money from backers in exchange for a share of future income, is also considering expanding to other countries, the FT adds.
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Published: April 17, 2013
Boston Consulting Group MBA Diversity Scholarship Deadline Approaches, April 21st
As part of a commitment to attracting talent from different backgrounds and ethnicities, Boston Consulting Group (BCG) features an MBA Diversity Scholars program, which awards outstanding minority MBA applicants with funds to support their graduate management education as well as a summer internship at BCG between their first and second years at business school. The deadline to submit applications is Sunday, April 21st.
“We believe that a diverse organization—in terms of people, perspectives, backgrounds, and experiences—differentiates us and drives our advantage. Consequently, we place tremendous emphasis on attracting, developing and retaining diverse talent at BCG,” reads the BCG website.
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