Value Without the Price Tag: How MIT Sloan Assists Low-Income MBA Students
It’s no secret that attending an MBA program can often come with a hefty price tag—and when it comes to one of the top MBA programs in the country, you can guarantee you’ll be paying a lot for the high value of that program. At the Sloan School of Management at MIT, rated as the fourth best business school in the country by the U.S. News and World Report, one year of tuition will set you back $68,250. Factoring in additional fees, such as insurance, food and supplies, the cost is upward of $100,000.
For ambitious students with the skills to attend the best-of-the-best MBA programs, it’s a shame that money should be a determining factor in what program they can attend. Thankfully, most business programs work to ensure that all students—regardless of income—are able to attend the program that fits their qualifications. At MIT Sloan, there are a variety of ways for low-income students to qualify for financial aid based entirely on their financial need.
Below are just a few of the opportunities the school provides for low-income students to pay for their MBA, ensuring that the most talented business students can attend their school regardless of finances.
Loans
Once a student is accepted to MIT Sloan, they will begin a three-tiered financial aid process to determine financial need and the best way it can be addressed. The admissions process itself is needs-blind, ensuring that financial circumstance will not be a factor in whether or not a student is admitted to the program.
After admittance, students should file a Free Application for Federal Student Aid (FAFSA) and Graduate Loan Application, which will help determine their eligibility for federal and private loans by working alongside the MIT Student Financial Services.
Assistantships
A number of MBA students each year may also have the opportunity to be a teaching or research assistant. These roles, which may include grading assignments/exams, working directly with students or assisting with research both help students pay for school as well as provide important experience and exposure to the research and education programs at Sloan.
Starting in the second semester, students will also have access to TA and RA positions as well.
Fellowships
Each year, MIT Sloan offers a number of competitive fellowships/scholarship to incoming and second-year MBA students. Although these scholarships are merit-based rather than need, they provide low-income students another excellent opportunity to subsidize their education and often include additional ways to gain experience and improve one’s career.
Aside from the Legatum Fellowship and the MIT Public Service Center Fellowships, which have their own application process, all admitted students to MIT will be considered for fellowships that they are eligible for, and do not require a separate application. The fellowships may range in support from $10,000 to full tuition coverage.
You can find more information about the variety of fellowships offered at MIT Sloan here.
Additional Scholarships
A number of other scholarships are available for students at MIT Sloan that may be given out based on a wide variety of factors such as merit, identity, or nationality. These scholarships may range from funding for tuition and coverage of school-related fees to mentorship and the chance to build relationships with industry professionals. For the most part, these scholarships must be applied to separately after admittance to MIT Sloan. More information on these scholarships can be found here.
Even after need-based loans and assistantships, these scholarships may help further bridge the gap in costs for students attending MIT Sloan. These many opportunities for funding ensure that the most talented students can attend the best-fit school for them, allowing MBAs to focus on getting their degree rather than getting their wallets out.
Texas A&M Mays Business MBA Scholarship Spotlight
Earning an MBA isn’t cheap. At Texas A&M University’s Mays Business School, full-time MBA students can expect to spend $36,079 a year on tuition and fees, and that’s only for residents. For domestic non-residents, the cost increases to $52,471 and for international non-residents it’s $52,598. Then, by the time you add room and board costs, books and supplies, travel, and personal expenses, full-time MBA students at Mays can expect to spend between $60,071 and $77,073 a year.
It’s for that reason that scholarships and financing are so essential for MBA students. Anything that is available to mitigate the cost of tuition and living expenses increase the ROI of the MBA and decreases the burden.
At the Mays School, many full-time MBA students receive scholarships and other financial assistance to negate the cost of the program. The awards vary and range from $3,000 to $35,000. The support is offered in four ways:
- Automatically with Admission: All admitted MBA students will be automatically considered for scholarship support, without needing to submit additional information. However, to be considered, MBA students should apply no later than Round 3.
- Merit-Based: Based on the strength of an MBA student’s application, they may be considered to receive a merit-based scholarship, which can include academic achievements, professional accomplishments, or potential for success.
- Resident Tuition: For non-residents (domestic and international), there’s an opportunity to receive resident tuition status based on the merit of their application. This results in a savings of around $20,000.
- Activity Scholarships: These scholarships are only available for those MBA students who participate in specific programs, and are typically awarded after enrollment.
Scholarships and fellowships from the Mays School may be paid in a lump sum (one payment) or monthly during a semester. It is up to the Mays School to determine how each award will be paid to the student. The award is distributed based on the academic calendar and cannot be changed.
One sample scholarship is the Texas Business Hall of Fame (TBHF) award. According to the guidelines, candidates eligible for the scholarship must exhibit entrepreneurial aspirations as well as leadership in academic and campus activities. Recipients are chosen after a round of nominations and an interview process. The scholarship award can be as much as $15,000.
Mays Fellowships
Beyond scholarships, the Mays Business School also offers fellowships for incoming graduate students. These fellowships are only available to domestic candidates and require an application to be considered.
One such fellowship is the Graduate Diversity Fellowship. This fellowship is awarded to students who have a history of success in a diverse environment. The fellowship provides MBA students with a $13,000 annual stipend, $5,000 annually for tuition and fees and a graduate assistantship position that pays $7,000 per year, including health insurance. The total award package for two years is $50,000.
Graduate Assistantships
For those MBA students who do not receive a scholarship, there is still an opportunity to mitigate the cost of their tuition with a Graduate Assistantship. MBA students may be hired as teaching, research, or non-teaching assistants, working on average twenty hours per week. Interested students should contact their graduate advisor for help or can look for open positions on Jobs for Aggies.
Texas Aggie Graduate Grant (TAGG)
Texas A&M also offers need-based awards. Determined by the Scholarships & Financial Aid Office, Texas residents can receive a tuition stipend up to $1,500 per semester, for a maximum of $3,000 per year. This need-based grant is only eligible for those students who have not received another major scholarship or fellowship and requires a TAGG application to be eligible.
Additional Scholarships
Finally, Texas A&M offers a few unique scholarship opportunities for minority students and students willing to submit a separate application. Some of these scholarships include:
- Hispanic Scholarship Fund: This scholarship is designed for students of Hispanic heritage and offers awards from $500 to $5,000.
- AIGC American Indian Graduate Center Scholarship: Scholarship awards vary and can be for as much as $30,000.
- Congressional Black Caucus Foundation Scholarships: These scholarships are awarded to deserving students and vary in amount and type each year.
- Allen Roth Marketing Scholarship: This award requires a 250-word essay on “Why a home is important.” The winner receives $1,000.
For more information on specific MBA scholarships that you will be eligible to receive, students should contact the Scholarships & Financial Aid office. Contact information found here.
