How the Chicago Booth School of Business Helps Low-Income Applicants
U.S. News and World Report lists University of Chicago’s Booth School of Business among its top three best business schools in the country. But with the school’s estimated tuition (including living expenses) for the 2017-18 year at $103,759, Booth may not sound like a practical option for a number promising candidates. Though the $126,937 average base salary of graduates is definite proof of return on investment, for many, the cost of tuition may make the idea of earning a Booth MBA seem impossible. Fortunately, the myriad loan and scholarship options available at Booth may make a Booth MBA more feasible for students from all economic backgrounds.
Those of you craving a challenging higher education experience at one of the most prestigious institutions in the U.S. can breathe a sigh of relief. Below, we’ve laid out some of the resources available to help low-income applicants fund their MBA education at Booth School of Business.
Scholarships and Fellowships
Though Booth does not offer need-based financial aid, there are a plethora of merit-based scholarships and fellowships available to promising students. According to the school’s website, awardees are chosen based on the quality of their interview, their academic merit, their prospective concentration, competitiveness, career goals, and life experiences.
Specialized scholarships are available to minority students, veterans, and students with outstanding scholastic achievements. There are also industry-specific opportunities, such as the Canfield Private Equity Fellowship, which is specifically geared toward students with a background in private equity or investment banking, and even includes an internship at a private equity firm.
Take a look at some of the more prominent Booth scholarships available:
Chicago Booth Merit-Based Award
- This general scholarship is awarded to select students at the time of admissions based off, according to the school, “who have excelled in academics, work experience, and service to the community.”
George J. Stigler Fellowship
- This awarded is granted to students who excel in fields such as law, economics, and business.
Forté Foundation Fellowship
- This full-time MBA awarded is gifted to students through the forward-thinking Forté Foundation every year for students that “exhibited exemplary academic, team, community, and/or creative leadership, and are committed to advancing the interests of women in business.”
Distinguished Fellowship
- Students granted this high-ranking fellowship receive a “stipend and mentorship from Harry L. Davis, the Roger L. and Rachel M. Goetz Distinguished Service Professor of Creative Management.” The fellowship covers a student’s entire tuition.
David W. Fox Scholarship
- Another full-tuition award, the David W. Fox Scholarship is gifted to students that have previously or are currently serving in U.S. military. The school notes, “Students must demonstrate outstanding leadership, academic and extracurricular achievements, and a commitment to advancing the interests of those having served in the military.”
You can learn more about Booth’s scholarship opportunities here.
Loans
Booth students who are U.S. citizens or permanent U.S. residents can apply for a variety of federal or private student loans. Students looking for federal loans can choose a Direct Unsubsidized Loan or a Direct Grad PLUS Loan. To qualify for the Direct Unsubsidized Loan, students must be enrolled in at least 200 units each quarter. The maximum amount students can receive with this loan is $20,500 per year. Students who require more than $20,500 per year can apply for the Direct Grad PLUS Loan, which has a much higher cut-off. With this loan, students can receive up to the total cost of attendance (minus any other outside financial support). Students who opt for private, credit-based loans can also borrow up to the total cost of attendance, not including separate sources of financial assistance.
International students also have the option of leaning on loans to help finance their MBA. Booth provides loan options for international students without U.S. cosigners, as these students may not be eligible for private loan options. Those with U.S. cosigners, however, have a wide selection of private loan opportunities available to them.
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.
What Women Want in an MBA: Financial Aid and Flexibility
In honor of last Wednesday’s International Women’s Day, the Graduate Management Admission Council (GMAC) today released a new report entitled “What Women Want: A Blueprint for Change in Business Education.” For readers who may be too young to remember the 2000 romantic comedy also called “What Women Want,” it starred Mel Gibson as a chauvinistic advertising executive who suffers a blow to the head that renders him suddenly able to hear everything women around him are thinking. Though first instinct would be to assume that the two—Gibson’s rom-com and GMAC’s research—have nothing at all to do with one another, that’s not entirely true.
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Best Boston MBA Programs For Your Buck
It would be a gross understatement to characterize earning a business school degree as a major investment of time and resources. For the vast majority of applicants, choosing the right school is often a matter of choosing the one they can afford. But if there’s any city in the North America that offers a veritable gallery of business schools for any budget, it’s Boston. We surveyed the Boston scholarship landscape so you don’t have to, and here are the best Boston MBA programs for your buck:
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Best LA MBA Programs for Financial Assistance
When you have to come up with almost $200,000 over two years, there’s no doubt that funding your MBA is of vital importance. Unless you have a spare couple hundred thousand dollars in your pocket, scholarships, loans, grants, and teaching assistantships are necessary to help you graduate with your MBA without swimming in debt. If you’re looking to get your MBA in Los Angeles, there are a few programs that offer the best financial aid assistance, and we’ve outlined those below. Continue reading…
5 Ways to Fund Your MBA
Money! That’s one of the biggest concerns for many MBA students. How do you afford your MBA? Continue reading…
