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Fuqua screws students on loan assistance

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Fuqua screws students on loan assistance [#permalink] New post 31 Jul 2011, 08:08
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Hey folks - thought you'd all like to know about the following.

As those who have looked carefully at Fuqua may know, they offer a Loan Assistance Program (LAP) to graduates going into "social sector" jobs - non-profits and the public sector. It basically pays for a big part of your loan each year for 10 years after graduation, and is progressive as you increase in income (phasing out at $100k/year). It's a really sweet program, and I know a lot of folks for whom it was a major factor in deciding to come to Fuqua.

Well, a couple of days ago, all LAP recipients got an email from the school alerting them that, out of the blue sky, the program was being slashed. Suddenly, the department had realized it didn't have enough money - apparently they had done no forecasting of demand - and so going forward, everyone's award was being halved or worse. For people who had made career (not to mention matriculation) decisions based on the LAP, this was a shock, since it means thousands of dollars out of their pocket each year. There wasn't even a full funding cycle warning, as you'd expect (about six months) - just a "heads up, you're on your own now, suckers" email.

I'm not on the LAP, but a lot of friends of mine who decided to take jobs at $70-$90k a year in non-profits or government agencies are. The LAP allowed them to do this, and now they've been left out in the cold. They honestly believed all the rhetoric Fuqua (and many other schools) babble on about on how they're "committed" to service, or the social sector, or so forth. Let this be a warning to all of you - you're a customer at your school. After you stop paying tuition checks, expect the level of your school's "commitment" to change dramatically. Fuqua is not unique in this respect at all - basically every other school is the same.
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Re: Fuqua screws students on loan assistance [#permalink] New post 31 Jul 2011, 11:40
Thanks for the warning. I considered Fuqua at a point but was not going to apply after some research. Your post just helps me feel better. I'm interested in the social sector.
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Re: Fuqua screws students on loan assistance [#permalink] New post 31 Jul 2011, 12:21
Good to hear this before applying to schools....Appears loans also need to be insured against the person/organization who grants them now :D

Good piece of information....Thanks for sharing !!!
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Re: Fuqua screws students on loan assistance [#permalink] New post 04 Aug 2011, 09:38
Update: it seems the outrage amongst Fuqua LAP recipients got CASE scrambling. Only four recipients at the top of the LAP income scale were affected, and they all just received an email a few days ago saying that now, their funding will remain the same for the next six months before being reduced. Other changes to the program are still being discussed.

Bottom line: don't count on LAP being so generous in the future. In fact, I would advise all prospective students to be very wary about trusting your school for lots of support after you stop writing tuition checks.
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NB: I'm not an "official" Fuqua ambassador in any way. Just a guy who benefitted from the advice/views on gmatclub back when I was applying, and now looking to return the favor.

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Re: Fuqua screws students on loan assistance [#permalink] New post 02 Dec 2011, 15:57
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110038496 wrote:
Update: it seems the outrage amongst Fuqua LAP recipients got CASE scrambling. Only four recipients at the top of the LAP income scale were affected, and they all just received an email a few days ago saying that now, their funding will remain the same for the next six months before being reduced. Other changes to the program are still being discussed.

Bottom line: don't count on LAP being so generous in the future. In fact, I would advise all prospective students to be very wary about trusting your school for lots of support after you stop writing tuition checks.


Yay, Fuqua is becoming a consulting school. Seems like 80% of class of 2013 wants to go to consulting. It's getting ridiculous.
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Re: Fuqua screws students on loan assistance [#permalink] New post 09 Apr 2012, 11:21
110038496 wrote:
Update: it seems the outrage amongst Fuqua LAP recipients got CASE scrambling. Only four recipients at the top of the LAP income scale were affected, and they all just received an email a few days ago saying that now, their funding will remain the same for the next six months before being reduced. Other changes to the program are still being discussed.

Bottom line: don't count on LAP being so generous in the future. In fact, I would advise all prospective students to be very wary about trusting your school for lots of support after you stop writing tuition checks.


....except Yale. I wouldn't ever expect them to do anything like that to their LAP program. Plus it's heavily non-profit oriented school and it also has a big endowment. With Dean Snyder, they're also trying as hard as they can to move up the rankings (new program, innovative curriculum), so I doubt they would do anything to hurt themselves like reducing their loan assistance program.
Re: Fuqua screws students on loan assistance   [#permalink] 09 Apr 2012, 11:21
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