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Financial aid for MBA students can be extremely confusing. I have started this thread in the spirit of other threads on this website to MBA applicants understand the basics of financing their degrees.
While most schools would cringe at the comparison, the academic market is broadly similar to the market for new cars at most dealershipsin that the list price is merely the starting point from which various price adjustment are made. We will discuss some of these adjustments below.
Assistantship: The student works a limited number of hours a week for the school in exchange for lower tuition and a stipend (the specific compensation structure varies by the school). The assisantship could involve assisting in the teaching of a class or assisting the professor with research. Assistantships can dramatically reduce one's tuition, especially in the case of public universities that allow assistants to pay the "in-state" tuition rate.
Fellowship: Similar to a scholarship, sometimes with more extensive application requirements. At some schools fellowships include full tuition and a stipend and other schools fellowship and scholarship are used interchangeably.
Grant: Funds the recipient is not obligated to pay back. Contrast this with a student loan.
Scholarship: A scholarship is a price adjustment in which the student is not expected to work for the school. Scholarships often include GPA requirements that students must satisfy while in the MBA program. Typical scholarships are academic (based on prior grades or GMAT) or demographic (the applicant belongs to an under-represented group that the school is seeking to recruit)
Note that these different price adjustments can be combined so that a student can receive both a scholarship and an assistantship and thereby reduce expenses even further.
In addition, note that some price adjustments are available only to citizens or permanent residents.
Last edited by Hjort on 23 Aug 2005, 11:40, edited 6 times in total.
"All admitted MBA Students are reviewed for the prestigious Dean's Scholarship. The Dean's Scholarship provides up to full tuition for students participating in the Full-Time MBA program."
Thanks for giving me such a wonderful information.
Actually I have just started the preparation of GMAT and I was bit perplexed regarding scholarship because my financial condition is not so good.
I am Bachelor of Engineering Degree holder in Computer Science and currently working in a very good , well reputed Software Firm in India as a Software Engineer. This is my third Year in the organization.
Being an eldest one in the Family , I have many responsibilities so I am planing to give GMAT next Year in 2006 and take admission in the Year 2008-2009. In the meantime I would like to earn more money to assist myself and my Family during the my MBA course.
I am a School Topper in 12th Class(with 85%) and 1st Class BE degree holder (with 84% in the Final Year).
I was also awarded as Mr. College in the Final Year of my Engineering.
In my current stint, I have received Team Excellence Award from my department in the Company.
I would like to add more values to my resume in the coming years.
Please let me know is it a wise decision to give GMAT now and wait for another 2 years to take admission?
Apart from a Good GMAT score, what all preparation do I need to do to minimize or nullify the rejection of my MBA admission application?
Also, I would like to avail Scholarship from a good Institution.
Could you please tell me what kind of profile on should have to get full or handsome scholarship?