Yale’s School of Management Increases Financial Aid to Veterans
According to Yale Daily News, the School of Management is the first private business school in the U.S. to provide a complete subsidy for tuition and fees to eligible vets admitted to the MBA program. Eligible vets must have had at least three years of service besides any service that paid for their undergrad education or have a Purple Heart with an honorable discharge.
Veterans previously had a partial tuition subsidy at the Yale School of Management (SOM) under the Post-9/11 GI Bill. New funding provided by SOM will fully cover the portion of veterans’ tuition and fees that are not covered by the Post-9/11 GI Bill, with the United States Department of Veterans Affairs (USDVA) matching the school’s aid. This aid is offered under the Yellow Ribbon program which states that schools and the USDVA must provide extra financial aid.
This program started for the 2019-20 academic year and is for both newly enrolled and existing eligible vets. Currently 23 of SOM’s 50 veterans in both the MBA and executive MBA programs are benefiting from the new aid sources.
More about the Yellow Ribbon Program
Yale has been a part of the Yellow Ribbon Program since 2009. The original aid package only covered up to $5,000 of veterans’ tuition fees. Yale only allowed 50 students per year to receive this assistance. According to Rebekah Melville, Director of Financial Aid and MBA Admissions Committee Member at SOM, many potential veteran students turned to other schools because they could not afford Yale.
“It’s really about making it easier for veterans to include Yale on their list of schools that they want to spend time researching and ultimately getting more incredible people into the business school,” stated Melville.
According to Steven D. Westerfeld, a USDVA communications specialist, the Yellow Ribbon Program gives veterans more options when they apply for grad school. By being part of the program, Yale gives vets a chance to learn in an institution where they may not have been able to go.
Since the USDVA matches any merit-based financial aid given by Yale, the school is able to offer twice the amount it spends to get high-level students. Melville says that SOM’s military group has always been active. This is probably because the school has a mission to graduate business and societal leaders. In addition, SOM’s application criteria are in line with the skill sets that veterans possess.
This year, 23 of the 43 eligible for Yellow Ribbon at SOM are taking advantage of the benefits.
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