Funding your B-school studies

With rising costs for graduate study and ongoing concerns about exactly when we will officially exit the economic recession, prospective students have big questions about how to finance an MBA or Master’s degree.  There are a number of opportunities to finance the degree that will lead to a strong “return on investment” – especially if you pre-plan for grad school.

First, some definition around the types of funding that full-time students usually access.  Keep in mind that most students use a combination of several of the sources below:

Merit-scholarships – Offered to top enrolling students after considering your application and candidate profile.  This type of funding often requires an early round-application for full consideration.  Essentially money that goes toward the tuition costs of your study.  Scholarships range from smaller partial awards to full-tuition funding.

Graduate Assistantships – Part-time employment at the University that provides compensation toward your tuition or living expenses.  It may be based upon academic credentials or other skills that you demonstrate that are a fit for the type of work that you would be doing

Loans – The US government offers loans to citizens and residents as long as you are not in default from prior undergraduate or graduate loans.  There are also private educational loans available that will be based upon your credit-score and debt/income ratio.  If your credit score is weaker, then you need to also work on a plan to improve that, or alternatively identify a credit-worthy co-signer if you are seeking private educational loans.

Personal/family funds – I strongly recommend that you develop a financial plan to reduce debt and set aside savings toward the B-school investment.

Simon has recently been ranked the #1 private US B-school by Bloomberg BusinessWeek for “Return on Investment” with the average graduate seeing financial  pay-back in 3.8 years.  Some additional proof-points that substantiate this ranking:

• More than 80% of full-time Simon students received funding toward the MBA or MS degree.
• We offer a special  Scholarship Weekend event where top admitted students come to campus to compete for additional scholarship support beyond the initial offer at the time of admission.

We are very interested in attracting the best and brightest students and partnering in the B-school investment to facilitate your enrollment.  Are you interested in more details about Simon scholarships?  Visit our School profile page on “Beat the GMAT” for my recent online chat transcript on funding your studies or the Simon Website.

Rebekah S. Lewin, MBA ’02
Executive Director of Admissions & Administration

 

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