How the Chicago Booth School of Business Helps LowIncome Applicants

first_imgDavid W. Fox ScholarshipAnother 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.” Distinguished FellowshipStudents 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. 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 FellowshipsThough 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 AwardThis 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.” How the Chicago Booth School of Business Helps Low-Income Applicants George J. Stigler FellowshipThis awarded is granted to students who excel in fields such as law, economics, and business. regions: Chicago About the AuthorJillian MarkowitzView more posts by Jillian Markowitz RelatedThe Growth of International Indian MBA StudentsIncrease in Indian MBA Students It shouldn’t be a surprise to anyone that top MBA programs are being flooded with applications from Indian candidates. According to the Graduate Management Admission Council, the number of Indians taking the GMAT increased by nearly 20 percent from 2010 to 2012, and more than half…March 3, 2016In “Featured Home”Getting Your Money’s Worth: The Return on Investment of the Chicago MBAAlthough a growing number of business schools throughout the country are offering part-time or Flex MBA programs, many ambitious business students still choose to pursue their education full-time. However, the often high price of tuition combined with two years of lost income can be a huge deterrent in students choosing…October 26, 2017In “Featured Home”These LA Business Schools Are Helping Low Income Students Pursue Their DreamsFor many low-income applicants, unfortunately, the cost of an MBA program is just out of reach. That’s because, by the time you count tuition (often upwards of $80,000), boarding and books ($40,000), and other expenditures, the average cost of an MBA is around $140,000 according to Investopedia. And that’s all…February 19, 2018In “Admissions Tips” Last Updated Sep 5, 2017 by Jillian MarkowitzFacebookTwitterLinkedinemail Forté Foundation FellowshipThis 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.” You can learn more about Booth’s scholarship opportunities here.LoansBooth 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.last_img