Yahoo Finance Get More Money for Business School in 5 Steps
Reduce the Cost of an MBA
The return on investment for an MBA program can be high, with many new grads having a favorable salary and bonus-to-debt ratio. But coming up with the initial money for tuition and fees can be tough.
Accepted applicants usually have more leverage than other prospective students when it comes to getting financial aid and scholarships. Here's how they can be strategic about asking schools for more money.
1. Establish a relationship with the admissions team
When an admissions or financial aid officer can match applicants' names to their faces, the prospective students may have a better chance of getting aid, experts say.
How to Do It
MBA applicants should be candid about their financial situation and show a concerted interest in the university when speaking with someone from admissions, Ted Evans, then an admissions manager at Case Western Reserve University's Weatherhead School of Management, told U.S. News.
Prospective students can develop a relationship with a staff member through email, but an in-person visit is best.
2. Plan to make an early request
Business schools are known for admitting candidates on a rolling basis over several rounds.
As more students are accepted, more aid is doled out, and there may be competition for cash.
How to Do It
It's best to ask for more financial aid sooner than later, says Alex Leventhal, founder of Prep MBA, which helps prospective business school students get into school.
"I wouldn't wait too long to get the process going because there are other people who will be trying to get more and maybe there's a little bit of a max per round."
3. Build a case for yourself
Simply asking for more aid or scholarship offerings likely won't cut it.
"You really need a reason," says Leventhal.
How to Do It
When asking for money, an applicant could say something along these lines if another MBA program has given them a more competitive offer: "Another school has given me some more financial aid. Would it be possible for you guys to kind of up the offer?" Leventhal says.
4. Prepare to negotiate
Many accepted applicants receive scholarships, but these awards may only cover one year's tuition and fees.
How to Do It
These prospective MBAs should ask if their scholarships can be applied for more than one school year, Evelyn Tate, director of graduate recruitment and admissions at the D'Amore-McKim School of Business at Northeastern University, told U.S. News.
"If you don't ask, then you're not going to get a renewed scholarship," she says.
5. Show enthusiasm and gratitude
"State clearly that the school is your top choice," says Leventhal of Prep MBA.
How to Do It
Leventhal, who received his MBA from Harvard University, says prospective students shouldn't expect to go back and forth with a school on aid packages. If a school increases its offer, students shouldn't rebuff with another ask.
"I wouldn't treat this as a long negotiation," he says. "What you get generally back from them is what you're going to get."
More on Paying for Business School
Learn about the hidden costs of an MBA education, and get our complete rankings of the 2017 Best Business Schools.
For additional advice and information on how to get accepted into law school, connect with U.S. News Education on Facebook and Twitter.
More From US News & World Report
