A merit-based scholarship is a very important part of getting the most out of your MBA education.
One of the crucial motivating parts is the return on investment in MBA education. Merit-based scholarships help you invest much less money into your degree, that’s why students are working hard to get it.
At many business schools, there is a wide range of scholarships and fellowships that can reduce your tuition fee significantly and do not have to be repaid, consequently downsizing your student debt. Such kinds of financial aid have become so widely used that many applicants expect the school to offer them one. On the other hand, schools are looking for the best students and motivate them with merit-based aid, BusinessBecause reports.
Of course, the amounts of the financial aid may be very different for different programs, even for different people. The money offered can range from $5,000 to the compensation of full tuition fees.
How do you get a merit-based scholarship at an MBA program?
1. Try to apply as early as possible
This can be even done before applying for admission to the desired schools. First, you have to make a good profile to make yourself attractive to your school.
Then, you should strive for making the best impression possible in your applications, interviews and in talks with alumni, students and faculty.
2. Don’t forget about the competition
When applicants compete for merit-based aid, it’s even worse than the competition for school admission. Not everyone admitted can get the merit-based scholarship.
The school’s choice of the most worthy students depends on many factors regarding the future student body’s profile. Officially, schools often mention merit-based scholarships given to students from underrepresented communities and with significant personal, academic and professional backgrounds.
These criteria often change, as schools will need a different diversity picture in their class. There is no apparent algorithm, and no feedback is given to students who applied for the scholarship.
3. Patience is important
At most schools, merit-based aid is allocated during admission, but some wait until they have a clear picture of their upcoming class. They are hoping that some of the admitted students will agree to enroll without the financial aid. For prospective students, it is all kinds of uncomfortable, especially if they apply to several schools at the same time.
4. You may need to adjust your application
There is a high degree of inconsistency in the application for merit-based financial aid. For instance, some schools change their initial offers if admitted students ask for it. At other schools, the amount of aid offered is discussed by the admissions committee after the admissions process.
At some business schools, the merit-based aid appeal process demands one more essay from applicants; sometimes, other documents are also needed. Some institutions demand a non-refundable deposit from their applicants before approving their financial aid. Hence, it’s necessary to know the school’s policy on offering merit-based scholarships.
5. Be honest in your application
Those students who eventually receive merit-based scholarships always pay great attention to their communication with the school. It’s best to show honest enthusiasm after receiving the approval and thank the admissions committee for their time and effort. One of the most awkward topics for students is to explain that they got a better offer from another schools. Nobody wants to risk their financial aid approval or even the admission itself.
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