Taking on debt to finance an MBA program only to take a job at a low-paying nonprofit organization after business school doesn’t add up to graduates being able to repay their loans. Fortunately, many top business schools have created programs to help ease the financial burden for those who go into nonprofit or other low-paying fields, according to a recent report in Bloomberg BusinessWeek.
In addition to Harvard Business School, which this year gave 19 students grants of $50,000 to supplement their first-year salaries, schools including Columbia Business School (CBS), Duke’s Fuqua School of Business, UMichigan’s Ross School of Business, Stanford Graduate School of Business and the University of Pennsylvania’s Wharton School all also offer financial assistance in one form or another to help graduates repay student loans, Bloomberg BW reports. And while many business school students don’t seem to know about these programs, they should: The benefits can extend for multiple years adding up to as much as $100,000 for some, Bloomberg BW adds.
CBS features a program that alumni can apply to in each of the five years following graduation. Priority is given to applicants earning $80,000 or less, and benefits range from $2,000 to $10,000 depending on the amount of outstanding loans a student has. At Fuqua, meanwhile, a loan assistance program extends benefits of up to $8,000 a year to graduates for up to eight years following graduation. And at Wharton, a program will award up to $20,000 a year for five years after graduation, although actual amounts depend on available funding.
If you are contemplating a post-MBA job at a nonprofit or in another low-paying field, definitely check out the Bloomberg BW piece, “MBAs at Nonprofits Get a Helping Hand with Student Loans,” for more on loan repayment assistance at these and other top schools.
And while we’re on the subject of finances, in case you missed it, Clear Admit recently published a new guide entitled “Financing the MBA,” which helps you understand how much an MBA will cost and where to find information on merit- and need-based scholarships to help you finance your education.