M7 Financial Aid
I'm a consultant at MBB looking to go to business school next fall. I currently am leaning against taking business school sponsorship from my firm, and I'm looking at what the impact of paying out of pocket would be on my finances. Merit aid aside, I've seen stats that a decent portion (~30-40%) of students at top schools receive some sort of financial aid and the average award is as high as ~$40k per year (for example, Stanford's avg. award is $47k).
I assumed that, as an MBB consultant, my income would be too high for financial aid. But I recently had a conversation with a friend at Stanford GSB who's a former MBB consultant and got $40k per year in aid. I don't know what his assets and student debt looks like though.
Based on my finances, is there any chance I'd receive financial aid?
- Annual income: $127k first year, $137k second year, ~$140k third year (spent part of the year doing a secondment and I took a pay cut)
- Assets: $20k HYSA and checking, $70k taxable brokerage, $30k Roth IRA, $60k 401(k)
- Debt: No debt (took a full-ride at a state school and graduated debt-free, car is paid off)
- Net worth: $180k
I'm most curious about Harvard, Stanford, Wharton, and Columbia.
Based on the most helpful WSO content, here's what you need to know about financial aid for M7 MBA programs:
Financial Aid Eligibility:
Income and Assets:
Examples from WSO:
Average Awards:
Considerations:
Next Steps:
For more detailed advice, you might want to check out the following WSO threads: - https://www.wallstreetoasis.com/forum/school/ask-mbamission-about-busin…</a">Ask mbaMission about Business School Admissions - https://www.wallstreetoasis.com/forum/school/get-an-edge-on-the-competi…</a">Get an edge on the competition - ask Vantage Point MBA your business school application questions
Good luck with your applications!
Sources: Ask mbaMission about Business School Admissions, Ask mbaMission about Business School Admissions, Is it possible to get accepted into an M7 MBA program when you don't have enough money to afford it?, Rising Junior Losing Hope and In Need of Advice, Q&A: Disadvantaged Background to A2A Promote at Elite Boutique
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Fishbowl and r/mba could give you better answers than here imo.
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