Figuring out how to pay for your MBA can be a challenge, from scholarships, to loans, to fellowships, there are many avenues to explore when starting your MBA journey. We often tell prospective students, there is no one right way to fund your education, it just has to be right for you.
For many of our international students, we understand that this process can be even more complicated, so we have compiled a list of FAQs that are tailored to the international student financial aid experience.
Yes, everyone admitted to Tuck is considered for a scholarship. There is no separate application for Tuck scholarships. Tuck’s admissions and financial aid offices will review the application materials submitted by all candidates for admission. Tuck uses discretion in awarding scholarships to incoming students who will significantly contribute to Tuck’s distinctly immersive learning community. We offer scholarships to enroll outstanding students who, absent funding, might not attend the Tuck School.
There are loan options available for international students looking to finance their MBA. We are aware that many of our international students do not have an established credit history in the US. In cases like this, Tuck does offer a no cosigner Custom International Loan. Through this loan program students are eligible to borrow up to 80 percent of the cost of attendance annually. This amount is determined by a needs analysis using the information provided on the international financial aid application. The maximum amount of the loan in addition to any other aid cannot exceed the full cost of attendance.
International citizens with demonstrated need may also be eligible to borrow institutional loans such as Tuck 5% Loan and the Tuck Educational Loan Fund. These loans are interest-free while the student is enrolled at Tuck and five percent during the repayment period. International students may also be eligible for other types of loans if they have a U.S. cosigner with positive credit history.
There are no specific percentages we allocate to any demographic of our admitted students. Tuck scholarships range from $10,000 to full tuition with the average being $29,290. Scholarships are automatically renewed in the second year provided that a satisfactory academic record is maintained throughout the first year at Tuck. We have been fortunate enough to increase the size of our scholarship budget at Tuck to continue reducing financial barriers for strong candidates for whom the Tuck mission is resonant.
Students can apply for financial aid at any point after they are admitted. The application deadlines posted on our website are not eligibility deadlines. They are merely to guarantee that an admitted student in Round 1 will receive their eligibility letter prior to Admitted Students Weekend or before the enrollment deadline for students admitted in later rounds.
Scholarships are granted in the first year and are automatically renewed in the second year provided that a satisfactory academic record is maintained throughout the first year. The admissions and financial aid team do not reevaluate students in the second year for scholarship. However, there are a couple of opportunities to apply for scholarship in your second year that are based on academic excellence in the first year.
We encourage our international students to investigate funding sources in their home country. Some organizations offer scholarships to foster the professional development of international students. For reference, additional resources for outside scholarships have been compiled in the Outside Scholarship Guide.
Scholarships and education loans can be used as proof of funding when completing the Tuck Student Form which is submitted during the I-20 process. Students must first apply for aid and receive approval for the loan.
We hope these FAQs have given you some insight into the financial aid process and answered common questions we receive from international students. Our Financing Your Degree section on the Tuck website is a wonderful resource for anyone looking for more financial aid-related information.