An MBA is a versatile degree, and for those with somewhat less conventional career goals, there are some little-known opportunities available to help finance your education. For those who are considering careers in the non-profit or public sectors after business school, but are concerned with taking on loans, there are several business schools that offer repayment assistance options that can make an MBA make good business sense.
The business schools featured below provide assistance to their MBA graduates who are interested in public service careers, which tend to offer lower salaries than the private sector. As a reward for this sacrifice, these programs are willing to help eliminate or reduce repayment of incurred loans for several years after program completion.
Credible is committed to providing graduates with all of their options to help repay their student debt. These programs have the opportunity to reap thousands of dollars in lifetime savings, and if you are fortunate enough to attend one of these exceptional institutions, it could really pay to take a closer look. If public loan forgiveness is not the right option for you, but you are still searching for ways to save on your loans, refinancing may be another way to boost the ROI on your MBA.
|Berkeley - Haas School of Business||Loan Repayment Assistance Program||
The program offers MBA graduates loan repayment assistance for those employed in the public or nonprofit sectors where salaries are typically lower than in the private sector. Applicants must work at an eligible organization and must be reimbursed for all or a portion of the qualified minimum educational loan payment made in the preceding six months. Awards will be granted on a semi-annual basis.
|Columbia University School of Business||Columbia Loan Assistance Program||
Assistance Program aims to encourage MBAs to take management and leadership positions in the public and nonprofit sectors. Eligibility is based on the date of graduation (within five years), the nature of the graduate's employment and financial need (including income and loans). Applicants earning $80,000 or less annually are given priority for loan assistance, but all salary ranges are eligible to apply. Annual assistance amount is based upon total debt with annual assistance range between $2,000 and $20,000.
|Duke University -- Fuqua School of Business||The Fuqua Loan Assistance Program||
Provides loan forgiveness awards to qualifying Duke MBA alumni who work full-time for eligible nonprofit and government organizations and have goals of making a positive impact in the social sector. Federal and private MBA loans undertaken for the cost of the MBA are eligible. Alumni may be granted forgiveness up to $8,000 annually and are expected to provide repayment. Personal contribution to loans required will rise with income. Duke MBA alumni are eligible for up to 8 years post completion of MBA degree.
|Harvard Business School (HBS)||Harvard Loan Forgiveness||
Eligible to those who have accepted a full-time job (35 hours a week minimum) with an eligible nonprofit or public sector organization within ten years of graduating from HBS. The maximum eligible award ($10,000 per year) is for those with annual adjusted incomes of up to $80,000, and higher income levels may be eligible for partial coverage. Awards are based on level of responsibility, level of need for this type of position in the community, and opportunity for development.
|University of Michigan - Ross MBA||Loan Repayment Assistance Program||
Program provides repayment assistance to graduates who pursue careers in nonprofit and public sector organizations. Applicants must be employed full-time, experience need and be U.S. citizens or U.S. permanent residents. In exchange for service directed work, a portion of the graduate's qualifying MBA loans will be paid. The average payment was $2,000 in 2013.
|New York University - Stern||NYU Loan Assistance Program||
Program is intended to encourage Stern MBAs to take leadership positions in organizations with a social mission. Stern graduates that have graduated in the past ten years are eligible to participate and must commit to full-time employment at an eligible organization. Applicants will receive compensation for salaries up to $100,000 and determined on a salary and total loan amount basis. The maximum award benefit is $15,000 for those earning below $60,000 with eligible loans above $110,000.
|University of Pennsylvania -- Wharton||The John M. Bendheim Loan Forgiveness Fund for Public Service||
Designed to encourage Wharton MBA graduates to pursue careers in the public and non-profit sectors. The award is open to Wharton MBAs during the first five years after their graduation. Recipients must be pursuing careers within eligible sectors and awards are based on a combination of activity, career goals and financial need. Awards up to $20,000 per year will be paid to the student loan lender and there is no limit to the number of times an applicant may apply within the five years after graduation.
|Stanford Business School (GSB)||Stanford MBA Nonprofit/Public Service Loan Forgiveness Program||
The objective of the program is to encourage MBAs to enter nonprofit and public-service sectors by reducing the financial impact of their educational debt. All Stanford MBA graduates may apply as long as they are still in loan repayment. Eligibility is determined by the Financial Aid Office and is based on a percentage of median base salary. Applicants can work at a for-profit organization as long as they work at least part time at a qualified organization such as a qualified nonprofit or government organization. Full annual payment to MBA loans will be awarded to applicants with an adjusted income below $75,000.
|Yale University MBA||Yale University Forgiveness Program||
The program provides support to qualified alumni working in the public or nonprofit sectors. Alumni of the Yale School of Management MBA and MAM programs are eligible if they meet the requirements with respect to type of employment, income, and eligible education loans. Program will support the repayment of annual need-based loans to a maximum of $10,100 per year. A maximum income level for program support is set at $111,000 and max coverage is eligible for income levels up to $83,900. MBA alumni may apply at any time during the first 10 years following graduation.
Stay updated on all MBA repayment assistance programs and learn more about managing your student loans at Credible.