New York University Stern School of Business, with support from its Social Enterprise Association MBA club, has announced the establishment of a Loan Assistance Program for full-time, part-time and Executive MBA graduates. The program seeks to reduce the financial burden of repaying business school loans among graduates who pursue career paths in social enterprise.
Careers in this field often have smaller compensation packages than tracks such as financial services, consulting and marketing, and this new initiative supports the School’s mission to develop leaders who create value for business and society.
“Business has the power to improve the world,” says NYU Stern’s dean, Peter Henry. “We encourage students to consider the world’s most pressing issues as opportunities to raise their ambitions to create value for business and society. With our new Loan Assistance Program, we hope to minimize financial constraints that might otherwise dissuade our students from exploring opportunities about which they are passionate.”
MBA graduates who earn up to $100,000 may apply annually to NYU Stern’s Graduate Financial Aid Office for the Loan Assistance Program within the first 10 years of their graduation. They have the potential to receive up to $15,000 each year, based on a sliding scale, which represents one of the highest amounts from business schools.
In addition, Stern has broadened the definition of eligibility compared to peer schools. Graduates may apply if they work in a US or international organization with a socially oriented mission, including not only tax-exempt organizations, government agencies and nonprofits, but also L3c and certified B companies.
The application deadline is November 1. Current MBA students graduating this May may pre-apply for the program up until June 15, with the awards contingent upon their meeting the program’s criteria by November. Beginning in 2013, the pre-application deadline will be February 1.