Should You Try to Negotiate a Merit Scholarship?
Landing a seat in the MBA program of your dreams is a significant accomplishment. It makes all of those months of application preparation (and worrying) worth it. If you’ve also received a merit scholarship, good for you!
When you suddenly find yourself with a financial incentive to attend a particular business school, you’ll understandably feel honored and thrilled at your good fortune. However, if you’ve received more than one offer of admission, this unexpected twist can often make your ultimate decision that much more complicated.
Despite what many people think, getting accepted into B-school is just the start of your financial journey. With tuition fees shooting up like crazy, meticulous planning to finance your education is crucial. Merit scholarships offer a way to lighten the financial load, but getting the most out of them often requires assertiveness.
Here’s something that lucky future business school students often forget: you can try to negotiate merit scholarships.
Maybe you received drastically different scholarship amounts for two or more programs. Or perhaps you received a financial award for one school but nothing for another. Why not contact the AdCom and explain your situation? Begin by expressing your gratitude for the admissions offer. Then, ask about any additional scholarships you might be able to apply for. Being timely enhances the likelihood of a favorable response.
While advocating for additional financial aid, maintain a professional demeanor. This should go without saying, but we caution against naming the competing institution, sharing your offer letter, or making demands. Instead, reiterate your deep interest in attending their program, and then ask if they would consider increasing their merit scholarship offer (or any scholarship amount) because you now have another offer of acceptance and financial incentive on the table.
If possible, emphasize recent accolades or accomplishments that underscore your merit as a candidate. A tailored pitch demonstrates sincerity and reinforces your candidacy.
The best way to negotiate an MBA merit scholarship
Don’t miss B-Schooled Podcast Episode #44 on MBA scholarships. That episode covers:
- How accepted MBA candidates should go about asking for an increase in merit aid, whether they were offered anything initially or not;
- The four positions a candidate might be negotiating from and tactics associated with each, and
- Detailed advice for approaching such an ask over the phone vs. email.
Ultimately, this is one of those rare situations in life where you have nothing to lose if handled professionally. Asking for more money through scholarship negotiations is a smart move that shows you’re serious about your education and future. Negotiating financial aid can pay off big time if you approach it right. Don’t be afraid to speak up for yourself and get the support you need to reach your academic goals.
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Finding, applying for, and sorting out MBA financial aid opportunities can be tedious and confusing. If you have already been admitted to your dream MBA program and would like help applying for financial aid as a US or international candidate, we are here to help with SBC’s Financial Aid Advisory service. Contact us today to learn more!
What clients are saying:
“Jodi is an angel to the financial aid process. I have a very unique set of circumstances that qualify me for aid, but one must have a mastery of both the federal laws and the private school policies to understand how to unlock the available aid. Jodi is that person. I would not have received my generous award were it not for Jodi‘s understanding of the rules of the road, and her micromanagement of the process.”
