NYU Stern School of Business Establishes Loan Assistance Program for MBAs
NYU Stern, with support from its Social Enterprise Association MBA club, announces 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. 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,” said Peter Henry, Dean, NYU Stern. “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.
"We are thrilled to be a part of launching the Stern Loan Assistance Program. This is a major step forward for our community, and solidly aligns our mission and values with the financial support that is necessary for students to pursue careers in social enterprise,” said Matt Edmundson and Daniel Saat, Social Enterprise Association MBA co-presidents, 2011-2012. Matt, who graduates from Stern this May, in partnership with classmate Jennifer Tsai, is launching a company to provide solutions to maternal anemia in India. Daniel is entering his final year of the MBA/MPA dual degree program at NYU Stern and the Wagner School of Public Service, and will be working for a micro-lending financial institution in China this summer.
“The Stern MBA Class of 2010 has already raised nearly $90,000 to date to support loan assistance through our class legacy gift to the School,” reported Gianna Shepard, MBA ’10, Legacy co-chair and former officer in the Social Enterprise Association. “As students we helped to create social enterprise initiatives within the school, and now as alumni, we can help members of our community pursue their passion and make a difference for society.”
About NYU Stern School of Business
Located in the heart of Greenwich Village, New York University Stern School of Business is one of the world’s premier research and teaching institutions. NYU Stern offers a broad portfolio of graduate and undergraduate programs, all of them informed and enriched by the dynamism, energy, and resources of one of the world’s business capitals. Follow NYU Stern on Twitter at @NYUStern and find additional information at www.stern.nyu.edu.
NYU Stern School of Business