Are you thinking about a business degree? Are you worried about the cost? Relax. A number of top business schools are now doling out substantial quantities of financial aid.
So says a new survey of business school financial aid offers by the business education website Poets & Quants, which found that the top 25 business schools are awarding an estimated $232.7 million in grants in the current school year. At Rice University, about 94 percent of students are receiving some financial aid, for example. And Harvard Business School is giving away about $31.5 million, spread among 65 percent of its 1,868 students, according Poets & Quants.
"Every one of [these schools] is discounting, and some of them are discounting fairly aggressively," said John Byrne, editor in chief of Poets & Quants, adding that "the scholarship game has really heated up" over the past five years.
UCLA's Anderson School of Management more than doubled its funding from $5.8 million to $12.1 million in the last five years, for example, and the average grant awarded by Washington University's Olin Business School rose from $26,200 to $31,328.
But the financial aid largesse is not limited to the top schools. According to the Graduate Management Admission Council, 96 percent of full-time, two-year MBA programs offered financial aid in the 2013-2014 year. (Those awards may help offset some of the increase in business school tuition: The Association to Advance Collegiate Schools of Business reports that tuition rose an average of 23.2 percent for North American business schools between the 2007-08 and 2011-12 academic years.)