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($) How the schools are adapting to coronavirus and what it means for you: MBA Scholarship opportunities

March 26, 2020 by EssaySnark Leave a Comment

Along with all the waitlist offers we’ve already started to see for Round 2, there’s one more unfortunate side effect of coronavirus on the admissions cycle right now, and that’s unfortunately a tightening of the pocketbook and a decrease in the amount of scholarships that schools are likely to dole out.

This is for several reasons, including:

  • They’re admitting more applicants than usual, because they expect yield to go down (yield is the ratio of accepted students who actually take them up on the offer of admission, and pay a deposit and enroll)
  • The stock market, in case you haven’t heard, is in the dumps

That last point has three impacts. Because of the very significant devaluing of the stock market:

  1. The schools’ endowments have taken a major hit
  2. Deep-pocketed alumni may suddenly find themselves in a less-generous position — the schools can’t count on the level of gifts coming in from generous philanthropists
  3. Fewer students are going to pay cash for their tuition; this hits more on the undergrad side where a decent percentage of parents foot the bill for their kids’ education, but it can still be a factor in graduate tuition receipts

The schools do have a good chunk of money already allocated for scholarship offers in Round 2. However, they’re going to be setting more of that aside for possible use with admits for Round 3, given how much emphasis they’re now placing on keeping their admissions cycles open for longer. So it’s not like nobody’s gonna get any free money. They’re also conscious of the reality that the longer this coronavirus thing progresses, the more financial trouble some applicants and admits may find themselves in, due to layoffs and job losses. That doesn’t usually affect a school’s ability to offer free money, but the admissions offices are going to want to have some tools in their toolbet in order to entice some in-demand strnog-profile candidates to actually matriculate there. It might be easier than normal to get an admit to a lot of schools in the coming few months, but it’s likely going to be much much harder to also see some hefty scholarship awards coming along with the admit.

And, if you’re one of many who end up on the waitlist, if you do end up converting that to an offer, it’s highly unlikely that there will be any funds available to offer you a scholarship along with that later on. The admissions season we went through last year, for the Class of 2021, was one of the only times we ever saw waitlisted admits also get some scholarship awards. This season is likely to revert to that previous state, where if you got in from the waitlist, you would consider yourself lucky, and not expect to also get tossed some dollars along the way too.

If you are currently waiting on news from Round 2, then we don’t want to squash all hope of getting a scholarship — but we don’t think it’s going to be an environment where you can play schools off each other as some folks have done in the recent past.

Basically what we’re saying is, in some cases, the schools will be motivated to try and work with you, if you have an admit in hand. But they are unlikely to be very generous with those scholarships, based on the tremendous pressures that institutions of higher ed are suddenly under. Most of the schools are freaking out about their endowments and worried about tuition coming in with the stock market in freefall. They’re going to be re-entering that previous era of fiscal conservativeness (is that a word?? the snarky brain isn’t working that great with all this stress and anxiety), as we all are now doing.

And along the same lines: If you’re planning on going to school in the Fall, be very careful with your credit right now, and take a hard look at your savings. Internationals may have a very tight market in trying to get student loans in the U.S. This is something that may not be visible yet in terms of overall impact on education, but we are betting it’s going to come soon. Hopefully the stock market has seen its bottom (though EssaySnark doesn’t actually believe that it has) — and we’ll start to see stabilization in all of these important areas of the economy soon.

If you’re collecting admits and offers of scholarship right now, be sure to update your School Targets in My SnarkCenter to let us know so that we can celebrate alongside you! It’s truly wonderful to be getting the good news, given all that everyone is going through.

Stay safe, BSer!

 
 

 
 

Coronavirus and the MBA

  • Coronavirus and Round 2 decisions
  • When will business schools reopen for on-campus instruction?
  • Coronavirus: Standardized testing and Round 3 apps
  • Coronavirus and You: What if you’re graduating this Spring 2020?

 
 

Filed Under: coronavirus, tuition Tagged With: financial aid

« Previous: A study in contrasts: Round 3 coronavirus changes in MBA admissions at Darden and Tuck
Next: ($) Coronavirus and the MBA: What if you’re graduating this Spring? »

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From a BSer January 2020:
"love the guide books!"


CLASS OF 2023 MBA APPLICATION STRATEGY GUIDES

     
    The 2020 Berkeley-Haas MBA Application Guide - updated for the Class of 2023 application!
SnarkStrategies Guide for Berkeley Haas - refreshed and updated, with brainstorming exercises and structured maps to help you focus your stories!
   
    The 2020-2021 NYU Stern MBA Application Guide that covers the main essay, the EQ Endorsement and Pick Six!
SnarkStrategies Guide for NYU - discusses your requirements for the Class of 2023 essays!
   
    The 2020-2021 Columbia MBA Application Guide
SnarkStrategies Guide for Columbia Business School for 2020-2021 applications
   
    The 2020 Harvard MBA Application Guide - completely overhauled and updated for the coronavirus era!
SnarkStrategies Guide for Harvard Business School!
   
    The 2020-2021 Duke Essay Guide - covers the 25 Random Things essay and all the rest too!
SnarkStrategies Guide for Duke Fuqua - up to date for the current season!
   
    The 2020-2021 MIT Essay Guide covers the org chart, the contacts for two references, and additional tips for the cover letter and 'introduce yourself' video -- and everything else you need to know!
SnarkStrategies Guide for MIT Sloan MBA - totally revised for the Class of 2023!
   
    The 2020-2021 Tuck Essay Guide has been refreshed with latest insights and advice for your essays about "investing generously" and "why Tuck"!
SnarkStrategies Guide for the Dartmouth Tuck MBA - completely overhauled for 2020, to help you demonstrate how you are nice, aware, etc stuff!
   
    The Yale SOM MBA Application Guide for Class of 2023 candidates!
SnarkStrategies Guide for Yale SOM - updated for 2020-2021
   
    The 2020-2021 Chicago Booth MBA Application Guide - ready to go to support your Class of 2023 essay strategy!
SnarkStrategies Guide for Chicago Booth for this year's MBA app!
   
    The 2020 Wharton MBA Application Guide - even more advice on how to get to a win with those essays!
SnarkStrategies Guide for The Wharton School - with new tips for 2020!
   
    The 2020 Kellogg Essay Guide - with a full methodology to identify your 'lasting impact' and your 'values' -- plus tips on 2020 world events and applicability to your essays!
SnarkStrategies Guide for Kellogg MBA - updated and revised for the new realities of 2020!    
      The 2020 Stanford MBA Application Guide - for "what matters most" in your MBA application!
SnarkStrategies Guide for Stanford GSB for the Class of 2023
   
    The 2020-2021 UCLA Anderson MBA Application Guide - updated for Class of 2023 on "impact"!
SnarkStrategies Guide for 
UCLA
   
   

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  • 2020: Becoming your future self
  • 2019: What's going on with Fuqua?
  • 2019: ($) What we've seen with a few "bad MBA interview" situations
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