Hoping to encourage more of its MBA graduates to pursue career in social enterprise, NYU Stern has just announced a new Loan Assistance Program for full-time, part-time and Executive MBA grads. The program, launched with the support of Stern’s Social Enterprise Association MBA club, seeks to ease some of the pain of repaying student loans for those who pursue careers in these important but less lucrative careers.
This program doesn’t only apply to current NYU Stern students. Anyone may apply for the Loan Assistance Program within 10 years of graduation, meaning that people who earned that MBAs from NYU Stern as far back as 2003 are still eligible to apply. So, even if someone decided to embark on a career in social e enterprise a few years after leaving school, they still can apply for help with their loans.
According to an information sheet on Stern’s website:
The Loan Assistance Program is intended to encourage Stern MBAs to take leadership positions in organizations with a social mission. These positions typically pay lower salaries and MBA graduates can add significant value to these organizations and address their needs. However, graduating student and alumni may be reluctant to pursue these positions due to their financial need to repay their student loans. The Loan Assistance Program is designed to help alleviate the financial burden associated with repaying education loans while pursuing a career in these organizations.
The Loan Assistance Program is not an entitlement; eligibility and selection are determined by the NYU Stern Graduate Financial Aid office, and benefits are distributed on a funds-available basis.
Just who can apply? Anyone who works for a tax-exempt non-profit organization or a government agency, either in the United States or abroad, is likely eligible, provided that their annual salary is no more than $100,000 and they are currently up-to-date on their loan repayments. The maximum amount of assistance that the program may grant is $15,000 per year.
We love that NYU Stern is putting its money where its mouth is, and that the program is retroactive, so that even grads who are nearly a decade into their post-MBA careers can still benefit. We hope to see other top MBA programs follow suit.
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