GMAC recently announced that it has expanded its GMAT fee waiver program for the coming year. The new program builds on an existing initiative that helps people cover the cost of taking the GMAT.
The expanded program permits business schools that use the GMAT to offer free access to the standardized entrance exam to a limited number of prospective students whose financial situations prevent them from paying the $250 fee on their own. Participating MBA programs will determine rules to select people to receive the fee waivers.
Interestingly, although GMAC underwrites the fee waivers (i.e., GMAC just forgoes the revenue; the school’s don’t have to pay anything), it leaves it to each school to determine who among its applicant pool is “economically disadvantaged.” That means that you only need to make your case to your target school, rather than to GMAC. And, although GMAC only allows business schools to request up to 10 fee waivers at one time, they sound pretty open-minded about accepting more if a school has more applicants who have demonstrated need.
So, how do you get a GMAT fee waiver? Contact your target school and see if they have an official program in place to help underrepresented minorities or economically disadvantaged applicants. If they do, then just follow their instructions. If not, though, just send them to this page at GMAC.com and show them how easy it is. GMAC does a nice job of taking almost all of the administrative burden (not to mention the cost) off of the schools’ shoulders, so for the schools, it’s almost a no-brainer.