Financial Aid & Scholarships

Attending college is a major decision that requires a significant investment financially as well as your time and effort. This why when applying to Saunders College of Business, you have a dedicated financial aid advisor. They are available to coach you through the many financial aid and scholarship options you may consider.

Financial aid options for graduate students include scholarships, paid Graduate Student Worker positions, private or government loans, as well as optional paid cooperative education opportunities. Just last year RIT provided over $24 million in financial support to approximately 2,600 graduate students.

A graduate degree delivers a high return on investment as they are the key to a lifetime of higher earnings. 

While Saunders College Admissions oversees final admissions decisions and scholarship awards, the RIT Office of Financial Aid & Scholarships website provides a full range of resources to assist you in planning your finances for your graduate education.

See our Costs and Tuition information for attending Saunders College to find details on tuition, estimated costs, and payment options information via the RIT Office of Financial Aid & Scholarships webpages.

Scholarships

All applicants to our programs are reviewed for possible scholarships at the time the admissions committee meets to make their admissions decisions. Scholarships are merit-based in nature and take into consideration your previous academic background, performance on the GMAT/GRE and TOEFL/IELTS (international only) exams, as well as any work experience and/or activities you may have.

Scholarship Awards for RIT Students

Students from RIT who meet the full admissions requirements to the MBA program will receive a minimum 20% scholarship award. Review of Saunders scholarship awards takes place along with department admission decisions.

Scholarship Awards for RIT Honors Students

RIT Honors students applying to Saunders College of Business graduate programs can now qualify for a 50% scholarship and apply for a GMAT/GRE waiver. This applies to all applicants who successfully complete the requirements of the RIT Honors Program upon certification and are accepted into Saunders College. Please see the Saunders Honors page for more details.

Scholarship Awards for Non-RIT and Partner Schools

Any student from each of Saunders’ non-RIT 4+1 partner institutions who meet the full admissions requirements can receive a minimum 35% award. Review of Saunders scholarship awards takes place along with department admission decisions. 

Admissions Scholarships

Saunders College of Business awards admissions scholarships to accepted students at the time of acceptance. You will be notified of any available scholarships upon receiving your acceptance notification. Awards are determined after a review of all application materials and therefore cannot be determined until applications are completed in full.

Financial aid options and scholarships are determined based on the order in which completed applications are received. Therefore we encourage you to complete your application for admission as early as possible prior to your intended start date, to have the best chance at receiving available scholarship support.

Saunders Endowed Scholarships

Saunders College Scholarships Application Process

Undergraduate and graduate students who meet the requirements listed below should submit a Saunders College Scholarship application.

The application deadline is February 15.

You only need to submit one application per year, and you do not need to apply for a specific scholarship as all applications are reviewed and considered for all opportunities available.

Undergraduate Scholarship Requirements

Eligible students may apply for Undergraduate Saunders College Scholarships after completing 12 credits at RIT. Please review these criteria that you must meet before applying:

  • A cumulative grade point average of at least 3.50.
  • Earned a minimum of 12 credit hours from Rochester Institute of Technology.
  • Be enrolled full-time in a Saunders College of Business undergraduate program.
  • PREP students are not eligible for Saunders College Scholarships.
  • Bridge students are not eligible for Saunders College Scholarships.

Submit your Saunders College Scholarship application by February 15!

Graduate Scholarship Requirements

Please review these criteria that you must meet before applying for Graduate Saunders College Scholarships:

  • A cumulative grade point average of at least 3.70.
  • Earned a minimum of nine graduate credit hours from Rochester Institute of Technology.
  • Awardees must be enrolled in a Saunders College of Business graduate program.
  • PREP students are not eligible for Saunders College Scholarships.
  • Executive MBA students are not eligible for Saunders College Scholarships.

Submit your Saunders College Scholarship application by February 15!

List of Saunders College Scholarships
Scholarship Details
Brian E. Hickey and Jean P. Hickey Endowed MBA Scholarship Established in October 2004, and revised in 2016, the Brian E Hickey and Jean P. Hickey Endowed MBA Scholarship provides academic scholarship(s) annually to full or part-time MBA or EMBA students in Saunders College of Business at RIT, with a preference for students who are graduates of St. Bonaventure University.
Daniel D. Tessoni Endowed Scholarship in Accounting Established in October 2007 to provide scholarships annually to students majoring in the field of Accounting in Saunders Saunders College of Business at RIT.
Donald Margolis CPA Endowed Scholarship Established to provide annual scholarship support for qualified and deserving students from the Rochester Metropolitan Area who are selected by virtue of merit, need, and interest to aspire, to careers as Certified Public Accountants.
Donald Zrebiec Scholarship Fund Established to provide annual scholarship support for qualified and deserving students in RIT's Saunders College of Business, who by virtue of merit, need or interest, aspire to careers in business.
Donn J. Calabrese Family Scholarship Fund Established in 2003, the Donn J. Calabrese Family Scholarship provides academic scholarships to students in Saunders College of Business.
Dr. Eugene H. Fram Endowed Scholarship Established in 2002 to students in Saunders College of Business at RIT.
Hope & Lance Drummond Scholarship Established in 2017 to provide scholarship support to RIT students with a preference for students from Jamaica, or of Jamaican or African American descent, enrolled in Saunders College of Business.
Jack Shirman Scholarship Established for full-time undergraduate or graduate students enrolled in Saunders College of Business.
John J. Wittman II Memorial Endowed Scholarship Established in 1986 to provide a monetary merit award to students in Saunders College at RIT who demonstrate the qualities of perseverance and hard work. The award will recognize the accomplishment and scholastic achievement of students pursuing an undergraduate degree in Saunders College of Business.
Louis A. Wehle Edowned Scholarship Established in 1987, this fund provides annual scholarship support to students in Saunders College at RIT, who by virtue of merit, need, or interest, aspire to careers in business professions.
Manufacturers Hanover Endowed Scholarship This fund was established in August 1987 to perpetuate the Manufacturers Hanover's interest in the human resource of business professions by encouraging young people to prepare for productive careers in business through enrollment in the professional education programs in Saunders College of Business. The recipient must be an entering or enrolled student in a business program and must have and maintain a high level of academic achievement, as well as possess the characteristics of strong motivation and character.
Michael P. Morley ’89 Endowed Scholarship Established in 2010 to provide graduate scholarships to students attending Saunders College of Business.
P.V.R. Rao Endowed Scholarship Established in 2011 to provide scholarships to graduate students, including those enrolled in the Executive M.B.A. (EMBA) program, in Saunders College at RIT.
Phil Tyler Endowed Scholarship Established in 2008 to provide scholarships annually to students majoring in the field of Marketing in RIT's Saunders College of Business.
Saunders Class Gift Endowed Scholarship Established in November 2002, the Saunders Class Gift Endowed Scholarship provides academic scholarships annually to students in Saunders College at RIT. It is the founder's intent that this scholarship be awarded to an individual(s) that have demonstrated strong character and a dedication to the improvement of the Saunders and RIT community. Grade point average is not the primary factor in selecting the recipient of this award. Selection for this scholarship will be based on the recipient's enrollment in Saunders College. Recipients must be juniors, seniors, or graduate students and be in good academic standing. Additional, recipients must demonstrate that receiving this award will enable them to more actively contribute to the betterment of the Saunders and RIT community.
Saunders College of Business Faculty Endowed Scholarship Established in May 2003 to provide scholarships annually to students in Saunders College of Business at RIT.
Saunders College of Business Recent Alumni Endowed Scholarship (COBRA) Established in September 2002, the Saunders College of Business Recent Alumni Endowed Scholarship provides academic scholarships annually to students in Saunders College at RIT who have displayed outstanding leadership and academic abilities.

SCBRA was founded in September 2001 with the intent of providing a means for recent alumni to stay connected and contribute to the betterment of RIT's Saunders College of Business. With approximately 20 active members in the Rochester area, SCBRA sponsors between 10 and 15 social, networking, and service events each year.
Saunders College of Business Women’s Alumnae Network Endowed Scholarship Established in September 2002 to provide academic scholarship(s) annually to women students enrolled in Saunders College of Business at RIT.
Susan Riedman Holliday ’85 MBA Graduate Endowed Fellowship Established in 2013 and updated in 2017 to provide fellowship support to RIT students who have completed their undergraduate studies in any RIT bachelor's degree program.
Taysom Family Business Excellence Endowed Scholarship Established in 2017 to provide scholarship support to students enrolled in RIT's Saunders College of Business, with a preference for MBA students with an academic background in STEM and sustainable practices.
Thomas W. Dougherty Scholarship in Management Information Systems Established in March 2005, the Thomas W. Dougherty Scholarship in Management Information Systems will provide a scholarship to a student in Saunders College of Business' management information systems program.
List of Scholarships Administered by the Office of Financial Aid
Scholarship Details
Ames Amzalak Endowed Scholarship Fund Established in 1990 to provide support for a student in RIT's Saunders College of Business, with preference given to those students from Monroe County.
Arther H. Ingle Memorial Scholarship Established at RIT in 1983 by the Farrell Corporation and renamed to honor Mr. Ingle, a former RIT trustee. This scholarship provides scholarship support to children of the former Farrell Rochester employees, and RIT students in programs that reflect Mr. Ingle's interest in engineering and business.
Barbara Mills Milliman Scholarship Established in 1984 by Mrs. Barbara Milliman to commemorate the 50th anniversary of her graduation from RIT, the income from this fund was originally designated to provide scholarship aid to worthy students enrolled in the retailing program of the College of Business. Although the retailing program no longer exists, the scholarship continues to support Saunders College students, with a preference for upper-class students with demonstrated financial need.
Bernard & Molly Kozel Endowed Scholarship in Entrepreneurship at Saunders College of Business Entrepreneurship Programs Established in 2006 to provide academic scholarships annually to current students in Saunders College of Business who have a minor in Entrepreneurship.
C. Sherwood Southwick Jr. Endowed Scholarship Established in 1997 by C. Sherwood "Woody" Southwick, Jr., this scholarship is for full-time students enrolled in RIT's Saunders College of Business. Mr. Southwick was a 1939 "Retailing" graduate who owned a successful antiques business in Ithaca for years. He died in 2006. The C. Sherwood Southwick, Jr. Endowed Scholarship is for full-time students enrolled in RIT's Saunders College of Business. Students must be in good academic standing and demonstrate financial need. Scholarships are renewable.
Daniel D. Tessoni EMBA Endowed Scholarship Established in 2012 to provide scholarship support to on-campus RIT Executive MBA students with financial need.
Daniel D. Tessoni EMBA Endowed Scholarship Established in 2012 to provide scholarship support to on-campus RIT Executive MBA students with financial need.
Donald & Christina Truesdale Endowed Scholarship in E. Philip Saunders College of Business Established in January 2007 to provide academic scholarships to RIT undergraduate students in Saunders College of Business who have declared a minor in entrepreneurship.
Donald A. Zrebiec Endowed EMBA Scholarship Established in 1998 and revised in 2010 to provide scholarships to students employed by not-for-profit agencies and enrolled in RIT's Executive MBA (EMBA) program in Saunders College of Business, primarily with the goal of improving management capabilities of not-for-profit agencies and to strengthen their roles in the community. Such a scholarship will significantly benefit and enrich the agencies involved, the greater Rochester community, and the EMBA classroom experience
Dorothy Kitizing & Elizibeth Kitizing Endowed Scholarship Scholarship fund for undergraduate business students.
Drew Montecuollo Momorial Endowed Award Fund An annual award to be given to a senior in the School of Food, Hotel & Tourism who demonstrates creativity & high standards.
E. Philip Saunders Endowed Business Scholarship Established in 2006 and revised in 2017 to provide two four-year academic scholarships annually to high school graduates of Avon, Dansville, Livonia, Mt. Morris, and York high schools in Livingston County, New York, with first choice going to Livonia graduates.
E. Philip Saunders Graduate Endowed Scholarship Established in 2018 to provide scholarship support to RIT graduate students enrolled in Saunders College of Business.
Edwina B. Hogadone & Gertrude J. Larwood Scholarship Fund in Saunders College of Business Created in 1982 by Miss Edwina Hogadone, this fund honors the memory of her long-time dear friend, Gertrude Larwood, and perpetuates Miss Hogadone's interest in RIT and its Saunders College of Business. Miss Hogadone retired in 1970 as Dean of Saunders College of Business after a 37-year career at RIT. She was the nation's only woman dean of a Saunders College of Business and the first woman dean of any college at RIT. Miss Larwood, beginning as an RIT co-op student at Sibley's Department Store, held a number of positions in her 42-year career at that store. Awards are made to upper-class students who demonstrate financial need and high scholastic achievement.
Frank & Jeanne B. Hutchins Endowed Scholarship Established in December 1999 to provide academic scholarships annually to one or more students with financial need in Saunders College of Business.
Gelsomino Endowed Scholarship in Entrepreneurship Established in February 2007 to provide academic scholarships annually to current students in the E. Philip Saunders Saunders College of Business who are pursuing a minor in Entrepreneurship. Undergraduate student(s) will be eligible for this scholarship. The student(s) must have a minimum GPA of 3.2 and be pursuing a minor in entrepreneurship. The recipient must demonstrate financial need.

In the event there are no eligible students from this program in a given year, the funds will be awarded in the following year. If the minor in entrepreneurship ceases to exist, the E. Philip Saunders Saunders College of Business will identify students from an appropriate program that should receive the scholarship.
Gerald & Pamela Pelano Endowed Scholarship Established in 1996 to provide support for undergraduate students in Saunders College of Business at RIT.
Gerald M. Ephraim Memorial Endowed Scholarship Established in December of 1993 through gifts from loving family and friends of Mr. Ephraim to provide a scholarship to a qualified student studying corporate travel management and business policy in RIT's School of Hospitality & Service Management. Mr. Ephraim was the travel manager at Kodak.
Harry C. Eyer Memorial Endowed Scholarship Established in July 1990 by the Eyer Educational Corporation, income from this endowed fund is for deserving students in Saunders College of Business, with preference given to students of the Center for Multidisciplinary Studies. Scholarships are granted on the basis of merit, with exceptional consideration given to transfer students. The Eyer Educational Corporation, established in 1936 after the death of Rochester businessman.

Harry C. Eyer, was a non-profit organization that made loans and grants to students to help them meet the high cost of college or graduate school. Mr. Eyer helped many students in his lifetime, and it was his wish that deserving students be rewarded in perpetuity.
Isaac Gordon – State of Israel Scholarship Endowed in 1987 by the Isaac Gordon Foundation, Inc. to provide annual scholarship support to qualified, full-time students from Rochester and the Monroe County area who are enrolled in good standing in Saunders College of Business.
Isaac Gordon – State of Israel Scholarship Endowed in 1987 by the Isaac Gordon Foundation, Inc. to provide annual scholarship support to qualified, full-time students from Rochester and the Monroe County area who are enrolled in good standing in Saunders College of Business.
Jane Wentworth Endowed Scholarship Established in 2017 to provide scholarship support to undergraduate RIT students enrolled in Saunders College of Business or accepted in Saunders College of Business, with a preference for female students who demonstrate financial need and academic merit.
Jay & Stephanie Levine Endowed Scholarship in Accounting Established in May 2003 to provide academic scholarships annually to students majoring in the field of Accounting in Saunders College of Business at RIT. Preference will be given to female students majoring in the field of accounting.
Joseph A. and Helen A. Blatecky Memorial Endowed Scholarship Established in 1996 through the estate of Helen A. Blatecky to provide scholarship support to students enrolled in RIT's Saunders College of Business.
Karin A. Blood Endowed Scholarship Established through a bequest intention in 2010, this fund was gifted in 2015 to support students in RIT's Saunders College of Business with a preference for students who are working to support themselves through college.
Leenhouts Family Endowed Scholarship Established in 1999 to provide scholarship support to students studying in RIT's Saunders College of Business. The families of recipients must live in the Rochester area.
Levine Family Endowed Scholarship in Entrepreneurship Established in February 2009 to provide academic scholarships annually to RIT undergraduate students in Saunders College of Business who have declared a minor in entrepreneurship.
Madelon & Richard Rosett Endowed Scholarship Established in 1996 by RIT's former Saunders College of Business Dean, Richard Rosett, and his wife Madelon, to provide merit-based scholarships for full-time undergraduate or graduate business students.
Marjorie B. Burdick Endowed Fund Established in 2009 to provide scholarships to students in the Hospitality & Service Management Program in RIT's College of Applied Science and Technology.

Students selected to receive this scholarship will be enrolled as full-time undergraduate students in the Hospitality & Service Management Program. Students will be in good academic standing with demonstrated financial need.

Marjorie graduated from East High, Rochester, NY and had the good fortune of being able to attend RIT's School of Hospitality. Marjorie feels it is important to be able to provide a similar opportunity for other students, who might otherwise not be able to attend RIT. She is grateful for her RIT experience and her career and wants other students to have similar opportunities.
Naylor Endowed Scholarship Established in October of 1996 by Mr. and Mrs. Donald Naylor to provide scholarship support to students in RIT's Saunders College of Business who demonstrate financial need and maintain a GPA of at least 2.70. Donald Naylor is a 1961 alumnus of Saunders College of Business.
Orrilla Wright Butts Graduate Scholarship This Orrilla Wright Butts Scholarship has been established to recognize outstanding Hospitality & Service Management students. The scholarship is awarded in the memory of Ms. Butts, who was an alumna of the program in 1926. This award is to be given to graduate students in the F.H.T.M. program and the recipients are chosen by the Graduate Director of the Hospitality program. All the awards are competitive, made on the basis of past performance and future potential, and a required minimum GPA of 3.0.
Orrilla Wright Butts Undergraduate Scholarship Fund This Orrilla Wright Butts Scholarship has been established to recognize outstanding Hospitality & Service Management students in the memory of Ms. Butts, who was an alumna of the program in 1926. This scholarship is to be endowed for full-time undergraduate students in RIT's F.H.T.M. program. The awards are competitive and require a minimum cumulative GPA of 2.75. RIT's Financial Aid Office will administer the funds.
Peter H. Sykes Endowed Scholarship in Saunders College of Business Established in January 2006 to provide academic scholarships to attract and retain talented students in Saunders College of Business.
Philip J. Cichanowicz, Sr. Endowed Scholarship Fund Provides scholarships to undergraduate students enrolled in E. Philip Saunders Saunders College of Business. Recipient must demonstrate financial need. In the event there are no eligible students from this program, the scholarship will be used to support students in the most closely related/any area of study at RIT.
Prentice Family Scholarship Established in 2010 to provide scholarships to undergraduate students enrolled in any field of study in Saunders College of Business at RIT. Recipient(s) must be in good academic standing and demonstrate financial need. First preference will be for eligible students who are the first generation in their family to attend college.
QCI Asset Management Endowed Scholarship Established in 1997 to provide scholarship support to undergraduate and graduate students in RIT's Saunders College of Business.
Raymond J. Englert Scholarship This fund honors a man who devoted his life to the sensitive application of business and financial matters in order to benefit the lives of the people he served in his work. Mr. Englert retired as Vice President, Trust Officer, and head of financial planning for Security Trust Company in 1972. This scholarship was created in 1979 through a gift from a former client of Mr. Englert's in appreciation of his work. The fund provides scholarships to worthy students in Saunders College of Business.
Robbins and Myers Endowed Scholarship Established in 1998 to provide scholarship support to students in RIT's Saunders College of Business and Kate Gleason College of Engineering, alternating between the two colleges.
Rubens Family Foundation Endowed Scholarship Established in September 2002 by Nathan J. Robfogel to provide academic scholarships annually to students in Saunders College of Business at RIT.
Ruth Levi Bernhardt Memorial Scholarship Established in 1995 by Dr. Raymond S. Bernhardt in loving memory of his wife, Ruth, to provide scholarship support to RIT students enrolled in the Finance program within Saunders College of Business.
Saunders College of Business Alumni Scholarship Endowment Fund College of Business Alumni Endowed Scholarship
Sharyn and Steven Janis Saunders Endowed Scholarship Established in 1998 to provide scholarship support to undergraduate students in RIT's Saunders College of Business.
Sidney Smith Family Endowed Scholarship in Graphic Media Marketing Established in May 2005 to provide scholarships annually to students majoring in the field of New Media Marketing in Saunders College of Business.
Theodore J. & Betty Jane Altier Endowed Scholarship Established in 1988 to provide scholarship support to students enrolled in RIT's Saunders College of Business. Preference is given to minorities and/or women who demonstrate financial need.
Turrie & Browne Endowed Scholarship Print Media Established in 1989 to provide scholarships for students in RIT's School of Printing Management and Sciences and Saunders College of Business.
Warren & Lois McClure Recipients of this award must be Saunders College of Business freshmen, or returning students who received a Presidential award last year. Scholarships are renewable provided the recipients maintain a GPA of at least 2.0. Mr. McClure is a Trustee Emeritus of RIT and has been a board member since 1973. Mr. & Mrs. McClure's leadership and generosity to RIT has had a significant impact on the success of the university.
Warren & Lois McClure Endowed Scholarship Established by Mr. and Mrs. J. Warren McClure in 1997, this endowment provides scholarships to RIT's best and brightest freshman students through the Presidential Scholarship selection process. Presidential Scholarships are an exceptional recruitment tool for RIT to attract high school seniors who have demonstrated high academic achievement.

Paid Student Employment

There are student employment opportunities within Saunders College and across the university for graduate students. 

Saunders Graduate Student Worker

As a Graduate Student Worker within Saunders College, you will support faculty in their research and class preparations or support administrative personnel of the college. These positions are for an estimated 8 hours per week and the application process occurs during graduate orientation. 

On-Campus Employment

There are a variety of employment opportunities for RIT students across the university. Student employees are paid bi-weekly and these earnings are taxable. Most students use their earnings to pay for books, travel, and personal expenses rather than for tuition and fees. For further details on eligibility and employment opportunities, please visit the Student Employment Office

Loan Resources

Educational loans for graduate students come from several sources: federal programs and alternative (non-federal) programs. Loans are an invaluable resource for students because repayment is traditionally scheduled over a ten-year period beginning 6 months after you leave school, or drop below half-time (6 credits) enrollment. Therefore, you are delaying payment on a portion of your educational costs.

Federal programs may include the William D. Ford Unsubsidized Federal Direct Loans and the Federal Direct PLUS Loan for Graduate Students.

Graduate students must be enrolled in a minimum of 6 credits in graduate level coursework to qualify for federal student loan funding.

Private, or alternative (non-federal) may also be available for students who are less than half-time or do not file a Free Application for Federal Student Aid (FAFSA).

State Grants for Graduate Student Veterans

The New York State Veterans Tuition Award (VTA) is for students who are New York State residents discharged under honorable conditions from the U.S. Armed forces and who are:

  • Vietnam Veterans who served in Indochina between December 22, 1961 and May 7, 1975.
  • Persian Gulf Veterans who served in the Persian Gulf on or after August 2, 1990.
  • Afghanistan Veterans who served in Afghanistan during hostilities on or after September 11, 2001.
  • Veterans of the armed forces of the United States who served in hostilities that occurred after February 28, 1961 as evidenced by receipt of an Armed Forces Expeditionary Medal, Navy Expeditionary Medal or a Marine Corps Expeditionary Medal.

Eligibility is established by completing the New York State Veterans Tuition Award Supplement at HescWeb.

Apply for payment online each year by completing the Free Application for Federal Student Aid (FAFSA) and then linking to the TAP on the Web application. The school code for RIT graduate students is 5320.

Students who receive VTA must meet good academic standing requirements.

Vocational Rehabilitation Assistance (also known in some states as: DVR, MRC,VR, VESID, OVR) is provided by state agencies to residents who meet specific requirements. Contact the Vocational Rehabilitation Office near your home to apply for VR support. If you appear to be a candidate for VR support, you will see VR included in your financial aid award. Since there is no national standard for determining VR support, it is difficult for RIT to estimate the amount. Each agency in each state has their own method for determining awards. If the actual amount of VR support you receive is different from the estimated amount in your financial aid award, you are required to provide us with confirmation from your VR counselor, and RIT will make any required adjustments to your award. All NTID students who apply for financial aid are expected to also apply for VR assistance. If a VR amount is included in your financial aid award and you have not applied through your state agency, RIT will not be able to replace the estimated VR amount.

Additional Financial Aid Information and Options

The RIT Office of Financial Aid & Scholarships website provides additional information and resources to assist you. This includes information on: