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. See for yourself how, as BusinessBecause.com shares in their article The Average MBA Will Increase Their Salary By 77% After Graduation.
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.
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 Non-RIT and Partner Schools
One accepted student from each of Saunders’ non-RIT 4+1 partner institutions who meets the full admissions requirements to the MBA program will receive a 40% scholarship award. Applications due by April 15 to be considered for the 40% scholarship award. Additional students accepted from 4+1 partner institutions 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.
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.
Graduate Saunders Merit Awards
After you start your graduate business degree program, you may be eligible for additional scholarship funding. Each year, many generous alumni and corporate donors contribute funds to dozens of Saunders Graduate Merit Awards. These donations enable Saunders College to distribute merit-based scholarship awards to Saunders College of Business students who have demonstrated strong leadership abilities and who have excelled within their academic programs.
Please review these criteria that you must meet before applying for a Graduate Saunders Merit Award:
- A cumulative grade point average of at least 3.70.
- Earned a minimum of 9 graduate credit hours from Rochester Institute of Technology.
- Awardees must be enrolled in a Saunders College of Business graduate degree program.
- PREP students are not eligible for Saunders Merit Awards.
- Executive MBA students are not eligible for Saunders Merit Awards.
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.
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.
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.
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:
- Graduate Scholarships and Assistantships
- State Grants for Graduate Students
- Loan Resources
- Student Employment Options
- Outside Scholarships
- Other Educational Financing Options
- Filing a Free Application for Federal Student Aid (FAFSA)
- Financial Aid Checklist
- Reapplying for Financial Aid
- Satisfactory Academic Progress
- Graduate Student Cost of Attendance
- Financial Aid and Your Billing Statement
- Taxability Issues
- Your Rights and Responsibilities