Yale SOM Launches $5 Million Financial Aid Initiative to Increase Access to Business and Leadership Education

The Yale School of Management has committed $5 million in scholarship funds in the next year to create new Aspire Fellowships for incoming students in the full-time MBA program who have overcome significant socioeconomic disadvantages. The new fellowship program is one of several steps that the school is taking to expand access to business school and leadership education.

Anjani Jain, deputy dean for academic programs, commented that the new fellowships will benefit both students and the school. “Our mission of educating leaders for business and society calls on us to prepare our students for addressing some of the most daunting challenges facing us on the planet. The mission compels us to attract to our programs the most talented students from all parts of the world regardless of their financial wherewithal, socioeconomic antecedents, or the disparities of opportunity resulting from the accident of birth,” said Jain. “I look forward to seeing how this program will unlock opportunity and potential for many talented individuals, and to seeing the difference Aspire Fellows make in the world as they pursue their aspirations.”

Yale’s MBA program equips students with the knowledge, the resources, and the networks to pursue positive and ambitious change. Graduates of the program go on to make a difference in a variety of roles across a range of organizations and communities. The new Aspire Fellowships will enable more students to pursue their academic and professional aspirations by supporting and empowering students who have shown resilience and determination in the face of socioeconomic challenges. The initiative is part of Yale University’s comprehensive efforts to enhance educational opportunities for students from diverse backgrounds.

Aspire Fellowships will be determined post-admission. Over $5,000,000 will be offered, with individual awards ranging from $60,000 to full tuition and fees. Much of the information required to apply for these scholarships will be gathered from the admissions application, and additional details will be provided to students after admission, guiding them through the fellowship selection process.

In addition to the Aspire Fellowships, Yale SOM has introduced several other measures to broaden access to its MBA program, including:

• Application fee waivers: Available to graduates from nearly 700 U.S. colleges and universities with significant enrollment of Pell Grant recipients, ensuring that financial barriers do not hinder aspiring students from applying.
• Income-based application fees: A sliding scale fee structure for all applicants based on their income, making the application process more equitable and affordable.
• Holistic, context-based application review: An admissions process that is sensitive to the individual circumstances surrounding applicants’ candidacies, resulting in first-generation college students representing 20% of our current MBA class, roughly doubling the percentage over the past five years.

Recipients of the Aspire Fellowships will also benefit from school support throughout their MBA studies. This support will include access to dedicated alumni mentoring and specialized programming designed to enrich their educational experience and prepare them for leadership roles in their respective fields.

Bruce DelMonico, assistant dean for admissions, said that the Aspire Fellowships represent an important step in the school’s ongoing efforts to further equity in business education. “Talent is everywhere, but we know that for a variety of deeply engrained reasons talent and opportunity do not always meet,” said DelMonico. “The Aspire Fellowships and our suite of access-enhancing offerings reflect our dedication to breaking down financial barriers and empowering students from all backgrounds to achieve their full potential.”