Responding to Economic Challenges

This past spring, the McDonough School of Business allocated resources to provide additional financial aid to 23 rising second-year MBA full-time students facing unexpected financial challenges due to the current economic climate. All in all, the school awarded $240,000 for this purpose.

“We understood that some of our students were experiencing financial concerns they had not anticipated when they decided to enroll at Georgetown in Fall 2008,” says Jett Pihakis, associate dean for the MBA Full-time Program. “As a result, we decided to make available a limited number of second-year MBA scholarships intended to offset any unforeseen changes to their financial situation. Students were overwhelmingly appreciative of this gesture.”

In response to the announcement, the school received 69 applications, and 23 students obtained an award ranging from $1,500 to $25,000. The decisions were based on a variety of factors, including change in financial need during the 2008-09 academic year, attempts to secure supplemental funding, availability of supplemental funding, and any special circumstances. Students also had to write an essay explaining the efforts they have made to secure additional financial support, and describing any unique conditions or hardships they were facing.