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B-School News: NYU Stern Establishes New Loan Assistance Program

Posted by Chioma Isiadinso

Do you have student loans from your MBA degree?

Do you want to make a difference in the world,

but can’t take the step because social enterprise doesn’t pay enough?

Well, you’re in luck.

NYU Stern has a new program to help MBA graduates pay on their loans when they take positions having to do with a social mission.

NYU Stern understands the need for MBA graduates in transforming the world into a better place, but they also understand that many of these graduates won’t even think about seeking careers in this field because of their low pay.

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In hopes to do their own part in social action, Stern is paying up to $15,000 a year towards repayment of student loans acquired during a Stern MBA program.

All you need to do is meet the criteria for the New Loan Assistance program by working full time for one of the following:

– A tax exempt organization

– A local, state, federal U.S. government unit

– Non-profit organization with public benefit

– U.S. low profit limited liability company

As someone working in one of these settings, you must also meet these requirements:

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– Be a significant part of the managerial team.

– Contribute your business and managerial skills to the organization.

– Be a significant benefit to the organization in following their social mission.

Since the program is for those who don’t make enough to make payments on their student loans, applicants must earn less than $100,000 in gross pay. Spousal or dependent income is not included.

Other eligibility requirements are:

– Be within 10 years of graduation.

– Your loan must be in repayment status.

– You must be up to date in loan payments.

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Will You Make the Social Switch?

NYU Stern is urging MBA graduates to build a bridge between business and society.

They are even paying people to do it. With the extra money they may provide you, the decrease in salary may not be too painful.

So what other reasons do you have not to make the switch to social enterprise?

We’d like to hear your thoughts on this program.

Will it work? Should other schools offer the same? Leave a comment in the comment box below.

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