The Best Business Schools in the US use the GMAT test for graduate admissions and graduate scholarship eligibility. Business school applications typically have a unique process for financial aid, but even if you got a bad GMAT score, you can still receive a lot of financial aid based on undergrad academics, cultural heritage, and real-world experience! When you prepare for the GMAT Test, remember you’re studying not only to get better scores on the GMAT itself, but also to get more scholarship money! Here are ten tips to get the most financial aid possible and get out of the best business schools with less than $100K of debt!

1. Understand your ROI. Your ROI, or Return on Investment, is calculated using a number of variables. It boils down to – how much is this MBA  from this school going to be worth it? There’s no exact science to ever know for certain, but there are ROI calculators which help you consider all of the factors. Start on MBA .com’s website here.
2. Find local scholarships first. Many service organizations in your hometown may offer scholarships to local students, and so do medium and larger-sized businesses. It may not seem like much, but $1,000 here and $2,000 here can really add up! Look up local service organizations such as the Masons or the Elks, or ask at your local library for scholarship resources.
3. Contact the Financial Aid department directly. Call the Application Office of your dream business school and ask for a referral to someone in the Financial Aid department. Don’t be afraid to “stalk” that person a little bit through email, phone calls, and social networking . Be pleasant, but persistent. Explain your financial situation and ask them for advice.
4. Know your loans. All loans are not created equal -- some loans will offer deferment of interest and lower rates based on your income. Your financial aid package will likely include at least  some loans, so you will want to familiarize yourself with the different types. Subsidized loans mean that the government will pay the interest on it while the student is enrolled. Unsubsidized loans require the student to be responsible for the entire amount of interest.
5. Get your taxes done early. Most schools will require you to approximate your income before Dec/Jan, and then ask that you follow-up with a completed tax return in early spring. Make sure to stay organized so you can complete your taxes earlier than usual.
6. Negotiate! Think of your financial aid package as an opening bid in a negotiation; you don’t have to settle for the first package you’re offered. Your financial aid package is at the discretion of a few people who genuinely want to help you attend their institution. Don’t be afraid to contact them and explain your financial situation.
7. Don’t wait until you are accepted. If you do, you’ll likely miss out on the largest financial aid packages. Applying for admission and applying for financial aid must be concurrent processes.
8. Use free online resources to find school-specific scholarships. There is no shortage of scholarships out there. They range from the incredibly prestigious with hefty gift amounts in the high thousands to the downright silly. There are scholarships at the local, state and national level. It will take awhile to find ones that are worth your time but online research  is a great place to start. Your school already has established many scholarship funds. Take some time to learn about them – is there one that you’re the best “fit” for?
9. Know if the money is awarded to your school or directly to you. Many schools will decrease their financial aid packages proportionally with the amount of outside scholarship you receive. Call your schools and see what their policies are – will they decrease the amount of loans first before they take away some of your grant money? If you receive outside grant money, you may want to refrain from letting your school know about it.
10. Get started early. It’s easy to get overwhelmed with GMAT studying and the application process itself. Who wants to spend an extra 10 hours a week pursuing financial aid? If you think you’re going to apply  in the next 1-2 years to business school, now’s the time to start your financial aid and scholarship research !

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